(Alliance News) - Arix Bioscience PLC on Tuesday said its net asset value fell by a quarter in a "challenging" year.
The stock was trading 1.7% lower in London on Tuesday at 77.15 pence each.
The investment company reported NAV per share as at the end of 2019 of 149p, down 25% from 200p as at the end of 2018. Gross portfolio value fell to GBP149 million from GBP175 million year-on-year.
Arix portfolio now comprises 16 biotech companies, it said, with four of these companies reporting positive clinical data in 2019 and three launching additional capital.
The company said its performance in 2019 was hurt by the volatility of our public stocks, which
collectively fell by 38% during the year, giving up strong gains made in the prior year.
"We remain focused on driving realisable value in our portfolio, and in turn our NAV, and I believe we are well positioned to do so through 2020 and beyond," said Chief Executive Joe Anderson.
"We have had a challenging year with our shareholder structure and volatility in our public portfolio companies, but look ahead with confidence and see a portfolio that is maturing and has the potential to deliver real value," added Anderson.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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