TIDMSLN
RNS Number : 6802A
Silence Therapeutics PLC
28 March 2017
Preliminary results for the year to 31 December 2016
28 March 2017
Silence Therapeutics plc, AIM:SLN ("Silence" or "the Company") a
leader in the discovery, delivery and development of novel RNA
therapeutics for the treatment of serious diseases with unmet
medical need, announces its preliminary results for the year ended
31 December 2016.
Highlights
- Successful transition to focus upon GalNAc targeting
technology including selection of initial gene targets and new
pipeline
- Milestone revenue of GBP0.8m from licensee Quark
Pharmaceuticals after successful resolution to payment dispute
- Licensee Quark Pharmaceuticals Phase 2 QPI-1002 in AKI
expected to have data readout in H2 2017, and Phase 3 QPI-1002 DGF
in Q3 2018
- Strengthening of robust Intellectual Property portfolio to
enable further licensing deals and co-development deals
- Acquisition of 4.7% of the issued share capital of Arrowhead
Pharmaceuticals Inc. in the period, at a purchase price of
GBP4.3m
- Investment in tools, team and capacity to prosecute multiple programmes in parallel
- Founding of experienced Technology Advisory Board to advise
upon strategic RNAi direction
- Plc Board restructured to a majority of Non-Executive Directors
- Loss after tax for the period of GBP8.4m (2015: GBP6.6m)
- Net cash & cash equivalents of GBP39.0m at 31 December 2016 (2015: GBP51.9m)
Post year end events
- During January 2017, Silence purchased a further 4.5% of the
issued share capital of Arrowhead Pharmaceuticals Inc. for an
additional purchase price of GBP4.9m, bringing the total holding to
9.2%, as announced on 13 January 2017
- New European patent granted March 2017 on key RNAi chemical
modifications which reads widely across the RNAi industry
Chief Executive Officer Ali Mortazavi commented:
"2016 was a year of transformation and transition for RNAi and
Silence. The field has moved on rapidly based on scientific &
clinical successes and along with our competitors in the field we
have largely abandoned complex lipid nanoparticle (LNP) delivery
systems in favour of the GalNAc conjugate approach. To capitalise
on this new sector focus we were also able to utilise our strong
balance sheet to acquire a strategic stake in Arrowhead
Pharmaceuticals, with whom we hope to work closely in 2017 and
onwards.
2017-18 will be a pivotal period for RNAi as important clinical
readouts in the field will, we believe, validate RNAi as a new
powerful modality in drug development. Silence is well positioned
to capitalise on these events with a multi-pronged strategy.
Firstly, with these results, we have unveiled our initial set of
high conviction liver based pre-clinical candidates at the
research/discovery stage. We have worked extremely hard at target
gene/disease selection, benefitting from the learnings of our
competitors, and will continue to add to our pre-clinical
programmes providing multiple shots on goal. Our company is highly
focused on thorough vetting of potential candidates to minimise
risk of failure.
Additionally, as well as our own internal programmes, we have a
material interest in RNAi candidates outside of our own pipeline
through our established siRNA stabilisation chemistry Intellectual
Property ("IP"). Our IP provides a material stake in two of the
leading RNAi clinical candidates through our licensing agreement
with Quark Pharmaceuticals: QPI 1002 for both Acute Kidney Injury
and Delayed Graft Function, where we expect meaningful readouts
from Q3 2017 and Q3 2018 respectively. In addition, we also believe
that our IP is a critical component of other late stage RNAi
candidates. As RNAi becomes an established therapeutic approach,
the Directors believe that the totality of our IP alone represents
a very significant risk/reward upside relative to the market cap
and enterprise value of Silence. As such, we look forward to the
future with great confidence."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Silence Therapeutics plc Tel: +44 (0)20
Ali Mortazavi, Chief Executive 3457 6900
Officer
David Ellam, Chief Financial Officer
Canaccord Genuity Limited (Nominated Tel: +44 (0)20
Adviser and Joint Broker) 7523 8350
Henry Fitzgerald-O'Connor/Emma
Gabriel
Peel Hunt LLP (Joint Broker) Tel: +44 (0)20
James Steel/Oliver Jackson 7418 8900
Media Enquiries: Tel: +44 (0) 20
FTI Consulting 3727 1000
Simon Conway/Brett Pollard/Stephanie
Cuthbert
Notes to Editors
About Silence Therapeutics plc
Silence Therapeutics develops a new generation of medicines by
harnessing the body's natural mechanism of RNA interference, or
RNAi, within its cells. Our proprietary technology can selectively
inhibit any gene in the genome, specifically silencing the
production of disease-causing proteins. Using our enabling delivery
systems, we have achieved an additional level of specificity by
delivering our therapeutic RNA molecules exclusively to target
cells. Silence's proprietary RNA chemistries and delivery systems
are designed to improve the stability of our molecules and enhance
effective delivery to target cells, providing a powerful modular
technology well suited to tackle life-threatening diseases.
CHIEF EXECUTIVE'S REPORT
Overview
2016 has been a critical year for our Company in terms of the
transition to a new enabling technology and the hiring of key staff
to realise the potential in our drug development platform. In an
analogous way to emerging technologies in many disciplines, RNAi
has travelled through the highs and lows of an early stage
technology to become a powerful validated drug development
platform. As in all profound technological breakthroughs, the
possibilities are well understood shortly after discovery and
unpredicted challenges then appear in the journey to
implementation.
Targeting Technology
Perhaps the greatest de-risking tool that we have at our
disposal is the ability to run parallel projects. This 'multiple
shots on goal' approach is where we believe the true potential of
RNAi lies, with the genomic revolution creating a profusion of new
targets to address. In short, once we gain access to the cell
through the cell membrane with our delivery system, every gene
within that cell is druggable by RNAi.
We follow the same method every time:
1. Selection of target gene in hepatocytes that is linked to disease.
2. Synthesis of candidate short interfering RNAs (siRNA) and
identification of the lead molecule with the optimal properties to
inhibit said target gene.
3. Coupling of the lead siRNA to a GalNAc cluster to enable
effective and highly selective delivery to target cells
(hepatocytes), sparing other tissues.
4. Harnessing the natural process of Watson-Crick base pairing
between the siRNA and target mRNA, and thus creating the signal for
the cell to specifically silence the expression of the target
gene.
We have established a detailed process model for our
GalNAc-siRNA projects and the capacity to run 5 to 7
high-conviction pre-clinical projects, at different stages, per
year. It is at the end of this process and after extensive in vivo
studies that we make critical decisions on the performance of our
drug and whether a candidate is suitable for first-in-person
studies. Put simply, this creates pipeline breadth and avoids the
position of progressing solitary projects.
Investing in R&D
Our pre-clinical candidates:
--------------------------------------------------------------------------------
Programme Discovery Research Pre-clinical Clinical
-------------- --------------- ---------- --------- ------------- ---------
Rare diseases Iron overload X X
disorders
-------------- --------------- ---------- --------- ------------- ---------
Alcohol use X
disorder
-------------- --------------- ---------- --------- ------------- ---------
Acromegaly X
-------------- --------------- ---------- --------- ------------- ---------
Metabolic Cardiovascular X
diseases disease
-------------- --------------- ---------- --------- ------------- ---------
Undisclosed X
indication
-------------- --------------- ---------- --------- ------------- ---------
Out-licensed programmes (AtuRNAi)
------------------------------------------------------------------
Programme Research Pre-clinical Ph Ph Ph
1 2 3
------------------------- --------- ------------- --- --- ---
QPI 1002 - Delayed Graft X X X X X
Function (DGF)
------------------------- --------- ------------- --- --- ---
QPI 1002 - Acute Kidney X X X X
Injury (AKI)
------------------------- --------- ------------- --- --- ---
Our emphasis on the liver is founded on the fact that this organ
is responsible for a large part of the human body's metabolism. The
liver is the origin of several diseases of high unmet clinical
need, not only those that directly affect the liver itself but also
those that have detrimental effects elsewhere in the body, for
example - in the heart and even the brain. Throughout the year, we
generated a body of data that proved that our GalNAc-siRNA
technology is able to have a significant impact on the expression
of several liver genes. These results are being investigated
further as some of our projects progress through the pre-clinical
disease model.
In addition, we proved the concept that our liposomes can
mediate CRISPR gene editing through an entirely RNA based approach.
We have optimised the composition of our liposomes and achieved
sustained target gene disruption in vivo for two different target
liver genes. Importantly, only one other player which operates
exclusively in the gene editing field has reported in vivo CRISPR
data. This is a major discovery as liposomes are suitable to
deliver larger cargoes and our existing expertise in nanoparticles
can be repurposed for such applications, while GalNAc is the
preferred method for siRNA delivery. In line with our business
model, our aim is to establish collaborations or identify a partner
to progress this CRISPR technology forward without deploying
internal resources beyond our core siRNA focus.
Our licensee, Quark Pharmaceuticals, continues to advance a
phase II trial for acute kidney injury and a phase III trial for
delayed graft function. If successful, these products will lead to
meaningful milestones & royalties for Silence.
Finally, we obtained the follow-up data from our Phase 2a Atu027
study in pancreatic cancer during the year. We have subsequently
decided that as this is such a complex disease, the best strategy
to ensure good progress is to identify a suitable partner rather
than use our own balance sheet. This decision enables us to focus
our resources on developing our GalNAc-siRNA candidates
Intellectual Property
We have built, and continue to expand on, our strong portfolio
of patents which have critical utility in the field of RNAi as a
whole. Our IP reflects the innovative work that has been carried
out in Silence and captures the certain chemical modifications that
are key for therapeutic siRNA molecules to reach target cells
intact and therefore retaining their full potency. These
modifications are widely used by the RNAi industry to achieve the
stable delivery of naked siRNA.
Specifically, we have a second European patent granted in March
2017 that broadly claims these innovative key chemical
modifications and which reads widely across the RNAi industry.
Additionally, in the US, we similarly expect to achieve grant in
2017 of another US patent broadly claiming these key chemical
modifications. We will also continue to prosecute our other pending
applications in Europe and elsewhere so as to achieve additional
strong protection for these aspects of our technology. Not only do
we therefore expect to make significant strides in our core
business activity of drug development which will be reflected in
our international patent filing strategies in 2017, but we also see
material upside in potential licensing opportunities from companies
using our IP. Our patent estate covering siRNA stabilisation
chemistry has become even more relevant in recent years as the
field has moved from using lipid nanoparticles to conjugation
chemistry, where the siRNA is exposed and more susceptible to
attack in the body. Our proprietary stabilising chemistry is key
for therapeutic siRNA molecules to reach target cells intact and
therefore retaining their full potency.
We consider innovation to be key in the biotechnology industry,
and a crucial enabler for the generation of new IP. Therefore, in
addition to our commitment to progressing our pre-clinical
programmes at pace, we have a dedicated Technology Development team
which aims at discovering ways to improve our current technology
and next generations of RNAi based therapies as well as the means
to target additional cell types beyond hepatocytes.
Technology Advisory Board
During the year we announced the formation of our Technology
Advisory Board (TAB). This is chaired by Dr. Jörg Vollmer, who
brings over sixteen years of experience in drug discovery and
development. He is currently Chief Scientific Officer at Rigontec
and an Executive Board Member at BioRiver, and was previously CEO
at Nexigen. One of the first projects undertaken by the TAB was to
advise upon the transition from LNP/mRNA to a GalNAc focused
business.
Board changes
2016 was a year of steady progress as we carried out a strategic
reorganisation in order to position the company for a highly
successful future. The reorganization included the appointments of
a new Chief Finance Officer ("CFO") and a new Non-Executive
Director. David Ellam, our new CFO, joined in July 2016 and brought
with him valuable senior finance experience gained in roles within
both US and UK publicly-owned life science companies, most recently
at BioMarin Pharmaceuticals Inc. where he was Senior EUMEA Finance
Director. I am particularly pleased to welcome Dr. Andy Richards
CBE, who joined the Board in September 2016, and who chairs the
Remuneration Committee; he and Alistair Gray, who heads up our
Audit and Risk Committee have worked closely with the Chairman to
reshape the strategic direction of the Company and the governance
by which it is run.
Simon Sturge remained a Non-Executive Director and Chair of the
Remuneration Committee until his resignation from the Board on 18
January 2016. On 18 January 2016 Stuart Collinson was appointed as
a Non-Executive Director replacing Simon Sturge, resigning from the
Board on 5 April 2016. On the same date, Lars Karlsson resigned
from the Board. On 17 June 2016 Timothy Freeborn and Dr. Michael
Khan both resigned from the Board. This reflected the strategy of
refocusing the Board to have a majority of Non-Executive
Directors.
Looking ahead
2017/18 will be a critical period in the field of RNAi. As well
as announcing our own GalNAc-siRNA pipeline candidates, we also
await important readouts from competitor clinical studies which
will add not only to the viability of RNAi as a new class of
therapeutic but will also potentially have a significant impact
upon the value of our IP portfolio. Drug development is a unique
industry with a unique set of risks and challenges. The often
incomplete knowledge of human biology, coupled with extremely long
product life cycles and a requirement for significant amounts of
capital, can be difficult to manage. In summary, we do this because
it matters, and because we believe that RNAi will have a
substantial impact on medical practice while also transforming some
of the business risks above to a smoother outcome. We look forward
to 2017 with great anticipation and excitement.
Ali Mortazavi
Chief Executive Officer
28 March 2017
FINANCIAL REVIEW
During 2016 Silence has carefully transitioned its R&D spend
into the field of GalNAc conjugates. The year-end cash position of
GBP39M will allow the Company to progress its pipeline of
pre-clinical candidates towards IND filings.
Revenue
Revenue of GBP0.8m (2015: GBPnil) is a milestone payment
receivable under a licence from Quark Pharmaceuticals.
Research and development expenditure
Research and development expenditure increased to GBP8.7m during
the year (2015: GBP7.1m). The additional investment included patent
filing & prosecution costs as well as a greater use of reagents
within testing.
Administrative expenses
Administrative expenses during the year increased to GBP4.0m
(2015: GBP2.7m). Salaries & related costs increased by GBP0.8m.
The variance included one-off payments to leavers, and higher bonus
expenses as the bonus scheme was expanded across the business.
Separately, 2015 included a miscellaneous provision release of
GBP0.3m which was not repeated.
Financial income
Bank interest included in finance income remained at GBP0.2m
(2015: GBP0.2m) in line with the average cash balances.
The foreign exchange gain was GBP1.4m (2015: GBP0.2m). This was
primarily due to the impact upon Euro cash balances of the mid-year
fall in Sterling versus the Euro.
Taxation
During the year, we received a research and development tax
credit of GBP1.6m in the UK in respect of R&D expenditure in
2015. We have accrued GBP1.6m recognising a current tax asset in
respect of 2016 research and development tax credits (2015:
GBP1.3m) as we are now confident we are able to make this claim for
the year.
Liquidity, cash & cash equivalents
The Group's cash & cash equivalents at year end totalled
GBP39.0m, (2015: GBP51.9m). The cash outflow from operating
activities was GBP10.1m (2015: GBP8.3m) against an operating loss
of GBP11.9m (2015: GBP9.8m).
Other balance sheet items
Current trade & other receivables at year end totalled
GBP1.4m (2015: GBP0.4m). The rise was due to the revenue receivable
under the licence agreement from Quark (GBP0.8m).
Trade & other payables increased from GBP1.1m in 2015 to
GBP1.6m in 2016. The 2015 accounts payable balance was low due to a
high level of December 2015 payments which was not repeated in
December 2016.
Financial assets available for sale are primarily the ordinary
shares in Arrowhead Pharmaceuticals Inc. purchased in December
2016. At year end the investment was marked to market at GBP4.4m.
The unrealised gain of GBP0.1m was recognized in the consolidated
statement of comprehensive income.
Goodwill at year end was GBP7.7m (2015: GBP6.7m). The movement
in goodwill during the year related to foreign exchange.
Post year end events
During January 2017, Silence purchased a further 4.5% of the
issued share capital of Arrowhead Pharmaceuticals Inc. for an
additional purchase price of GBP4.9m, bringing the total holding to
9.2%, as announced on 13 January 2017.
David Ellam
Chief Financial Officer and Company Secretary
28 March 2017
CONSOLIDATED INCOME STATEMENT
year ended 31 December 2016
Unaudited Audited
2016 2015
GBP000s GBP000s
----------------------------------- ---------- --------
Revenue 770 -
Research and development costs (8,711) (7,114)
Administrative expenses (3,965) (2,655)
----------------------------------- ---------- --------
Operating loss (11,906) (9,769)
Finance and other income 1,544 340
----------------------------------- ---------- --------
Loss for the year before taxation (10,362) (9,429)
Taxation 1,922 2,784
----------------------------------- ---------- --------
Loss for the year after taxation (8,440) (6,645)
----------------------------------- ---------- --------
Loss per ordinary equity share
(basic and diluted) (12.1p) (10.4p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
year ended 31 December 2016
Unaudited Audited
2016 2015
GBP000s GBP000s
-------------------------------------------- ---------- --------
Loss for the year after taxation (8,440) (6,645)
Other comprehensive income/(expense),
net of tax:
Items that may subsequently be
reclassified to profit & loss:
Exchange differences arising on
consolidation of foreign operations 1,705 (616)
Unrealised gain on financial assets 118 -
available for sale
-------------------------------------------- ---------- --------
Total other comprehensive income/(expense) 1,823 (616)
Total comprehensive expense for
the year (6,617) (7,261)
-------------------------------------------- ---------- --------
CONSOLIDATED BALANCE SHEET
at 31 December 2016
Unaudited Audited
2016 2015
GBP000s GBP000s
--------------------------------------- ---------- ----------
Non-current assets
Property, plant and equipment 1,375 1,093
Goodwill 7,709 6,663
Other intangible assets 45 6
Available-for-sale financial assets 4,417 -
Other receivables 236 233
--------------------------------------- ---------- ----------
13,782 7,995
Current assets
Trade and other receivables 1,397 370
R&D tax credit receivable 1,600 1,271
Investments held for sale 3 2
Cash and cash equivalents 39,012 51,907
--------------------------------------- ---------- ----------
42,012 53,550
Current liabilities
Trade and other payables (1,610) (1,118)
--------------------------------------- ---------- ----------
Total assets less current liabilities 54,184 60,427
--------------------------------------- ---------- ----------
Net assets 54,184 60,427
--------------------------------------- ---------- ----------
Capital and reserves attributable
to the owners of the parent
Share capital 3,490 3,490
Capital reserves 163,641 165,074
Translation reserve 3,003 1,298
Profit and loss account (deficit) (115,950) (109,435)
--------------------------------------- ---------- ----------
Total equity 54,184 60,427
--------------------------------------- ---------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
year ended 31 December 2016
Share Capital Translation Accumulated Total
capital reserves reserve Losses equity
GBP000s GBP000s GBP000s GBP000s GBP000s
--------------------------------- --------- ---------- ------------ ------------ --------
At 1 January 2015 (audited) 2,605 126,197 1,914 (102,958) 27,758
--------------------------------- --------- ---------- ------------ ------------ --------
Recognition of share-based
payments - 777 - - 777
Lapse of vested options
in period - (168) - 168 -
Shares issued in year,
net of expenses 885 38,268 - - 39,153
--------------------------------- --------- ---------- ------------ ------------ --------
Transactions with owners 885 38,877 - 168 39,930
--------------------------------- --------- ---------- ------------ ------------ --------
Loss for year to 31 Dec
2015 - - - (6,645) (6,645)
Other comprehensive income
Exchange differences
arising on consolidation
of foreign operations - - (616) - (616)
--------------------------------- --------- ---------- ------------ ------------ --------
Total comprehensive expense
for the year - - (616) (6,645) (7,261)
--------------------------------- --------- ---------- ------------ ------------ --------
At 1 January 2016 (audited) 3,490 165,074 1,298 (109,435) 60,427
--------------------------------- --------- ---------- ------------ ------------ --------
Recognition of share-based
payments - 475 - - 475
Lapse of vested options
in period - (843) - 843 -
Share options repurchased - (1,065) - 964 (101)
--------------------------------- --------- ---------- ------------ ------------ --------
Transactions with owners - (1,433) - 1,807 374
--------------------------------- --------- ---------- ------------ ------------ --------
Loss for year to 31 Dec
2016 - - - (8,440) (8,440)
Other comprehensive income
Exchange differences
arising on consolidation
of foreign operations - - 1,705 - 1,705
Unrealised gain on financial
assets available for
sale - - - 118 118
--------------------------------- --------- ---------- ------------ ------------ --------
Total comprehensive expense
for the year - - 1,705 (8,322) (6,617)
--------------------------------- --------- ---------- ------------ ------------ --------
At 31 December 2016 (unaudited) 3,490 163,641 3,003 (115,950) 54,184
--------------------------------- --------- ---------- ------------ ------------ --------
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2016
Unaudited Audited
2016 2015
GBP000s GBP000s
-------------------------------------------- ---------- --------
Cash flow from operating activities
Loss before tax (10,362) (9,429)
Depreciation charges 302 180
Amortisation charges 8 2
Charge for the year in respect of
share-based payments 475 777
Finance & other income (1,544) (175)
Corporation tax credits received 1,594 1,513
(Increase) in trade and other receivables (1,030) (228)
Increase/(Decrease) in trade and
other payables 491 (895)
-------------------------------------------- ---------- --------
Net cash outflow from operating activities (10,066) (8,255)
-------------------------------------------- ---------- --------
Cash flow from investing activities
Decrease in other financial assets - 5,000
Acquisition of financial assets available (4,299) -
for sale
Interest received 161 175
Purchases of property, plant and
equipment (492) (843)
Purchases of intangible assets (45) (7)
-------------------------------------------- ---------- --------
Net cash inflow/(outflow) from investing
activities (4,675) 4,325
-------------------------------------------- ---------- --------
Cash flow from financing activities
Proceeds of issue of share capital,
net of issue costs of GBP1,105k - 39,153
Share options repurchased (101) -
-------------------------------------------- ---------- --------
Net cash inflow/(outflow) from financing
activities (101) 39,153
-------------------------------------------- ---------- --------
(Decrease)/Increase in cash and cash
equivalents (14,842) 35,223
-------------------------------------------- ---------- --------
Cash and cash equivalents at start
of year 51,907 16,857
Net (decrease)/increase in the year (14,842) 35,223
Effect of exchange rate fluctuations
on cash held 1,947 (173)
-------------------------------------------- ---------- --------
Cash and cash equivalents at end
of year 39,012 51,907
-------------------------------------------- ---------- --------
NOTES
year ended 31 December 2016
1 Basis of preparation
Silence Therapeutics plc ("the Company") and its subsidiaries
(together "the Group") are primarily involved in the research and
development of novel pharmaceutical products. Silence Therapeutics
plc, a Public Limited Company incorporated and domiciled in
England, is the Group's ultimate parent Company. The address of
Silence Therapeutic plc's registered office is 27-28 Eastcastle
Street, London W1W 8DH and the principal place of business is 72
Hammersmith Road, London W14 8TH.
The unaudited financial information set out in this statement
does not constitute the Company's statutory accounts for the years
ended 31 December 2015 or 31 December 2016, as defined in section
434 of the Companies Act 2006. The auditors have not yet reported
on the 2016 accounts.
Statutory accounts for 2015 have been delivered to the Registrar
of Companies and those for 2016 will be delivered in due course.
The Company's auditors PwC, have reported on the 2015 accounts;
their report was unqualified, did not draw attention to any matters
by way of emphasis without qualifying their report and did not
contain statements under s498 (2) or (3) Companies Act 2006. Whilst
the financial information included in this announcement has been
computed in accordance with International Financial Reporting
Standards as adopted by the EU ("IFRS") this announcement does not
itself contain sufficient information to comply with IFRS.
The principal accounting policies used in preparing this
preliminary results announcement are those that the Company will
apply in its statutory accounts for the year ended 31 December 2016
and are unchanged from those disclosed in the Company's Annual
Report and Accounts for the year ended 31 December 2015.
Full financial statements for the year ended 31 December 2016
will be posted to shareholders in April 2017.
2 Going concern
The financial statements have been prepared on a going concern
basis that assumes that the Group will continue in operational
existence for the foreseeable future. The Directors consider that
the continued adoption of the going concern basis is appropriate
and the financial statements do not reflect any adjustments that
would be required if they were to be prepared on any other
basis.
As at 31 December 2016 the Group had cash balances of GBP39.0m
(including a Euro cash balance of EUR13.4m). The Directors have
reviewed the working capital requirements of the Group for the next
twelve months and are confident that these can be met.
The Directors, having prepared cash flow forecasts, believe that
existing cash resources will provide sufficient funds for the Group
to continue its research and development programmes and to remain
in operation for at least twelve months from the date of approval
of these financial statements.
3 Loss per share
The calculation of the loss per share is based on the loss for
the financial year after taxation of GBP8.4m (2015: loss GBP6.6m)
and on the weighted average of 69,801,624 (2015: 64,023,900)
ordinary shares in issue during the year.
The options outstanding at 31 December 2016 and 31 December 2015
are considered to be non--dilutive as the Group is loss making.
4 Related party transactions
The Group had transactions during the year and balances at the
year end with the following organisations which are considered to
be related parties.
2016 GBP000s 2015
GBP000s
--------------------------------------- -------------- ---------
Pharmalogos Limited
Expenses charge for services - 20
Balance owed at 31 December 2016/2015 - -
Pharmalogos Limited, a company controlled by Dr Stella Khan,
wife of Dr Michael Khan, supplied research services to Silence
Therapeutics plc until February 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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