TIDMPYN
RNS Number : 6336U
Phynova Group PLC
29 June 2009
29 June 2009
Phynova Group PLC
("Phynova" or the "Company")
PHYNOVA ANNOUNCES HALF-YEARLY RESULTS FOR PERIOD ENDING 31 MARCH 2009
Continuing turbulence in the world's financial markets has resulted in difficult
trading conditions for many companies including small life science companies
such as Phynova.
Recognising the challenging environment that businesses operate in, the Company
has focused its activities into three areas: developing its pharmaceutical
pipeline, pursuing opportunities in functional ingredients, derived from the
pharmaceutical pipeline; for the cosmetic, food and supplement industries; and a
promising new area of commercial activity for Phynova, the registration and
licensing of novel over the counter ("OTC") products under the Traditional
Herbal Medicinal Products ("THMPs") registration scheme. The key to Phynova's
survival and future success will be its ability to generate near term revenues
and monetise the value in its pipeline created over the last several years.
It is pleasing to report that this focus and careful management of resources has
resulted in good operational progress despite the prevailing financial
conditions. Phynova has continued to progress discussions with commercial
partners and succeeded in raising additional funds from a placing predominantly
from its existing investors in May 2009 of this year.
Phynova is also conscious that in the difficult market conditions in which we
operate, the need to achieve critical mass may play an important role in the
continued survival and commercial success of the Company. With this in mind,
Phynova has recently retained City and Westminster Corporate Finance LLP to
advise the Company on potential M&A opportunities.
Regarding the pipeline, I would like to highlight the following:
Phynova's JV partner in China, Botanic Century, has recently received
notification from the Chinese FDA of the approval of its application to begin
clinical studies on its candidate drug, 'TQS' for post operative ileus (the
temporary stasis of the bowel that often follows abdominal surgery). Post
operative ileus is a clinical problem recognised world wide and various
estimates put the cost to the US health system alone at around $1 billion per
year, mainly representing the increased time patients spend in hospital after
surgery and before they can be sent home.
Phynova has the rights to this drug ('PYN9') outside China and is already
promoting the opportunity to western pharmaceutical companies in anticipation of
Phase IIa clinical data expected in late 2009. We hope to negotiate valuable
sublicensing deals during 2010 from this drug.
Phynova has always been conscious that it is vital to assure the Company's
potential commercial partners that the manufacture and supply of its drug
candidates can be achieved. The board was therefore especially pleased to
announce in February 2009 that it had established collaboration with Tasly
Modern Chinese Medicine Resource Ltd, a subsidiary of the Tasly Group of
Tianjin, China, one of the world's largest producers of botanical drugs. This
agreement paves the way for Phynova to access Tasly's state of the art
production facilities and thereby offer potential commercial partners excellent
manufacturing and supply capabilities. This will be particularly relevant to the
further development and manufacture of PYN9.
Elsewhere in the pipeline Phynova has continued to accumulate patents, vital for
the support of its marketing efforts. Despite financial constraints preventing
further clinical development of its lead drug candidate, PYN17 (symptomatic
relief of the symptoms of chronic hepatitis C), Phynova has now been granted
patents covering PYN17 in the major markets of Europe and the USA. We believe
firmly that the advent of additional antiviral options in the treatment of
chronic hepatitis C such as protease inhibitors will create new interest in the
overall treatment of hepatitis C and will lead to a demand for the symptomatic
treatment of those patients unable to access or tolerate the antiviral treatment
regimes.
In addition, Phynova has added a UK patent on PYN22 (obesity/fatty liver) to its
portfolio. With the recent withdrawal of certain high profile marketed drugs and
drug candidates in clinical and pre-clinical trial in this treatment sector, we
believe PYN22 offers an exciting alternative and is in active discussion with
both UK and international companies about PYN22's potential commercialisation.
Phynova has commissioned further work on PYN6, its topical candidate for MRSA,
that shows the drug maintains its anti bacterial activities after formulation in
simple topical gels. Reported resistance against commonly used topical
treatments for MRSA is increasing and we believe PYN6 may offer a viable new
approach to topical treatment. PYN6 is being actively promoted to companies in
the acute and dermatological care pharmaceutical sectors.
Phynova has continued its discussions with Chinese pharmaceutical companies
about the potential of its anti flavivirus candidate, PYN18. The Company is
currently awaiting the results of key laboratory tests on PYN18 that are being
carried out in a leading Sino-Japanese research institute and which will have a
bearing on the future strategic direction taken with this candidate.
Opportunities in the functional ingredients and OTC herbal products sectors
Phynova continues to work closely with Botanic Century, not just on the ethical
pharmaceutical opportunities already described, but also (appreciating the
opportunities to access potential early revenues) increasingly in the related
development of functional ingredients for both the food and cosmetic sectors.
Together the companies have advanced the development of 'BCL-6', the skin
anti-ageing agent highlighted in the 2008 Annual Report. Phynova has obtained an
exclusive world wide licence from Botanic Century for BCL-6 and through
prospective strategic joint-ventures has begun to actively promote BCL-6 in
Europe and the USA.
Phynova and Botanic Century have, in addition, commenced work on the
commercialisation of other functional food ingredients that have potential in
the prevention of symptoms associated with Type II diabetes and in combating
fatigue and improving the quality of sleep in middle aged and older people.
Under the EU directive for THMPs, all herbal products currently on sale in the
EU will have to either be registered and compliant with the directive by April
2011 or be removed from the market. Only a small number of THMPs have been
registered so far and it appears that companies involved in the manufacture and
sales of herbal products have been slow to react to the threat posed by the new
regulations. As a result there is good commercial opportunity for companies such
as Phynova who have the expertise to identify and register new THMPs and to then
license them to multiple partners within the EU. Phynova is in discussion with
potential partners who would fund this project in return for a license to use
the products and although these discussions are at an early stage, the response
has been very encouraging.
Financial review
This is the second interim report by the Group presented under International
Financial Reporting Standards.
In the six months ended 31 March 2009, Phynova recorded a pre-tax loss of GBP0.7
million, (2008: GBP2.4 million) which was in line with management's
expectations. Research and development costs of GBP91,000 have reduced over the
six months ended 31 March 2009 (six months ended 31 March 2008: GBP513,000; year
ended 30 September 2008: GBP683,000) largely due to the completion of Phase l
studies for PYN17, a reduction in research and development staff numbers, and a
shortage of cash resources. Research & Development costs are expected to remain
low in the future as the Company seeks to create partnerships in which the
licensee or co-developer would be expected to provide financial support.
We continue to look at ways of controlling and reducing administrative costs.
The Company's cash position, as at 31 March 2009, was GBP42,000. In May 2009,
Phynova raised GBP537,170 before expenses by means of a placing with existing
investors. These funds were raised through a placing of new ordinary shares at
six pence per share with existing investors and private investors who
predominantly benefited from the tax relief offered by the UK Government's
Enterprise Investment Scheme.
The carrying value of the group's investments reflects the company's expectation
of delivering future licencing agreements and raising the necessary funding to
be able to enter into such agreements.
In the Directors' opinion preparing the interim financial statements on a going
concern basis is appropriate given the assumption of raising further funding
later this year.
We anticipate a stronger second half of the year with progress being achieved
in commercial discussions regarding collaborative deals. As a research and
development company Phynova would expect to incur losses which should be
mitigated when planned revenues arise from collaboration deals. As announced in
May 2009 and based on cash flow forecasts, Phynova anticipates requiring
additional finance in the second half of 2009 to enable its strategy to be
implemented.
The Board continually reviews and controls administrative costs and cash flow
and has identified a number of areas to better manage its cash resources. These
include de-listing from the OTCQX platform in New York and delaying the
commencement of pre-clinical studies. In addition, senior management and
Non-Executive Directors have agreed to take reduced salaries from April 2009
until such time as the Company's cashflow permits.
The Board is hopeful that a licensing deal can be achieved in the latter part of
2009 and I look forward to updating you as to progress with these discussions.
Steve Harris
Chairman
29 June 2009
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 March 2009
+-----------------------------------------+-------+------------+------------+-------------+
| | | Six months | Six months | 12 months |
| | | Ended | Ended | Ended |
| | | 31 March | 31 March | 30 |
| | | 2009 | 2008 | September |
| | | | | 2008 |
+-----------------------------------------+-------+------------+------------+-------------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------------------+-------+------------+------------+-------------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-------------+
| Revenue | | - | - | - |
+-----------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-------------+
| Research and development costs | | (91) | (513) | (683) |
+-----------------------------------------+-------+------------+------------+-------------+
| Administrative costs | | (557) | (946) | (1,685) |
+-----------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-------------+
| Operating loss | | (648) | (1,459) | (2,368) |
+-----------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-------------+
| Finance income | | 2 | 19 | 34 |
+-----------------------------------------+-------+------------+------------+-------------+
| Finance costs | | (6) | - | (4) |
+-----------------------------------------+-------+------------+------------+-------------+
| Share of losses of joint ventures | | (38) | (10) | (36) |
+-----------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-------------+
| Loss before tax | | (690) | (1,450) | (2,374) |
+-----------------------------------------+-------+------------+------------+-------------+
| Taxation | | 1 | 231 | 420 |
+-----------------------------------------+-------+------------+------------+-------------+
| Loss for the period attributable to | | (689) | (1,219) | (1,954) |
| equity holders of the company | | | | |
+-----------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-----------------------------------------+-------+------------+------------+-------------+
| Basic and diluted loss per share | 3 | (3.1)p | (6.2)p | (9.3)p |
| (pence) | | | | |
+-----------------------------------------+-------+------------+------------+-------------+
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 March 2009
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| | Share | Share | Warrant | Merger | Foreign | Retained | Total |
| | capital | premium | reserve | Difference | Exchange | losses | equity |
| | | reserve | | reserve | reserve | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| At 1 October 2007 | 195 | 6,272 | 369 | 643 | (2) | (5,796) | 1,681 |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Changes in equity | | | | | | | |
| for 2007/2008 | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Exchange difference | - | - | - | - | 22 | - | 22 |
| arising on | | | | | | | |
| translation of | | | | | | | |
| foreign operations | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Net income | 195 | 6,272 | 369 | 643 | 20 | (5,796) | 1,703 |
| recognised directly | | | | | | | |
| in equity | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Loss for the period | - | - | - | - | - | (1,219) | (1,219) |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Total recognised | 195 | 6,272 | 369 | 643 | 20 | (,7015) | 484 |
| income and expense | | | | | | | |
| for the year and | | | | | | | |
| balance at 31 March | | | | | | | |
| 2008 | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Changes in equity | | | | | | | |
| for 2007/2008 | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Exchange difference | | | | | 30 | | 30 |
| arising on | | | | | | | |
| translation of | | | | | | | |
| foreign operations | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Net income | 195 | 6,272 | 369 | 643 | 50 | (7,015) | 514 |
| recognised directly | | | | | | | |
| in equity | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Loss for the period | - | - | - | - | - | (735) | (735) |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Total recognised | 195 | 6,272 | 369 | 643 | 50 | (7,750) | (221) |
| income and expense | | | | | | | |
| for the year | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Issue of share | 30 | 1,183 | - | - | - | - | 1,213 |
| capital | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Issue costs | | (153) | | | | 53 | (100) |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Warrant reserve | | 116 | (116) | | | | - |
| transfer | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Balance at 30 | 225 | 7,418 | 253 | 643 | 50 | (7,697) | 892 |
| September 2008 | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Changes in equity | | | | | | | |
| for 2008/2009 | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Exchange difference | - | - | - | - | 115 | - | 115 |
| arising on | | | | | | | |
| translation of | | | | | | | |
| foreign operations | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Net income | 225 | 7,418 | 253 | 643 | 165 | (7,697) | 1,007 |
| recognised directly | | | | | | | |
| in equity | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Loss for the period | - | - | - | - | - | (689) | (689) |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Total recognised | 225 | 7,418 | 253 | 643 | 165 | 8,386 | 318 |
| income and expense | | | | | | | |
| for the year | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| Warrant reserve | | 250 | (250) | | | | - |
| transfer | | | | | | | |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
| At 31 March 2009 | 225 | 7,668 | 3 | 643 | 165 | (8,386) | 318 |
+---------------------+---------+----------+---------+------------+-----------+----------+---------+
CONSOLIDATED SUMMARISED BALANCE SHEET AS AT 31 MARCH 2009
+----------------------------------------------+-----------+------------+-------------+
| | At | At | At |
| | 31 March | 31 March | 30 |
| | 2009 | 2008 | September |
| | | | 2008 |
+----------------------------------------------+-----------+------------+-------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------------+-----------+------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-----------+------------+-------------+
| Assets | | | |
+----------------------------------------------+-----------+------------+-------------+
| | | | |
+----------------------------------------------+-----------+------------+-------------+
| Non-current assets | | | |
+----------------------------------------------+-----------+------------+-------------+
| Plant and equipment | 8 | 16 | 12 |
+----------------------------------------------+-----------+------------+-------------+
| Investment in joint venture | 641 | 559 | 563 |
+----------------------------------------------+-----------+------------+-------------+
| Total non-current assets | 649 | 575 | 575 |
+----------------------------------------------+-----------+------------+-------------+
| | | | |
+----------------------------------------------+-----------+------------+-------------+
| Current assets | | | |
+----------------------------------------------+-----------+------------+-------------+
| Trade and other receivables | 96 | 515 | 252 |
+----------------------------------------------+-----------+------------+-------------+
| Cash and cash equivalents | 42 | 501 | 376 |
+----------------------------------------------+-----------+------------+-------------+
| Total current assets | 138 | 1,016 | 628 |
+----------------------------------------------+-----------+------------+-------------+
| | | | |
+----------------------------------------------+-----------+------------+-------------+
| Total assets | 787 | 1,591 | 1,203 |
+----------------------------------------------+-----------+------------+-------------+
| | | | |
+----------------------------------------------+-----------+------------+-------------+
| Liabilities | | | |
+----------------------------------------------+-----------+------------+-------------+
| | | | |
+----------------------------------------------+-----------+------------+-------------+
| Current liabilities | | | |
+----------------------------------------------+-----------+------------+-------------+
| Trade and other payables | (469) | (764) | (311) |
+----------------------------------------------+-----------+------------+-------------+
| Provisions | - | (343) | - |
+----------------------------------------------+-----------+------------+-------------+
| Total liabilities | (469) | (1,107) | (311) |
+----------------------------------------------+-----------+------------+-------------+
| | | | |
+----------------------------------------------+-----------+------------+-------------+
| Total net assets | 318 | 484 | 892 |
+----------------------------------------------+-----------+------------+-------------+
| | | | |
+----------------------------------------------+-----------+------------+-------------+
| Capital and reserves attributable to equity | | | |
| holders of the company | | | |
+----------------------------------------------+-----------+------------+-------------+
| Share capital | 225 | 195 | 225 |
+----------------------------------------------+-----------+------------+-------------+
| Share premium reserve | 7,668 | 6,272 | 7,418 |
+----------------------------------------------+-----------+------------+-------------+
| Warrant Reserve | 3 | 369 | 253 |
+----------------------------------------------+-----------+------------+-------------+
| Merger difference reserve | 643 | 643 | 643 |
+----------------------------------------------+-----------+------------+-------------+
| Foreign Exchange reserve | 165 | 20 | 50 |
+----------------------------------------------+-----------+------------+-------------+
| Retained losses | (8,386) | (7,015) | (7,697) |
+----------------------------------------------+-----------+------------+-------------+
| Total equity | 318 | 484 | 892 |
| | | | |
+----------------------------------------------+-----------+------------+-------------+
CONSOLIDATED SUMMARISED CASH FLOW STATEMENT
AS AT 31 MARCH 2009
+---------------------------------------------+------------+------------+-------------+
| | Six months | Six months | 12 months |
| | Ended | Ended | Ended |
| | 31 March | 31 March | 30 |
| | 2009 | 2008 | September |
| | | | 2008 |
+---------------------------------------------+------------+------------+-------------+
| | Unaudited | Unaudited | Audited |
+---------------------------------------------+------------+------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------+------------+------------+-------------+
| Cash flows from operating activities | | | |
+---------------------------------------------+------------+------------+-------------+
| Loss before tax | (689) | (1,450) | (2,374) |
+---------------------------------------------+------------+------------+-------------+
| Adjustments for: | | | |
+---------------------------------------------+------------+------------+-------------+
| Depreciation | 4 | 6 | 10 |
+---------------------------------------------+------------+------------+-------------+
| Finance Income | (2) | (19) | (35) |
+---------------------------------------------+------------+------------+-------------+
| Finance cost | 6 | - | 4 |
+---------------------------------------------+------------+------------+-------------+
| Share of losses of joint venture | 38 | 10 | 36 |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Operating loss before changes in working | (643) | (1,453) | (2,359) |
| capital | | | |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| (Increase)/Decrease in trade and other | (33) | 42 | 262 |
| receivables | | | |
+---------------------------------------------+------------+------------+-------------+
| Increase/(Decrease) in trade and other | 158 | 379 | (73) |
| payables | | | |
+---------------------------------------------+------------+------------+-------------+
| (Decrease) in provisions | - | - | (343) |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Cash used in operations | (518) | (1,032) | (2,513) |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Income tax received | 188 | 93 | 325 |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Net cash used in operating activities | (330) | (939) | (2,188) |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Cash flows from investing activities | | | |
+---------------------------------------------+------------+------------+-------------+
| Purchase of plant and equipment | - | (6) | (6) |
+---------------------------------------------+------------+------------+-------------+
| Interest received | 2 | 19 | 35 |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Cash used in investing activities | 2 | 13 | 29 |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Cash flows from financing activities | | | |
+---------------------------------------------+------------+------------+-------------+
| Issue of ordinary shares | - | - | 1,213 |
+---------------------------------------------+------------+------------+-------------+
| Share issue costs | - | - | (101) |
+---------------------------------------------+------------+------------+-------------+
| Interest paid | (6) | - | (4) |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Cash generated by financing activities | (6) | - | 1,108 |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| (Decrease)/Increase in cash and cash | (334) | (926) | (1,051) |
| equivalents | | | |
+---------------------------------------------+------------+------------+-------------+
| Cash and cash equivalents at beginning of | 376 | 1,427 | 1,427 |
| period | | | |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
| Cash and cash equivalents at end of period | 42 | 501 | 376 |
+---------------------------------------------+------------+------------+-------------+
| | | | |
+---------------------------------------------+------------+------------+-------------+
NOTES TO THE HALF-YEARLY FINANCIAL INFORMATION
For the six months ended 31 March 2009
1. Basis of preparation
The unaudited Consolidated Interim Report was approved by the Board of Directors
on 29 June 2009.
The consolidated interim financial information for the six months ended 31 March
2009 and for the six months ended 31 March 2008 is unaudited,
The financial information in this interim announcement does not constitute
statutory accounts within the meaning of Section s434 of the Companies Act 2006.
The comparative financial information for the year ended 30 September 2008
does not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. The statutory accounts of Phynova Group plc for the year
ended 30 September 2008 have been reported on by the Company's auditors and have
been delivered to the Registrar of Companies.
The report of the auditors was unqualified, but included a reference to matters
to which the auditors drew attention by way of emphasis without qualifying their
report in respect of the going concern basis of preparation and the carrying
value of investments in the group accounts as well as amounts due from
subsidiary companies in the parent company accounts.
The auditor's report did not contain statements under Section 237(2) or 272(3)
of the Companies Act 1985.
2. Basis of accounting
The interim financial statements have been prepared on the basis of the
accounting policies expected to apply for the financial year to 30 September
2009. These policies are in accordance with the recognition and measurement
principles of International Financial Reporting Standards (IFRSs) as endorsed by
the European Union.
The accounting policies applied in the preparation of these interim financial
statements are consistent with those used in the financial statements for the
year ended 30 September 2008.
The interim financial statement has been prepared on a going concern basis as
described in the Chairman's Statement (Financial review) on pages 1-4.
3. Loss per share
The calculation of the basic and diluted loss per share is based on the loss on
ordinary activities after tax and on the weighted average number of ordinary
shares in issue during the period. The loss and weighted average number of
shares used in the calculations are set out below:
+----------------------------------------+---------+----------------+--------------+
| Basic and diluted loss per share | Loss | Weighted | Loss per |
| | GBP'000 | average number | share pence |
| | | of shares | |
+----------------------------------------+---------+----------------+--------------+
| Six months ended 31 March 2009 | (689) | 22,491,074 | (3.1) |
+----------------------------------------+---------+----------------+--------------+
| Six months ended 31 March 2008 | (1,219) | 19,536,258 | (6.2) |
+----------------------------------------+---------+----------------+--------------+
| 12 months ended 30 September 2008 | (1,954) | 20,978,516 | (9.3) |
+----------------------------------------+---------+----------------+--------------+
At 31 March 2009, the Company had 506,051 (31 March 2008: 5,203,991) share
options and warrants outstanding, equivalent to 2 per cent of the Company's
enlarged share capital, on the basis of all the share options being exercised
before expiration. The share options have not been included in the calculation
of the diluted loss per share as they would dilute a loss.
4. Post balance sheet events
In May 2009, the Company raised a further GBP477,801 net of expenses of
additional capital through the issue of 8,952,836 ordinary shares at 6 pence per
share with existing investors and private investors.
5. Dividends
The Directors do not recommend the payment of an interim dividend.
6. Tax note
The company has not submitted a corporation tax claim in respect of R&D tax
credits in the six month period to 31 March 2009 (six month to March
2008: GBP231,000, year to 30 September 2008 GBP420,000).
7. Copies of interim accounts
Copies of the Interim Results will be available from our website www.phynova.com
or by written request to the Company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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