TIDMEVG
RNS Number : 1297I
Evgen Pharma PLC
10 December 2020
Evgen Pharma plc
("Evgen" or "the Company" or "the Group")
Half year Report
Evgen Pharma plc (AIM: EVG), the clinical stage drug development
company developing sulforaphane based medicines for the treatment
of multiple diseases, announces its unaudited interim results for
the six months ended 30 September 2020.
Operational highlights
-- Dr Huw Jones appointed as Chief Executive Officer
-- Completion of first out-licensing deal with Juvenescence for
use of Sulforadex(R) technology in non-pharmaceutical markets. Up
to $10.5m receivable in milestones with royalties on sales
-- Phase IIb/III trial using SFX-01 for acute respiratory
distress syndrome (" ARDS") including COVID-19 patients sponsored
by Dundee University, with grant funding from LifeArc; the "STAR"
trial ( SFX-01 treatment for acute respiratory infections)
-- Patient recruitment commenced in STAR trial post the period
end with data potentially available in Q4 2021.
-- Strong pre-clinical data generated in a new solid tumour
indication; requirements for and design of a Phase Ib/IIa trial
being assessed
-- Pre-clinical work commenced in a blood cancer indication
based on new evidence that SFX-01 inhibits the SHP2 pathway
-- Pre-clinical work proceeding to support SFX-01 use in
metastatic breast cancer patients who have become resistant to
CDK4/6 drugs
-- Good progress in process development to scale up manufacturing and formulation of SFX-01
Financial highlights
-- Financial performance in-line with expectations:
o Loss post tax of GBP1.8m (2019: loss of GBP1.6m)
o Cash outflow from operations of GBP1.9m (2019: outflow of
GBP1.7m)
o Cash balance at 30 September 2020 of GBP2.3m (30 September
2019: GBP5.1m)
Dr Huw Jones, Chief Executive Officer of Evgen Pharma, said: "I
am delighted to have joined Evgen Pharma during a period of such
positive news for the Company. Substantial progress was made in the
half year in business development and in particular in our STAR
trial where patients with community acquired pneumonia from any
infection including COVID-19 can be recruited. I look forward to
updating the market and our shareholders on our next cancer
indication in due course, where preliminary pre-clinical data look
compelling. We continue to demonstrate the huge potential of our
pipeline and are excited for the future progression of this."
Enquiries:
Evgen Pharma plc www.evgen.com via Walbrook
Dr Huw Jones, CEO
Richard Moulson, CFO
finnCap www.finncap.com +44 (0) 20 7220 0500
Geoff Nash / Teddy Whiley (Corporate
Finance)
Alice Lane Sunila de Silva
(ECM)
Walbrook PR +44 (0)20 7933 87870 or evgen@walbrookpr.com
Paul McManus / Anna Dunphy +44 (0)7980 541 893 / +44 (0)7876 741 001
About Evgen Pharma plc
Evgen Pharma is a clinical stage company developing sulforaphane
based medicines with a focus on cancer and respiratory diseases.
The Company's core technology is Sulforadex(R), a method for
synthesising and stabilising the naturally occurring compound
sulforaphane and novel proprietary analogues based on sulforaphane.
The lead product, SFX-01, is a patented composition of synthetic
sulforaphane and alpha-cyclodextrin.
The Company has its headquarters at The Colony, Wilmslow,
Cheshire, and its registered office is at the Liverpool Science
Park, Liverpool. Our lead product, SFX-01, has demonstrated
efficacy in a Phase II trial for advanced metastatic breast cancer.
It has been used to treat over 150 patients in clinical trials and
is well-tolerated with predominately mild side-effects.
Evgen shares are traded on the AIM market of the London Stock
under the ticker symbol EVG.
For further information, please visit: www.evgen.com
CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT
We are pleased to present the financial results of Evgen for the
six months ended 30 September 2020 and to provide an update on the
significant progress made by the Group during the period.
INTRODUCTION
Evgen is a clinical stage drug development company focused on
the development of sulforaphane-based compounds, a new class of
pharmaceuticals which are synthesised in a proprietary,
well-tolerated, stable formulation. We have a comprehensive
intellectual property package over this technology. Our pipeline
exploits sulforaphane's activity in two oncology and inflammatory
diseases, based on inhibition of the pSTAT3 and SHP2 pathways, of
importance in controlling cancers, and up-regulation of Nrf2, a
therapeutic target associated with a broad range of diseases
characterised by excessive oxidative stress and inflammation.
Our lead product, SFX-01, has demonstrated efficacy in a Phase
II trial for advanced metastatic breast cancer. It has been used to
treat over 150 patients in clinical trials and is well-tolerated
with predominantly mild side-effects.
Dr Huw Jones joined Evgen recently as CEO. He has over 30 years'
experience of leadership roles in public and private R&D-based
companies within the biotechnology and pharmaceutical sector, with
a particular focus on pre-clinical and clinical drug development,
dilutive and non-dilutive financing and business development.
STRATEGY
Following the appointment of Dr Jones, Evgen's strategy has been
refined as follows:
-- To ensure our selected development programmes meet stringent
scientific and commercial criteria
-- Our core R&D efforts to be focused on our oncology and ARDS pipeline
-- SFX-01 to continue to be provided to academic groups for
preclinical evaluation in selected disease models
-- Consideration will be given to supporting clinical evaluation
of SFX-01 in non-core indications where there is compelling
preclinical data and an attractive commercial opportunity
-- To leverage the Sulforadex(R) platform by supporting
Juvenescence in bringing products to market outside the
pharmaceutical sector
-- The business model is to establish proof of concept and then conclude partnerships.
PIPELINE
Metastatic breast cancer ("mBC")
Since 2012, Evgen has worked with University of Manchester
scientists at the Cancer Research UK Manchester Institute
("Manchester") and together we have generated promising data
showing SFX-01 reduces the number of cancer stem cells in
patient-derived breast cancer tissue in xenograft models. The
xenograft studies used a combination of hormone therapy and SFX-01,
with the role of SFX-01 being to target the cancer stem cell
population. Crucially, the data also showed that SFX-01 is unique,
compared with existing marketed therapies, in deactivating
phosphorylated STAT3, a key agent in driving cancer metastases and
resistance to current standards of care. This data was recently
published in the prestigious journal, Oncogene.
In the open-label Phase II trial of SFX-01 in 46 mBC patients we
demonstrated:
-- Conclusive evidence of anti-cancer activity via objective responses (tumour shrinkage)
-- 24% of patients showed a durable clinical benefit for at
least six months, despite the late stage of disease and patients'
established resistance to hormone therapy. Of these, five patients
were still receiving SFX-01 at 12 months and one patient still
remains on treatment after 18 months
-- A mild and favourable side effect profile for an anti-cancer drug.
Since we commenced the trial CDK4/6 inhibitors have grown in
acceptance and are becoming standard of care in first line mBC
treatment. These drugs provide an extended period of progression
free survival, but invariably patients become resistant to them.
Accordingly, we are conducting further preclinical work with
Manchester to assess the impact of SFX-01 in CDK4/6 resistance
models. Positive data from this study would therefore support a
trial in second line mBC treatment of patients who have failed on
CDK4/6 inhibitors, which would be designed as a Phase II
placebo-controlled study. Such a trial could commence in Q1
2022.
ARDS in COVID-19 and other patients
In June, we won a highly competitive grant process to secure
funding from LifeArc to evaluate SFX-01 in patients with suspected
COVID-19, in conjunction with the University of Dundee ("Dundee").
The trial, sponsored by Dundee, will investigate whether SFX-01 can
reduce the severity, or prevent the onset of, acute respiratory
distress syndrome ("ARDS") associated with COVID-19 and pneumonia
resulting from other infectious agents, thus reducing the need for
invasive patient ventilation and potentially improving recovery
times.
SFX-01 upregulates the Nrf2 pathway which is part of the natural
human defence against inflammatory and oxidative stress, such as
the inflammation that occurs during a severe viral infection.
Preclinical studies have shown that up-regulating the Nrf2 pathway
reduces the severity of ARDS, the progressive lung damage observed
in COVID-19 and other pneumonia patients which can result in the
need for invasive ventilation in an intensive care unit.
The Phase IIb/III study will recruit up to 300 patients with
confirmed or suspected COVID-19. Patients will be drawn from both
hospital and community settings and may present with COVID-19 or
other respiratory diseases such as viral pneumonia. Half the group
will receive SFX-01 in addition to standard hospital care while the
other half will receive a placebo and standard hospital care.
Evgen will supply clinical centres with SFX-01 and a placebo as
its contribution to the trial. No additional financing is required
as the costs of providing SFX-01 for the trial are not
material.
Up to the 7(th) of December nine patients had been recruited and
depending on availability of COVID-19 patients and other patients
with ARDS, data could be available in the final quarter of 2021. In
addition, a Data Safety and Monitoring Board will review unblinded
data after 100 patients have been treated with SFX-01 or
placebo.
Solid tumour oncology target
In a collaboration which will be disclosed when patent filings
and a scientific paper have been prepared, strong preclinical data
has been generated when SFX-01 was evaluated in a model of a cancer
with very poor life expectancy, and for which current treatments
are limited.
In particular, in vitro studies with patient-derived cell lines
showed dose-dependent reduction in proliferation and migration.
Further, in vivo orthotopic xenograft models, treatment with SFX-01
increased disease-free survival and lengthened tumour progression
times, an effect that is synergistic with radiotherapy.
Further preclinical work will be initiated shortly to complete
the data set required for a clinical trial application and/or
partnering discussions. The preclinical work should be completed by
the middle of 2021 and a phase Ib/II could commence in Q1 of
2022.
Blood cancer target
Professor Philip Eaton at Queen Mary University of London has
shown that SFX-01 inhibits activity of the non-receptor
phosphotyrosine phosphatase, SHP2 (coded by the ptpn11 gene). SHP2
is thought to be a significant factor in some cancers and we have
recently agreed to support work in well-renowned university to
investigate whether SFX-01 has potential in a specific blood cancer
disease.
JUVENESCENCE PARTNERSHIP
In September we announced the licensing of our Sulforadex(R)
sulforaphane stabilisation technology in a number of
non-pharmaceutical applications to Juvenescence Ltd
("Juvenescence"). In particular, Juvenescence intends to market and
sell a high-end nutritional health product containing a defined
dose of sulforaphane extracted from natural sources. Under the
terms of the license agreement the ("Agreement"), we will receive
milestone and option payments of up to $10.5m together with
royalties on future product sales.
This agreement monetises one element of Evgen's sulforaphane
technology platform within a timescale considerably shorter than
that typical of pharmaceutical development. Our focus will remain
on progressing the therapeutic programmes, and the Agreement
contains provisions which ensure a clear differentiation between
potential nutritional health products and pharmaceutical products,
including limitations on daily dose.
The natural source of sulforaphane to be used by Juvenescence
contrasts with the synthetic sulforaphane which is used in SFX-01,
the Company's lead therapeutic product. It is envisaged that
product launch by Juvenescence will occur in around two years'
time.
NON-CLINICAL PROGRAMMES
Our long-term toxicology and manufacturing process development
work has continued. Initial data suggest that we will be able to
demonstrate an acceptable toxicology profile for conducting
clinical trials in chronic diseases where longer term dosing is
required. These data are consistent with our observations of
patients who received SFX-01 for extended periods in the mBC
trial.
Scale-up of our formulation and manufacturing processes has
progressed. In particular, a commercial scale process for producing
a key intermediate in drug substance manufacture has been developed
by a well-regarded contract manufacturing organisation. Also, the
stabilised sulforaphane conjugate has demonstrated good flow
properties in prototype solid dose formulations, enabling larger
scale production.
FINANCIAL REVIEW
The financial performance for the six-month period to 30
September 2020 was in line with expectations. Our first licensing
revenues ($250k) were received following signature of the
Juvenescence license. Operating losses increased on the previous
period by GBP0.3m from GBP1.6m to GBP1.9m; this was due to the
increase in activity and costs of the toxicology programmes and
manufacturing process development. Consequently the total
comprehensive loss for the period was GBP1.8m (30 September 2019:
GBP1.6m).
The net cash outflow for the period was GBP1.8m (30 September
2019: inflow of GBP3.0m as a result of an equity fundraise).
The cash position at 30 September 2020 stood at GBP2.3m (30
September 2019: GBP5.1m), reflecting the operating loss before
share-based payment charges. Since the year end HMRC has remitted
R&D tax credits of GBP0.47m.
The Directors estimate that the cash held by the Group together
with known receivables will be sufficient to support the current
level of activities into at least late 2021. They have therefore
prepared the financial statements on a going concern basis.
OUTLOOK
We have achieved a great deal since our last year end including
commencing the Phase IIb/III ARDS trial and our first partnership.
Furthermore, we now have two interesting preclinical programmes in
oncology of great potential, one of which targets a new pathway for
SFX-01. We are excited about our prospects going into 2021.
We would like to thank all our shareholders for their support
and look forward to progressing with our strategy which remains
clearly focused on commercialising the undoubted potential of
SFX-01.
Barry Clare Huw Jones
Chairman CEO
10(th) December 2020
Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2020 - unaudited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Notes Unaudited Unaudited Audited
--------------------------------------------- ------ -------------- -------------- ----------
Revenue 3 194 - -
Operating expenses
Operating expenses (1,965) (1,526) (2,998)
Share based compensation 5 (82) (84) (168)
--------------------------------------------- ------ -------------- -------------- ----------
Total operating expenses (2,047) (1,610) (3,166)
Operating loss (1,853) (1,610) (3,166)
Other income 10 - -
--------------------------------------------- ------ -------------- -------------- ----------
Loss on ordinary activities before
taxation (1,843) (1,610) (3,166)
Taxation - 5 451
--------------------------------------------- ------ -------------- -------------- ----------
Loss and total comprehensive expense attributable
to equity holders of the parent for the
period (1,843) (1,605) (2,715)
----------------------------------------------------- -------------- -------------- ----------
Loss per share attributable to equity
holders of the parent (pence)
--------------------------------------------- ------ -------------- -------------- ----------
Basic loss per share 4 (1.38) (1.43) (2.10)
Diluted loss per share 4 (1.38) (1.43) (2.10)
--------------------------------------------- ------ -------------- -------------- ----------
Consolidated Statement of Financial Position
as at 30 September 2020 - unaudited
As at As at As at
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Notes Unaudited Unaudited Audited
------------------------------------- ------ ------------- ------------- ---------
ASSETS
Non-current assets
Property, plant and equipment 1 3 2
Intangible assets 74 89 82
------------------------------------- ------ ------------- ------------- ---------
Total non-current assets 75 92 84
Current assets
Trade and other receivables 161 113 196
Current tax receivable 446 328 446
Cash and cash equivalents 2,306 5,050 4,131
------------------------------------- ------ ------------- ------------- ---------
Total current assets 2,913 5,491 4,773
Total assets 2,988 5,583 4,857
------------------------------------- ------ ------------- ------------- ---------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 434 353 653
------------------------------------- ------ ------------- ------------- ---------
Total current liabilities 434 353 653
Equity
Ordinary shares 6 343 331 331
Share premium 17,932 17,831 17,831
Merger reserve 2,067 2,067 2,067
Share based compensation 1,970 1,806 1,890
Retained deficit (19,758) (16,805) (17,915)
------------------------------------- ------ ------------- ------------- ---------
Total equity attributable to equity
holders of the parent 2,554 5,230 4,204
Total liabilities and equity 2,988 5,583 4,857
------------------------------------- ------ ------------- ------------- ---------
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2020 - unaudited
Ordinary Share Merger Share based Retained
shares premium reserve compensation deficit Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- -------- -------- ------------- --------- --------
Balance at 1 April 2020 331 17,831 2,067 1,890 (17,915) 4,204
Total comprehensive expense
for the period - - - - (1,843) (1,843)
Transactions with owners
Share issue - options exercised 12 101 - - - 113
Share based compensation
- share options - - - 80 - 80
---------------------------------
Total transactions with owners 12 101 - 80 - 193
--------------------------------- --------- -------- -------- ------------- --------- --------
Balance at 30 September 2020 343 17,932 2,067 1,970 (19,758) 2,554
--------------------------------- --------- -------- -------- ------------- --------- --------
Ordinary Share Merger Share based Retained
shares premium reserve compensation deficit Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- -------- -------- ------------- --------- --------
Balance at 1 April 2019 247 13,240 2,067 1,722 (15,200) 2,076
Total comprehensive expense
for the period - - - - (1,605) (1,605)
Transactions with owners
Share issue 84 4,919 - - - 5,003
Share issue - costs - (328) - - - (328)
Share based compensation
- share options - - - 84 - 84
---------------------------------
Total transactions with owners 84 4,591 - 84 - 4,759
--------------------------------- --------- -------- -------- ------------- --------- --------
Balance at 30 September 2019 331 17,831 2,067 1,806 (16,805) 5,230
--------------------------------- --------- -------- -------- ------------- --------- --------
Ordinary Share Merger Share based Retained
shares premium reserve compensation deficit Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- -------- -------- ------------- --------- --------
Balance at 1 April 2019 247 13,240 2,067 1,722 (15,200) 2,076
Total comprehensive expense
for the period - - - - (2,715) (2,715)
Transactions with owners
Share issue 83 4,589 - - - 4,672
Share issue - options exercised 1 2 - - - 3
Share based compensation
- share options - - - 168 - 168
--------------------------------- --------
Total transactions with owners 84 4,591 - 168 - 4,843
--------------------------------- --------- -------- -------- ------------- --------- --------
Balance at 31 March 2020 331 17,831 2,067 1,890 (17,915) 4,204
--------------------------------- --------- -------- -------- ------------- --------- --------
The registered number of Evgen Pharma plc is 09246681.
Consolidated Statement of Cash Flows
for the six months ended 30 September 2020 - unaudited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
---------------------------------------------- -------------- -------------- ----------
Cash flows from operating activities
Loss before taxation for the period (1,843) (1,610) (3,166)
Depreciation and amortisation 9 12 21
Share based compensation 82 84 168
---------------------------------------------- -------------- -------------- ----------
(1,752) (1,514) (2,977)
Changes in working capital
(Increase)/decrease in trade and other
receivables 35 22 (61)
(Decrease)/increase in trade and other
payables (219) (335) (35)
---------------------------------------------- -------------- -------------- ----------
Cash used in operations (184) (313) (96)
Taxation received - 169 497
---------------------------------------------- -------------- -------------- ----------
Net cash used in operating activities (1,936) (1,658) (2,576)
Cash flows (used in)/generated from investing activities
Acquisition of tangible fixed assets - - (1)
---------------------------------------------- -------------- -------------- ----------
Net cash (used in)/generated from investing
activities - - (1)
Cash flows from financing activities
Net proceeds from issue of shares 111 4,675 4,675
Net cash generated from financing activities 111 4,675 4,675
---------------------------------------------- -------------- -------------- ----------
Movements in cash and cash equivalents
in the period (1,825) 3,017 2,098
---------------------------------------------- -------------- -------------- ----------
Cash and cash equivalents at start of
period 4,131 2,033 2,033
---------------------------------------------- -------------- -------------- ----------
Cash and cash equivalents at end of period 2,306 5,050 4,131
---------------------------------------------- -------------- -------------- ----------
1. GENERAL INFORMATION
EVGEN PHARMA PLC ("Evgen", "the Group" or "the Company") is a
public limited company incorporated in England & Wales and is
admitted to trading on the AIM market of the London Stock Exchange
under the symbol EVG.
The address of its registered office is Liverpool Science Park
Innovation Centre 2, 146 Brownlow Hill, Liverpool, Merseyside, L3
5RF. The principal activity of the Group is clinical stage drug
development.
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The Group's half-yearly financial information, which is
unaudited, consolidates the results of Evgen Pharma plc and its
subsidiary undertaking up to 30 September 2020. The Group's
accounting reference date is 31 March. Evgen Pharma plc's shares
are quoted on the AIM Market of the London Stock Exchange
(AIM).
The Company is a public limited liability company incorporated
and domiciled in the UK. The consolidated financial information is
presented in round thousands of Pounds Sterling (GBP'000).
The financial information contained in this half-yearly
financial report does not constitute statutory accounts as defined
in section 434 of the Companies Act 2006. It does not therefore
include all of the information and disclosures required in the
annual financial statements. The financial information for the six
months ended 30 September 2019 and 30 September 2020 is
unaudited.
Full audited financial statements of the Group in respect of the
period ended 31 March 2020, which received an unqualified audit
opinion and did not contain a statement under section 498(2) or (3)
of the Companies Act 2006, have been delivered to the Registrar of
Companies.
The accounting policies used in the preparation of the financial
information for the six months ended 30 September 2020 are in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards as adopted by the
European Union ('IFRS') and are consistent with those which will be
adopted in the annual financial statements for the year ending 31
March 2020.
Whilst the financial information included has been prepared in
accordance with the recognition and measurement criteria of IFRS,
the financial information does not contain sufficient information
to comply with IFRS.
The Group has not applied IAS 34, Interim Financial Reporting,
which is not mandatory for UK AIM listed Groups, in the preparation
of this interim financial report.
Going concern
At 30 September 2020, the Group had cash and cash equivalents,
including short-term investments and cash on deposit, of GBP2.3
million.
The Directors have prepared detailed financial forecasts and
cash flows looking beyond 12 months from the date of the approval
of these financial statements. In developing these forecasts, the
Directors have made assumptions based upon their view of the
current and future economic conditions that will prevail over the
forecast period.
The Directors estimate that the cash held by the Group together
with known receivables will be sufficient to support the current
level of activities at least the end of the fourth quarter of
calendar year 2021. They have therefore prepared the financial
statements on a going concern basis.
Significant management judgement in applying accounting policies
and estimation uncertainty
When preparing the condensed consolidated interim financial
information, the Directors make a number of judgements, estimates
and assumptions about the recognition and measurement of assets,
liabilities, income and expenses.
The following are significant management judgements and
estimates in applying the accounting policies of the Group that
have the most significant effect on the condensed consolidated
interim financial information. Actual results may be substantially
different.
Share-based payments
The Group measures the cost of equity-settled transactions with
employees by reference to the fair value of the equity instruments
at the date at which they are granted. The fair value of the
options granted is determined using the Black-Scholes model, taking
into consideration the best estimate of the expected life of the
option and the estimated number of shares that will eventually
vest.
Research and development expenditure
All research and development costs, whether funded by third
parties under license and development agreements or not, are
included within operating expenses and classified as such. Research
and development costs relating to clinical trials are recognised
over the period of the clinical trial based on information provided
by clinical research organisations. All other expenditure on
research and development is recognised as the work is
completed.
All ongoing development expenditure is currently expensed in the
period in which it is incurred. Due to the regulatory and other
uncertainties inherent in the development of the Group's
programmes, the criteria for development costs to be recognised as
an asset, as prescribed by IAS 38, 'Intangible assets', are not met
until the product has been submitted for regulatory approval, such
approval has been received and it is probable that future economic
benefits will flow to the Group. The Group does not currently have
any such internal development costs that qualify for capitalisation
as intangible assets.
3. REVENUE
This is the up-front fee on signature of the Juvenescence
licensing deal, being $250,000.
4. LOSS PER SHARE
Basic loss per share is calculated by dividing the loss for the
period attributable to equity holders by the weighted average
number of ordinary shares outstanding during the period.
For diluted loss per share, the loss for the period attributable
to equity holders and the weighted average number of ordinary
shares outstanding during the period is adjusted to assume
conversion of all dilutive potential ordinary shares. As the effect
of the share options would be to reduce the loss per share, the
diluted loss per share is the same as the basic loss per share.
The calculation of the Group's basic and diluted loss per share
is based on the following data:
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Loss for the year attributable to equity
holders (1,843) (1,605) (2,715)
--------------------------------------------- -------------- -------------- ------------
As at As at As at
30 September 30 September 31 March
2020 2019 2020
Number Number Number
Unaudited Unaudited Audited
Weighted average number of ordinary shares 133,726,538 112,307,585 129,315,418
--------------------------------------------- -------------- -------------- ------------
Effects of dilution:
Share options - - -
Weighted average number of ordinary shares
adjusted for the effects of dilution 133,726,538 112,307,585 129,315,418
--------------------------------------------- -------------- -------------- ------------
Pence Pence Pence
Loss per share - basic and diluted (1.38) (1.43) (2.10)
--------------------------------------------- -------------- -------------- ------------
5. SHARE-BASED PAYMENTS
As at the end of the current period, the reconciliation of share
option scheme movements is as follows:
As at
30 September 2020
Number WAEP
Outstanding at 1 April 2020 9,531,368 GBP0.02
Granted during the period - -
Exercised during the period (4,751,178) GBP0.02
Lapsed/cancelled during the period (1,521,869) -
Outstanding at 30 September 2020 3,258,321 GBP0.02
----------------------------------- ------------ --------
During the six month period ended 30 September 2020, a
share-based payment charge of GBP81,504 (six months to 30 September
2019: GBP84,052) was expensed to the consolidated Statement of
Comprehensive Income.
The fair values of the options granted have been calculated
using a Black-Scholes model.
Assumptions used were an option life of 5 years, a risk-free
rate of 2 per cent., a volatility of 60 per cent. and no dividend
yield.
6. ISSUED CAPITAL AND RESERVES
Ordinary shares
Company Share Capital
Number GBP'000
As at 31 March 2020 132,646,263 331
---------------------------------- -------------- --------
Issued on exercise of options 4,751,178 12
Issued under placing agreement - -
At 30 September 2020 137,397,441 343
---------------------------------- -------------- --------
On 6 July 2020 2,957,600 new ordinary shares 0.25p each were
issued in connection with the exercise of share options.
On 7 July 2020 778,378 new ordinary shares 0.25p each were
issued in connection with the exercise of share options.
On 24 July 2020 1,015,200 new ordinary shares 0.25p each were
issued in connection with the exercise of share options.
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