Hello, and welcome to the 2022 annual general meeting of Malin Corporation plc. I'll now hand the call over to Mr. Liam Daniel, Chair of Malin Corporation plc.
Good morning, ladies and gentlemen. My name is Liam Daniel, Chair of Malin Corporation plc, and I would like to welcome you to the company's 2022 annual general meeting. We have passed 10 A.M., which is the meeting time, and I confirm that we have a quorum present. I therefore declare the meeting open. I would like to begin by introducing myself and the other members of the board of directors and management who are with us this morning. Seated beside me are Rudy Mareel, Lead Independent Director, Chair of the Nominations and Governance Committee, and a member of the Audit Committee. Jean-Michel Cosséry, Non-Executive Director, Chair of the Remuneration Committee, and member of the Nominations and Governance Committee. Kirsten Drejer, Non-Executive Director and member of the Remuneration Committee. Chris Pedrick, Non-Executive Director. Darragh Lyons, Executive Director and Chief Executive Officer.
Pat Jennings, Chief Financial Officer, and Fiona Dunlevy. In addition, we're joined by our legal representatives from A&L Goodbody and the company registrar, Computershare. We have also made a conference line available to shareholders who are not in physical attendance to listen to the business of the meeting, and I would like to extend a welcome to those joining us by phone. Before we proceed to deal with the formal business of the meeting, I would say a few words, following which I will then invite Darragh Lyons, Chief Executive Officer, to give a business update. In the period since our last AGM in July we are delighted to have been able to execute on our commitment to deliver returns to shareholders following the successful sales of Kymab and Altan last year.
The strong support shown by shareholders for the tender offer in December 2021 allowed us to return EUR 80 million to shareholders at the end of the year, and when taken together with other on-market buybacks during the year, we returned EUR 95 million in total in that 12 month period to the year-end. Beyond the transactional activity, our investee companies have made significant clinical and operational progress. Dara will touch on this in more detail, but to mention a few highlights, we were delighted, in particular, with the approval of Immunocore's KIMMTRAK product for the treatment of metastatic uveal melanoma, providing a meaningful therapy in an area of significant unmet medical need. Poseida, too, has made positive progress in the clinic with the progression of its promising, albeit early-stage, program for the treatment of metastatic castrate-resistant prostate cancer.
These are just an example of the potential for our investee companies to further deliver transformative outcomes for patients and to create significant value for shareholders. On behalf of the board, I would like to thank Darragh and his executive 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 and in seeking to maximize value creation. Through the hard work and determination of the board and management team, Malin's current lean infrastructure operates effectively in delivering upon our strategy and allows us the flexibility to capitalize on incremental value creation opportunities. Undoubtedly, 2022 has brought significant challenges on a global scale, and that has been borne out on the capital markets.
The disappointing performance of Malin's two public stocks, Immunocore and Poseida, is reflective of the overall pressure on public stocks and biotech stocks in particular. We remain confident that the continued clinical progress of Poseida and the clinical and now commercial progress of Immunocore will ultimately drive highly attractive valuations in both these cases. As a board, we will remain committed to delivering returns for our shareholders while helping our investee companies to deliver transformative outcomes for patients. As we seek to maximize shareholder returns, we will deploy additional capital into opportunities with suitable value, risk, and maturity profiles, which are strategically aligned to our business and where we believe such investments will have an accretive effect on shareholder returns. As we have previously disclosed, Irish High Court proceedings have been initiated by the holders of 2.8 million A ordinary shares in Malin against the company.
The holders claim entitlement to the conversion of their A ordinary shares into ordinary shares. Malin has rejected the conversion notices previously submitted to the company on the basis that no change of control has occurred, and the conversion rights carried by A ordinary shares are not currently exercisable. The board is taking, and will continue to take, all necessary steps to vigorously defend the company and the ordinary shareholders in respect of the proceedings.
As of the date of publication of our 2021 annual report in March this year, Malin had incurred costs of over EUR 800,000 in preparing for the trial, which has been set down for hearing in October this year. Before handing over to Dara, I wish to thank my fellow directors for their support for the company and to me personally, and I would like to welcome Chris Pedrick to the board and to thank his predecessor, Luke Corning. Finally, I thank you, our shareholders, for your continued support and engagement, and I look forward to engaging with you further through 2022 as we look forward to further progress across our investee companies. I will now hand over to Dara Lyons, our CEO.
Thanks, Liam. We are very pleased with the progress made by Malin and our investee companies in the past 12 months. This is despite the very challenging macro environment, which has seen significant declines in our public stocks, Immunocore and Poseida, during 2022. These share price declines are market-driven only, and they each have multiple shots on goal to deliver meaningful value inflection points to generate values far in excess of even their peak valuations to date. The divestment of Kymab and Altan in 2021 at superior values to our prior fair value estimates demonstrates the direct correlation between the clinical and operational progress and the delivery of shareholder returns to Malin shareholders. We are confident that the positive clinical and commercial progress in our other investee companies in the past year will serve to catalyze transactional activity in these companies at highly attractive valuations.
Immunocore has had a very positive 12 months, culminating in the approval of its first product, KIMMTRAK, for the treatment of the rare cancer form metastatic uveal melanoma in the US and EU in early 2022, with further approvals expected in other jurisdictions in the coming months. All market dynamics point to a strong market launch for KIMMTRAK over the coming months. Beyond KIMMTRAK, we were very encouraged by the data presented by Immunocore last November on their second-most advanced program, the Genentech partner product candidate targeting the MAGE-A4 protein. While these data were early and the patients were dosed at extremely low doses, we saw some encouraging biomarker and efficacy signals, along with a consistent safety and mechanism of action profile to KIMMTRAK. Immunocore has initiated the first expansion arm in a high-grade serous ovarian carcinoma and will provide a further update on the program during 2022.
Given MAGE-A4 is a similar antigen type to PRAME, which is the target for Immunocore's third most advanced product candidate and Immunocore's largest commercial opportunity, we believe these data bode well for that program also. The company is expected to provide initial clinical data on the PRAME program in September this year. Poseida has endured a very tough year on the market. However, we remain steadfast on the scientific and clinical differentiation offered by Poseida cell and gene therapy technology platforms, the potential of its clinical programs, and the near-term potential of the company's value inflection points and use flow to generate value. As well as its ongoing clinical study for the autologous CAR-T product candidate, P-PSMA-101, to treat metastatic castrate-resistant prostate cancer, Poseida has recently initiated phase one study for its first two universal donor allogeneic programs.
P-BCMA-ALLO1 is the next-generation allogeneic BCMA-targeting CAR-T product candidate, and its P-MUC1C-ALLO1 allogeneic program has the potential to treat a wide range of solid tumors, including breast and ovarian cancer. We expect some early data from both these allogeneic programs before the end of 2022. Poseida has also been progressing its gene therapy platform and pipeline and completed a gene therapy collaboration with Takeda in October 2021. The collaboration included a $45 million upfront payment with a total biobucks value of up to $3.6 billion. Furthermore, the company has recently signaled a willingness to execute additional business development deals, and we see this as a potential attractive source of non-dilutive capital, given the current market conditions and given Poseida's broad and largely proprietary pipeline.
Now turning to Mycovia, with the approval of its drug VIVJOA, Malin has secured its second drug approval from its portfolio in 2022. VIVJOA is the only FDA-approved medication for the treatment of RVVC. The approval, which is expected, will be followed by approvals in a number of other jurisdictions, will result in the initiation of recurrent cash inflows from milestone payments and royalties to Malin as a Mycovia shareholder before the end of 2022, including over $13 million expected during the second half of 2022. Turning to Xenex, it has reverted to a more sustainable level of growth following a blowout performance in 2020, triggered by the COVID-19 pandemic.
The company is working on several business initiatives to further expand its footprint and further differentiate its technology, and we continue to work with the company towards the ultimate goal of crystallizing value at the optimal value inflection point. Beyond these assets, we continue to work closely with our early-stage and legacy assets to support their innovation and development with the aim of helping these companies to mature into viable and more valuable enterprises or to generate capital realization opportunities for Malin. As we seek to maximize shareholder returns, we will continue to assess other capital deployment and strategic business opportunities if we believe they can augment overall returns to shareholders. 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 the annual general meeting was circulated to registered shareholders and published on the company's website on the 26th of April last. With your permission, I will 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. Those resolutions are also summarized here on the screen in front of you. Resolutions one to six are ordinary resolutions, in which, in order to be passed, must be approved by a simple majority of those members present in voting, either in person or by proxy. Those ordinary resolutions are identified as such in the notice of the meeting.
Resolutions seven, eight, and nine are special resolutions, which, in order to be passed, must be approved by a majority of not less than 75% of those members present in voting, either in person or by proxy. Those special resolutions are also identified as such in the notice of the 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 the 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. After questions, each resolution will be put to a vote in 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. There are no questions. For convenience, I will be directing that the poll be taken on each resolution be held at the end of the meeting after the 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 deadline set out in the notice of meeting 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 vote should be cast, need not vote in person on the poll. Where proxy shares have been submitted, giving me as chair discretion to vote, I will vote in favor of the resolutions. I now therefore propose that each of the resolutions, as described in the notice of the AGM, be put to a vote on a poll. Again, if there are any questions, I'd be happy to take them. There are no questions. As there are no questions, I now request Computershare commence the polls and following completion, deliver the results to me.
The results of the polls will be published on the company's website, www.malinplc.com, and via the regulatory news service as soon as possible following the meeting. That concludes the formal business of the meeting. I wish to thank you again, our shareholders, for joining today's annual general meeting. I wish you all the very best for the year ahead and look forward to continued engagement. This now concludes the annual general meeting. I therefore declare the meeting and the poll closed. Thank you and good morning.