Malin Corporation plc

CG Oncology Announces Pricing of Upsized Initial Public Offering

·    CG Oncology raises approximately $380 million

·    Value of Malin's stake in CG Oncology acquired pre-IPO is approximately €15 million

Dublin-Ireland, 25 January 2024: Malin Corporation plc. (Euronext Growth Dublin:MLC) ("Malin", the "Company"), today notes that its investee company, CG Oncology, Inc. (Nasdaq: CGON), has announced the pricing of its upsized initial public offering of 20,000,000 shares of its common stock at an initial public offering price of $19.00 per share. All of the shares are being offered by CG Oncology. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $380.0 million.

CG Oncology's common stock is expected to begin trading on the Nasdaq Global Select Market today, 25 January 2024, under the ticker symbol "CGON." The offering is expected to close on 29 January 2024, subject to the satisfaction of customary closing conditions. In addition, CG Oncology has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

Based on the public offering price, the value of Malin's stake in CG Oncology is approximately €15 million, excluding any participation by Malin in the IPO. The last disclosed fair value estimate of Malin's investment in CG Oncology was €9.9 million at 4 September 2023. All of Malin's shares in CG Oncology acquired pre-IPO are restricted from resale for a period of 180 days under market standoff and lock‑up agreements.

Registration statements relating to the offering have been filed with the Securities and Exchange Commission and became effective on 24 January 2024. The offering is being made only by means of a prospectus. When available, copies of the final prospectus may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

CG Oncology is a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer. CG Oncology sees a world where urologic cancer patients may benefit from their innovative immunotherapies to live with dignity and have an enhanced quality of life. For more information visit: www.cgoncology.com  

ENDS

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 

For further information please contact:

Malin

Fiona Dunlevy, Executive Director/Company Secretary

Tel: +353 (0)1 901 5700

[email protected]

Davy Corporate Finance (Euronext Growth Listing Sponsor & Joint Broker)

Brian Garrahy / Daragh O'Reilly

Tel: +353 1 679 6363

Liberum (Joint Broker)

Phil Walker / Ben Cryer

Tel: +44 (0) 20 3100 2000

Powerscourt (Media enquiries)         

Eavan Gannon

Tel: +353 87 236 5973                            

[email protected]