TIDMTRX
RNS Number : 2812M
Tissue Regenix Group PLC
12 October 2016
Tissue Regenix Group plc
("Tissue Regenix" or "the Group")
Unaudited Interim Results for the six months ended 31 July
2016
Leeds, 12(th) October 2016 - Tissue Regenix Group (AIM:TRX)
"Tissue Regenix" or "The Group", the regenerative medical devices
company, today announces its unaudited interim results for the six
months ended 31 July 2016.
Highlights
During the period, the Group has achieved the following
important milestones:
-- Delivered revenue of GBP631k (2015: GBP252k) 150% increase
-- 510(k) Market clearance for SurgiPure(TM) XD
-- First dCELL(R) process approval by the FDA
-- OrthoPure(TM) XT regulatory process shortened
-- First GPO contract signed in the US for DermaPure(R)
-- Further Medicare approvals for DermaPure(R) - 93% now covered
-- Appointment of VP Orthopedics North America
Antony Odell, CEO of Tissue Regenix Group plc commented: "Tissue
Regenix delivered revenue of GBP631k during the six months to
31(st) July 2016, a 150% increase over the comparative period. Our
continued focus on adoption and advocacy was rewarded with further
Medicare approvals and our first Group Purchasing Order agreement,
both significant steps for the continuing success of DermaPure(R),
and highlights the growing commercial traction DermaPure(R) has
gained within the competitive US wound care market.
Alongside this, we continue to progress with our European market
entry and expect to be in a position to launch our first
orthopaedic product, OrthoPure(TM) XT, into this market in H1 2017,
with CE mark submission expected to be made a full six months ahead
of schedule.
The developing momentum behind our dCELL(R) Technology product
portfolio brings us confidence that we will achieve our year end
corporate goals. We look forward to reporting our progress in the
coming months."
For more information:
Tissue Regenix Group plc Tel: 0330
Caitlin Pearson Corporate Communications 430 3073
Officer
========================================== ===========
Jefferies International Ltd Tel: 020
Simon Hardy / Harry Nicholas 7029 8000
========================================== ===========
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. The company's patented decellularisation
('dCELL(R)') technology removes DNA and other cellular material
from animal and human tissue leaving an acellular tissue scaffold
which is not rejected by the patient's body which can then be used
to repair diseased or worn out body parts. The potential
applications of this process are diverse and address many critical
clinical needs such as vascular disease, heart valve replacement
and knee repair.
Tissue Regenix was formed in 2006 when it was spun-out from the
University of Leeds. The company commercialises academic research
conducted by our partners around the World.
In November 2012 Tissue Regenix Group plc set up a subsidiary
company in the United States - 'Tissue Regenix Wound Care Inc.', as
part of its commercialisation strategy for its dCELL(R) technology
platform.
TISSUE rEGENIX GROUP PLC
INTERIM FINANCIAL REPORT FOR THE SIX MONTHSED 31 JULY 2016
HIGHLIGHTS
"During this period Tissue Regenix Group has made significant
progress in operations across both the US and EU, highlighted by a
twofold increase in revenue in the US, confirming our ability to
successfully commercialise products, whilst also identifying
further market entry opportunities."
JOHN SAMUEL
CHAIRMAN
During the period to 31 July 2016 the Group has continued to
make significant progress in operations across both the US and
EU.
Fundamental to this is the growing adoption of DermaPure(R) in
the US Wound Care market, with momentum continuing beyond the
initial GBP0.8m reported for the full year, now reflected in a two
fold increase in revenue over the previous comparative period.
This, however, should not overshadow the significant strides
made in Europe, with OrthoPure(TM) XT now increasingly close to a
commercial market launch.
The decision to supersede our initial clinical trial for
OrthoPure(TM) XM with a further iteration of the implant should
ultimately facilitate its market introduction into Europe, but
crucially also assist in the US market launch in the coming
years.
Progress in the last six months continues to vindicate our
confidence in our product portfolio, both in the marketplace and in
the development pipeline.
As the development and expansion of the company continues in
line with our ambitions and expectations, we are confident that our
results for the full year will reflect this.
OPERATIONAL REVIEW
Overview
In the six months to July 2016 Tissue Regenix Group has
continued to see commercial and corporate growth in line with our
expectations and strategic goals. DermaPure(R) continues to perform
well in the competitive US wound care market, our orthopaedic
business is coming to the fore within Europe and significant
progress has been made in bringing our dCELL(R) heart valves to the
European market.
Alongside these early commercial milestones we continue the
development of additional applications arising from our research
pipeline agreements with The University of Leeds and research
partner the Pontificial Catholic University of Paranà. Furthermore,
we continue to exploit opportunities for product line extensions
that would allow for a broader use of our existing products.
US
During the period our US business continued to make significant
progress, as demonstrated in this set of results, with a two fold
increase in sales comparative to the first six months of the
previous year. We expect this year to follow a similar revenue
profile as seen previously, accelerating towards the end, as
demonstrated during H2 FY16 where the revenue increase was +131%
against H1.
Further Medicare coverage has been gained, with now only one
jurisdiction outstanding. Our focus on adoption and advocacy
continues as the importance of health economics increases within
the US healthcare market, and the economic advantages of products
such as DermaPure(R) become apparent.
As we look to meet the demand of new applications for
DermaPure(R) we have expanded our portfolio of products to allow
for larger and thicker sizes in response to physician feedback. We
continue to pursue opportunities in different markets such as
dentistry and burns and anticipate further progress in this regard
in the coming year.
The 510(k) market clearance for SurgiPure(TM) XD was another
major inflection point. This is the first time the FDA has reviewed
the full dCELL(R) process and SurgiPure(TM) XD therefore becomes
our first FDA approved product, with an expected launch in
H217.
Alongside this we have also progressed with the groundwork for
our US Orthopedic subsidiary, appointing a VP for North America.
With an initial focus on human tissue applications, we have begun
discussions with multiple potential partners. In conjunction with
these developments, we have established a clinical advisory board
consisting of five experts with varying specialties in sports
medicine, with an emphasis on ligament reconstruction, meniscal
replacement, and cartilage restoration. We expect this area of our
business to develop significantly over the coming year.
Europe
Orthopaedics continues to be our primary focus within the
European market and our recent announcement, that the CE mark
submission for OrthoPure(TM) XT (porcine tendon) would be completed
six months ahead of schedule is a testament to the hard work
ongoing in our orthopaedic division, whilst also highlighting the
growing need and demand for such a treatment within this field. We
anticipate that we will be in a position to launch OrthoPure(TM) XT
into the European market in H117.
The OrthoPure(TM) XM (porcine meniscus) clinical trial closed
earlier in the year, with the clinical data showing
biocompatibility and integration into the patient's tissues.
Feedback from the trial led to the decision to undertake a second
clinical trial with a modified implant to allow the same product to
be marketed in both the EU and US.
GBM-V, our Joint Venture tissue bank in Rostock, Germany,
continues to carve out a path for our human tissue applications in
mainland Europe, with an initial focus on CardioPure(TM), dCELL(R)
heart valves, and DermaPure(R). We now have an experienced team in
place to lead us through the regulatory process and currently
remain on track to produce the first heart valves in H217.
Summary and Outlook
The next twelve months promise some significant milestones for
Tissue Regenix, including the launch of our first orthopaedic
application in Europe, the launch of our second wound care product,
SurgiPure(TM) XD into the US and the ongoing regulatory submissions
to the German authorities for decellurised tissues to be treated at
GBM-V. Alongside this, the continued growth of DermaPure(R), as
evidenced by these results, and the ongoing development of our
orthopaedic business within the US ensure that we remain on track
to end our year accomplishing our corporate goals, and we look
forward to reporting our progress over the coming months.
Financial Summary
For the 6 months ended 31 July 2016 Tissue Regenix Group
delivered revenue of GBP631k (2015: GBP252k) generating an
operating loss of GBP5,523k (2015: GBP4,133k). With finance income
of GBP81k (2015: GBP116k) and a research and development tax credit
of GBP280k (2015: GBP335k) the loss after tax was GBP5,162k (2015:
GBP3,682k), of which GBP5,082k (2015: GBP3,682k) was attributable
to the equity holders of the parent company. Cash balances at the
end of the period were GBP13,515k (2015: GBP24,887k) and the Group
was debt free. The results were in line with our expectations.
Wound Care
Wound care revenue for the period of GBP631k (2015: GBP244k) was
derived from sales of DermaPure(R) in the USA, representing a more
than two fold increase over the prior period. The local currency
equivalents, to eliminate the effects of exchange, were $891k
(2015: $371k). As was the case in the previous year, revenue
phasing across the year is expected to be weighted towards H2. With
more visibility now regarding the appointment of distributors and
contract approvals, the 12-month revenue guidance range has been
narrowed to $2.5m -$3.5m compared to the 12-month prior period of
$1.2m (however, please note shortened accounting period below).
Gross margin for the period for the Wound Care division was 81%
(2015: 75%). SG&A costs increased as expected, impacted by the
full year effect of previous year direct sales hires and commission
costs, which increase with revenue.
The commission costs were $290k (2015: $100k), which as a
percentage of sales was therefore 32.5% (2015: 27.0%). Guidance for
full year margin and commission percentage remain at c.80% and
c.37.5% respectively.
Orthopaedics
The costs incurred of GBP1,300k (2015: GBP1,050k) consisted
primarily of clinical trial costs as both OrthoPure(TM) XM and
OrthoPure(TM) XT moved through the human trial phase. The costs
were in line with our expectations and previous guidance. We expect
to see the first revenue from this division in H117 following
commercialisation of OrthoPure(TM) XT.
Cardiac
The results for this segment are not material during this
period. However, the joint venture, GBM-V, set up earlier in the
year remains on track to launch CardioPure(TM) heart valves in
Germany during 2017.
Central
Operation costs are mainly incurred centrally and are in general
not allocated to individual operating units. Costs remained flat
over the period at GBP1,406k (2015: GBP1,417k).
Accounting reference date change
As noted previously the Group has changed its accounting
reference date to 31 December. The next reporting period will
therefore be for the 11 months to 31 December 2016.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
For the six months to 31 July 2016
6 months 6 months 12 months
to to to
31 July 2016 31 July 2015 31 Jan 2016
Notes GBP'000 GBP'000 GBP'000
--------------------------------------------------- ----- ------------- ------------- ------------
Revenue 631 252 816
Cost of sales (119) (62) (154)
--------------------------------------------------- ----- ------------- ------------- ------------
Gross profit 512 190 662
Administrative expenses (6,035) (4,323) (10,904)
--------------------------------------------------- ----- ------------- ------------- ------------
Operating loss (5,523) (4,133) (10,242)
Finance income 81 116 213
--------------------------------------------------- ----- ------------- ------------- ------------
Loss before tax (5,442) (4,017) (10,029)
Taxation 4 280 335 527
--------------------------------------------------- ----- ------------- ------------- ------------
Loss after tax (5,162) (3,682) (9,502)
--------------------------------------------------- ----- ------------- ------------- ------------
Attributable to:
Equity holders of the parent (5,082) (3,682) (9,410)
Non-controlling (80) - (92)
--------------------------------------------------- ----- ------------- ------------- ------------
(5,162) (3,682) (9,502)
--------------------------------------------------- ----- ------------- ------------- ------------
Other comprehensive income/(expense):
Foreign currency translation differences - foreign
operations (38) 4 (1)
--------------------------------------------------- ----- ------------- ------------- ------------
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR (5,200) (3,678) (9,503)
--------------------------------------------------- ----- ------------- ------------- ------------
Attributable to:
Equity holders of the parent (5,105) (3,678) (9,411)
Non-controlling interests (95) - (92)
--------------------------------------------------- ----- ------------- ------------- ------------
(5,200) (3,678) (9,503)
--------------------------------------------------- ----- ------------- ------------- ------------
Loss per share
Basic and diluted on loss attributable to equity
holders of the parent 5 (0.68)p (0.50)p (1.27)p
--------------------------------------------------- ----- ------------- ------------- ------------
The loss for the period arises from the Group's continuing
operations.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
For the six months to 31 July 2016
Attributable to equity holders
of parent
Reserve Share
Reverse for based Retained
Share Share Merger acquisition own payment earnings Non-controlling Total
capital premium reserve reserve shares reserve deficit Total interests equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
At 31 January
2015 3,271 31,972 10,884 (7,148) (831) 810 (27,380) 11,578 - 11,578
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
Loss for the
period - - - - - - (3,682) (3,682) - (3,682)
Other
comprehensive
expense - - - - - - 4 4 - 4
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
Loss and total
comprehensive
expense for the
year - - - - - - (3,678) (3,678) - (3,678)
Issue of shares 526 18,422 - - - - - 18,948 - 18,948
Exercise of
share options 1 23 - - - - - 24 - 24
Share based
payment expense - - - - - 90 - 90 - 90
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
At 31 July 2015 3,798 50,417 10,884 (7,148) (831) 900 (31,058) 26,962 - 26,962
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
Loss and total
comprehensive
expense for the
year - - - - - - (5,733) (5,733) (92) (5,825)
Non-controlling
interest
arising on
creation of
a joint venture - - - - - - - - 9 9
Exercise of
share options 3 44 - - - - - 47 - 47
Share based
payment expense - - - - - 46 - 46 - 46
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
At 31 January
2016 3,801 50,461 10,884 (7,148) (831) 946 (36,791) 21,322 (83) 21,239
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
Loss for the
period - - - - - - (5,082) (5,082) (80) (5,162)
Other
comprehensive
expense - - - - - - (23) (23) (15) (38)
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
Loss and total
comprehensive
expense for the
period - - - - - - (5,105) (5,105) (95) (5,200)
Share based
payment expense - - - - - 135 - 135 - 135
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
At 31 July 2016 3,801 50,461 10,884 (7,148) (831) 1,081 (41,896) 16,352 (178) 16,174
---------------- ------- ------- ------- ----------- ------- ------- -------- ------- --------------- -------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
As at 31 July 2016
31 July 2016 31 July 2015 31 Jan 2016
Notes GBP'000 GBP'000 GBP'000
------------------------------------------------ ----- -------------- -------------- -------------
Non-current assets
Property, plant and equipment 1,075 878 901
------------------------------------------------ ----- -------------- -------------- -------------
Total non-current assets 1,075 878 901
------------------------------------------------ ----- -------------- -------------- -------------
Current assets
Inventory 128 17 64
Trade and other receivables 2,586 1,801 2,325
Cash and cash equivalent 13,515 24,887 19,907
------------------------------------------------ ----- -------------- -------------- -------------
Total current assets 16,229 26,705 22,296
------------------------------------------------ ----- -------------- -------------- -------------
Total assets 17,304 27,583 23,197
------------------------------------------------ ----- -------------- -------------- -------------
Current liabilities
Trade and other payables (1,130) (621) (1,958)
------------------------------------------------ ----- -------------- -------------- -------------
Total liabilities (1,130) (621) (1,958)
------------------------------------------------ ----- -------------- -------------- -------------
Net assets 16,174 26,962 21,239
------------------------------------------------ ----- -------------- -------------- -------------
Equity
Share capital 6 3,801 3,798 3,801
Share premium 6 50,461 50,417 50,461
Merger reserve 6 10,884 10,884 10,884
Reverse acquisition reserve 6 (7,148) (7,148) (7,148)
Reserve for own shares (831) (831) (831)
Share based payment reserve 1,081 900 946
Retained earnings deficit 7 (41,896) (31,058) (36,791)
------------------------------------------------ ----- -------------- -------------- -------------
Equity attributable to equity holders of parent 16,352 26,962 21,322
Non-controlling interests (178) - (83)
------------------------------------------------ ----- -------------- -------------- -------------
Total equity 16,174 26,962 21,239
------------------------------------------------ ----- -------------- -------------- -------------
Approved by the Board and authorised for issue on 12 October
2016
John Samuel
Chairman
Ian Jefferson
Chief Financial Officer
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
For the six months ended 31 July 2016
6 months 6 months 12 months
to to to
31 July 2016 31 July 2015 31 Jan 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------- ------------- ------------- ------------
Operating Activities
Operating loss (5,523) (4,133) (10,242)
Adjustment for non-cash items:
Depreciation of property, plant & equipment 158 118 245
Share based payment 135 90 136
Tax refunded - 745 745
------------------------------------------------- ------------- ------------- ------------
Operating cash outflow (5,230) (3,180) (9,116)
------------------------------------------------- ------------- ------------- ------------
(Increase)/decrease in inventory (64) 17 (30)
Decrease/(increase) in trade & other receivables 19 (264) (596)
(Decrease)/increase in trade & other payables (866) (470) 862
------------------------------------------------- ------------- ------------- ------------
Net cash outflow from operations (6,141) (3,897) (8,880)
------------------------------------------------- ------------- ------------- ------------
Investing activities
Interest received 81 116 213
Net cash acquired on creation of joint venture - - 9
Purchase of property, plant & equipment (332) (561) (711)
------------------------------------------------- ------------- ------------- ------------
Net cash outflow from investing activities (251) (445) (489)
------------------------------------------------- ------------- ------------- ------------
Financing activities
Proceeds from issue of share capital - 18,972 19,019
------------------------------------------------- ------------- ------------- ------------
Net cash inflow from financing activities - 18,972 19,019
------------------------------------------------- ------------- ------------- ------------
(Decrease)/increase in cash and cash equivalents (6,392) 14,630 9,650
Cash and cash equivalents at start of period 19,907 10,257 10,257
------------------------------------------------- ------------- ------------- ------------
Cash and cash equivalents at end of period 13,515 24,887 19,907
------------------------------------------------- ------------- ------------- ------------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 31 July 2016
1) Basis of preparation
The interim financial information set out in this statement for
the six months ended 31 July 2016 and the comparative figures for
the six months ended 31 July 2015 are unaudited. This information
does not constitute statutory accounts as defined in Section 435 of
the Companies Act 2006.
The comparative figures for the financial year ended 31 January
2016 are not the Company's statutory accounts for that financial
year. Those accounts have been reported on by the Company's
auditors and delivered to the Registrar of Companies. The report of
the auditor was (i) unqualified, (ii) did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report, and (iii) did not contain
a statement under section 498 (2) or (3) of the Companies Act
2006.
This interim statement, which is neither audited nor reviewed,
has been prepared in accordance with the measurement and
recognition criteria of Adopted IFRSs. It does not include all the
information required for the full annual financial statements, and
should be read in conjunction with the financial statements of the
Group as at and for the year ended 31 January 2016. It does not
comply with IAS 34 "Interim Financial Reporting" as is permissible
under the rules of the AIM Market ("AIM").
The financial information has been prepared on a going concern
basis and is presented in sterling to the nearest GBP'000.
The preparation of financial information in conformity with IFRS
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period. Although these estimates are
based on management's best knowledge of the amount, event or
actions, actual events ultimately may differ from those
estimates.
The interim financial information does not include all financial
risk management information and disclosures required in annual
financial statements. There have been no significant changes in any
risk or risk management policies since 31 January 2016. The
principal risks and uncertainties are largely unchanged and are as
disclosed in the Annual Report for the year ended 31 January
2016.
The accounting policies applied in preparing these interim
financial statements are the same as those applied in the
preparation of the annual financial statements for the year ended
31 January 2016, as described in those financial statements other
than standards, amendments and interpretations which became
effective after 1 February 2016 and were adopted by the Group.
These have had no significant impact on the Group's profit for the
period or equity. The Board approved these interim financial
statements on 12 October 2016.
2) Significant accounting policies
The condensed consolidated financial statements have been
prepared under the historical cost convention in accordance with
International Financial Reporting Standards as adopted by the
European Union.
The accounting policies adopted are consistent with those
followed in the preparation of the audited financial statements of
Tissue Regenix Group Plc for the year ended 31 January 2016 and are
disclosed in those statements.
3) Segmental reporting
Operating segments
The Group is organised into Cardiac, Wound Care and Orthopaedics
divisions for internal management, reporting and decision-making,
based on the nature of the products of the Group's businesses.
Managers have been appointed within these divisions, who report to
the board. These are the reportable operating segments in
accordance with IFRS8 "Operating Segments". The Directors recognise
that the operations of the Group are dynamic and therefore this
position will be monitored as the Group develops. In accordance
with IFRS8, the Group has derived the information for its operating
segments using the information used by the Chief Operating Decision
Maker. The Group has identified the Board of Directors as the Chief
Operating Decision Maker as it is responsible for the allocation of
resources to the operating segments and assessing their
performance.
Central overheads, which primarily relate to operations of the
Group function, are not allocated to the business units.
Wound Care Cardiac Central Total
6 months Orthopaedics 6 months 6 months 6 months
to 6 months to to to to
31 July 31 July 31 July 31 July 31 July
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- ------- -------- ------- ------- ------- ------- ------- -------- ------- --------
Revenue 631 244 - - - - - 8 631 252
Cost of sales (119) (62) - - - - - - (119) (62)
--------------------- ------- -------- ------- ------- ------- ------- ------- -------- ------- --------
Gross Profit 512 182 - - - - - 8 512 190
SG&A (3,074) (1,749) (1,300) (1,050) (255) (107) (1,406) (1,417) (6,035) (4,323)
--------------------- ------- -------- ------- ------- ------- ------- ------- -------- ------- --------
Operating loss (2,562) (1,567) (1,300) (1,050) (255) (107) (1,406) (1,409) (5,523) (4,133)
Finance income - - - - - - 81 116 81 116
--------------------- ------- -------- ------- ------- ------- ------- ------- -------- ------- --------
Loss before taxation (2,562) (1,567) (1,300) (1,050) (255) (107) (1,325) (1,293) (5,442) (4,017)
Taxation 50 54 200 256 30 7 - 18 280 335
--------------------- ------- -------- ------- ------- ------- ------- ------- -------- ------- --------
Loss for the year (2,512) (1,513) (1,100) (794) (225) (100) (1,325) (1,275) (5,162) (3,682)
--------------------- ------- -------- ------- ------- ------- ------- ------- -------- ------- --------
Wound Care Orthopaedics Cardiac Central Total
12 months 12 months 12 months 12 months 12 months
to to to to to
31 Jan 31 Jan 31 Jan 31 Jan 31 Jan
2016 2016 2016 2016 2016
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- ---------- ------------ ---------- ---------- ----------
Revenue 808 - - 8 816
Cost of sales (154) - - - (154)
--------------------- ---------- ------------ ---------- ---------- ----------
Gross Profit 654 - - 8 662
SG&A (4,938) (2,382) (352) (3,232) (10,904)
--------------------- ---------- ------------ ---------- ---------- ----------
Operating loss (4,284) (2,382) (352) (3,224) (10,242)
Finance income - - - 213 213
--------------------- ---------- ------------ ---------- ---------- ----------
Loss before taxation (4,284) (2,382) (352) (3,011) (10,029)
Taxation 169 324 16 18 527
--------------------- ---------- ------------ ---------- ---------- ----------
Loss for the year (4,115) (2,058) (336) (2,993) (9,502)
--------------------- ---------- ------------ ---------- ---------- ----------
The following table provides disclosure of the Group's revenue
by geographical market based on location of the customer:
6 months 6 months 12 months
to to to
31 July 2016 31 July 2015 31 Jan 2016
GBP'000 GBP'000 GBP'000
-------------- ------------- ------------- ------------
USA 631 244 808
Rest of world - 8 8
-------------- ------------- ------------- ------------
631 252 816
-------------- ------------- ------------- ------------
4) Taxation
6 months 6 months 12 months
to to to
31 July 2016 31 July 2015 31 Jan 2016
GBP'000 GBP'000 GBP'000
----------------------------------------------------------- ------------- ------------- ------------
Current tax:
Tax credit on research and development costs in the period 280 335 527
----------------------------------------------------------- ------------- ------------- ------------
280 335 527
Deferred tax:
Origination and reversal of temporary timing differences - - -
----------------------------------------------------------- ------------- ------------- ------------
Tax credit on loss on ordinary activities 280 335 527
----------------------------------------------------------- ------------- ------------- ------------
The Group has accumulated losses available to carry forward
against future trading profits. No deferred tax asset has been
recognised in respect of tax losses.
5) Loss per share (basic and diluted)
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the parent by the weighted
average number of ordinary shares in issue during the period
excluding own shares held jointly by the Tissue Regenix Employee
Share Trust and certain employees. Diluted loss per share is
calculated by adjusting the weighted average number of ordinary
shares in issue during the period to assume conversion of all
dilutive potential ordinary shares.
6 months 6 months 12 months
to to to
31 July 2016 31 July 2015 31 Jan 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------------------ ------------- ------------- ------------
Total loss attributable to the equity holders of the parent (5,082) (3,682) (9,410)
------------------------------------------------------------ ------------- ------------- ------------
No. No. No.
------------------------------------------------------------ ------------- ------------- ------------
Weighted average number of ordinary shares in issue during
the period 743,183,878 737,434,237 739,919,809
------------------------------------------------------------ ------------- ------------- ------------
Loss per share
Basic and diluted on loss for the period (0.68)p (0.50)p (1.27)p
------------------------------------------------------------ ------------- ------------- ------------
The Company has issued employees options over 29,376,332
ordinary shares and there are 16,940,386 jointly owned shares which
are potentially dilutive. There is, however, no dilutive effect of
these issued options as there is a loss for each of the periods
concerned.
6) Share capital
Share Reverse acquisition
capital Share premium Merger reserve reserve Total
Number GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------------- ----------- -------- ------------- -------------- ------------------- -------
Total Ordinary shares of 0.5p each
as at 31 January 2015 654,123,031 3,271 31,972 10,884 (7,148) 38,979
Issued for cash 105,263,158 526 18,422 - - 18,948
Issued on exercise of share
options 266,904 1 23 - - 24
---------------------------------- ----------- -------- ------------- -------------- ------------------- -------
Total Ordinary shares of 0.5p each
as at 31 July 2015 759,653,093 3,798 50,417 10,884 (7,148) 57,951
Issued on exercise of share
options 471,171 3 44 - - 47
---------------------------------- ----------- -------- ------------- -------------- ------------------- -------
Total Ordinary shares of 0.5p each
as at 31 January 2016 760,124,264 3,801 50,461 10,884 (7,148) 57,998
Issued for cash
Issued on exercise of share - - - - - -
options
---------------------------------- ----------- -------- ------------- -------------- ------------------- -------
Total Ordinary shares of 0.5p each
as at 31 July 2016 760,124,264 3,801 50,461 10,884 (7,148) 57,998
---------------------------------- ----------- -------- ------------- -------------- ------------------- -------
7) Movement in retained earnings and reserve for own shares
Retained Reserve
earnings for own
deficit shares
GBP000 GBP000
-------------------- --------- --------
At 31 January 2015 (27,380) (831)
-------------------- --------- --------
Loss for the period (3,682) -
Exchange movement 4 -
-------------------- --------- --------
At 31 July 2015 (31,058) (831)
-------------------- --------- --------
Loss for the period (5,728) -
Exchange movement (5) -
-------------------- --------- --------
At 31 January 2016 (36,791) (831)
Loss for the period (5,082) -
Exchange movement (23) -
-------------------- --------- --------
At 31 July 2016 (41,896) (831)
-------------------- --------- --------
8. Interim financial report
A copy of this interim report will be distributed to
shareholders and is also available on the Company's website at
www.tissueregenix.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KFLFFQBFZFBZ
(END) Dow Jones Newswires
October 12, 2016 02:00 ET (06:00 GMT)
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