New Venturetec Semi-Annual Press Release
New Venturetec results for the first half of the fiscal year 2013/2014 ended March 31, 2014
Results for the six months period ending March 31, 2014
Steinhausen, May 14, 2014. New Venturetec closed the first six months of the fiscal year 2013/14, ended March 31, 2014, with a loss of USD 15,528,399 compared with a loss of USD 3,164,998 in the same period 2012/13. The net asset value per share decreased from USD 14.01 to USD 10.93 which equals -22.0% during the reporting six month period. The share price in the same period decreased from CHF 6.06 to CHF 5.79, or -4.5%.
The loss is mainly a result of the reduction of the public traded share price of Osiris Therapeutics (NASDAQ:OSIR) from USD 16.64 to USD 13.13, or 21.1% in the reporting period. Myriad Genetics (NASDAQ:MYGN), in which New Venturetec invested in the reporting period, closed 20.4% higher compared to the average investment price per March 31, 2014. The valuations of the private portfolio holdings did not change materially in the reporting period. The details on the valuation of the privately held companies are described in the semi-annual report.
As of March 31, 2014, New Venturetec had six investments with three investments valued higher and two below investment costs. One investment is held at cost. The total value of investments is USD 79,294,000 which results in an unrealized gain of USD 21,747,787 against the costs of the investments. As of March 31, 2014, 79.1% of the total investments are in biotechnology and 20.9% in technology. The largest position is Osiris Therapeutics (NASDAQ:OSIR) with 68.0% of total investments.
There was no board remuneration paid for the reporting period but rather accrued. The advisory fee for the reporting period was USD 201,544 of which USD 108,794 were paid. Total operational costs for the first half of the fiscal year 2013/14 were USD 523,614 which includes all costs related to the issuance of the CHF 15,055,000 convertible bonds issued by the Company on January 23, 2014.
The semi-annual report, including financial statements for the reporting period can be downloaded from http://www.newventuretec.com/investors/reports.aspx.
New Venturetec is a publicly traded Swiss investment company (SIX: NEV) which invests directly in venture capital companies in the USA.
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