Malin Corporation plc

Malin reports 2020 Interim Results

Dublin-Ireland, 2 September 2020: Malin Corporation plc (Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative life sciences companies, today publishes its interim results and interim report for the six month period ended 30 June 2020.

Commenting on the results, Darragh Lyons, Chief Executive Officer, said: "We are pleased with the progress made in 2020 to date as we seek to further advance and de-risk our investee companies toward realisation events. We have seen some important milestones achieved by our investee companies during the first half of the year and we expect further important news flow in the months ahead from our assets. If positive, these milestones have the potential to create significant value and could help catalyse realisation events for Malin."

Highlights from the 2020 Interim Results

· The aggregate fair value of Malin's interests in its investee companies, estimated in accordance with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines, was €373 million at 30 June 2020. The 2% increase from 31 December 2019 is largely due to an increase in the estimated fair value of Malin's investment in Xenex, reflecting the positive trajectory in that business during the first half of 2020, partially offset by some modest foreign exchange-related decreases.

· Subsequent to the period end (30 June 2020), Poseida completed an IPO and Malin acquired an additional 2% of the issued share capital of Kymab. Adjusting the estimated IPEV fair value at 30 June 2020 to reflect the additional shares in Kymab and the mark-to-market value of our Poseida stake at 31 August 2020, the aggregate fair value of Malin's investments decreases to €346 million.

· Malin's estimated intrinsic equity value per share at 30 June 2020 was €7.78, arrived at by taking the estimate of the fair value of Malin's interests in its investee companies in accordance with IPEV Guidelines and adjusting for net debt divided by the total number of issued ordinary shares. Adjusting the estimated intrinsic equity value at 30 June 2020 to reflect the additional shares in Kymab and the mark-to-market value of our Poseida stake at 31 August 2020, the estimated intrinsic equity value per share decreases to €7.18.

· Malin's corporate cash balance was €39 million at 30 June 2020.

· Corporate cash operating expenses for the first half of the year were €1.5 million as management's ongoing commitment to operating within a lean infrastructure has resulted in a reduction of annual corporate cash operating expenses to under €4 million.

Investee Company highlights

· Kymab recently announced excellent efficacy and safety data for its lead programme, KY1005, in a Phase 2a study in atopic dermatitis. The antibody has the potential to treat a wide variety of immune-mediated diseases and inflammatory disorders and further data will be released by Kymab over the coming months.

· Poseida significantly strengthened its capital base over the past few months thereby optimally positioning the company to advance its broad pipeline of cell and gene therapy programmes. In June 2020, Poseida raised $110 million in a private funding round, before completing an IPO on the Nasdaq Global Select Market, raising gross proceeds of $224 million, in July 2020.

Poseida initiated a clinical study for P-PSMA-101 in prostate cancer in May 2020. The trial was placed on clinical hold by the FDA in August 2020 following a patient death. Poseida's assessment of the event and evaluation of next steps is ongoing, including working with the FDA toward the objective of resuming the clinical trial.

Poseida continues to advance its allogeneic (universal donor) version of its BCMA-targeting CAR-T product candidate with the aim of filing an Investigational New Drug (IND) application and initiating clinical trials in late 2020 or early 2021.

· The clinical trials of Viamet and Immunocore progressed well in spite of the challenges of COVID-19 and we expect news flow from both companies over the coming months. Immunocore's studies for its lead asset targeting uveal melanoma are advancing towards a potential Biologics Licence Application (BLA) for this product candidate; and Viamet's successor, Mycovia, is on track to have data from the Phase 3 studies of its VT-1161 molecule in recurrent vulvovaginal candidiasis before the end of 2020 which could support a New Drug Application in 2021.

· Xenex experienced unprecedented demand for its pulsed xenon robot during the first half of the year driven by the ongoing COVID-19 pandemic which resulted in a three-fold increase in revenues.

COVID-19

Malin continues to closely monitor, assess and seek to mitigate the actual and potential future impacts of COVID-19 on business activities. To date, COVID-19 has not had a material impact on investee companies' clinical trials and other Malin business activities.

Outlook

Several of Malin's assets have near-term important clinical and regulatory milestones which have the potential to unlock significant value for the remainder of 2020 and in 2021. These potential milestones include:

· Poseida: Filing an IND application and clinically testing its allogeneic (universal donor) version of its BCMA-targeting CAR-T technology; while continuing to progress its Phase 1 and Phase 2 autologous BCMA programme; and resuming its CAR-T Phase 1 clinical trial targeting solid tumours (castrate-resistant metastatic prostate cancer). Poseida will provide an update on manufacturing improvements and related data from the Phase 1 expansion study of its lead programme, P-BCMA-101, an autologous BCMA programme, at the CAR-TCR Digital Week virtual meeting on 16 September 2020.

· Immunocore: Important data from several clinical programmes including from the pivotal studies of its lead programme in metastatic uveal melanoma.

· Kymab: Full dataset for its proof-of-concept Phase 2a clinical trial targeting OX-40L in atopic dermatitis and Phase 1/2 clinical data for its anti-ICOS programme.

· Viamet: Top line data from Mycovia's VT-1161 Phase 3 studies and, if successful, a New Drug Application filing.

· Growth Potential Assets: Reaching optimal value inflection points for divestment by Malin.

· Malin remains committed to returning capital to shareholders following significant realisation events.

Interim Report

Malin's interim report for the six month period ended 30 June 2020 is available to view on Malin's website under the Investors' section, http://malinplc.com/investors/results-centre/

Corporate Update Conference Call

Darragh Lyons, Chief Executive Officer, will host a conference call today, 2 September, at 12:00pm Irish Standard Time / BST, to provide an operational update. Presentation slides are available on Malin's website under the Investors' section, http://malinplc.com/investors/results-centre/.

The call may be accessed by using the following details:

From Ireland dial: +353 (0) 1 431 9615

From the UK dial: +44 (0) 844 571 8892

From the USA dial: +(1) 6315 107 495

From other locations dial: +44 (0) 2071 928 000

Participant PIN code: 5570129

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

For further information, please contact:

Malin

Jessica Bergin, Investor Relations & External Reporting

Tel: +353 (0)1 901 5700

investorrelations@malinplc.com

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 / Angela Gray

Tel: +44 (0)20 3709 5700

malin@consilium-comms.com

Powerscourt (Irish media enquiries)

Eavan Gannon

Tel: +353 87 236 5973

malin@powerscourt-group.com