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Arix Bioscience PLC on Thursday reported a decline in net asset value as public biotech markets did not perform well.
In the half-year to June 30, net asset value dropped 18% to 176 pence per share from 214p a year ago. Net asset value fell to £228 million from £281.2 million.
The London-based venture capital investor in biotech firms blamed the fall on a ‘reduction in the value of our core public company holdings, which have been affected by the significant decline in the public biotech markets.’
‘We remain committed to investing in clinically validated, best-in-class, opportunities with near-term clinical catalysts, which provide significant value inflection points. Our portfolio companies are collectively running multiple pre-clinical and clinical trials and a number of data readouts from these trials are expected over the next 12 to 18 months,’ the company said.
On Wednesday, the firm said its portfolio company Disc Medicine Inc has reached an agreement to merge with Massachusetts, US-based biotech firm Gemini Therapeutics Inc. If shareholders approve the planned merger, the new company will operate as Disc Medicine and trade on the Nasdaq.
To support the merger, Arix will take part in a $53.5 million financing alongside at least seven healthcare investors.
Further on Wednesday, Arix's portfolio firm Artios Pharma said it started a phase 2 study with ART4215, a candidate for the treatment of a form of breast cancer, namely BRCA deficient breast cancer. Artios aims to report phase 1 safety and tolerability data in the first half of 2023, Chief Executive Officer Niall Martin explained. Artios expects phase 2 data in 2024.
Arix Bioscience shares closed 3.0% higher at 119.50 pence each in London on Thursday.
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