|THERAPEUTIC AREA||Discovery||PRECLINICAL||PHASE 1||PHASE 2||PHASE 3|
|Atox||Immunology & inflammation|
|Verona||Immunology & inflammation|
|Pharmaxis||Immunology & inflammation|
* Imara acquired post year-end **This includes Depixus, PreciThera, Mitoconix, OptiKira and a new seed company
Core Portfolio (clinical)
Core Portfolio (pre-clinical)
We are pleased to report a year of strong growth, with positive commercial, operational and developmental progress across the portfolio. At 31 December 2018 Arix's gross portfolio value had increased to £175m, from £54m in 2017. Our gross portfolio value is underpinned by the value of our core portfolio, which accounts for 96% of the total value, with the remaining value spread across five holdings in our discovery portfolio. At 31 December our core portfolio consisted of 11 biotech companies and was valued at £169m, a £118m (231%) increase from last year. This reflects a net positive revaluation of £70m across the core portfolio driven by financing events at higher valuations (Autolus, LogicBio, Harpoon and Artios), new investments (Pharmaxis, VelosBio) and follow-on investments into the existing portfolio companies.
Over the reporting period, we have seen strong clinical progression within the portfolio; notable highlights include positive data readouts from Autolus, Aura, Verona and Pharmaxis and new trial initiations from Iterum, AtoxBio, Amplyx, Autolus, Harpoon, and Verona. The pipeline continues to expand, with 26 live clinical trials across the portfolio and multiple pre-clinical studies under way.
Our core portfolio comprises our clinical stage companies and pre-clinical companies that we see as key to driving value over the next two years. Clinical stage companies are those in clinical development, which have begun testing their treatments in patients. These companies will have at least one live clinical trial, in either Phase 1, Phase 2 or Phase 3. We have included two pre-clinical companies (Artios, LogicBio) in our core portfolio that we believe could drive value over the next two to three years. These are earlier stage companies that are making strong progress towards human trials and have validating pre-clinical data. These companies have raised significant capital, supported by a strong syndicate of leading venture investors. They have novel approaches, and operate in particularly 'hot' areas making them potential early acquisition targets.
Companies within our discovery portfolio are typically seed investments. These are start-ups in the initial stages of research and development. They have made promising life science discoveries and have secured initial funding to test and validate the science. We minimise risk by investing small amounts early, reserving funds for later stage rounds. After key milestones are met, these companies have the potential to move into the core portfolio.
26 clinical trials across the portfolio,
including Imara added post year end
£70m net positive revaluation in the portfolio
Positive Phase 1/Phase 2 data from Autolus, Verona, Aura and Pharmaxis
4 Nasdaq IPOs, including Harpoon post year end
$555m raised by portfolio companies in 2018
Core portfolio as a % of GPV
Core portfolio: capital deployed by stage of development
Core portfolio split by therapeutic area
Immunology & inflammation