Hello, everyone, welcome to the Malin PLC 2023 AGM. My name is Nadia. I'll be coordinating the call today. I will now hand over to your host, Liam Daniel, Chair of Malin Corporation plc to begin. Liam, please go ahead.
Good morning, ladies and gentlemen. Again, for most of you, my name is Liam Daniel, Chair of Malin Corporation, and I'd like to welcome you to the company's 2023 annual general meeting. The EGM meeting scheduled for prior to this meeting has concluded, and as we've now passed 10:15, which is the AGM time, I confirm that we have a quorum and therefore declare the meeting open. I will introduce myself again and the other members of the board and management who are with us this morning. Beside me is Darragh Lyons, Executive Director and CEO, Gary Curran, Assistant Company Secretary, and Andrea Stafford, Head of Finance. We're joined by our legal representatives and the company's registrar and brokers.
Listening in are our board members, Rudy Mareel, Lead Independent Director, Chair of the Nominations and Governance Committee and member of the Audit Committee, Jean-Michel Cosséry, Chair of the Remuneration Committee and a member of the Nominations and Governance Committee, Kirsten Drejer, Non-Executive Director and member of the Remuneration Committee, and Chris Pedrick, Non-Executive Director. We've also made this conference line available for shareholders who are not in physical attendance to listen to the business of the meeting. I'd like to extend a welcome to those joining us by phone. Before we proceed to deal with the formal business, I will say a few words, following which I will then invite Darragh Lyons, our CEO, to give a business update.
In the period since our last AGM in May last year, we're delighted to have been able to further execute on our commitment to deliver returns to shareholders. On the seventh of December last, we announced we had completed the divestment of our entire shareholding in the investee company, Immunocore Holdings, at an average price of approximately $59, generating total cash proceeds of approximately EUR 145 million and realizing an approximate 90% gain on our total capital investment in Immunocore. As part of that announcement, we also confirmed that we had received approximately EUR 6 million in connection with the release of our portion of the escrow payment on the upfront consideration payable in connection with the sale of our shares in Kymab and approximately EUR 13.7 million from distributions from Viamet.
As a result of this, as of the sixth of December last, we had a cash balance of approximately EUR 174 million. We further announced that following an assessment of our capital requirements, Malin intends to return approximately EUR 140 million to shareholders via a tender offer. The tender offer, amongst other matters, was subject to the approval at the EGM held earlier this morning. Beyond the transactional activity, our investee companies have made significant clinical and operational progress, which Darragh will discuss in more detail. On behalf of the board, I would like to thank Darragh and his team for all their efforts during the past year in driving the effective execution of the company's strategy.
It has been a focus of this board to maintain a high degree of discipline and efficiency as regards to the company's operations. The board intends to continually evaluate the future operating infrastructure and governance needs of the business. As a board, we remain committed to delivering returns for our shareholders while helping our investee companies to deliver transformative outcomes for patients. We remain committed to returning excess capital of the business to our shareholders, having taken into account any expected investments in our existing assets and the corporate spending needs of the business. Before handing over to Darragh, I wish to thank my fellow directors for all their support to the company and to me personally. I would like to thank you, our shareholders, for your continuing support and engagement.
I look forward to engaging with you further through 2023 as we look forward to progress. I will now hand over to Darragh.
Thanks, Liam. We're very pleased with the progress made by Malin and their investee companies over the past 12 months. During 2022, we continued the execution of our business strategy aimed at maximizing Malin's returns from its investment positions by supporting our investee companies until they have reached optimal value inflection or realization points for Malin. Several of our assets achieved significant clinical, financial, and commercial milestones over the past year. The most significant milestones achieved include two FDA drug approvals with VIVJOA for Mycovia, which is the successor company to Viamet, and Immunocore's KIMMTRAK. Poseida also executed a broad hematology CAR-T collaboration with Roche in August 2022, under which Poseida is eligible to receive payments, potentially up to $6 billion in aggregate value.
With the significant success and progress achieved by Immunocore over the past few years and the positive share price reaction to their progress, we realized our entire 5% stake in the company during 2020 at what we determined was an optimal value inflection point for Malin. We generated approximately EUR 145 million of cash proceeds from the sale. This capital underpins the return of up to approximately EUR 140 million of capital by Malin to its shareholders via a tender offer that is currently being progressed. Our remaining assets are working towards important clinical, regulatory, operational, and business development milestones that could catalyze further realization opportunities for Malin.
Poseida is making solid early progress in the clinical trial of its two allogeneic or universal donor CAR-T therapies, as well as progressing a dual CAR product candidate and its first gene therapy program towards the clinic. Viamet's successor company, Mycovia, is making good progress on their work to better understand the biological cause of ocular abnormalities observed in animal studies that resulted in the approval of oteseconazole by the FDA in April of 2022, coming with a contraindication for females of reproductive potential and in pregnant women. Xenex, faced with difficult trading conditions following the end of the COVID pandemic, has filed a De Novo petition with the FDA seeking medical device market authorization of its LightStrike Plus robot technology. If successful, the FDA authorization will strengthen Xenex's leading position in the UV disinfection industry.
Our new investee company, CG Oncology, is advancing both monotherapy and combination studies for its lead candidate, a targeted oncolytic intravascularly delivered immunotherapy agent for the treatment of BCG-unresponsive non-muscle-invasive bladder cancer. The company announced encouraging phase IIb interim data from the combination study with the checkpoint inhibitor KEYTRUDA in November 2022, with the final data expected during the second half of this year. Phase III monotherapy data is expected during 2024. In addition to these investee companies that I mentioned, we continue to work with our other companies, including early-stage companies and legacy assets, to support their work towards possible scientific, clinical, operational and transactional milestones which could result in value creation opportunities for the company and their shareholders, including Malin.
We look forward with optimism that the clinical and operational progress that our companies are making will further translate into tangible value creation for Malin and its shareholders. I'll now hand back to Liam.
Thanks, Darragh. I will now turn to the formal business of the meeting. The notice of AGM was circulated to registered shareholders and published on the company's website on the 16th of February, and with your permission, I'll take the notice as read. The notice of AGM contains details of each of the resolutions being put forward for a vote at today's meeting. Resolutions 1- 6 are ordinary resolutions, which in order to be passed, must be approved by a simple majority of those members present and voting either in person or by proxy. Those ordinary resolutions are identified as such in the notice of the meeting. Resolutions seven and eight are special resolutions, which in order to be passed, must be approved by a majority of not less than 75% of those members present and voting either in person or by proxy.
Those special resolutions are also identified as such in the notice of AGM. I want to start by outlining the procedure that we will follow for the AGM today. The resolution set out in the notice of the meeting will be proposed, and those shareholders present will be given an opportunity to pose questions. I would remind you when asking a question to please state your name, and if you are a proxy, the name of the shareholder that you represent. By way of reminder to those joining us by phone, this is a listen in only line. If you have any questions about the business of the meeting, please do not hesitate to contact us after the meeting. Each resolution will be put to a vote at the meeting.
It's my intention today to direct in accordance with the discretion given to me under the company's constitution that a poll be taken on all resolutions to be voted on today. For convenience, I will be directing that the poll to be taken on each resolution be held at the end of the meeting after the other business of the meeting has been completed. On a poll, every member has one vote for every share carrying voting rights of which that member is the holder. Any votes submitted by proxy, by the proxy voting deadlines set out in the notice of the AGM will be included in the poll.
Those shareholders present who have sent in proxies in favor of the chair of the meeting and who do not wish to alter the way in which they've indicated that their votes should be cast need not vote in person on the poll. Where proxy votes have been submitted giving me, as chair, discretion to vote, I will vote in favor of the resolutions. I therefore propose that each of the resolutions, as described in the notice of AGM, be put to a vote on a poll. If there are any questions from the floor on any resolutions, I'd be happy to take them now. As there are no questions, I now request that Computer share commence the polls and, following completion, deliver the results to me.
The results of the poll will be published on the company's website and via the regulatory news service, RNS, as soon as possible following the meeting. That concludes the formal business of the meeting. I wish to thank you, our shareholders, for joining today's annual general meeting. I wish you all the best for the year ahead and look forward to continued engagement. This now concludes the AGM. I therefore declare the meeting and the poll closed. Thank you and good morning.
Thank you. This now concludes today's call. Thank you so much for joining. You may now disconnect your lines.