Sale of 3D4Medical Limited
Divestment consistent with strategy for Growth Potential Asset Group
Dublin-Ireland, 27 November 2019: Malin Corporation plc. (Euronext Growth Dublin:MLC) (“Malin”), a company investing in highly innovative life sciences companies, today announces that 3D4Medical Limited (“3D4Medical”), an award-winning 3D medical technology company, has been sold to Elsevier, part of RELX plc. Elsevier is a global leader in anatomy education and content, with world leading brands including Netter, Gray’s Anatomy, Sobotta and McMinn & Abrahams’.
The sale of 3D4Medical, one of Malin’s Growth Potential Assets, will generate net cash proceeds of over €17 million for Malin, representing a 10% premium to the estimated fair value of Malin’s stake in 3D4Medical at 30 June 2019.
Darragh Lyons, Chief Executive of Malin and 3D4Medical Board Director, said: “3D4Medical has established itself as a global leader in 3D anatomy technology, disrupting traditional methods of education with its innovative technology platform. The excellence of the technology is testament to the innovation and dedication of 3D4Medical founder and CEO John Moore along with his exceptional team.
“The net proceeds that we will receive from this transaction will strengthen our capital position, reducing our outstanding EIB debt, as we look forward to several clinical milestones in our Priority Asset group in 2020. The divestment of this position is in line with Malin’s stated strategy of realising capital from the Growth Potential Asset group as assets mature to optimal value inflection points.”
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
About 3D4Medical
3D4Medical is credited with transforming medical learning and practice around the world with its proprietary and ground-breaking 3D medical technology. This technology disrupts traditional methods of education by providing revolutionary applications that allow the educator, student, healthcare professional and patient to explore and experience medical education like never before, putting high-quality accessible 3D anatomical information at their fingertips. 3D4Medical has received many prestigious Apple awards, including a Design and Innovation Award, ‘Best of 2015’ and ‘Best of 2016’ and has featured on stage at both Apple and Microsoft Keynotes. 3D4Medical has also received the US-Ireland Research Innovation Award.
3D4Medical’s flagship platform, Complete Anatomy, is the world’s most advanced anatomy platform. In 2019, it achieved over 1.2 million registered users and across its suite of apps, 3D4Medical has had over 25 million downloads and regularly claims the title of #1 medical app on the app stores of Apple, Microsoft and Google in 160 countries.
3D4Medical has enjoyed great success to date as it continues in its pursuit to improve the lives of patients, students, healthcare professionals and educators around the world. 3D4Medical is headquartered in Dublin and has 75 employees. 3D4Medical incurred a loss before tax of approximately US$0.56 million for the year ended 31 December 2018. In 2019, 3D4Medical’s SaaS-based subscription business has grown with over 100k annual subscribers.
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
Tel: +44 (0)20 3709 5700
Powerscourt (Irish media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
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