The information communicated in this announcement contains inside information for the purposes of article 7 of Regulation (EU) No. 596/2014 as amended and transposed into UK law in accordance with the European Union (Withdrawal) Act 2018, ("MAR"). Upon the publication of this announcement, this information is considered to be in the public domain.

Arix Bioscience plc

Arix Announces Strategic Review

LONDON, 13 July 2023: Arix Bioscience plc (“Arix” or the “Company”) (LSE: ARIX), a transatlantic venture capital company focused on investing in breakthrough biotechnology companies, announces the commencement of a strategic review of the Company’s strategy and assets to assess how the Company can best deliver shareholder value (the “Strategic Review”).

Arix’s investment strategy seeks to deliver significant returns through investment in companies making cutting-edge advances in life sciences. As noted in the Annual Report published on 25 April 2023, the recent period of prolonged uncertainty, volatile market conditions and depressed biotech valuations have resulted in fewer new investments this year with an increased focus on cash conservation. 

The Board believes that Arix remains well positioned to deliver attractive returns over the long term. However, the Board is conscious of the share price and the significant discount to the Company’s Net Asset Value (“NAV”) per share, despite the Company’s significant net cash balance.

The audited NAV of the Company was £226m, £1.75 per share, with a net cash balance of £122.8m as at 31 December 2022 and the unaudited estimated NAV is £241m, £1.86 per share, with a net cash balance of £101m as at 30 June 2023. This discount has occurred during a sustained period of investor risk aversion which has particularly affected the discount applied to unlisted securities across the market as a whole.

In response to this and engagement with shareholders following release of the Annual Report, the Board today announces that it has launched the Strategic Review, which will include a consideration of:

• the Company's investment and realisation strategies;
• its capital allocation and shareholder returns policies; and
• a tax-efficient wind-down of the Company.

There is no certainty that any changes will result from the Strategic Review. The Company will make further announcements in due course.

The person responsible for arranging the release of this announcement on behalf of the Company is Robert Lyne, Chief Executive Officer.

[ENDS]

Enquiries

For more information on Arix, please contact:

Arix Bioscience plc

+44 (0)20 7290 1050

ir

Powerscourt Group

Sarah MacLeod, Ibrahim Khalil, Nick Johnson

+44 (0)20 7250 1446

About Arix Bioscience plc

Arix Bioscience plc is a global venture capital company focused on investing in breakthrough biotechnology companies around cutting-edge advances in life sciences.

We collaborate with exceptional entrepreneurs and provide the capital, expertise, and global networks to help accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors.