(Alliance News) - Biotech-focused investor Arix Bioscience PLC on Wednesday turned to an interim loss on a portfolio revaluation.
Arix took a GBP39.1 million loss from the change in fair value of investments versus a GBP34.9 million gain a year ago. The company reported a downwards gross portfolio revaluation of GBP34.0 million in the half, predominantly due to a 51% decline in Autolus' share price.
"Despite this, Autolus was still valued at 1.7 times cost at 30 June, given our early investment in this company before it was public," the company emphasised.
Net asset value was GBP231.8 million on June 30, or 171 pence per share, down from GBP270.2 million on December 31, or 200p per share.
Arix reported a loss of GBP44.8 million for the six-month period, compared to a profit of GBP29.3 million a year ago. Revenue generated in the half year to June 30 was GBP266,000, versus GBP472,000 a year ago.
"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. The portfolio is well balanced and our companies well capitalised to reach important inflection points," said Chief Executive Joe Anderson.
"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," he added.
Looking ahead, Arix said it expects data from a number of important clinical studies, notably pivotal phase 3 studies from Iterum and Atox Bio, phase 2 data from Imara and phase 1 data from Autolus and Harpoon.
Shares in Arix were up 0.5% at 110.00 pence in London on Wednesday.