TIDMCREO
RNS Number : 9514A
Creo Medical Group PLC
30 March 2017
Creo Medical Group plc
Maiden interim results for six months to 31 December 2016
Excellent strategic, operational and financial progress
culminating in IPO
Chepstow, South Wales, 30 March 2017 - Creo Medical Group plc
(AIM: CREO) ("Creo" or "the Company"), a medical device company
focused on the emerging field of surgical endoscopy, announces its
unaudited half year results for the six months to 31 December
2016.
Operational Highlights
-- Initial Public Offering ("IPO") on the Alternative Investment
Market ("AIM") of the London Stock Exchange in December 2016 raised
GBP20m before expenses via a placing of new ordinary shares
-- Continued support from existing angel shareholder base with a
pre IPO fundraising of GBP1.4m
-- Board strengthened through appointments of Charles Spicer as
Non-Executive Chairman and John Bradshaw as Non-Executive
Director
-- First in human study data
o Successfully demonstrated safety and efficacy of the
application of microwave energy to coagulate bleeds in the colon in
30 patients
o Represents the first device to use microwave energy in
combination with radiofrequency
o Study publication has been accepted for Digestive Disease
Week(R) (DDW)
Financial Highlights
-- Cash and cash equivalents of GBP18.8m (4 months to 30 June
2016: GBP0.8m), following the successful AIM IPO and pre IPO
fundraising
-- Operating loss of GBP4.7m (4 months to 30 Jun 2016: GBP1.9m).
Significant items impacting the result for the six-month period
include GBP1.3m of expenses relating to the IPO (non-recurring) and
GBP0.3m share based payments
-- Underlying operating loss of GBP2.6m as expected (4 months to 30 Jun 2016: GBP1.6m)
o Increase due to additional expenditure on product development
and clinical costs associated with submission of CROMA and
Speedboat RS2 CE Mark application, as well as continued progress
for FDA clearance processes including clinical studies
o Staff-related expenditures, including new appointments, also
contributed to the increase in the period
-- Net cash outflow from operating activities of GBP2.0m (4 months to 30 Jun 2016: GBP1.6m)
-- Net assets of GBP17.7m (30 June 2016: GBP1.6m)
Post-Period Highlights
-- CE Mark awarded to Speedboat RS2 for microwave energy
-- Participation in Horizon 2020 SUMCASTEC research programme with key European partners
Craig Gulliford, Chief Executive Officer, commented:
"I am pleased to announce our first set of financial results
since we listed on AIM in December. The GBP20 million raised
enables us to pursue Creo's vision of becoming a leading advanced
energy, minimally invasive, medical device company. We were
delighted to announce that our Speedboat RS2 received CE Mark
approval last week. This is the first device in a portfolio of
products from our late stage development programmes targeting,
initially, the upper and lower gastrointestinal (GI) endoscopy
markets in the EU. We remain on track to initiate the soft launch
of the Speedboat product later this year and anticipate full EU and
US market authorisation of our first product in lower GI in the
first half of 2018."
Contacts
Creo Medical: Cenkos: FTI Consulting:
Roseanne Varner Ivonne Cantu / Camilla Brett Pollard
+44 (0)129 160 6005 Hume (NOMAD) / Mo Noonan
roseanne.varner@creomedical.com Michael Johnson / +44 (0)203
Russell Kerr (Sales) 727 1000
+44 (0)207 397 8900 creo@fticonsulting.com
Notes to Editors
About Creo Medical
Creo Medical, founded in 2003, is a medical device company
focused on the development and commercialisation of minimally
invasive surgical devices, by bringing advanced energy to
endoscopy. The Company's mission is to improve patient outcomes by
applying microwave and radiowave energy to surgical endoscopy. Creo
has developed CROMA, an electrosurgical platform that combines
bipolar radiofrequency for precise localised cutting and microwave
for controlled coagulation. This technology provides physicians
with flexible, accurate and controlled surgical solutions.
The Company's strategy is to bring the CROMA surgical system to
market through a suite of medical instruments which the Company has
designed, initially for GI therapeutic endoscopy, an area with high
unmet needs. The CROMA system will be developed further for
bronchoscopy and laparoscopy procedures. The Company believes its
technology can impact the landscape of surgery and endoscopy by
providing safer, less-invasive and more cost-efficient option of
treatment.
For more information about Creo medical please see our website,
www.creomedical.com.
Interim Results for six months ended 31 December 2016
1. Overview
Creo Medical is developing a suite of products based on its
CROMA electrosurgery platform for the emerging field of surgical
endoscopy. It will initially launch this energy system into the
field of GI therapeutic endoscopy, and later into a broader range
of areas including bronchoscopy and laparoscopy.
Endoscopy has been a rapidly expanding practice due to the
advent of colorectal cancer screening in most healthcare systems.
This has driven growth in equipment and devices to enhance the
ability to screen and detect early stage and pre-cancerous lesions
in the GI tract. In the US, over 16 million colonoscopies are
performed annually. Of these, 1.1 million 350,000 are likely to
find a lesion requiring treatment, approximately half of which are
surgically removed. Traditional colorectal surgery is associated
with a 6 per cent mortality rate at 30 days because of the risks of
puncturing the colonic wall when using traditional surgical
blades.
Surgery is carried out in increasingly minimally invasive
environments and this necessitates long, flexible devices and the
need for precision and control. CROMA's combination of
radiofrequency and microwave energy in a single platform enables a
combined ability to cut, coagulate and ablate, which the Directors
believe is the next generation of minimally invasive surgery. Given
that its product has not been launched commercially, the Company
has not yet established business units along market lines so has
not initiated segmental reporting in the current period.
2. Operational Review
The last six months have been transformational for Creo,
culminating with an Initial Public Offering ("IPO") on the
Alternative Investment Market ("AIM") of the London Stock Exchange
in December 2016. Building on the success of the Company's products
CROMA and Speedboat RS2, Creo raised GBP20 million through its
IPO.
These funds provide the Company with the financial strength to
complete the development and regulatory clearance of CROMA and
Speedboat RS2 in Europe and continue regulatory clearance progress
in the US; as well as development of lung ablation devices through
to early stage regulatory clearance in Europe and the USA.
In clinical studies, the Speedboat RS2 has successfully
demonstrated safety and efficacy of the application of microwave
energy in combination with radiofrequency to coagulate bleeds in
the colon in 30 patients. The study publication has been accepted
for Digestive Disease Week(R) (DDW), the world's largest medical
meeting of physicians, researchers and industry in the fields of
gastroenterology, hepatology, endoscopy and gastrointestinal
surgery.
On 24 March 2017, Creo announced that the Company's Speedboat
RS2 received CE Mark approval for microwave energy. This adds to
the device's previously received CE Mark for radiofrequency, making
it the first device to use microwave energy in combination with
radiofrequency.
The Company intends to commercialise CROMA and Speedboat RS2 in
Europe itself in order to retain the full value of the product,
reflecting a small, focused target clinical user base. Training and
placement of these products in Europe targeted during 2017 remains
on track.
Creo continues to progress discussions with the US Food and Drug
Administration ("FDA") regarding the requirements for the
registration programme for CROMA and Speedboat RS2. Creo expects to
conclude regulatory clearance with the FDA within the 2018
financial year.
In March 2017, the Company was selected as one of six European
partners to participate in the Semiconductor-based Ultrawideband
Micromanipulation of Cancer Stem Cells ("SUMCASTEC") H2020 FET OPEN
research programme, led by the XLIM Research Institute at the
University of Limoges in France. The study aims to develop a novel
micro-optofluidic lab-on-chip platform deploying semi-conductor
technology to neutralize cancer stem cells associated with some of
the most aggressive brain tumours, specifically Glioblastoma
Multiforme and Medulloblastoma, with electromagnetic waves. The
consortium has been awarded a EUR4 million (GBP3.4 million) grant,
EUR530,000 (GBP450,000) of which is allocated to Creo.
We strengthened the Board through the appointment of Charles
Spicer as Non-Executive Chairman and John Bradshaw as Non-Executive
Director. Together, they bring extensive industry expertise and
guidance at an important stage of Creo's development.
3. Financial Review
Operating expenses are in line with expectations, reflecting the
increased clinical and development activities together with
investment in headcount and business infrastructure to support the
transition of the business to a fully integrated specialty medical
devices manufacturer with product origination, development and
commercialisation capabilities. This continued investment in the
business will support its anticipated growth and development in the
coming periods.
During the period all of the Company's focus was on product
development activity which can be analysed between research and
development expenditure and administrative expenditure.
The research and development expenditure for the period was
GBP1.8m (4 months to 30 Jun 2016: GBP1.0m). Expenditure on product
development and clinical costs increased in the period as momentum
was maintained by the Company for submission of the CROMA and
Speedboat RS2 CE mark application as well as continued progress for
FDA clearance processes including clinical studies. Staff-related
expenditure and the appointment of new staff also contributed to
the increase in the period.
Administrative expenses for the period were GBP3.0m (4 months to
30 Jun 2016: GBP1.0m). The increase is a result of share based
payment expenses of GBP0.3m (4 months to 30 Jun 2016: GBPnil) and
one-off costs in the period incurred on the IPO of GBP1.3m (4
months to 30 Jun 2016: GBPnil) which will not be repeated. A
further GBP1.5m (4 months to 30 Jun 2016: GBPnil) of fees paid in
connection with the fundraising are shown as a deduction from share
premium.
Operating loss
The operating loss for the period increased to GBP4.7m (4 months
to 30 Jun 2016: GBP1.9m), reflecting the increased operating
expenses outlined above.
The underlying operating loss for the period increased to
GBP2.6m (4 months to 30 Jun 2016: GBP1.6m). This is a non-statutory
measure which adjusts the operating loss as follows;
Underlying operating loss has been 6 months 4 months
calculated as follows: to to
31 Dec 30 Jun
2016 2016
(All figures GBP) Unaudited Unaudited
------------------------------------ ------------ ------------
Operating Loss (4,700,813) (1,874,656)
Share based payments 301,570 20,361
Depreciation and Amortisation 69,298 46,942
R&D Tax Credits 435,000 255,077
Expenses of the initial public
offering - one off 1,252,692 -
Underlying operating loss (2,642,253) (1,552,276)
------------------------------------- ------------ ------------
*Underlying operating loss is calculated by adjusting operating
loss for share based payments, depreciation and amortisation,
R&D tax credits and expenses of the IPO.
Tax
The Company has not recognised any deferred tax assets in
respect of trading losses arising in the current financial period.
At present, the Company recognises tax assets in respect of claims
under the UK research and development Small or Medium-sized
Enterprise ("SME") scheme, accrued in line with costs with any
adjustments being made on submission of a claim.
Where claims have been made under the RDEC scheme these are
recognised as other income in line with IAS20 Accounting for
government grants.
Earnings per share
Loss per share was 11 pence (4 months to 30 Jun 2016: 5 pence).
Removing the significant non-recurring costs in relation to the IPO
of GBP1.3m the loss per share is 8 pence.
Cash flow and Balance Sheet
Net cash used in operating activities was GBP2.0m (4 months to
30 Jun 2016: GBP1.6m), driven by the planned increase in investment
in research and development during the period. Net cash generated
from share issue was GBP20.0m (4 months to 30 Jun 2016: GBPnil)
reflecting the net proceeds of the issue of shares in the IPO and
Pre-IPO rounds of fundraising.
Total assets increased to GBP20.3m (30 Jun 2016: GBP2.4m),
reflecting the increase in cash arising from the issue of new
ordinary shares at the IPO and pre IPO rounds, offset by the
operating cash outflow for the period. Cash and cash equivalents at
31 December 2016 was GBP18.8m (30 Jun 2016: GBP0.8m). Net assets
were GBP17.7m (30 Jun 2016: GBP1.6m).
4. Current Trading and Outlook
The Company made excellent strategic, operational and financial
progress in the period and has a clear vision and roadmap for the
continuing growth and development of the business. Progress in the
second half has commenced well and the Board remains confident that
the Company is on track to deliver full year financial results and
milestones in line with expectations.
In 2017, Creo will initiate a clinical study designed to
demonstrate superior patient and economic outcomes of Endoscopic
Submucosal Dissection ("ESD") with Speedboat versus surgery. We
expect to generate clinical data, allowing for medical industry
recognition and validation of our technology. We also expect to
place generators in the EU and commence training of Key Opinion
Leaders and general physicians on the platform and accompanying
devices.
In addition, Hoya Pentax Medical is expected to initiate the
regulatory procedures for entry into the Asia-Pacific region during
2017. We will also plan to have a pre-submission meeting with the
US FDA in relation to Creo's lung ablation device.
The completion of our successful IPO was a very significant
landmark event for the Company and signals the start of the next
stage of the Creo story. The Board would like to express its thanks
to our employees, collaborators and fellow shareholders during this
transformational period and looks forward to charting the Company's
progress.
Craig Gulliford
Chief Executive
STATEMENT OF PROFIT OR LOSS AND 6 months 4 months
OTHER COMPREHENSIVE INCOME to to
31 Dec 30 Jun
2016 2016
(All figures GBP) Note Unaudited Unaudited
---------------------------------- ----- ------------ ------------
Other operating income 127,861 169,407
Administrative expenses (4,828,674) (2,044,063)
Operating loss (4,700,813) (1,874,656)
Finance costs (12,303) (1,472)
Finance Income 1,713 7,793
Loss before Income tax (4,711,403) (1,868,335)
Taxation 435,000 255,077
Total comprehensive loss for the
period (4,276,403) (1,613,258)
---------------------------------- ----- ------------ ------------
All activities were derived from
continuing operations
Earnings per Share
Basic and diluted 2 (0.11) (0.05)
STATEMENT OF FINANCIAL POSITION
31 Dec 30 Jun
2016 2016
(All figures GBP) Note Unaudited Unaudited
--------------------------------- ----- ------------- -------------
Assets
Non-current assets
Intangible assets 53,055 12,876
Property, plant and equipment 230,612 239,748
Other financial assets - 7,402
Trade and other receivables 14,853 13,053
298,520 273,079
Current assets
Trade and other receivables 506,208 479,150
Tax receivable 724,976 842,466
Cash and cash equivalents 18,764,636 823,283
19,995,820 2,144,899
Total assets 20,294,340 2,417,978
--------------------------------- ----- ------------- -------------
Shareholder equity
Called up share capital 3 80,712 18,267
Share premium 33,413,128 13,463,344
Share option reserve 813,038 511,468
Retained earnings (16,640,318) (12,363,915)
17,666,560 1,629,164
Liabilities
Non-current liabilities
Interest bearing liabilities 8,565 15,044
Other financial liabilities 2,846 -
11,411 15,044
Current liabilities
Trade and other payables 2,603,514 761,987
Interest bearing liabilities 12,855 11,783
2,616,369 773,770
Total liabilities 2,627,780 788,814
Total equity and liabilities 20,294,340 2,417,978
--------------------------------- ----- ------------- -------------
STATEMENT OF CHANGES
IN EQUITY
Called Share
up Retained Share option Total
share
(All figures GBP) capital earnings premium reserve equity
--------------------------- --- --------- ------------- ----------- -------- ------------
Balance at 28 February
2016 18,267 (10,750,657) 13,463,344 491,107 3,222,061
Changes in equity:
Total comprehensive
loss - (1,613,258) - - (1,613,258)
Share based payments - - - 20,361 20,361
Balance at 30 June
2016 18,267 (12,363,915) 13,463,344 511,468 1,629,164
--------------------------- --- --------- ------------- ----------- -------- ------------
Changes in equity:
Issue of share
capital 19 - 122,560 - 122,579
Cancellation of deferred
shares (16,831) - 16,831 - -
Bonus issue of share
capital 50,950 - (50,950) - -
Issue of share
capital 28,307 - 19,861,343 - 19,889,650
Total comprehensive
loss - (4,276,403) - - (4,276,403)
Share based payments - - - 301,570 301,570
Balance at 31 December
2016 80,712 (16,640,318) 33,413,128 813,038 17,666,560
--------------------------- --- --------- ------------- ----------- -------- ------------
6 months 4 months
STATEMENT OF CASH FLOWS to to
31 Dec 30 Jun
2016 2016
(All figures GBP) Note Unaudited Unaudited
------------------------------------ ----- ------------ ------------
Cash flows from operating
activities
Cash outflow from operations 4 (2,517,278) (1,612,128)
Interest paid (2,055) (1,472)
Tax received 552,492 (26,719)
Net cash from operating activities (1,966,841) (1,640,319)
Cash flows from investing
activities
Purchase of intangible fixed
assets (42,740) (13,244)
Purchase of tangible fixed
assets (57,601) (86,962)
Interest received 1,713 1,791
Net cash from investing activities (98,628) (98,415)
Cash flows from financing
activities
Capital repayments in year (5,407) (4,762)
Share issue 5 20,012,229 -
Net cash from financing activities 20,006,822 (4,762)
Increase/(Decrease) in cash
and cash equivalents 17,941,353 (1,743,496)
Cash and cash equivalents
at beginning of period 823,283 2,566,779
Cash and cash equivalents
at end of period 18,764,636 823,283
------------------------------------ ----- ------------ ------------
Notes to the interim financial statements
1. Basis of preparation
This interim report, which is unaudited, does not constitute
statutory accounts within the meaning of section 434(3) of the
Companies Act 2006. These interim financial statements have been
prepared in accordance with the AIM rules, and IAS 34 has not been
adopted.
This is the first interim financial report of the Company since
the incorporation of Creo Medical Group plc on 12 September 2016
and the subsequent acquisition of Creo Medical Limited via a share
for share exchange on 9 November 2016. The accounts of Creo Medical
Limited for the period ended 30 June 2016, which were prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union ("adopted IFRSs"), have been
delivered to the Registrar of Companies. Those accounts were
unaudited as the Company was entitled to exemption from audit under
section 477 of the Companies Act 2006.
This interim financial report for the six-month period ended 31
December 2016 (including comparatives for the 4 months ended 30
June 2016) was approved by the Board of Directors on 29 March
2017.
The funding raised as a result of the listing on AIM on 9
December 2016 has provided the financial resources required to
support the Company's ongoing operations as well as its future
development and growth. Net assets as at 31 December 2016 of
GBP17.7m (30 June 2016: GBP1.6m) include cash and cash equivalents
of GBP18.8m (30 June 2016: GBP0.8m). Although there cannot be
absolute certainty that the Company will complete the development
and regulatory clearances required, the Board remains confident of
its ability to continue with the development, the process of
obtaining regulatory approvals and the commercialisation of its
products. On this basis, the Company has prepared detailed
forecasts and projections taking into account the available funding
and its planned activities up to and beyond June 2018 when it is
expected to launch product sales. On the basis of these financial
projections the Directors are satisfied that the Company will have
adequate resources to continue in operational existence for the
foreseeable future and for a period of not less than 12 months from
the date of signing these accounts. Thus, they continue to adopt
the going concern basis of accounting in preparing the interim
financial report.
Comparative information
The comparative figures for the financial period ended 30 June
2016 have been extracted from the statutory accounts of Creo
Medical Limited for that period. As discussed below under Business
Combinations, the Company has applied the principles of book value
accounting in the presentation of its consolidated accounts for the
comparative period. In doing so the comparative period shows the
results of the acquired entity (Creo Medical Limited) along with
the share capital structure of the parent Company (Creo Medical
Group plc). Further, the consolidated share capital and share
premium presented for the comparative period is that which was in
existence immediately following the share for share exchange which
occurred on 9 November 2016.
Accounting policies
The same accounting policies and basis of measurement are
followed in the interim financial report as per published by Creo
Medical Limited in its statutory accounts for the period ended 30
June 2016 as delivered to the registrar of companies. The following
accounting policies have also been applied and are considered key
to the information presented in these interim financial
statements.
Business combinations
On 9 November 2017 Creo Medical Group plc offered a share for
share exchange to the shareholders of Creo Medical Limited. As a
result of this transaction, Creo Medical Group plc then becomes the
parent entity of Creo Medical Limited.
On the basis that there was no change in control following the
share for share exchange, this is considered a common control
transaction.
Therefore, within the parent accounts the acquisition of Creo
Medical Limited has been treated in accordance with IAS 27 Separate
Financial Statements and so has been acquired at book value. Within
the consolidated financial statements, the acquisition of Creo
Medical Limited is considered to be a company reorganisation among
entities under common control and as such IFRS 3 is not considered
to apply, therefore book value accounting has been applied to the
acquisition. The directors have chosen to restate the comparatives
for the Group prior to the acquisition date to show the combination
as though it has occurred prior to the start of the earliest period
presented. This is deemed to provide the user with a truer view of
the Company's performance through the period.
Critical accounting judgments and key sources of estimation
uncertainty
In application of the accounting policies, the directors are
required to make judgments, estimates and assumptions about the
carrying value of assets and liabilities that are not readily
apparent from other sources. The estimates and assumptions are
based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these
estimates.
Revisions to accounting estimates are recognised in the period
in which the estimate is revised, if the revision affects only that
period, or in the period of revision and future periods if the
revision affects both current and future periods.
Share-based payments
Equity-settled share options are granted to certain officers and
employees. Each tranche in an award is considered a separate award
with its own vesting period and grant date fair value. Fair value
of each tranche is measured at the date of grant using the
Black-Scholes option pricing model. Compensation expense is
recognised over the tranche's vesting period based on the number of
awards expected to vest, through an increase to equity. The number
of awards expected to vest is reviewed over the vesting period,
with any forfeitures recognised immediately.
Research and development costs
The Company's principal activity is the research and development
of electrosurgical medical devices relating to the emerging field
of surgical endoscopy. Expenditure on research and development
activities is recognised in the statement of profit or loss as
incurred. Although the Company has to date developed an
electrosurgical platform, significant know-how and intellectual
property, the Company is currently in the process of obtaining
regulatory approval for its products, following which it will
commence commercialisation activities.
Based on the product development milestones still to be
achieved, the directors have concluded that all the recognition
criteria of IAS 38 to capitalise an internally generated intangible
asset has not yet been achieved and therefore continue to expense
the related expenditure as incurred. Where Creo are engaging
specific external OEM providers to develop products on a standalone
basis then the development of each product and the costs per the
milestone agreement will be considered on a case by case basis. As
such when a product is being developed that could be a standalone
product and be licensed as such then the costs will be capitalised
as long as the milestones are being achieved and the future benefit
can be determined and reliably measured.
2. Earnings per share
6 months 4 months
EARNINGS PER SHARE to to
31 Dec 30 Jun
2016 2016
(All figures GBP) Unaudited Unaudited
---------------------------------- ------------ ------------
(Loss)
(Loss) attributable to equity
holders of Company (basic) (4,276,403) (1,613,258)
Shares (number)
Weighted average number of
ordinary shares in issue during
the period 39,322,898 33,211,080
Earnings per share
Basic & diluted (0.11) (0.05)
----------------------------------- ------------ ------------
Earnings per share has been calculated in accordance with IAS 33
- Earnings Per Share using for the loss for the period after tax,
divided by the weighted average number of shares in issue.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares in issue to assume
conversion of all potential dilutive ordinary shares. The potential
ordinary shares are considered to be antidilutive on the basis that
they reduce the loss per share and are such are not included in the
Company's EPS calculation, meaning that diluted EPS is the same as
basic EPS.
3. Share capital
SHARE CAPITAL Preferred
Ordinary Ordinary Deferred Share
(All figures GBP) shares shares shares capital
------------------------ ----------- ------------- ------------ ------------
Balance at 30 June
2016
Number of shares 92,253 51,393 1,683,050 1,826,696
Price per share (GBP) 0.01 0.01 0.01 0.01
Share value (GBP) 922 514 16,831 18,267
Issue of share capital
Number of shares 1,922 - - 1,922
Price per share (GBP) 0.01 - - 0.01
Share value (GBP) 19 - - 19
Cancellation of shares
Number of shares - - (1,683,050) (1,683,050)
Price per share (GBP) - - (0.01) 0.01
Share value (GBP) - - (16,831) (16,831)
Bonus issue of share
capital
Number of shares 3,296,125 1,798,755 - 5,094,880
Price per share (GBP) 0.01 0.01 - 0.01
Share value (GBP) 32,962 17,988 - 50,950
Subtotal
Number of shares 3,390,300 1,850,148 - 5,240,448
Price per share (GBP) 0.01 0.01 - 0.01
Share value (GBP) 33,903 18,502 - 52,405
------------------------- ----------- ------------- ------------ ------------
Subdivision of shares
by 10
Number of shares 33,903,000 18,501,480 - 52,404,480
Price per share (GBP) 0.001 0.001 - 0.001
Share value (GBP) 33,903 18,502 - 52,405
Reclassification
of shares
Number of shares 18,501,480 (18,501,480) - -
Price per share (GBP) 0.001 (0.001) - -
Share value (GBP) 18,502 (18,502) - -
AIM Listing
Number of shares 26,315,800 - - 26,315,800
Price per share (GBP) 0.001 - - 0.001
Share value (GBP) 26,316 - - 26,316
Issue of share capital
Number of shares 1,991,465 - - 1,991,465
Price per share (GBP) 0.001 - - 0.001
Share value (GBP) 1,991 - - 1,991
Balance at 31 December
2016 80,712 - - 80,712
------------------------- ----------- ------------- ------------ ------------
On 6 October 2016 1,922 GBP0.01 ordinary shares were issued. On
4 November 2016 1,683,050 deferred shares were cancelled. On 9
November 2016 for every one share held an additional 35 shares were
issued. The ordinary shares were then sub divided by 10 giving
33,903,000 GBP0.001 total ordinary shares. On 9 December 2016 the
preferred ordinary shares were converted to 18,501,480 GBP0.001
ordinary shares and the Company listed on AIM, where a further
28,307,265 GBP0.001 ordinary shares were issued.
4. Cash from operations
RECONCILIATION OF LOSS BEFORE INCOME
TAX TO CASH GENERATED FROM OPERATIONS
6 months 4 months
to to
31 Dec 30 Jun
(All figures GBP) 2016 2016
------------------------------ ------------ ------------
Loss before Income tax (4,711,403) (1,868,335)
Depreciation/amortisation
charges 69,298 46,942
Increase in share option
reserve 301,570 20,361
Fair value adjustment to
derivatives 10,248 (6,002)
Finance costs 2,055 1,472
Finance income (1,713) (1,791)
(4,329,945) (1,807,353)
Increase in trade and other
receivables (28,860) (65,556)
Increase in trade and other
payables 1,841,527 260,781
Cash outflow from operations (2,517,278) (1,612,128)
------------------------------- ------------ ------------
5. Cash from share issue
6 months 4 months
to to
31 Dec 30 Jun
2016 2016
(All figures GBP) Unaudited Unaudited
------------------------ ------------ ----------
Share issue:
Share options exercised 122,579 -
Pre-IPO 1,400,000 -
IPO 20,000,008 -
IPO costs (1,510,358) -
20,012,229 -
------------------------ ------------ ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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