Touchstone Innovations PLC (LON:IVO) portfolio continues to grow – net portfolio value rose by £47.7m to £382.8m, mainly driven by investments of £29.0m across 18 companies (vs £27.5m in 17 companies in H116) and a fair value gain of £26.5m (mainly from a £21.9m uplift in the value of PsiOxus). Four new additions to the portfolio across both tech and healthcare, and the advancement of projects in both the UCL technology fund and Apollo Therapeutics, continue to strengthen the early-stage pipeline. We anticipate major deal activity to drive further value in the next 12 months.
PsiOxus takes the driving seat
Following the uplift in carrying value of PsiOxus Therapeutics to £44.5m (as a result of its $936m [$50m upfront] deal with Bristol Myers Squib [BMS]), it is now the largest single constituent of IVO’s portfolio and represents a significant 325% uplift on the £13.7m (26.5% of issued share capital) invested to date. Along with Nexeon (invested £27.4m, carrying value £41.9m) and Veryan Medical (invested £22.1m, carrying value £29.3m), the top three companies represent 30.2% of total portfolio value (60.9% of the total portfolio value is in the top 10 companies).
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