20th Sep 2018 11:09
LONDON (Alliance News) - Woodford Patient Capital Trust PLC on Thursday reported an increase in its net asset value per share at the end of the first half.
In the period ended June 30, Woodford Patient ended the half with a NAV per share of 91.94 pence, up from 91.33p at the end of 2017.
The trust's net assets increased to GBP760.3 million from GBP755.3 million at the end of December.
In the period the company dropped out of the FTSE 250 index due to its fall in market value. Woodford said its portfolio in the half was most affected by healthcare company Prothena.
The biotech company had a failed trial in the period but Woodford remains confident on its ability to deliver value in the long term.
Despite Prothena dragging the portfolio, Woodford said its top 10 holdings made "considerable operational and commercial progress".
In particular, artificial intelligence healthcare company Benevolent AI raised USD115 million in the period, valuing the company at USD2 billion.
Also, high-energy proton beam therapy provider Proton Partners treated its first patient in Newport, Wales ahead of schedule in the half, whilst opening a new centre in Northumberland with two more under construction.
The trust did not declare an interim dividend, same as the previous half.
Woodford is "optimistic" about the "future developments" its portfolio is likely to see in the second half of the year.
Chairman Susan Searle said: "There has been demonstrable progress, particularly among the top ten holdings, which has been reflected in some higher valuations.
"In June 2018, Autolus listed on Nasdaq at the top end of its price range and it has continued to trade significantly above its Initial Public Offering price. The IPO was heavily subscribed and its proprietary CAR-T Cell technology, pioneered from University College London, places it in a strong position to drive positive advances in the battle against cancer for the years ahead.
"Woodford Patient Capital Trust continues to attract support from a wide variety of investors for whom it represents a unique, long-term portfolio of disruptive high-potential innovative businesses."
Shares in Woodford Patient Capital were up 0.8% at 82.22p each.
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