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US biotechnology business, Prothena announced that it has initiated a phase II trial for
PRX002, its potential treatment for patients with Parkinson’s disease, which is being
developed in collaboration with Roche. As Neil stated in the last October’s company spotlight
for Prothena, PRX002 could be a game-changer for Parkinson’s because it can reach the
brain to treat the causes of the disease, unlike current treatments which merely treat the
symptoms. The initiation of the trial also triggered a $30m milestone payment to Prothena
and, in our view is further evidence of the progress Prothena is delivering on many fronts. Its
lead asset, NEOD001 (a potential treatment for AL amyloidosis), is currently in a phase III trial
which is expected to read out in the second half of 2018. Based on previous highly
encouraging clinical data, we believe there is a good chance of a positive read out.
Meanwhile, its potential treatment for psoriatic arthritis, PRX003, is currently in a phase 1b
trial and Prothena has already outlined its plans to progress this drug into a phase II study.
Therefore, we expect much more to come from this innovative biotechnology company in
the future.
Also, we participated in a couple of funding rounds, each being a further investment tranche
in line with our initial investment agreements with unquoted businesses Autolus (a
1
biotechnology businesses developing CAR T-cell therapies ) and Evofem (a
biopharmaceutical company focused on the development and commercialisation of
therapeutics for women’s sexual and reproductive health). The additional capital will enable
these young companies to continue to develop their technologies, bringing them a step
closer towards commercialising their products. We also added to the portfolio’s Norwegian
technology businesses – Idex and Thin Film Electronics.
It is pleasing that the operational progress of many of the holdings in the portfolio has
started to come through in terms of performance but the share price and NAV progress we
have seen in recent months is insubstantial in the context of what, we believe, lies ahead.
Therefore, going forward, we remain very confident in the trust’s long-term return outlook.
Footnotes
1. A novel class of immuno-oncology treatments which involves re-engineering T-cells –
a type of white blood cells – in order to make them more efficient in fighting cancers.
Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct
Authority (firm reference number 745433). Incorporated in England and Wales, company
number 10118169. Registered address 9400 Garsington Road, Oxford OX4 2HN.
Woodford Patient Capital Trust plc is incorporated in England and Wales, company number
09405653. Registered as an investment company under section 833 of the Companies Act
2006. Registered address 40 Dukes Place, London EC3A 7NH.
The Woodford Funds (Ireland) ICAV (the “Fund”) has appointed as Swiss Representative Oligo
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email: info@oligofunds.ch. The Fund’s Swiss paying agent is Neue Helvetische Bank AG. All
fund documentation including, Prospectus, Key Investor Information Documents, Instrument
of Incorporation and financial reports may be obtained free of charge from the Swiss
Representative in Lausanne. The place of performance and jurisdiction for all shares
distributed in or from Switzerland is at the registered office of the Swiss Representative.
Fund prices can be found at www.fundinfo.com.