Wednesday 21 August 2019

State-backed Malin had assets of €404m at the end of 2018

Malin was established to invest in innovative life sciences companies. Photo: Stock Image
Malin was established to invest in innovative life sciences companies. Photo: Stock Image
Ellie Donnelly

Ellie Donnelly

State-backed life sciences investment fund Malin has assets of €404m at 31 December 2018.

The group said several of its assets have important milestones this year, which have the potential to create “significant” value for shareholders.

Malin’s corporate cash balance was €43m at the end of the year, while its debt balance with the European Investment Bank was €55m, according to its annual results.

Darragh Lyons, chief business and financial officer, said: "We are pleased by the operational and clinical progress made by our priority assets during 2018, with several advancing towards important clinical and regulatory milestones over the next year.”

“We will continue to work closely with these companies to support them as they progress towards these catalysts, which have the potential to create significant value for our shareholders. We remain committed to returning capital to shareholders following a significant asset realisation."

In November last year the group said it would not hire a new CEO after former CEO Adrian Howd departed the company in October, and will instead look for a chief investment officer.   

The State is an investor in Malin via the Ireland Strategic Investment Fund.

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