Arix Bioscience swings to loss ahead of portfolio milestones
Arix Bioscience
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16:34 12/02/24
Biotechnology-focussed venture capital company Arix Bioscience reported a net asset value of £231.8m in its half-year results on Wednesday, down from £270.2m at the end of the 2018 financial year, equating to 171p per share, down from 200p per share.
Financial Services
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17:09 25/04/24
The London-listed firm said it saw a 14.5% decline in its net asset value per share for the first six months of 2019, compared to a 32% increase for the same period in 2018.
Its net downward gross portfolio revaluation was £34m over the period, which the board said was primarily due to a 51% decline in the share price of Autolus, despite what it described as the company's “strong fundamentals”.
The gross portfolio value at period end on 30 June stood at £167.8m, down from £175.5m at the end of December.
A total of £26.3m of capital was deployed into the gross portfolio during the period, up from £12.6m in the first half of 2018.
Arix Biosciences reported a half-year loss before tax of £44.8m, swinging from a £29.3m profit before tax in the first half of the prior year.
On the operational front, Arix made a commitment of £11.4m to Imara during the period - a new portfolio company focused on sickle cell disease and other hemoglobinopathies, with a novel drug candidate in human trials.
A total of $283m (£231.84m) of proceeds was raised by Arix portfolio companies in the first half of the year, with Harpoon raising net proceeds of $70.7m in a Nasdaq IPO, in which Arix invested $6m, and Autolus completing a $108.8m follow-on financing in which Arix invested a further $5m.
Aura Biosciences completed a $40m Series D financing, in which Arix committed a further $4.5m, and Imara completed a $63m Series B financing, in which Arix committed $15m.
The board also reported continued clinical progress in the portfolio, with 28 clinical trials live as at 30 June.
It noted that Atox Bio completed enrolment of its phase 3 ‘ACCUTE’ study for necrotising soft tissue infections, and had also moved the phase 2 sepsis-associated acute kidney injury study into a phase 3 clinical trial, following feedback from the Food and Drug Administration (FDA).
Aura Biosciences presented further positive safety and efficacy data from the ongoing ‘AU-011’ phase 1b and 2 study for choroidal melanoma.
Autolus reported “encouraging” initial data from its ‘AUTO1’ programme in paediatric acute lymphoblastic leukaemia and adult acute lymphoblastic leukaemia, Arox said, as well as early results from its ‘AUTO3’ programme in diffuse large B-cell lymphoma.
In August, post-period end, Autolus also announced the prioritisation of ‘AUTO1’ and the goal of taking that into registration trials for adult acute lymphoblastic leukaemia by year-end.
Harpoon initiated its ‘HPN536’ phase 1 and 2a clinical trial for the treatment of ovarian cancer and other mesothelin-expressing solid tumours, while Imara reported “encouraging” initial phase 2 data from its ‘IMR-687’ clinical study for patients with sickle cell disease.
Pharmaxis initiated a phase 1 clinical trial of an anti-fibrotic lysyl oxidase inhibitor, focussed on treating myelofibrosis and/or pancreatic cancer, while VelosBio initiated the ‘VLS-101’ phase 1 clinical study for the treatment of haematological cancers.
Finally, Verona initiated a phase 2b study with nebulised ensifentrine as add-on to long-acting bronchodilator, and a first phase 2 study with metered-dose inhaler formulation.
In August, post-period end, Verona reported positive phase 2 data with a dry powder inhaler formulation.
“Over the period our portfolio has continued to make good progress, with a number of companies reaching important clinical milestones and completing additional financing rounds,” said Arix Biosciences chief executive officer Joe Anderson.
“The portfolio is well balanced and our companies well capitalised to reach important inflection points.
“In the year ahead, we see key multiple clinical and development milestones scheduled across the portfolio and we look forward to providing regular updates on progress.”