TIDMSUPP
RNS Number : 3454H
Schroder UK Public Private Tst plc
03 December 2020
Schroder UK Public Private Trust plc
Announcement of Net Asset Value as of 30 September 2020
Schroder UK Public Private Trust plc (the 'Company') today
announces its net asset value ('NAV') as of 30 September 2020.
Summary
-- NAV of 43.84p per share, a reduction of 3.5% (30 June 2020: 45.44p per share).
-- NAV change driven by fluctuations in quoted holdings and
foreign exchange rates ('FX'); valuation of unquoted holdings
stable quarter on quarter.
-- Portfolio continues to be significantly weighted to
healthcare companies, which have provided resilience over the first
nine months of a turbulent year.
-- Schroders (the 'Portfolio Manager') continues to provide
support to the businesses in the portfolio to help them navigate
the current pandemic and to focus on adjusting position sizes
towards a more balanced portfolio whilst reducing the debt.
-- Net debt of GBP101.2 million, down GBP2.3 million from 30 June 2020.
Introduction
The outbreak of the COVID-19 pandemic in 2020 continues to have
far-reaching implications for both public and private companies
globally. The economic fallout has been felt across global markets
with valuations gyrating from one quarter to the next. Q1 2020 saw
a significant sell-off in equity markets as the world faced a
highly uncertain outlook. Q2 2020 then saw a strong rebound due to
the economic stimulus packages of central banks and confidence
returned to the markets. After initially stabilising, many equity
markets weakened again in Q3 2020 as economies around the world saw
cases rising once again, leading to further restrictions being
imposed, although less severe than had been seen previously.
Throughout this period the Portfolio Manager has continued to
work closely with the portfolio companies to ensure appropriate
actions have been taken by management teams, boards and investors,
in a timely manner in order to reduce the impact of the pandemic as
far as possible. This close interaction with the companies and
their stakeholders has helped these businesses to manage their way
through this unprecedented pandemic well, so far, but continued
uncertainty remains.
The recent very positive news around several vaccines has
created much cause for optimism. There is still likely to be a
difficult period to navigate as businesses run low on reserves and
continue to face trading restrictions, but the Portfolio Manager is
confident that the portfolio is well positioned to withstand these
pressures as the vaccines become available and some semblance of
normality can return. It is important to note that very little of
the portfolio is exposed to business models that depend directly on
social mobility, physical retail activity, or office and high
street real estate, areas which have arguably borne the brunt of
the dislocation caused by national or regional lockdowns.
Whilst many companies in the portfolio have needed to adapt to
mitigate the impact of COVID-19, several have benefitted,
particularly in the healthcare space which remains the largest
sector exposure for the portfolio accounting for 60% of total
investments as of 30 September 2020. The Portfolio Managers believe
that some of the changes to attitudes and behaviour seen during the
pandemic are likely to prevail. As a result, they expect several of
the portfolio holdings to be in a stronger position coming out of
this pandemic than when they entered it.
Financial Performance
Attribution Analysis Quoted* Unquoted Net Debt Other NAV
(GBP'm)
Value at 30.06.20 127.4 389.6 (103.5) (0.7) 412.9
-------- --------- --------- ------ ------
+ Investments - 4.5 (4.5) - -
-------- --------- --------- ------ ------
- Realisations at value (6.2) (0.2) 6.4 - -
-------- --------- --------- ------ ------
+/- Fair value gains/(losses) (6.8) 0.2 - - (6.6)
-------- --------- --------- ------ ------
+/- FX gains/(losses) (1.0) (5.6) - - (6.6)
-------- --------- --------- ------ ------
+/- Reclassified holdings 1.1 (1.1) - - -
-------- --------- --------- ------ ------
+/- Costs and other
movements - - 0.4 (1.6) (1.2)
-------- --------- --------- ------ ------
Value at 30.09.20 114.5 387.4 (101.2) (2.3) 398.4
-------- --------- --------- ------ ------
Source: AIFM, Link Fund Solutions Limited, as of 30 September
2020. * Rutherford Health is reported as a quoted holding despite
being fair value priced by Link Fund Solutions Limited, the
Company's AIFM.
The NAV as of 30 September 2020 was GBP398.4 million or 43.84p
per share. This reflects a decrease of 3.5% compared with the NAV
as of 30 June 2020.
The contribution to the NAV total return of -3.5% can be broken
down in to:
-- Quoted holdings* -1.6%
-- Unquoted holdings 0.0%
-- FX impact -1.6%
-- Costs and other movements -0.3%
During the quarter the Company's quoted holdings declined by
5.3%. The largest negative contributions to performance came from
Autolus Therapeutics and Evofem Biosciences, with share price
declines of 27% and 17% respectively. The likely explanation for
Autolus' performance is the absence of material news flow until the
December 2020 American Society of Hematology Conference, punctuated
by a small uptick in reported adverse events within the company's
ongoing clinical trials into a therapy for Diffuse Large B-cell
Lymphoma. Evofem shares suffered from a large sale of shares by a
director in early September. The largest positive contributor to
performance was Idex Biometrics whose listed share price increased
by 36%. This followed a series of positive announcements of
commercial volume orders for its advanced fingerprint and
authentication technology for use in next generation biometric
payment cards. The company's technology proposition has also
benefited from a global shift away from contact-based payment
methods as a result of the COVID-19 pandemic.
The Company's unquoted holdings remained relatively stable,
reflecting a subdued period of corporate activity with many
companies pro-actively managing cash flows to see through the
uncertainty.
During the period, the portfolio was also negatively impacted by
appreciation in the value of sterling relative to the US dollar,
Swiss Franc and Norwegian Krone which resulted in a depreciation of
the value of the Company's foreign-denominated assets.
Investment Activity
The Company's investment activity during the period continued to
mirror many of the themes referenced in the half year report.
Within the public equity holdings, the Portfolio Manager moderately
reduced various positions which were otherwise considered oversized
relative to conviction levels. These realisations were used to meet
more compelling opportunities to provide small amounts of funding
for some of the private companies including Kymab, Cequr and
Seedrs.
The Company acquired secondary shares in Kymab at a valuation
which the Portfolio Manager deemed attractive and subsequently
coincided with the announcement of positive Phase 2a data for the
lead drug KY1005. The Company also exercised its option to invest
into a convertible bridge loan in CeQur to support the portfolio
company in the US commercial launch of its disruptive insulin
delivery device, Simplicity. Finally, as mentioned in the half year
report, the Company completed its last financial commitment^
related to follow-on funding agreed by the previous Portfolio
Manager, a convertible investment in Seedrs. This was followed in
October 2020 by the news that Seedrs intends to merge with
Crowdcube to create the world's largest private equity marketplace.
Further details regarding this transaction are included in the
Company Updates section.
The Company also disposed of its shareholding in Ratesetter as
part of the acquisition by Metro Bank, in return for a small
upfront consideration, an in-specie distribution of RateSetter's
holding in RateSetter Australia and a deferred consideration
payable subject to the satisfaction of certain key performance
criteria. The Company's new position in Ratesetter Australia,
recently rebranded as Plenti Group, will henceforth be reported as
a quoted holding as the shares are listed on the ASX market in
Australia.
^ There is still one remaining tranche related to a similar
commitment, the first tranche of which funded in the second
quarter, which is expected to conclude over the next 6 months .
Top 10
The below table outlines the Company's top 10 holdings as of 30
September 2020 and 30 June 2020.
Portfolio Company Value on 30 Sept Value on 30 % of 30 Sept % of 30 June
2020 (GBP'000) June 2020 (GBP'000) 2020 (Total 2020 (Total
investments) investments)
Rutherford Health 80,811 80,811 16.1% 15.6%
---------------- -------------------- ------------- -------------
Oxford Nanopore 68,707 68,707 13.7% 13.3%
---------------- -------------------- ------------- -------------
Atom Bank 56,772 56,772 11.3% 11.0%
---------------- -------------------- ------------- -------------
Benevolent Al 33,507 33,507 6.7% 6.5%
---------------- -------------------- ------------- -------------
Immunocore 25,786 26,980 5.1% 5.2%
---------------- -------------------- ------------- -------------
Inivata 24,963 24,963 5.0% 4.8%
---------------- -------------------- ------------- -------------
Carrick Therapeutics 18,171 18,533 3.6% 3.6%
---------------- -------------------- ------------- -------------
Kymab 17,961 16,971 3.6% 3.3%
---------------- -------------------- ------------- -------------
Ombu 14,024 14,024 2.8% 2.7%
---------------- -------------------- ------------- -------------
Autolus Therapeutics 13,988 22,981 2.8% 4.4%
---------------- -------------------- ------------- -------------
Source: AIFM, Link Fund Solutions Limited, as of 30 September
2020. Value changes are reflective of a combination of valuation
adjustments, FX movements, investments and realisations over the
quarter.
Outlook
The third quarter has been a period of stabilisation for the
unquoted part of the portfolio as management teams navigate the
pandemic and plan for a brighter future. The quoted holdings within
the portfolio have seen further volatility as the public markets
react, often sharply, to news flow and we expect these fluctuations
to persist.
The Portfolio Manager will continue to focus on working with
management teams to support decision-making in order to limit risks
and seize opportunities that are presented during this crisis.
Given current uncertainty, portfolio companies that are lacking
visibility are being encouraged to concentrate on ensuring cash is
preserved. At the same time, many companies in the portfolio
continue to make strong operational headway. Where opportunities
exist to expand and grow these are also being reviewed with a view
to creating stronger businesses as the pandemic is brought under
control.
Company Updates
Rutherford Health: Received conditional planning permission to
construct a new diagnostics facility in Taunton
In September 2020, Rutherford Health announced that it had
received conditional planning permission to construct a new
diagnostics facility in Taunton, Somerset. As previously reported,
Rutherford Diagnostics has entered into a partnership with Somerset
NHS Foundation Trust to provide diagnostic services, which
Rutherford Diagnostics will deliver from the new state-of-the-art
facility in Taunton. The centre, located at the disused Zenith Fire
Control Centre in Taunton, is expected to become operational in
late 2021. Rutherford Health hopes to construct five diagnostics
centres across the UK as part of an investment agreement with
Equitix Limited, an investor, developer and long-term fund manager
of core infrastructure assets in the UK and Europe.
The centre in Taunton will be the first such facility for
Rutherford Diagnostics and will offer Computed Tomography, Magnetic
Resonance Imaging, Ultrasound, X-Ray and other relevant diagnostic
services. In addition to providing services to NHS patients via the
initial five-year contract with Somerset NHS Foundation Trust, the
centre will be available to private medical insurance and self-pay
patients in the South West.
Oxford Nanopore: Partnered with UK Government to roll out
LamPORE and raised GBP84m in new capital
In August 2020, Oxford Nanopore announced an agreement with the
UK's Department of Health and Social Care, to roll out its novel
LamPORE test. This will support the UK's efforts to manage the
continued reduction of COVID-19 and containment of new cases, now
and through the winter cold and flu season. Under the agreement, an
initial 450,000 LamPORE SARS-CoV-2 tests will be made available for
use by a number of NHS testing laboratories. As well as providing a
large number of tests for existing labs, the programme will help
the UK health service to understand the different use cases for the
technology, for example the potential asymptomatic screening of
frontline staff.
Because of its scalability, LamPORE has the potential to provide
both large-scale screening to detect the virus in broader
populations and rapid, focused, localised analysis. LamPORE is
designed to be deployed on Oxford Nanopore's desktop device
(GridION) or palm-sized device (MinION Mk1C), providing the
capacity of processing up to 15,000 samples a day and 2,000 samples
a day respectively. It is well suited to use in a central
laboratory for high-throughput sample processing, or near-community
'pop-up labs'. LamPORE results can be generated in under two hours.
The approach of having testing centres available in more locations
combined with this speed supports rapid turnaround of results. Fast
results can help precise isolation and therefore supports public
health strategies to prevent onwards transmission of the virus.
In addition to a test for SARS-CoV-2, the virus that causes
COVID-19, Oxford Nanopore is currently developing LamPORE to test
for multiple pathogens within a single sample, including influenza
A (H1N1 and H3N2), influenza B, respiratory syncytial virus ('RSV')
and SARS-CoV-2. This is intended to allow healthcare professionals
to distinguish between these infections, better manage expected
winter pressures on the NHS and guide public health and clinical
management of these diseases at a time of traditionally heightened
pressure on health services. It also supports a goal of
understanding dynamics between these viruses in the UK
population.
Gordon Sanghera, CEO of Oxford Nanopore, said:
"We are honoured to be playing a part in fighting COVID-19 in
the UK and preparing the country for the winter virus season. Ever
since we founded Oxford Nanopore, our mission has been to create
disruptive, high- performance technology that has a profound,
positive impact on society. LamPORE has the potential to deliver a
highly effective and, crucially, accessible global testing
solution, not only for COVID-19 but for a range of other pathogens.
We are delighted to be working with the UK government to support
and empower our communities to effectively manage testing at a
national and localised level."
Health Secretary Matt Hancock said:
"Oxford Nanopore's new rapid LamPORE tests will benefit
thousands of people with fast and accurate test results, removing
uncertainty and breaking chains of transmission quickly and
safely.
I am hugely grateful for the fantastic work Oxford Nanopore have
done to push forward this important innovation in coronavirus
testing."
In October 2020, the company announced that it had raised GBP84m
in new funding from existing and new investors, including
International Holdings Company ('IHC'), RPMI Railpen and RT Puhua
Genomics. The funds will support the rapid acceleration of Oxford
Nanopore's commercial and manufacturing operations as well as
ongoing innovation in the field of nanopore technology.
Atom Bank: Launched its new Instant Saver product
In September 2020, Atom Bank launched an Instant Saver, the
first product to be launched on its state-of-the-art cloud-native
banking platform. The product has none of the catches associated
with most 'instant access' accounts, as customers can make deposits
and withdrawals without penalty, 24 hours a day, seven days a week
on savings from 1p up to as much as GBP100,000.
BenevolentAI: FDA grants Emergency Use Authorisation for
baricitinib in hospitalised COVID-19 patients
In November 2020, BenevolentAI highlighted that baricitinib, a
drug it first identified as a potential treatment for COVID-19, has
been granted Emergency Use Authorization ('EUA') by the U.S. Food
and Drug Administration ('FDA'). The rheumatoid arthritis drug,
owned and marketed by Eli Lilly under the brand name Olumiant(TM),
is now authorised for use in hospitalised COVID-19 patients who
require supplemental oxygen or invasive mechanical ventilation.
This EUA decision was based on data from clinical updates
released from the NIAID ACTT-2 trial and further validates the
AI-derived hypothesis of baricitinib as a potential treatment for
COVID-19, first published by BenevolentAI in The Lancet on February
4, 2020. The speed at which baricitinib entered clinical trials
reflected the urgency of the pandemic and is testament to the
strength of BenevolentAI's initial hypothesis. This action from the
FDA for the EUA of baricitinib is an important milestone that has
progressed at an unprecedented pace, moving from computer to bench
to bedside in nine months.
Joanna Shields, CEO of BenevolentAI commented, "I am immensely
proud that our research is playing a part in the global fight
against COVID-19. The NIAID ACTT-2 trial data confirmed our initial
hypothesis that baricitinib could be an effective treatment for
hospitalised patients with COVID-19. With infection rates soaring,
physicians will now have this valuable treatment in their
armamentarium to combat the deadly virus."
The FDA grants Emergency use authorisation to provide
availability of a medicine that may help diagnose, treat or prevent
a life-threatening disease when no adequate and approved
alternatives are available.
The ACTT-2 randomised control trial included more than 1,000
patients. It began on May 8 to assess the efficacy and safety of
baricitinib plus remdesivir versus remdesivir alone in hospitalised
patients with COVID-19 and was conducted in eight countries,
including the UK. While it is not a material financial beneficiary,
this is a great example of the embedded value of BenevolentAI's
underlying technology.
Immunocore: Announced positive clinical results in a Phase 3
clinical trial of patients with previously untreated metastatic
uveal melanoma
In November 2020, Immunocore announced that its Phase 3
IMCgp100-202 clinical trial of tebentafusp (IMCgp100) in metastatic
uveal melanoma ('mUM') had met the primary endpoint for Overall
Survival ('OS') in its first pre-planned interim analysis. The
efficacy data confirmed the OS observed in the phase 2 study
IMCgp100-102 in previously treated mUM which will be presented next
month at the ESMO Immuno-Oncology Virtual Congress 2020.
Tebentafusp is a novel bispecific protein comprised of a soluble
T cell receptor fused to an anti-CD3 immune-effector domain. It is
engineered to specifically target gp100, a lineage antigen
expressed in melanocytes and melanoma, and is the first molecule
developed using Immunocore's ImmTAC technology platform designed to
redirect and activate T cells to recognize and kill tumor cells.
Tebentafusp has been granted Fast Track Designation by the FDA and
has previously been granted orphan drug designation for uveal
melanoma by the FDA and Promising Innovative Medicine designation
under UK Early Access to Medicines Scheme.
"To our knowledge, this is the first survival benefit for any
TCR therapeutic and for any bispecific in a solid tumor. The
survival benefit observed in a randomized trial against checkpoint
inhibitors validates our ImmTAC platform as we expand to study
other cancers with high unmet need," said David Berman, Head of
R&D; "Uveal melanoma has one of the lowest tumor mutational
burdens (TMB) and these results suggest our ImmTAC platform should
be evaluated in tumors with low or high TMB status."
The Phase 3 IMCgp100-202 clinical trial is designed to evaluate
the OS of tebentafusp compared to investigator's choice (either
dacarbazine, ipilimumab or pembrolizumab) in patients with
previously untreated m UM. 378 patients were randomized in a 2:1
ratio to either tebentafusp or investigator's choice. Final results
from IMCgp100-202 are expected to be presented at an upcoming
scientific conference and to be submitted for publication in a
peer-reviewed journal.
Autolus Therapeutics: Presented additional data on AUTO3 in
DLBCL during the ESMO Virtual Congress 2020
In September 2020, Autolus Therapeutics announced new data
highlighting progress on AUTO3, the company's CAR T cell therapy
being investigated in the ALEXANDER study, a Phase 1/2 clinical
trial in relapsed/refractory diffuse large B cell lymphoma
('DLBCL'), during the European Society for Medical Oncology
('ESMO') Virtual Congress 2020.
As of the data cut-off date of August 3, 2020, 35 patients in
the ALEXANDER Phase 1/2 clinical trial of AUTO3 have been treated
and were evaluable for safety. AUTO3 was well tolerated, with no
Grade 3 or higher cytokine release syndrome ('CRS') with primary
infusion and low rates of neurotoxicity ('NT'). Across all 35
patients, only three cases of NT have been reported, with two
having >= Grade 3. None of the patients achieving a complete
response ('CR') experienced any NT and all cases of NT reported
have been atypical in nature and seen in a setting with disease
progression and confounding factors. The company reported that the
data supported a best-in-class profile with a high level of
complete remissions and a well-tolerated safety profile.
Kymab: Included in the 2020 Sunday Times Sage Tech Track 100
In September 2020, following earlier positive Phase 2a results
in its atopic dermatitis study, Kymab was included in the 2020
Sunday Times Sage Tech Track 100 which ranks Britain's 100 private
tech companies with the fastest-growing sales over their latest
three years.
Reaction Engines: Released details of its innovative new battery
thermal management system for electric vehicles ('EVs')
In November 2020, Reaction Engines Applied Technologies released
details of its innovative new battery thermal management system for
EVs, the hxLIFE Foils - a brand new battery thermal management
system which is targeted at revolutionising the EV market and
accelerating the uptake of electric cars through a range of
significant performance benefits.
The company believes its technology represents a step change in
thermal management for EVs powered by Lithium-Ion batteries which
are highly impacted by temperature. From charge and discharge
rates, health and capacity to overall lifespan, a robust battery
thermal management system is key to the overall performance of EVs.
Reaction Engines has developed a battery thermal management system
('BTMS') unlike anything currently available; hxLIFE Foils are
conformable guard foils which sit between battery cells and create
isothermal performance across the entire battery pack. The foils
are very flexible which allows them to be retrofitted into existing
systems. They can be inserted into any existing EV battery pack
without the need for a complex system redesign. A lightweight
construction enables the increase of energy density across battery
cell as opposed to more conventional, heavier systems.
This is just one example of how Reaction Engines Applied
Technologies is adapting its thermal management technology
developed under the SABRE programme for commercial sectors.
Seedrs: Announced plans to merge with Crowdcube
On Monday 5 (th) October 2020, Crowdcube and Seedrs announced
that they had agreed terms for a merger, in a move that will
accelerate their plans to create the world's largest private equity
marketplace and further democratise investment. By joining forces,
the ambition is that thousands of ambitious, fast-growth businesses
and millions of investors will be able to benefit from the best
expertise, services and returns offered by Crowdcube's and Seedrs'
investment platforms.
On completion, Jeff Kelisky, Seedrs' CEO, will serve as CEO of
the combined company, and Darren Westlake, Crowdcube's CEO and
co-founder, will serve as Executive Chairman. The management team
will include key leaders from both businesses. The combined company
aims to deliver new innovations and products that will make it
significantly easier, more affordable and valuable for ambitious
businesses to raise growth finance, and for investors to have an
even greater selection of investment opportunities with richer
investment tools.
The transaction is subject to approval by, among others, the UK
Competition and Markets Authority ('CMA'), the Financial Conduct
Authority ('FCA') and shareholders of the two companies as well as
the sanction of the Court. The transaction is expected to be
completed in early 2021.
AMO Pharma: Granted Rare Pediatric Disease designation for
AMO-02
In November 2020, AMO Pharma, a privately held biopharmaceutical
company focusing on rare, childhood onset neurogenetic disorders
with limited or no treatment options, announced that the FDA had
granted a Rare Pediatric Disease ('RPD') designation for AMO-02,
the company's investigational therapy in development for the
treatment of congenital myotonic dystrophy.
The FDA grants RPD designation for serious and life-threatening
diseases that primarily affect children aged 18 years or younger
and fewer than 200,000 people in the United States. The designation
qualifies AMO Pharma to receive fast track review for AMO-02 and a
priority review voucher ('PRV') at time of marketing approval. PRVs
are transferable and can be used by drug developers to earn an
expedited six-month review of a new drug application by the
FDA.
"This Rare Pediatric Disease designation highlights the
significant need for a treatment for congenital myotonic dystrophy
and adds additional momentum to our development program," said
Ibraheem Mahmood, CEO of AMO Pharma. "The option of monetizing a
PRV voucher also represents a significant opportunity to support
our mission to develop novel medicines for children with
developmental disorders."
The AMO-02 clinical trial is a double-blind, placebo controlled,
randomized study in children and adolescents with congenital onset
myotonic dystrophy intended to support a future submission for
marketing authorization in congenital myotonic dystrophy. The trial
is being conducted at eleven treatment centres globally and plans
to enrol a total of 56 patients who will be assessed on a range of
measures of central nervous system ('CNS') features and muscle
function associated with congenital myotonic dystrophy.
IDEX Biosciences: Reported multiple volume production orders and
filed registration statement for dual listing on Nasdaq
During the quarter, IDEX Biometrics began shipments of its
TrustedBioTM family of products and solutions, for advanced
fingerprint and authentication use in next generation biometric
payment cards. The company announced it had received its first
commercial and volume order from a Tier 1 global card manufacturer
for TrustedBioTM biometric fingerprint sensors, as well as a
sizeable order from European biometric fintech company, ZWIPE.
Also, during the quarter, IDEX announced volume orders from
Hengbao, one of the largest smart card companies based in China, as
well as a strategic partnership with South Korea-based global smart
card and software manufacturer, Ubivelox, to service the Asia
Pacific region beyond China, with shipping to card integrators
planned in the first quarter of 2021.
Shortly after the end of the quarter, IDEX filed a registration
statement with the U.S. Securities and Exchange Commission for a
dual listing on Nasdaq.
Mereo Biopharma: Announced initiation of a Phase 1b/2 clinical
trial with Alvelestat in COVID-19 respiratory disease, received FDA
Rare Pediatric Disease Designation for Setrusumab and clearance to
proceed into a Phase 1b/2 study for Etigilimab
In August 2020, Mereo BioPharma announced the initiation of a
Phase 1b/2 placebo-controlled clinical trial to evaluate the safety
and efficacy of alvelestat in hospitalized, adult patients with
moderate to severe COVID-19 respiratory disease. Alvelestat is a
novel, oral small molecule designed to inhibit neutrophil elastase
('NE'), a key enzyme involved in the destruction of lung tissue.
Alvelestat is already being investigated by Mereo in a Phase 2
proof-of-concept clinical trial in patients with alpha-1
antitrypsin deficiency ('AATD').
The Phase 1b/2 trial related to COVID-19 will be conducted at
the University of Alabama. Approximately 15 patients will be
randomized (2:1) to receive either alvelestat plus standard of care
or placebo plus standard of care for 10 days. The primary endpoint
of the trial is safety and tolerability of alvelestat at day 10,
with a safety follow-up to day 90. Additional endpoints include
blood biomarkers (NETosis, inflammation and hypercoagulation) and
oxygen deficit (as measured by the ratio of oxygen saturation to
the fraction of inspired oxygen, SaO2/FiO2) at day 10. The trial
will also assess clinical outcomes, including effect on disease
progression measured by need for respiratory support and disease
severity using the WHO 9-point ordinal scale at day 29.
In September, the FDA then granted Rare Pediatric Disease
designation to setrusumab for the treatment of osteogenesis
imperfecta ('OI'). Setrusumab is a fully humanized monoclonal
antibody that inhibits sclerostin, a protein which inhibits the
activity of bone-forming cells. OI is a genetic rare disorder with
no approved treatments that is characterized by reduced bone mass
and fragile bones that break easily. In Mereo's Phase 2b ASTEROID
study, setrusumab demonstrated a dose-dependent bone building
effect and a trend of reduction in fractures in addition to being
safe and well tolerated in adults with OI.
The FDA grants Rare Pediatric Disease Designation for serious
and life-threatening diseases that primarily affect children aged
18 years or younger and fewer than 200,000 people in the United
States. If a Biologics License Application ('BLA') in the United
States for setrusumab is approved, Mereo may be eligible to receive
a priority review voucher from the FDA, which can be redeemed to
obtain priority review for any subsequent marketing application and
may be sold or transferred to other companies for their programs,
as has been done by other voucher recipients.
Finally, in October 2020, the FDA cleared the company's
investigational new drug application to proceed with a Phase 1b/2
study for the lead oncology product candidate etigilimab.
Etigilimab is a novel IgG1 monoclonal antibody against TIGIT, a
next generation checkpoint receptor shown to block T-cell
activation and the body's natural anti-cancer immune response.
American Financial Exchange: Welcomed its 200(th) Member and
highlighted the first AMERIBOR-linked debt offering
In August 2020, American Financial Exchange ('AFX'), an
electronic exchange for direct lending and borrowing for American
banks and financial institutions, announced that Citizens Bank,
N.A. of Providence, Rhode Island, joined the AFX, marking the
exchange's 200th institution to become a member since its inception
in 2015. AFX membership is up 30 percent from a count of 154 from
August 1, 2019.
In October 2020, AFX also highlighted news of the first
AMERIBOR-linked debt offering, a deal by Signature Bank (Nasdaq:
SBNY) with $375m of fixed-to-floating rate subordinated notes due
in 2030. The notes will bear interest at 4% per annum, payable
semi-annually. For the floating component, interest on the notes
will accrue at three-month AMERIBOR plus 389 basis points
"We are pleased to be the first institution to use AMERIBOR on a
debt issuance. We are founders and early supporters of AFX.
AMERIBOR is transparent, self-regulated and transaction- based, and
we believe that it is already a suitable alternative as banks and
other financial institutions transition away from LIBOR," said
Scott Shay, Chairman of the Board at Signature Bank.
"The first use of AMERIBOR in a debt offering marks a landmark
moment for the Exchange and its members. This will pave the way for
more debt deals and other types of financial products linked to the
AMERIBOR benchmark, providing greater choice to all market
participants. We applaud Signature Bank for their leadership role,"
said Dr. Richard L. Sandor, chairman and founder of the AFX.
AFX membership across the U.S. now includes 161 banks, 1,000
correspondent banks and 43 non-banks, which is comprised of
insurance companies, broker-dealers, private equity firms, hedge
funds, futures commission merchants, and asset managers. Member
institutions have more than $3 trillion in assets.
Past performance is not a guide to future performance and may
not be repeated. The value of investments and the income from them
may go down as well as up and investors may not get back the
amounts originally invested. The securities shown above are for
illustrative purposes only and are not to be considered a
recommendation to buy or sell.
Enquiries:
Schroder Investment Management Limited
Gareth Faith (Company Secretary) 0207 658 5264
Estelle Bibby (Press) 0207 658 3431
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