DUBLIN--(BUSINESS WIRE)--Malin Corporation plc ("Malin" or the "Company"), an Irish-based global life sciences company, today announced it has completed, significantly ahead of schedule, its initial asset sourcing and acquisition phase with the completion of two additional transactions.
Hatteras Venture Partners ("HVP")
Malin has agreed to invest a minimum of $15 million and, depending on a number of factors, up to a total of $20 million with HVP, a life sciences focused venture capital firm based in North Carolina. HVP invests in early stage companies in life sciences with a broad focus including medical devices, diagnostics, discovery science and clinical platforms as well as healthcare IT.
This transaction enables Malin to leverage the considerable expertise embedded within HVP and extend its network without building out its own infrastructure. By working with and through HVP, Malin will have broad access to many technologies and platforms in a number of world class universities in the Southeast of the U.S. including Duke, North Carolina, North Carolina State, Vanderbilt, Georgia Tech and Wake Forest, and a large number of discovery and early stage companies in North Carolina's Research Triangle Park. It is envisaged the intersection of HVP, the aforesaid universities and Malin will lead to the development of numerous life sciences opportunities in the US, Ireland and other countries. For more information about HVP, please visit www.hatterasvp.com.
Jaan Health Investment ("Jaan Health")
Malin has committed up to $1 million in Jaan Health, a privately held, New York based, healthcare mobile technology company. Founded by an experienced team of healthcare and technology entrepreneurs, Jaan Health has developed Phamily™ – the first mobile and web based community care coordination platform that leverages family resources intended to change patient behaviour and streamline follow-up. To date the company has built and tested 3 products within Phamily and will be launching its universal SaaS platform for healthcare providers and consumers in the coming months including a web app for physicians, a web app for pharmacists, and a mobile app for patients and families. For more information on Jaan Health, please visit:http://PhamilyCares.com
Refined Business Structure to Align Focus on Operating Assets
With Malin's asset sourcing and capital deployment largely completed, the Company's primary focus will now shift to the advancement of those businesses and critical assessment and execution of the various opportunities. As a result, Malin's business structure going forward is being refined to enable the Company to utilise and align resources to the needs of the business.
Malin CEO Adrian Howd will assume the newly established and critically important role of Chief Investment Officer and will continue as an executive Director on the board of Malin. This role will enable Adrian to concentrate his expertise on the underlying science, technology and clinical progression of the assets and assess current and future value (and risk) characteristics. Adrian will continue to serve on the previously announced investee company boards. Adrian will be based in the Company's Cambridge office.
Malin Director Kelly Martin will assume the role of Malin CEO. Kelly will focus on the operational advancement of the assets relative to opportunities, risk and execution. In addition, Kelly will be accountable for Malin's day to day business operations. Kelly will continue to serve on the board of Malin and the previously announced investee company boards. Kelly will continue to be based in the US.
Malin Chairman John Given will take on a number of executive functions, including asset structures and corporate transactions, strategic utilisation of Malin's Irish corporate platform to advance its objectives and those of its investee companies, and Malin's strategic relations with various stakeholders including the Irish government. John will continue to chair Malin and serve on the previously announced investee company Boards, and will continue to be based in Malin's Dun Laoghaire, Dublin headquarters.
As the Company has advanced, the UK has evolved into a core location for Malin. Approximately 25% of the Company's capital has been allocated to UK based companies and approximately 50% of capital raised has emanated from the UK. Furthermore, Malin anticipates additional opportunities to emerge in the near and intermediate future. Given the weightings within the current Malin business and the optimism for its future prospects, the Company will open an office in Cambridge within the next month.
Board Of Director Appointment
Malin has appointed Prof. Dr. Uwe Bicker as a Non-Executive Director of the Company with effect from October 1, 2015. Prof. Dr. Bicker is a renowned figure in the European and global life sciences sector and brings a unique combination of academic, medical and business expertise to the Malin board.
Prof. Dr. Bicker is a professor of the Medical Faculty of Heidelberg University since 1983 and is Dean of the Medical Faculty since 2011. Prof. Dr. Bicker is an independent director of Sanofi since 2008 and is a member of its Strategy Committee. He is a trustee of the Aventis Foundation, a member of the Advisory Board of Morgan Stanley Germany, and he previously held a number of leadership positions at Boehringer Mannheim GmbH (later Roche AG). Prof. Dr. Bicker has previously served on a number of other boards including Cambridge Antibody Technology Group plc, Epigenomics and HoechsMarionRoussel AG.
Prof. Dr. Bicker is a qualified physician, holds doctorates in chemistry and medicine, is an honorary doctorate of Klausenburg University and is an Honorary Senator of Heidelberg University.
Following this appointment becoming effective, the Board of Malin will be comprised of 10 Directors, of whom 4 have executive functions.
Malin will report its first interim financial results on September 21, 2015.
About Malin Corporation Plc.
Malin is an Irish incorporated public limited company. Its purpose is to create shareholder value through the selective long-term application of capital and operational expertise to private, pre-IPO, pre-trade sale operating businesses in dynamic and fast growing segments of the life sciences industry. Through its operational involvement, Malin works with its investee companies to enable them to reach the full potential of their value proposition and to achieve commercial success. For more information visit www.malinplc.com
Additional regulatory disclosures in respect of Prof. Dr. Uwe Bicker
Prof. Dr. Bicker holds 40,000 ordinary shares in Malin, representing 0.1% of the existing issued share capital of the Company. Other than as set out below, there are no other matters required to be disclosed pursuant to paragraph (g) of Schedule Two to the ESM Rules for Companies as regards Prof. Dr. Bicker's appointment.