Welcome to the 2021 Annual General Meeting of Malin Corporation PLC. My name is Jordan, and I'll be coordinating your call this morning. I'll now hand over to your host, Mr. Liam Daniel, Chair of Malin Corporation PLC, to begin. Please go ahead, Mr. Daniel. Thank you, Jordan. Good morning, ladies and gentlemen. My name is Liam Daniel, Chair of Malin Corporation PLC. I would also like to welcome you to the company's 2021 Annual General Meeting. As Chair, I wish to emphasize at the onset that the company considers the health and wellbeing of employees, shareholders, and other stakeholders as a top priority. I can confirm that this meeting is being conducted in accordance with current government COVID-19 guidelines. On that note, I would like to welcome those shareholders who are joining us by teleconference in lieu of physically attending this year's AGM. I look forward to seeing you in person next year. We have passed 10:00 A.M., which is the meeting time. I confirm that we have a quorum. I therefore declare the meeting open. I'm joined here in the company's registered office and on conference lines by Darragh Lyons, Chief Executive Officer, Fiona Dunlevy, Company Secretary, Patrick Jennings, our Chief Financial Officer, and by other members of our board, Luke Corning, Jean-Michel Cosséry, Kirsten Drejer, and Rudy Mareel. In addition, we're joined on the line by our statutory auditor, legal representatives, and the company registrar. Before we proceed to deal with the formal business of the meeting, I will say a few words, following which I will then invite Darragh Lyons, CEO, to give a business update. In the notice of the AGM issued to shareholders on the 22nd of June, we provided a means by which any shareholder could submit questions ahead of the AGM. As it happens, we did not receive any questions, and therefore, there are no shareholder questions to deal with during this meeting. Despite the restrictions and challenges posed by COVID-19 throughout the past 18 months, the company's governance framework and working arrangements have adapted effectively and efficiently to allow us all to work safely, seamlessly, and with minimal disruption. Ahead of last year's AGM, we welcomed three additions to our board, Darragh Lyons, Dr. Kirsten Drejer, and Luke Corning. I wish to acknowledge the valuable contribution they each have made since their appointments, each bringing their individual experience and expertise to board and committee deliberations. On behalf of the board, I wish to acknowledge the work of Darragh and the management team in executing upon the company's strategy of maximizing value within our investee companies. We've seen the fruits of this labor already in 2021 in the successful divestments of Kymab and Altan Pharma. Maintaining a lean and efficient corporate infrastructure that strikes the right balance between structure and flexibility has been a focus of the board. This discipline is reflected in the year-on-year reduction in cash operating expenses. At an investee company level, I'm impressed by the resilience and determination shown by the leadership teams across our investee companies as they've had to adapt their operations to exceptional circumstances. While the pandemic has had some impact, in particular on clinical trial timelines, I'm pleased to report that the overall impact on Malin and its investee companies has not been significant. Indeed, the past year saw the achievement of significant clinical progress and validation across Malin's investee companies. Most notably in the case of Kymab and Immunocore, we've already seen evidence of that clinical progress translating into meaningful value generation in 2021 with the sale of Kymab to Sanofi and Immunocore's successful IPO on the Nasdaq market. As a board, we're committed to seeking to maximize value for our shareholders and will continue to apply that lens in evaluating all options generated within our investee companies. We were pleased to be in a position to announce the successful sale of Kymab to Sanofi and Altan Pharma to Ethypharm at premiums to their estimated fair values, providing sufficient capital to fully repay the EIB debt and positioning the company to deliver returns to shareholders in the second half of this year following completion of the Altan transaction. I wish to thank our shareholders for their ongoing support, and I look forward to communicating with you further in this year as we seek to deliver upon our commitment of returning capital to shareholders. I'm now going to hand over to Darragh Lyons, our Chief Executive Officer. Thanks, Liam. Despite the universally challenging year, I am pleased to report that the period since our last AGM has seen significant positive progress across our investee companies. In the case of Immunocore, following the release of impressive phase III data in its lead program for the treatment of metastatic uveal melano ma, a therapy that we expect to achieve market approval in the coming months, the company successfully completed an upsized Nasdaq IPO and concurrent private placement earlier this year, raising gross proceeds of $312 million. This capital should support the company's extensive clinical pipeline through several important clinical milestones in the years ahead. The phase III data is significant not only in its potential to support a product approval and contribute meaningful revenues to Immunocore in the years ahead, but also in validating its pioneering T-cell receptor technology platform, thereby de-risking its extensive clinical pipeline in oncology and infectious diseases. In the past year, Poseida has progressed their phase II study of their autologous CAR-T program targeting BCMA, while continuing to seek to optimize the therapy's efficacy in a phase I expansion study. Poseida has overcame the challenge of an unfortunate patient death early in its metastatic castrate-resistant prostate cancer autologous CAR-T therapy study. The company has now recommenced dosing patients and has released data demonstrating encouraging early data at a low dose of the therapy. They have also advanced the universal donor or allogeneic version of their BCMA-targeting product candidate through preclinical work with the aim of dosing the first patient in the coming months. Another allogeneic program targeting a solid tumor antigen, MUC1C, will also enter the clinic later this year or early next year. Although Poseida's share price since its IPO in July 2020 has been disappointing, we remain convinced that Poseida's technology platform can deliver meaningful and differentiated clinical outcomes in both gene and cell therapy. In the case of Viamet, excellent top-line data in all three Phase III studies of oteseconazole in RVVC, an unmet need in women's health, should support an FDA approval for the product in the coming months. Kymab's impressive data in its Phase II-A clinical study of its anti-OX40 ligand in atopic dermatitis ultimately led to the successful sale of the company to Sanofi in April of this year, delivering upfront net proceeds to Malin of EUR 95 million. We look forward to further progress from our assets in the coming months, including data from Poseida's clinical programs, its autologous CAR-T therapy in the treatment of multiple myeloma, which is in phase II, and its phase I study in metastatic castrate-resistant prostate cancer, in addition to progressing its next-generation allogeneic technologies to IND in the coming months. Gaining proof-of-concept data in Immunocore's proprietary PRAME and Genentech partnered MAGE-A4 clinical programs for the treatment of solid tumors, and in the application of the company's pioneering TCR technology in infectious disease, where the company has advanced its first product candidate into a phase I/II clinical trial in chronic hepatitis B virus patients. FDA approval for Viamet's VT-1161 or oteseconazole in RVVC, initiating cash inflows for Malin based on milestones and royalties resulting from the structured transaction completed with Mycovia in 2018. We've worked over the past few years to improve the operations pipeline and geographic reach of our subsidiary company, Altan Pharma, to optimally position it for company sale. We were therefore pleased to recently announce the sale of Altan to Ethypharm in a transaction which, upon close, will deliver net proceeds to Malin of approximately EUR 68 million and near 100% return on our investment in Altan in 2015. We are on track to close this transaction in the months ahead once competition authority filings have been completed. The fair value of our assets estimated in accordance with international private equity and venture capital valuation guidelines was EUR 449 million at March 2021. Adjusting for net debt, this translates to an estimated intrinsic value per share of approximately EUR 9.32. While the gap between the share price and intrinsic value has narrowed in recent months, our commitment to return capital to shareholders as we monetize our assets will ultimately underpin shareholder returns. We continue to exercise financial prudence in managing our capital positions and operations within a lean infrastructure. Proceeds generated from the sale of Kymab allowed us to fully repay the company EIB debt. As we previously announced, we expect to make a significant return of capital to shareholders during the second half of 2021 following the close of the Altan company sale. We remain focused on maximizing returns to shareholders by ensuring that our investee companies have reached optimal value inflection points before considering monetizing positions. We were delighted to report the sale of Kymab and Altan at significant premiums to our fair value estimates, having worked closely with both companies in the past few years to achieve their full value potential. We look forward to building upon the positive first half of the year and look ahead with confidence at upcoming milestones within our investee companies and to fulfilling our commitment to deliver returns to our shareholders. I'll now hand back to Liam. Thanks, Darragh. I will now turn to the formal business of the meeting. The notice of the AGM was circulated to registered shareholders and published on the company's website on the 22nd of June 2021. Accordingly, I will take the notice as read. The notice of the AGM contains details of each of the resolutions being put forward for a vote at today's meeting. Resolutions one to six are ordinary resolutions, which in order to be passed, must be approved by a simple majority of those members present and voting either in person or by proxy. Those ordinary resolutions are identified as such in the notice of the meeting. Resolution seven, eight, and nine are special resolutions, which in order to be passed, must be approved by a majority of not less than 75% of those members present and voting, either in person or by proxy. Those special resolutions are also identified as such in the notice of the AGM. I now propose that each of the resolutions described in the notice of the AGM is put to a vote. In accordance with the company's constitution, as Chair, I hereby demand voting by poll on each of the resolutions. On a poll, every member has one vote for every share carrying voting rights of which that member is the holder. Any votes submitted by proxy, by the proxy voting deadline set out in the notice of the meeting, will be included in the poll. Where proxy votes have been submitted giving me, as Chair, discretion to vote, I will vote in favor of the resolutions. I therefore now request that Computershare commence the poll, and following completion, deliver the results to me. The results of the poll will be published on the company's website, www.malinplc.com, and via the regulatory news service as soon as possible following the meeting. That concludes the formal business of the meeting. In concluding today's meeting, I would like to take this opportunity to thank Malin's employees for their hard work and dedication, and my fellow board members for their commitment, contribution, and support to the company and to me personally. Finally, I wish to thank you, our shareholders, for joining today's annual general meeting. I hope you and your families stay safe and well. This now concludes the annual general meeting. I therefore declare the meeting and the poll closed. Thank you and good morning. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.
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