FastForward Innovations Limited (LON:FFWD) said it has a “great opportunity to scale up” and focus its capital on the areas of life sciences, longevity, healthcare and cannabinoid therapies as it reported its full-year results.
In a statement, chief executive Ed McDermott said that over the year to March 31, 2020, a “large portion” of the company’s investments “have continued to make positive advances and reach significant milestones in their development” and that going forward the group was “well-positioned to deliver value over the short-to-medium term” and reach a share price that was “more reflective” of the company’s net asset value (NAV), which at the end of the period stood at around £14.2mln compared to £19.07mln in the prior year.
Highlights from the company’s portfolio in the period included a 95% year-on-year increase in revenues for January to May 2020 at investee firm leap Gaming, as well as a joint venture formed by another portfolio company Juvenescence to leverage biological big data for drug development.
Non-executive chairman Ian Burns added that with the potential listings of investee firms EMMAC Life Sciences and Yooma the company’s portfolio was becoming “more balanced than ever before and is reflective of the new investment strategy adopted in July”.
The company’s shares were 7% lower at 11.5p in early deals on Wednesday.