Losses before tax at life sciences group Malin increased by almost a quarter last year, the company's annual report shows.
The Dublin-based firm, which has invested hundreds of millions in life sciences companies since it was established in early 2015, saw losses before tax grow to €107.4 million from €86.3 million in 2016.
Revenue at the firm fell slightly to €41.9 million from €42.1 million the year before.
Gross profit dropped to €11.1 million from €11.5 million in 2016. Research and development expenses more than doubled from €5.1 million in 2016 to €11.5 million last year.
The company’s operating loss was €62.7 million, which was up from €56.2 million the year before.
The accounts also show that directors’ remuneration for the year to December 31st, 2017, was €4.8 million, which was less than half of the €9.8 million paid out to directors the year before.
The company employed 290 staff, down two people on the year before. Employee costs were reduced to €32.6 million from €34.1 million in 2016.
In a statement to shareholders, Malin chief executive Adrian Howd said the company currently has cash of approximately €45 million on its balance sheet after its €28 million equity raise in January.
Expenses
Mr Howd said that during the fourth quarter of 2017, the firm took steps to unlock the full potential of key assets, which, he said, will result in a 33 per cent reduction in the company’s corporate operating expenses next year.
“We are also considering the possibility of a dual market listing for Malin, potentially in the UK, to increase exposure of our assets to global investors and to improve liquidity,” he said.
The company’s estimated total portfolio value was €401 million, and said to be “maturing well”.
“We have five assets with clinical proof-of-concept data and six that are revenue generating,” said Mr Howd. “We believe the maturation of our assets is set to accelerate in 2018 and 2019.”
Mr Howd said the firm was looking forward to the year ahead with “increased confidence in our business structure and in our investee companies”.
“Based on our assessment of the current status of our assets and their outlook, we are targeting a 15 per cent plus growth in the total value of our investee company portfolio during 2018.”
