Malin appoints Darragh Lyons as CEO as investment value drops 5pc
State-backed life sciences investor Malin has appointed Darragh Lyons as its new CEO.
Mr Lyons is currently serving as chief business and financial officer at the group.
He replaces Adrian Howd who departed the company last October. Last year the group said it would not be hiring a new CEO and would instead look for a chief investment officer.
Pat Jennings, current group financial controller, has assumed the role of CFO.
Meanwhile, the value of Malin's interests in its investee companies was €385m at 30 June 2019. The 5pc drop from 31 December 2018 is due to a decrease in estimated value of Malin's investment in Immunocore.
In a trading update today Malin said it is “confident” that Immunocore will deliver “significant value” over time with important near-term potential clinical milestones and value inflection points.
The group’s cash balance was €31m at 30 June 2019.
Darragh Lyons, CEO of Malin, said: "Our priority assets have continued to make good clinical progress through the first half of the year with a number of significant operational and clinical catalysts on the horizon.”
“We believe that our strategy has the potential to generate significant value over the next 12 to 18 months as our assets mature and we return the realised capital to our shareholders."
Malin said several of its assets have near-term important clinical and regulatory milestones which have the potential to unlock significant value for the remainder of this year and into 2020.