TIDMETX
RNS Number : 7667R
e-Therapeutics plc
26 September 2017
e-Therapeutics
('e-Therapeutics' or the 'Company')
Interim Results for the 6 Months Ended 31 July 2017
Executing Against Plan with Reduced Loss and Lower Cash Burn
Oxford, UK, 26 September 2017: e-Therapeutics plc (AIM: ETX), a
company pioneering the use of Network-Driven Drug Discovery (NDD)
to create new and better drugs, announces its half year results for
the six months ended 31 July 2017 (H1 17).
Operating Highlights
-- Management continues to execute the business plans
communicated to the markets on 24 July 2017 following the strategic
review
-- Continued generation of supporting data on two self-funded
immuno-oncology (I-O) programmes (checkpoint signalling modulation
and tryptophan breakdown)
-- Continued investment in the Network-Driven Drug Discovery
(NDD) platform and its application to new disease areas of unmet
medical and commercial need
-- International business development activities underway
Financial Highlights
-- H1 17 Operating loss of GBP3.7m (H1 16: loss of GBP9.7m,
including GBP2.1m goodwill write-off)
-- H1 17 cash burn of GBP1.6m (H1 2016: GBP4.9m, post GBP1.2m of acquisition cost)
-- Cash and deposits of GBP12.4m (31 January 2017: GBP14.0m)
-- Discovery project spend of GBP2.0m (H1 16: GBP4.0m)
reflecting decreased number of internally-funded projects
Ray Barlow, CEO of e-Therapeutics, said:
"We continue to execute against the plans communicated to the
markets in July.
"Our figures in the first half provide evidence of a prudent
approach to the management of costs and cash resources and the
impact of reducing the number of self-funded discovery programmes.
This will allow us to continue progressing our immuno-oncology
programmes, to continue investing in the platform and to direct
resources into exploring promising new disease areas where
Network-Driven Drug Discovery could make a significant impact.
"Our business development activities are now underway as we
pursue deals and external sources of funding for our existing
non-I-O programmes, as well as partnership opportunities with the
NDD platform."
-Ends-
For further information, please contact:
e-Therapeutics plc Tel: +44 (0) 1993
Ray Barlow, CEO 883 125
Steve Medlicott, CFO www.etherapeutics.co.uk
Numis Securities Limited Tel: +44 (0) 207
Michael Meade / Freddie 260 1000
Barnfield www.numis.com
(Corporate Finance)
James Black (Corporate
Broking)
Instinctif Partners Tel: +44 (0) 207
Melanie Toyne Sewell / 457 2020
Alex Shaw Email: e-Therapeutics@instinctif.com
Notes to Editors
About e-Therapeutics plc
e-Therapeutics is an Oxford-based company with a unique and
powerful computer-based drug discovery platform and a specialised
approach to network biology.
Its novel methodology and Discovery Engine allow the Company to
discover new and better drugs in a more efficient and effective
way.
For more information about the Company, please visit
www.etherapeutics.co.uk
The person responsible for the release of this announcement on
behalf of the Company is Steve Medlicott.
A copy of this announcement has been posted on the Company's
website at www.etherapeutics.co.uk.
Forward looking statements
All statements other than statements of historical fact included
in this announcement, including, without limitation, those
regarding the Group's financial position, business strategy, plans
and objectives of management for future operations or statements
relating to expectations in relation to shareholder returns,
dividends or any statements preceded by, followed by or that
include the words "targets", "estimates", "envisages", "believes",
"expects", "aims", "intends", "plans", "will", "may",
"anticipates", "would", "could" or similar expressions or the
negative thereof, are forward looking statements.
Such forward looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Group's
control that could cause the actual results and performance to be
materially different from future results and performance expressed
or implied by such forward looking statements. Such forward looking
statements are based on numerous assumptions regarding the Group's
present and future business strategies and the environment in which
the Group will operate in the future.
These forward-looking statements speak only as of the date of
this announcement. The Company expressly disclaims any obligation
or undertaking to disseminate any updates or revisions to any
forward=looking statements contained herein to reflect any change
in the Company's expectations with regard thereto, any new
information or any change in events, conditions or circumstances on
which any such statements are based, unless required to do so by
law or any appropriate regulatory authority.
Chairman's Statement
Dear Shareholder,
I am delighted to report that under the leadership of our new
CEO, Ray Barlow, your Company has become more focused and
commercially orientated with a clear plan now in place to create
sustainable value for our shareholders.
Ray Barlow has brought drive, determination and a level of
professionalism, which will enable us to build upon our scientific
foundation with a sense of realism. He has re-orientated the
organisation, which is now fit for purpose and following a rigorous
strategic review has defined our future direction.
During the period, whilst we have continued to invest in our
novel, proprietary, Network Driven Drug Discovery platform we have
rationalised the number of in-house programmes in order to focus on
those that we believe have the greatest potential. The Company's
business model has been further refined and is now fully directed
towards external collaboration and partnership across all facets of
the business. A major business development initiative has been
launched to ensure that the Company's credentials are
professionally presented to major potential pharma and technology
partners with the aim being to generate future value.
With the continued focus on targeted investment, coupled with
rigorous and prudent financial management, we have seen a reduction
in the cash burn in the first six months of the year thereby
allowing an appropriate allocation of resources going forward.
Following the Board changes over the last year we have reviewed and
updated our Board policies to improve the efficiency of the
business. The Company has continued to listen carefully to feedback
from shareholders, and remains committed to delivering shareholder
value in accordance with the best principles of corporate
governance.
As we look ahead, 2018 will clearly be an important year for
e-Therapeutics as we progress the development of our platform. We
expect that positive progress in partnering and collaboration,
combined with an active investor relations strategy, will translate
into positive interest from the market and ideally see a positive
move in the share price, which at currents levels doesn't reflect
the significant and true value of the Company's assets. The Board
and Management are committed through a strong commercial programme
to ensuring that the value proposition of e-Therapeutics is better
recognised.
Finally, I would like to extend my personal thanks to our CEO,
Ray Barlow, together with his leadership team and to our patient
shareholders for your support and contribution to our Company
during a very challenging period.
e-Therapeutics is now a leaner, more efficient and focused
organisation, better equipped to deal with the challenges ahead.
With the dedication of our experienced management team, I am
confident we can deliver on our attractive long-term growth
potential.
I look forward to interacting with all stakeholders as we build
our Company.
Iain G Ross
Chairman
CEO's Statement
Introduction
I am pleased to provide my first statement as CEO of
e-Therapeutics. In my previous role, I was part of a team that
scoured the world looking to partner, license or acquire
technologies and assets that would add value to patients, payers,
physicians and shareholders.
My initial view was that e-Therapeutics' unique,
computational-based, NDD platform was the most productive and
differentiated technology available to the industry; three months
into my role, my view remains the same.
On my arrival at the business on 6 April 2017, I inherited a
stabilised and refocused business. In order to develop the business
plans further, we undertook a detailed, systematic "root and
branch" review of the business and its technologies, including
using a panel composed of leading commercial and scientific
experts. This exercise built on the Scientific Review conducted by
Professor Trevor Jones (Non-Executive Director) in 2016, and was
supported by a Financial Review conducted by Steve Medlicott (CFO)
and myself. We reported the outcome of the Strategic Review in a
detailed release on 24 July 2017.
As detailed in today's statement, we are executing diligently
against our strategic plans and are benefiting from a deeper focus
of our resources on the projects and activities that will help
drive the business forward to create value for the Company and its
shareholders.
Overview
e-Therapeutics is now firmly focused as a technology-driven drug
discovery business. Our business strategy is focused on maintaining
and continuing to develop our novel and proprietary NDD platform
and using it to create innovative, preclinical drugs with the
potential to address areas of significant unmet clinical and
commercial need. We also want to play an important role in offering
a unique combination of convergent technologies to a new breed of
technology companies looking to disintermediate drug R&D.
To prosper as a business, we now need to enter into commercial
deals with industrial partners. Stated simply, our technologies and
assets can and must provide a real solution to a sizeable
industrial problem.
The recent strategic review confirms the utility and
productivity of our NDD approach, which will offer the industry
tangible benefits in terms of time, cost, novelty and quality over
other approaches to small molecule drug discovery.
In executing our strategy, we intend to use our own resources to
develop our own IP-protected, preclinical drug discovery
programmes, which will be of interest to biopharmaceutical partners
looking to acquire or in-license novel and differentiated
assets.
Given the expertise we have developed in network-biology, we can
also enable biopharmaceutical partners to discover new drugs in
complex disease areas that currently thwart traditional
approaches.
Our technologies are disruptive. We firmly believe that our
unique combination of big biological data, network science,
advanced analytical methods and techniques, such as machine
learning and artificial intelligence (AI), will also be of
significant interest to technology companies who want to disrupt
the inherently inefficient and costly drug discovery process. We
will approach these new-generation companies looking to form
commercial partnerships.
In executing this strategy, we are mindful of our finite
resources. As detailed in the Financial Review below, we are
adopting a prudent approach to the management of costs and our cash
resources. The reduced loss and reduced cash burn are a consequence
of the restructuring of the business and the decisions made in the
strategic review.
We will continue to remain cost conscious in our approach, but
will also be willing and able to make decisions about investment in
key experiments or activities if we think that this will increase
the value of our programmes and Company. Following this strategy is
expected to result in continuing losses until revenues from
external sources exceeds our investment in R&D and
infrastructure.
Our Unique Network-Driven Drug Discovery (NDD) Platform
The foundation of our Company is the sophisticated drug
discovery platform that we have created and validated over the past
four years. Our NDD platform is truly unique in the industry; based
on a review of the competition no one else has an equivalent
capability.
The NDD platform is a bespoke combination of large-scale,
proprietary databases and a suite of powerful computational tools
that employ data mining, machine learning, AI, optimisation and
network analysis. We believe that the results generated using the
NDD platform show that it is:
-- Versatile: having been validated in 12 diverse areas of
biology, including oncology, immunology and neurodegeneration
-- Fast: Programme initiation to multiple chemotype leads in
nine months or less (compared to 24 months or more for standard
approaches)
-- Productive: Up to 11% of compounds coming from the in-silico
platform have activity of <10mM in challenging, parallel
phenotypic screens
-- Generative: Our network-driven approach provides deeper
insight into disease and can identify novel and differentiated
leads and novel mechanisms of action (MoAs) and first-in-class
candidates
-- Differentiated: We are using an ensembled suite of machine
learning/AI technologies to generate proprietary data that helps
drive the discovery process
The science and technology underpinning our platform is
constantly evolving and we cannot stand still. As such, we will
continue to invest in the projects aimed at the continuous
development of the platform that will augment our capabilities and
offer new functionalities to the industry.
Current projects include:
-- Application of networks to personalised medicine and disease segmentation based on genomics
-- Regulatory network construction and analysis ("drugging the undruggable")
-- Expansion of the use of AI/machine learning for data augmentation
-- Work on elucidating MoAs via a network-driven approach
We have recently hired two new computational biologists and a
software engineer to help conduct this work.
Discovery Programmes and New Feasibility Projects
One of the challenges of owning such a productive and versatile
platform is that we do not have the resources to progress all the
discovery programmes we have created.
In order to focus resources in the right area, we undertook a
systematic assessment of the status of all programmes, including
the data generated, investment required, competitive landscape and
potential of the programme to meet unmet clinical and commercial
need.
As announced as part of the strategic review in July, we made
the difficult decision to concentrate incremental resources on our
two I-O programmes (checkpoint signalling modulation and tryptophan
catabolism). We also decided to take the Hedgehog signalling
modulation (oncology) programme as an early-stage, out-licensing
package to the industry and to explore options with our
anti-influenza programme.
The view was that the cost to progress our Anti-TNF alpha
(inflammation) and telomerase inhibition (oncology) programmes to
the next milestone would not be justified in addition to the
continuing activity in I-O, but that these projects underpin the
scientific foundation of the NDD approach, and data will be
submitted to scientific and industry publications.
We continue to invest in and generate supportive data for our
two I-O projects. Our experiments are designed to firmly test our
biological hypotheses and build on the pre-clinical data packages
required to drive out-licensing discussions.
Over the past few years, e-Therapeutics has gained
industry-leading expertise in the application of its specialised
approach to network biology to a broad range of complex diseases.
New network feasibility projects in triple negative breast cancer,
tumour microenvironment and other complex disease like
neurodegeneration and fibrosis are being undertaken. We are also
currently designing "network intervention strategies" to enable us
to approach and collaborate with industry in these and other
disease areas of clinical and commercial interest.
Business Development and External Collaboration
Our business model is directed to external collaboration and
partnership, including the out-licensing of our NDD-derived drug
assets at a pre-clinical stage. This approach should generate
revenues in the form of upfront payments, progress-based milestone
payments and ultimately royalties on sales.
We can apply our approach to a range of complex diseases, and
expect that our NDD platform will be of interest to a range of
traditional biopharmaceutical companies as well as to a new
generation of companies looking to disrupt drug R&D. We believe
there is potential to enter into several different types of
collaborative partnerships and agreements to create sustainable
mutual value.
We have now initiated a systematic and robust business
development activity, designed to secure partners for our assets
and technologies. The initial focus is on sharing data on the
Hedgehog signalling modulation (oncology) programme we used to
validate the NDD approach. Simultaneously we will be introducing
the NDD platform to all relevant industry players. The intention is
to be truly international in our outreach.
Our preference is to continue to invest in strengthening the
data packages for our immuno-oncology programmes before actively
marketing them, and we plan to continue to generate positive data
that would enable such discussions at the end of the year.
We will be present at all major bio-partnering events and are
also presenting our programmes and information about the platform
at drug discovery and bioinformatics conferences.
In the past, there has been a lack of understanding around
e-Therapeutics. We have, therefore, made significant efforts to
improve the branding and positioning of the business and its
technologies. Our recent work on the redesign of the website and
the creation of an animation detailing our story will hopefully
help us communicate the benefits of our approach to both a
generalist and specialist audience.
Network Biology Comes of Age
As the understanding of human disease and genetics deepens, it
is clear that that the traditional "reductionist" approach to drug
discovery is only potentially part of the solution.
As we enter into a new phase of the Company's evolution we can
state that based on the scientific literature there is a growing
interest in the industry about taking a network perspective of
biology and disease. As pioneers of NDD, our belief is that our
time has come and that the investments we have made will begin to
bear fruit.
What we are doing today was not possible four years ago. In
particular, our approach has been enabled in recent past by
advancements in big biological data, network science, computational
power, advanced analytical methods and techniques such as machine
learning and AI.
As Steve Jobs said towards the end of his life: "I think the
biggest innovations of the 21st century will be at the intersection
of biology and technology. A new era is beginning."
We truly are at the creative edge of this exciting confluence of
disciplines and have a dedicated, experienced, multi-disciplinary
team working with new purpose.
As a team, we are all excited about taking e-Therapeutics to its
next stage of evolution and reaching the Company's full
potential.
Ray Barlow
CEO
Financial Review
Period end cash and deposits of GBP12.4m and reduced cash burn
of GBP1.55m in H1
The first half figures are a reflection of the combination of
both the impact of the restructuring we undertook in the summer of
last year and the more recent implementation of the strategic
review that we announced to the market in July of this year.
Consequently, the continued focus on targeted investment and a
further reduction in the number of discovery projects meant that
both the operating loss and cash burn in the first six months of
the current year were materially reduced when compared to the prior
year period. There was also a material reduction in development
spend in the first half as the ETS2101 Ib trial continues to wind
down.
The operating loss in the first half of the year was GBP3.7m (H1
FY2017: GBP7.6m before write-off of goodwill) and the net cash
reduction was GBP1.55m (H1 FY2017: GBP4.9m).
Drug discovery spend in H1 was GBP2.0m (H1 FY2017: GBP4.0m).
Internal discovery costs amounted to GBP1.0m in the period (H1
FY2017: GBP1.5m).
We outsource all of our "wet" laboratory work to specialist
contract research organisations (CROs) and this external
project-related spend totalled GBP1.0m in the first half (H1
FY2017: GBP2.5m). The significant reduction in spend in the current
year was a reflection of the reduced number of discovery projects
in the current year. It is anticipated that external
project-related spend will increase in the second half over the
first.
On 22 March 2016, we announced the orderly wind down of the
ETS2101 phase Ib study. This meant that we would continue to dose
existing patients but that the study would be closed to new
patients. As of today, two patients remain on study with stable
disease. Total development spend in H1 was GBP2.0m lower than the
comparative period of the prior year at GBP0.4m (H1 FY2017:
GBP2.4m). Monthly spend has been reduced, but remains around GBP40k
per month. Consequently, there will be an ongoing cost to the
Company in the second half of the year, and possibly into the new
financial year.
Admin spend of GBP1.0m was marginally lower than the previous
year (GBP1.1m) reflecting a small reduction in head count, offset
slightly by an increase in business development spend.
Half year-end cash and fixed term deposits of GBP12.4m were
GBP1.55m lower than the year-end figure of GBP14.0m. We received
R&D tax credits payments totalling GBP3.0m (H1 FY2017: GBP2.6m)
in the first half. The reduction in activity in both development
and discovery in the period meant that there was an adverse swing
in working capital of GBP0.9m when compared to the opening
position. At planned activity levels, no further significant
working capital reduction is expected by the year end.
Summary Outlook
Our current expectation is that there will be a modest increase
in the operating loss in the second half when compared to the first
half. This increase will be entirely due to additional external
spend on the two core drug discovery projects and increased
business development activity. The current cash position of the
Company remains strong and our financial projections mean that
based on current funding, we can finance the Company's current
projects into 2019.
Steve Medlicott
CFO
GROUP INCOME STATEMENT
FOR THE SIX MONTHSED
31 JULY 2017
6 months 6 months 12 months
ended ended ended
31 July 31 July 31 January
2017 2016 2017
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Revenue - - -
Cost of sales - - -
Gross profit - - -
Research & Development
expenditure (2,744) (6,480) (10,911)
Administrative expenses (963) (1,100) (3,318)
Write-off of goodwill
arising from acquisition
of subsidiary - (2,101) (2,101)
Operating loss (3,707) (9,681) (16,330)
Financial income 25 81 132
Loss before taxation (3,682) (9,600) (16,198)
Taxation 713 1,670 3,073
Loss for the period (2,969) (7,930) (13,125)
------------- ------------- ------------
Loss per share - basic
and diluted (1.11)p (2.98)p (4.91)p
------------- ------------- ------------
The results shown above relate entirely to continuing
operations.
GROUP STATEMENT OF COMPREHENSIVE
INCOME
FOR THE SIX MONTHSED
31 JULY 2017
6 months 6 months 12 months
ended ended ended
31 July 31 July 31 January
2017 2016 2017
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Loss for the period (2,969) (7,930) (13,125)
------------- ------------- -----------
Other comprehensive income - - -
Total comprehensive income
for the period (2,969) (7,930) (13,125)
------------- ------------- -----------
GROUP BALANCE SHEET
AT 31 JULY 2017
31 July 31 July 31 January
2017 2016 2017
Notes (un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Intangible assets 2 135 789 156
Goodwill - - -
Property, plant and
equipment 80 52 51
215 841 207
------------- ------------- -----------
Current assets
Tax receivable 717 1,568 2,972
Trade and other receivables 631 940 777
Fixed-term deposits 4,500 9,500 9,500
Cash and cash equivalents 7,928 10,377 4,475
13,776 22,385 17,724
------------- ------------- -----------
Total assets 13,991 23,226 17,931
------------- ------------- -----------
LIABILITIES
Current liabilities
Trade and other payables 915 2,100 1,951
------------- ------------- -----------
Total liabilities 915 2,100 1,951
------------- ------------- -----------
Net assets 13,076 21,126 15,980
------------- ------------- -----------
EQUITY
Share capital 3 268 268 268
Share premium 3 65,148 65,135 65,143
Retained earnings 3 (52,340) (44,277) (49,431)
Total equity attributable
to equity holders 3 13,076 21,126 15,980
------------- ------------- -----------
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHSED
31 JULY 2017
6 months 6 months 12 months
ended ended ended
31 July 31 July 31 January
2017 2016 2017
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Cash flows from operating
activities
Loss for the period (2,969) (7,930) (13,125)
Adjustments for:
Depreciation, amortisation
and impairment 44 2,132 2,861
Loss on disposal of fixed
assets - 1 2
Financial income (25) (81) (132)
Equity-settled share-based
payment expenses 60 58 99
Taxation (713) (1,670) (3,073)
------------- ------------- -----------
(3,603) (7,490) (13,368)
Decrease / (increase) in
trade and other receivables 131 483 611
(Decrease) /Increase in
trade and other payables (1,036) 625 751
Tax received 2,968 2,570 2,570
Net cash from operating
activities (1,540) (3,812) (9,436)
------------- ------------- -----------
Cash flows from investing
activities
Interest received 40 108 194
Acquisition of subsidiary - (1,198) (1,473)
Acquisition of property,
plant and equipment (53) (4) (22)
Acquisition of other intangible
assets - (64) (143)
Decrease in fixed-term
deposits 5,000 9,000 9,000
Net cash from investing
activities 4,987 7,842 7,556
------------- ------------- -----------
Cash flows from financing
activities
Net proceeds from issue
of share capital 6 5 13
Net cash from financing
activities 6 5 13
------------- ------------- -----------
Net increase in cash and
cash equivalents 3,453 4,035 (1,867)
Cash and cash equivalents
at the beginning of the
period 4,475 6,342 6,342
Cash and cash equivalents
at the end of the period 7,928 10,377 4,475
------------- ------------- -----------
GROUP STATEMENT OF CHANGES
IN EQUITY
FOR THE SIX MONTHSED
31 JULY 2017
Share Share Retained Total
capital premium Earnings
GBP000 GBP000 GBP000 GBP000
As at 1 February 2016 264 64,572 (36,405) 28,431
Total comprehensive income
for the period
Loss for the period - - (7,930) (7,930)
--------
Total comprehensive income
for the period - - (7,930) (7,930)
Transactions with owners,
recorded directly in equity
Issue of ordinary shares 4 563 - 567
Equity-settled share-based
payment transactions - - 58 58
-------- -------- --------- --------
Total contributions by and
distribution to owners 4 563 58 625
-------- -------- --------- --------
As at 31 July 2016 268 65,135 (44,277) 21,126
-------- -------- --------- --------
As at 1 August 2016 268 65,135 (44,277) 21,126
Total comprehensive income
for the period
Loss for the period - - (5,195) (5,195)
Total comprehensive income
for the period - - (5,195) (5,195)
Transactions with owners,
recorded directly in equity
Issue of ordinary shares - 8 - 8
Equity-settled share-based
payment transactions - - 41 41
Total contributions by and
distribution to owners - - 41 49
As at 31 January 2017 268 65,143 (49,431) 15,980
-------- -------- --------- --------
As at 1 February 2017 268 65,143 (49,431) 15,980
Total comprehensive income
for the period
Loss for the period - - (2,969) (2,969)
--------
Total comprehensive income
for the period - - (2,969) (2,969)
Transactions with owners,
recorded directly in equity
Issue of ordinary shares - 5 - 5
Equity-settled share-based
payment transactions - - 60 60
-------- -------- --------- --------
Total contributions by and
distribution to owners - 5 60 65
-------- -------- --------- --------
As at 31 July 2017 268 65,148 (52,340) 13,076
-------- -------- --------- --------
Notes
1. Basis of Preparation
These unaudited interim financial statements do not comprise
statutory accounts as defined within section 434 of the Companies
Act 2006. The Company is a public limited company; it is listed on
the London Stock Exchange's AIM market and is incorporated and
domiciled in the United Kingdom. The address of its registered
office is 17 Blenheim Office Park, Long Hanborough, Oxfordshire,
OX29 8LN, UK.
Statutory accounts for the year ended 31 January 2017 were
approved by the Board of Directors on 18 March 2017 and delivered
to the Registrar of Companies. The report of the Auditor on the
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498 of
the Companies Act 2006.
This interim statement, which is neither audited nor reviewed,
has been prepared in accordance with the measurement and
recognition criteria of Adopted IFRSs. It does not include all the
information required for the full annual financial statements, and
should be read in conjunction with the financial statements of the
Group as at and for the year ended 31 January 2017. It does not
comply with International Accounting Standard (IAS) 34 'Interim
Financial Reporting' as is permissible under the rules of AIM. The
accounting policies applied in preparing these interim financial
statements are the same as those applied in the preparation of the
annual financial statements for the year ended 31 January 2017 (as
defined therein) other than standards, amendments and
interpretations which became effective after 1 February 2017 and
were adopted by the Group. These have had no significant impact on
the Group's result for the period or its equity.
2. Intangible Assets
Group
Patents
Goodwill and trademarks Total
GBP000 GBP000 GBP000
Cost
Balance as at 1 February 2016 - 1,152 1,152
Recognised on acquisition
of a subsidiary 2,101 - 2,101
Other acquisitions - internally
developed - 64 64
Balance as at 31 July 2016 2,101 1,216 3,317
Other acquisitions - internally
developed - 79 79
Balance as at 31 January 2017 2,101 1,295 3,396
Other acquisitions - internally
developed - - -
Balance as at 31 July 2017 2,101 1,295 3,396
--------- ---------------- -------
Amortisation and impairment
Balance as at 1 February 2016 - 412 412
Impairment losses for the
period 2,101 - 2,101
Amortisation - 15 15
Balance as at 31 July 2016 2,101 427 2,528
Impairment losses for the
period - 704 704
Amortisation - 8 8
Balance as at 31 January 2017 2,101 1,139 3,240
Impairment losses for the
period - 13 13
Amortisation - 8 8
Balance as at 31 July 2017 2,101 1,160 3,261
--------- ---------------- -------
Net book value
As at 31 July 2016 - 789 789
--------- ---------------- -------
As at 31 January 2017 - 156 156
--------- ---------------- -------
As at 31 July 2017 - 135 135
--------- ---------------- -------
3. Capital and Reserves
Reconciliation of movement in capital and reserves
Group
Share Share Retained Total
capital premium earnings equity
GBP000 GBP000 GBP000 GBP000
As at 1 February 2016 264 64,572 (36,405) 28,431
Total recognised income
and expense - - (7,930) (7,930)
Issue of ordinary share
capital 4 563 - 567
Equity-settled share-based
payments - - 58 58
-------- -------- --------- --------
Balance at 31 July 2016 268 65,135 (44,277) 21,126
-------- -------- --------- --------
Balance at 1 August
2016 268 65,135 (44,277) 21,126
Total recognised income
and expense - - (5,195) (5,195)
Issue of ordinary share
capital - 8 - 8
Equity-settled share-based
payments - - 41 41
-------- -------- --------- --------
Balance at 31 January
2017 268 65,143 (49,431) 15,980
-------- -------- --------- --------
Balance at 1 February
2017 268 65,143 (49,431) 15,980
Total recognised income
and expense - - (2,969) (2,969)
Issue of ordinary share
capital - 5 - 5
Equity-settled share-based
payments - - 60 60
-------- -------- --------- --------
Balance at 31 July 2017 268 65,148 (52,340) 13,076
-------- -------- --------- --------
Share capital
31 July 31 July 31 January
2017 2016 2017
(un-audited) (un-audited) (audited)
'000 '000 '000
-------------
In issue - fully paid
Ordinary shares of GBP0.001
each 268,471 268,339 268,426
------------- ------------- -----------
GBP000 GBP000 GBP000
-------------
Allotted, called up and fully
paid
Ordinary shares of GBP0.001
each 268 268 268
------------- ------------- -----------
Shares classified as liabilities - - -
Shares classified in shareholders'
funds 268 268 268
-------------
268 268 268
------------- ------------- -----------
During the period, 45,364 ordinary shares were issued, leading
to increases of GBP45 in share capital and GBP5,455 in the share
premium account.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DELFLDKFZBBL
(END) Dow Jones Newswires
September 26, 2017 02:00 ET (06:00 GMT)
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