Biotech investment company Arix Bioscience Plc (LON:ARIX) posted strong first half numbers as two of its portfolio companies listed on Nasdaq.
Net asset value over the half year to June jumped by 76% to £257.6mln, with its portfolio of thirteen stakes in biotech companies rising in value by £35.6mln.
READ: Arix Bioscience price target raised after successful Autolus float
Joe Anderson, chief executive, said there had been a number of encouraging developments over the half in addition to the upgrade to the portfolio.
Strategic agreements were signed with Fosun International and Ipsen, in addition to the existing relationships with Takeda and UCB Pharma, while a collaboration deal was agreed with Fred Hutchinson Cancer and Evotec
Arix also raised £87mln through a share issue to take the amount raised to £250mln since it was founded two and half years ago. Cash holdings at the half year were £137mln.
Of the two companies that listed in the US, one was T-cell cancer treatment pioneer Autolus, which raised US$150mln and has since seen a 58% rise in its share price. Anti-infective group Iterum also listed and raised US$80mln to fund phase III trials in three indications, two for urinary tract infections for one for complicated intra-abdominal infections.
Autolus, meanwhile, has five clinical programmes underway in six indications.
Among other companies in the portfolio Verona, another listed group, saw positive Phase 2 COPD data while there was strong data from Aura and Harpoon.
Atox Bio also commenced a Phase 2 clinical trial in Acute Kidney Injury, with data expected to read out alongside Phase 3 NSTI data in 2019.
"At the half year we have delivered meaningful growth in net asset value and we are well positioned to deliver further over the full year," said Anderson.