Business and Financial Review • Oct 29, 2019
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RNS Number : 4406R
Malin Corporation PLC
29 October 2019
Malin Corporation plc
Mycovia Pharmaceuticals announces partnerships to commercialise and manufacture VT-1161
Dublin-Ireland, 29 October 2019: Malin Corporation plc. (Euronext Growth Dublin:MLC) ("Malin"), a company investing in highly innovative life sciences companies, is pleased to note that Mycovia Pharmaceuticals ("Mycovia"), a company in which Malin's Priority Asset, Viamet Pharmaceuticals ("Viamet"), has an economic interest, recently announced a strategic partnership with Gedeon Richter plc. for the commercialisation and manufacture of VT-1161 for recurrent vulvovaginal candidiasis ("RVVC") in Europe, Latin America, Australia, Russia and other CIS countries. This agreement follows the announcement by Mycovia earlier this year of a strategic partnership with Jiangsu Hengrui Medicine to develop and commercialise VT-1161 in China for the treatment or prevention of a range of fungal conditions.
Under the terms of both agreements, Mycovia is eligible to receive milestone payments related to clinical, regulatory and commercial success of VT-1161.
Mycovia acquired Viamet's lead anti-fungal drug, VT-1161 in 2018 but Viamet retains a significant economic interest by means of its share of potential milestone payments and sales royalties through clinical and commercial progression. Malin, alongside other shareholders in Viamet, will benefit from both these recent deals Mycovia has signed, if the molecule is clinically and commercially successful.
Mycovia is currently conducting global Phase 3 trials of VT-1161 in women with RVVC in the US, EU and Japan. Phase 2b studies have shown VT-1161 to have strong safety and efficacy profiles in RVVC patients, with as low as zero percent recurrence rates through 48 weeks, and RVVC is currently an unmet need in women's health.
Malin owns approximately 15% of Viamet and carried its investment in Viamet at a fair value estimate of €79.5 million at 30 June 2019 under International Private Equity and Venture Capital Valuation guidelines.
A copy of Mycovia's press release is available to view here.
ENDS
About Malin Corporation plc
Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative life sciences companies. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to a diverse range of global healthcare businesses. Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in Ireland and listed on the Euronext Growth Dublin. For more information visit www.malinplc.com
About Mycovia
Mycovia Pharmaceuticals has a passion for developing breakthrough therapies in areas of unmet medical need, with an initial focus in women's health. Its lead product candidate, VT-1161, is a novel, oral therapy for RVVC that is designed to have greater selectivity, fewer side effects and improved efficacy than current treatment options. VT-1161 received FDA Qualified Infectious Disease Product and Fast-Track designations to support its potential as the first FDA-approved treatment for RVVC. Mycovia also recognises that there is tremendous potential for its oral fungal inhibitors to treat a range of multi-drug resistant fungal pathogens. For more information, please visit www.mycovia.com
For further information please contact:
Malin
Jessica Bergin, Investor Relations & External Reporting
Tel: +353 (0)1 901 5700
Davy Corporate Finance (Euronext Growth Adviser & Joint Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Bidhi Bhoma / Euan Brown
Tel: +44 (0) 20 3100 2000
Consilium Strategic Communications
Mary-Jane Elliott / Chris Welsh
Tel: +44 (0)20 3709 5700
Powerscourt (Irish media enquiries)
Jack Hickey
Tel: +353 83 448 8339
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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