8 March 2011: MDY Healthcare plc (“MDY Healthcare” or the “Company”), the strategic investor in healthcare companies, today announces its preliminary results for the reporting period ended 30 September 2010.
- Total investments valued at £7.31 million (30 September 2009: £9.43 million) with cash and cash equivalents of £0.28 million (30 September 2009: £1.13 million).
- Consolidated net asset value per share as at 30 September 2010 of 35p (30 September 2009: 58p).
- Net loss after tax for reporting period £3.63 million (2009: £1.73 million).
- Valuation of strategic private investments, Medivance and Stanmore, maintained at cost, representing the fair value of the relevant investment, although both have performed well.
- After end of reporting period, cash position strengthened by issuing new shares in placing to a major shareholder and by selling part of the Company’s shareholding in Stanmore, raising £150,000 and £600,000 respectively.
- Following strategic review, primary focus to be on investments in Medivance and Stanmore.
- Medivance continues to make excellent progress, achieving quarter on quarter revenue growth and is well placed to deliver value for shareholders.
- Medivance had worldwide consolidated revenues of US$29 million (unaudited) in the year ended 31 December 2010.
- Stanmore achieved revenues of approximately £6.1 million (unaudited) for 12 months ended 31 December 2010 (2009: £5.6 million (audited)). Key Transfemoral ITAP trial continues at the Royal National Orthopaedic Hospital in Stanmore.
- Review of investments in AOI and Trust William leading to prudent write-down of valuations and commencement of strategic review for Trust William.
Grahame Cook, Chairman, said:
“During the year we restructured the business and made progress in reducing our overheads and extending our cash runway. We divested our portfolio of quoted stocks and tightened our focus on our main strategic private investments, Medivance and Stanmore, both of which have continued to make excellent progress in their respective markets.”
For further information, please contact:
MDY Healthcare plc
Grahame Cook, Chairman +44 (0) 207 647 1800 grahame.cook@MDYhealthcare.com
Ben Atwell, Susan Quigley +44 (0) 207 831 3113
Brewin Dolphin Limited (Nomad)
Matt Davis +44 (0) 845 270 8600
About MDY Healthcare
MDY Healthcare plc is a sector specialised strategic investing company quoted on AIM (ticker symbol: MDY). The Company seeks to achieve superior returns for shareholders by investing globally in companies across the healthcare sector. The directors and executive have significant operational and investment experience in the sector and therefore the ability to identify and review a wide range of potential investments.
Further information can be found on the website www.mdyhealthcare.com.
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