TIDMTSP
RNS Number : 8197W
TruSpine Technologies PLC
29 December 2021
TRUSPINE TECHNOLOGIES PLC
("TruSpine", the "Company" or "Group")
Interim Results - for the six months ended 30 September 2021
CHIEF EXECUTIVE'S REPORT
I am pleased to report that despite the challenges presented by
Covid-19 globally, Truspine has managed to overcome many of the
obstacles presented, and we are currently in our final round of
Verification and Validation Testing.
This has been a challenging year to ensure we meet our
commercialisation targets and product roll out in 2022, which I
believe will finally position TruSpine as a true leader in Spinal
Stabilisation.
During the year, product development has progressed
significantly, both with the Cervi-LOK implant and the
instrumentation sets. Aside from the general strengthening and
expansion of the Company's IP, we have also strengthened our
management team with the appointment of Anthony Swoboda, VP for
Sales and Marketing in the USA and Janice Stone our Regulatory
affairs director.
Further to the announcement made on 2 November 2021 in relation
to the Breakthrough Technology Device application to the FDA for
the Company's Cervi-LOK(TM) product, the Company advises that the
FDA has requested further testing prior to concluding on the
device's status. Due to time constraints the Company has withdrawn
its Breakthrough Technology Device application, while further tests
are undertaken. The Company intends to resubmit its Breakthrough
Technology Device application when the further tests are completed.
The Company is convinced of the merits of the device and remain
confident that Breakthrough Device Technology status will be
granted. A further announcement will be made in due course.
The Company continues to be in a pre-revenue development phase
and remains loss-making. The loss before taxation for the six
months to 30 September 2021 was GBP483k (2020: GBP448k) after
administrative expenses of GBP481k (2020: GBP443k). Development
spend for the six months to 30 September 2021 was GBP463k (2020:
GBP277k).
Consolidated net assets as at 30 September 2021 amounted to
GBP3.0 million (2020: GBP2.4 million) including cash and cash
equivalents of GBP324,000 (2020: GBP567,000).
In September 2021 the Company raised GBP650,000 through a
Fundraise of 6,500,000 new Ordinary shares at a price of 10p per
share. GBP230,000 of the proceeds of the Fundraise were received
immediately after the period end on 4 October 2021 and were
therefore included in other receivables as at 30 September
2021.
On behalf of the Board, I would also like to thank all
shareholders for their support, and TruSpine's staff and commercial
partners for their hard work during the year.
We are a lean and progressive company with a suite of products
and IP that have the potential to provide a potential quantum shift
in patient treatment within the Spinal Fixation market, the Board
believe the Company is well positioned in terms of funding and
corporate profile. The board therefore looks to the future with
confidence.
Ian Roberts
Chief Executive
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30
SEPTEMBER 2021
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month 6 month Year
period ended period ended ended
30 September 30 September 29 March
2021 2020
(Unaudited) (Audited) 2021
(Audited)
Note
GBP GBP GBP
Administrative expenses (480,834) (443,458) (645,287)
Operating loss (480,834) (443,458) (645,287)
Finance expense (1,771) (4,516) (5,894)
Loss before tax (482,605) (447,974) (651,181)
-------------- ----------------- ------------
Tax credit 3 - 24,826 107,178
-------------- ----------------- ------------
(Loss)/Profit (482,605) (423,148) (544,003)
-------------- ----------------- ------------
Loss attributable to:
Owners of the parent (482,605) (423,148) (544,003)
-------------- ----------------- ------------
Other comprehensive income:
Items that will or may be
reclassified to profit or
loss:
Exchange translation differences
on foreign operations 462 (1,235) (6,870)
-------------- ----------------- ------------
Total comprehensive loss (482,143) (424,383) (6,870)
-------------- ----------------- ------------
Total comprehensive loss
attributable to equity shareholders (482,143) (424,383) (550,873)
============== ================= ============
Earnings per share basic
and diluted (pence) 4 (0.51)p (0.50)p (0.63)p
-------------- ----------------- ------------
All results in the current and preceding financial period derive
from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
30 September 30 September 29 March
2021 2020 2021
(Unaudited) (Unaudited) (Audited)
Note GBP GBP GBP
Non-current assets
Tangible fixed assets 33,683 21,154 34,298
Intangible assets 2,504,010 1,891,801 2,040,777
2,537,693 1,912,955 2,075,075
---------------- ---------------- -------------
Current assets
Trade and other receivables 356,189 444,080 186,690
Digital assets 225,229 - 220,602
Cash and cash equivalents 324,044 566,648 543,520
---------------- ---------------- -------------
905,462 1,010,728 950,812
---------------- ---------------- -------------
Total assets 3,443,155 2,923,683 3,025,887
---------------- ---------------- -------------
Current liabilities
Trade and other payables 386,184 448,915 229,977
Borrowings 47,500 50,000 50,000
---------------- ---------------- -------------
433,684 498,915 279,977
---------------- ---------------- -------------
Total liabilities 433,684 498,915 279,977
---------------- ---------------- -------------
Net Assets 3,009,471 2,424,768 2,745,910
---------------- ---------------- -------------
Equity attributable to owners
of the parent
Share capital 5 10,139 8,778 9,398
Share premium 3,779,855 2,632,098 3,062,103
Share based payment reserve 44,218 - 17,007
Other reserves 5 (205,000) (205,000) (205,000)
Translation reserve (25,017) (19,844) (25,479)
Retained earnings (594,724) 8,736 (112,119)
---------------- ---------------- -------------
Total equity attributable to
owners of the parent 3,009,471 2,424,768 2,745,910
---------------- ---------------- -------------
Total Equity 3,009,471 2,424,768 2,745,910
---------------- ---------------- -------------
GROUP STATEMENT OF CHANGES IN EQUITY
Share Share premium Share
capital based
payment Translation Retained
reserve Other reserves reserve earnings Total
GBP GBP GBP GBP GBP GBP GBP
Balance as at 29 March
2020 8,385 3,727,035 - (205,000) (18,609) (1,818,116) 1,693,695
--------- -------------- -------- --------------- ------------ ------------ ----------
Profit for the six
months - - - - - (423,148) (423,148)
Other comprehensive
loss - - - - (1,235) - (1,235)
--------- -------------- -------- --------------- ------------ ------------ ----------
Total comprehensive
loss for the period - - - - (1,235) (423,148) (424,383)
--------- -------------- -------- --------------- ------------ ------------ ----------
Issue of shares, net
of issue costs 393 1,155,063 - - - - 1,155,456
Reduction in share
capital (2,250,000) 2,250,000 -
--------- -------------- -------- --------------- ------------ ------------ ----------
Transactions with
owners, recognised
directly in equity 393 (1,094,937) - - - 2,250,000 1,155,456
--------- -------------- -------- --------------- ------------ ------------ ----------
Balance as at 30
September
2020 8,778 2,632,098 - (205,000) (19,844) 8,736 2,424,768
--------- -------------- -------- --------------- ------------ ------------ ----------
Balance as at 29 March
2021 9,398 3,062,103 17,007 (205,000) (25,479) (112,119) 2.745,910
--------- -------------- -------- --------------- ------------ ------------ ----------
Loss for the six months - - - - - (482,605) (482,605)
Other comprehensive
loss - - - - 462 - 462
--------- -------------- -------- --------------- ------------ ------------ ----------
Total comprehensive
loss for the period - - - - 462 (482,605) (482,143)
--------- -------------- -------- --------------- ------------ ------------ ----------
Issue of shares, net
of issue costs 741 744,963 - - - - 745,704
Share based payment
charge - (27,211) 27,211 - - - -
--------- -------------- -------- --------------- ------------ ------------ ----------
Transactions with
owners, recognised
directly in equity 741 717,752 27,211 - - - 745,704
--------- -------------- -------- --------------- ------------ ------------ ----------
Balance as at 30
September
2021 10,139 3,779,855 44,218 (205,000) (25,017) (594,724) 3,009,471
========= ============== ======== =============== ============ ============ ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month 6 month Year
period ended period ended ended
30 September 30 September 29 March
2021 2020
(Unaudited) (Unaudited) 2021
(Audited)
GBP GBP GBP
Cash flow from operating activities
Loss before tax (482,605) (447,974) (651,181)
Depreciation and amortisation 615 - 1,230
Increase in Fair Value of digital
asset (4,627) - (5,022)
(Increase) in other receivables (169,499) (283,191) (25,801)
Increase in other payables 156,207 231,990 63,052
-------------------- -------------------- -------------------
Cash used in operations (499,909) (499,175) (617,722)
-------------------- -------------------- -------------------
Income tax credit - 24,826 107,178
-------------------- -------------------- -------------------
Net cash flows from operating
activities (499,909) (474,349) (510,544)
-------------------- -------------------- -------------------
Investing activities
Purchase of tangible assets - (21,154) (35,528)
Purchase of intangible assets (463,233) (277,105) (426,081)
Net cash used in investing activities (463,233) (298,259) (461,609)
-------------------- -------------------- -------------------
Financing activities
Proceeds from Issue of shares,
net of issue costs 745,704 1,155,456 1,387,508
(Decrease)/Increase in borrowings (2,500) 50,000 -
-------------------- -------------------- -------------------
Net cash flow from financing 743,204 1,205,456 1,387,508
-------------------- -------------------- -------------------
(Decrease)/Increase in cash and
cash equivalents in the period (219,938) 432,848 415,355
Cash and cash equivalents at
the beginning of the year 543,520 135,035 135,035
Exchange rate differences on
cash and cash equivalents 462 (1,235) (6,870)
Cash and cash equivalents at
the end of the period 324,044 566,648 543,520
-------------------- -------------------- -------------------
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
This financial information is for Truspine Technologies Plc
("the Company") and its subsidiary undertakings. The principal
activity of TruSpine Technologies Plc (the 'Company') and its
subsidiaries (together the 'Group') is the development of products
for the spinal fusion market. The Company is a public limited
company and was listed on the Aquis Stock Exchange on 20 August
2020. The Company is incorporated and domiciled in England and the
address of its registered office is located at Spectrum House AF33,
Beehive Ring Road, Gatwick Airport, Gatwick, RH6 0LG, United
Kingdom.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared
with regard to International Financial Reporting Standards (IFRS)
and interpretations adopted by the European Union and as applied in
accordance with the provisions of the Companies Act 2006. The
interim financial information incorporates the results for the
group for the six month period from 30 March 2021 to 30 September
2021. The results for the year ended 29 March 2021 have been
extracted from the statutory financial statements for the Company
for the year ended 29 March 2021. The financial information set out
in these interim consolidated financial information does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group for the
year ended 29 March 2021, which contained an unqualified audit
report and have been filed with the Registrar of Companies. They
did not contain statements under S498 of the Companies Act
2006.
The same accounting policies, presentation and methods of
computation have been followed in these unaudited interim financial
statements as those which were applied in the preparation of the
group's annual financial statements for the year ended 29 March
2021.
The interim consolidated financial information incorporates the
financial statements of Truspine Technologies Plc and its
subsidiaries.
The interim financial information for the six months ended 30
September 2020 was approved by the directors on 23 December
2021.
3. TAXATION
Tax recognised in profit or loss
6 month 6 month Year
period ended period ended ended
30 September 30 September 29 March
2021 2020
(Unaudited) (Unaudited) 2021
(Audited)
GBP GBP GBP
Current tax credit - 24,826 107,178
Deferred tax - - -
-------------- ---------------- -----------
Net tax credit - 24,826 107,178
-------------- ---------------- -----------
Loss before tax (482,605) (447,974) (651,181)
-----------
Standard rate of UK corporation
tax 19% 19% 19%
Loss on ordinary activities before
tax multiplied by standard rate
UK corporation tax (91,695) (85,115) (123,724)
Tax adjustment (117) - (335)
Unrelieved tax losses carried forward 91,812 85,115 124,059
UK research and development tax
credit - 24,826 107,178
-------------- ---------------- -----------
Tax credit - 24,826 107,178
-------------- ---------------- -----------
At 30 September 2021, the Group are carrying forward estimated
tax losses of GBP1.61m in respect of various activities over the
years. The Company did not recognise a deferred income tax credit
due to uncertainty concerning the timescale of its
recoverability.
4. LOSS PER ORDINARY SHARE
Basic earnings per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year,
excluding ordinary shares purchased by the Company and held as
treasury shares.
6 month 6 month Year
period ended period ended Ended
30 September 30 September 29 March
2021
(Unaudited) 2020 2021
(Unaudited) (Audited)
GBP GBP GBP
(Loss) attributable to equity
holders of the Company (482,605) (423,148) (544,003)
Weighted average number of
ordinary shares in issue 94,546,805 84,581,810 86,210,308
Loss per share basic and diluted
(pence) (0.51)p (0.50)p (0.63)p
--------------- -------------------- --------------------
5. SHARE CAPITAL
Group and Company
-----------
Share premium Share based
Number of Share payment
Group shares capital reserve Other reserve Total
GBP GBP GBP GBP GBP
------------------------ ----------- -------- ------------- ----------- ------------- -----------
Issued and fully paid
As at 29 March 2020 83,845,194 8,385 3,727,035 - (205,000) 3,530,420
----------- -------- ------------- ----------- ------------- -----------
Movement during the
period 3,933,773 393 (1,094,937) - - (1,094,544)
----------- -------- ------------- ----------- ------------- -----------
As at 30 September 2020 87,778,967 8,778 2,632,098 - (205,000) 2,435,876
----------- -------- ------------- ----------- ------------- -----------
Movement during the
period 6,205,000 620 430,005 17,007 - 447,632
----------- -------- ------------- ----------- ------------- -----------
As at 29 March 2021 93,983,967 9,398 3,062,103 17,007 (205,000) 2,883,508
----------- -------- ------------- ----------- ------------- -----------
Movement during the
period 7,405,000 741 717,752 27,211 - 745,704
----------- -------- ------------- ----------- ------------- -----------
As at 30 September 2021 101,388,967 10,139 3,779,855 44,218 (205,000) 3,629,212
----------- -------- ------------- ----------- ------------- -----------
Share Capital - Amount subscribed for share capital at nominal
value.
Share Premium - Amount subscribed for share capital in excess of
nominal value.
On 7 May 2020, a resolution was passed approving a reduction of
capital whereby the share premium account of the Company was
cancelled by an amount of GBP2,250,000.
In September 2021 the Company raised GBP650,000 through a
Fundraise of 6,500,000 new Ordinary shares at a price of 10p per
share comprising a Placing and a Subscription. 2,300,000 New
Ordinary Shares were issued by way of the Placing raising gross
proceeds of GBP230,000 and 4,200,000 New Ordinary Shares were
issued through the Subscription raising gross proceeds of
GBP420,000. In addition 125,000 New Ordinary Shares were issued to
a third-party involved in the Fundraise in lieu of services
rendered. Each New Ordinary Share issued has one warrant attached
granting the holder the right to subscribe for an additional one
New Ordinary Share at an exercise price of 15 pence per share for a
period of 3 years following admission. The were admitted to trading
on AQSE on 30 September 2021. The gross placing proceeds of
GBP230,000 were not received until 4 October 2021 after the period
end and were included in other receivables at 30 September
2021.
6. EVENTS AFTER THE REPORTING DATE
On 29 October 2021 383,800 New Ordinary Shares were issued to a
third-party involved in Fundraising in lieu of services rendered.
Each New Ordinary Share issued has one warrant attached granting
the holder the right to subscribe for an additional one New
Ordinary Share at an exercise price of 15 pence per share for a
period of 3 years following admission.
On 17 November 2021 216,102 shares were issued to WH Ireland
Limited at various prices in lieu of brokerage services provided to
the Company.
The Directors of the Company take responsibility for this
announcement.
Enquiries:
TruSpine Technologies Plc Tel: +44 (0)20 3638 5025
Ian Roberts, CEO
Cairn Financial Advisers LLP (AQSE Corporate Tel: +44 (0)20 7213
Adviser) 0880
Liam Murray / Ludovico Lazzaretti
Oberon Capital (Broker) Tel: +44 (+44 (0) 20 3179
5300
Robert Hayward / Mike Seabrook
/ Chris Crawford
Walbrook PR (Financial PR Tel: +44 (0) 20 7933 7870 or +44
& IR) (0) 7876 741 001
Anna Dunphy truspine@walbrookpr.com
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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