New Venturetec Annual Press Release 2014
New Venturetec: Results for the fiscal year 2013/14 per September 30, 2014
Steinhausen, November 5, 2014. New Venturetec closed the fiscal year 2013/14, ended September 30, 2014, with a loss of USD 20,639,722, compared to a gain of USD 16'857'382 in the fiscal year 2012/13. The main reason for the loss was the decrease of the quoted share price of Osiris Therapeutics and a write down on the investment in mPortal. The net asset value per share decreased from USD 14.01 to USD 9.93 which equals -29.1% during the reporting period; in CHF respectively from CHF 12.67 to CHF 9.48 or -25.2%.
The main reason for the loss was the decrease of the quoted share price of Osiris Therapeutics by 24.3% from USD 16.64 to USD 12.59 and a write down on the investment in the private company mPortal. The details on the valuation of the portfolio companies are described in the annual report.
As of September 30, 2014, New Venturetec had six investments with three investments valued higher than the investment costs, one at cost and two are valued below investment costs. The total value of investments is USD 74,373,875 which results in an unrealized gain of USD 15,951,724 against the costs of the investments. As of September 30 2014, 81.3% of the total investments are in biotechnology and 18.7% in technology. The largest position is Osiris Therapeutics (NASDAQ:OSIR) with 69.5% of total investments. The net asset value per September 30, 2014 is USD 49,638,651.
The advisory fees for the fiscal year 2013/14 are USD 380,439 of which USD 296,660 has been paid and USD 83,779 was accrued. The board remuneration for each of the two outside board member, for the reporting period was CHF 25'000.
On the annual shareholders meeting on November 25, 2014, the Board of Directors will propose the creation of up to CHF 15,000,000 of authorized capital by issuing 2,500,000 common shares at a par value of CHF 6.00 per share. The purpose of the authorized capital is to build up and smoothly diversify the investment portfolio of the Company. Shareholders will have the right to participate pro rata in any potential capital increase.
The annual report, including financial statements for the reporting period can be downloaded from www.newventuretec.com/investors/reports.aspx. The agenda of the annual shareholders meeting held on November 25, 2014 is available on www.newventuretec.com.
About New Venturetec
New Venturetec is a publicly traded Swiss investment company (SIX: NEV) which holds participations in venture companies in the areas of biotechnology and technology which are domiciled in the USA.
The investment horizon should be 10 years or more. A shareholder is recommended to follow the development with interest and base an investment or disinvestment decision on results of the development of the portfolio companies rather than on the general capital market and the investors’ sentiment. Any investor should only invest in New Venturetec if he can afford the complete loss of the investment without having to change his lifestyle. Significant risk is involved and the timelines may exceed the expectations. In addition, the market of New Venturetec shares is very illiquid. The risks of venture investments are 100%. The total loss of the investment has to be considered as a realistic possibility.
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