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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cytomyx Hldgs | LSE:CYX | London | Ordinary Share | GB0033942276 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:7896J
Cytomyx Holdings PLC
02 October 2006
CYTOMYX HOLDINGS PLC
(the "Company" or "Cytomix")
Preliminary results for the year ended 31 March 2006
Chairman's Statement
These accounts reflect the period from 1 October 2004 to 31 March 2006 following
our decision to move our accounting reference date to 31 March.
During this period, Cytomyx has been through a period of significant change,
consolidation and refocusing.
A very positive development was the purchase on 29 March 2005 of the
Biorepository business and assets of Ardais Corporation for a consideration of
$3.0 million. This acquisition was executed by Cytomyx LLC which is now the only
operational business unit of Cytomyx.
This acquisition was an important development, given that Ardais had established
a highly regarded biorepository based business, with clients throughout the
pharmaceutical and biotechnology industries. Its reputation had been built upon
a high quality and diverse collection of more than 140,000 human tissue samples
with linked clinical information.
In addition to providing new client relationships and a greatly expanded
biorepository, this acquisition has allowed us to combine and restructure our
operations at a single site in Lexington, Massachusetts. This is close to
Boston, where many major pharmaceutical and biotechnology companies have chosen
to base their R&D activities.
Cytomyx LLC is currently working with many of the world's leading pharmaceutical
and biotechnology companies, providing them with samples that assist them in
developing new drugs based upon a clearer understanding of patients' individual
biochemistry. New drugs such as Herceptin, a new treatment for breast cancer,
and Gleevec for the treatment of Chronic Myeloid Leukaemia, have already
demonstrated the value of this approach. We believe that the prospects for
Cytomyx LLC to expand in this emerging area of research are substantial.
During this period, the Company also announced the acquisition of Aptus
Pharmaceuticals Inc, based in Rockville, Maryland, USA. With this acquisition,
Cytomyx gained access to an important new drug screening technology that
complements its existing service offering. The technology allows pharmaceutical
companies to screen new drugs against members of the G-protein coupled receptor
family of proteins (GPCRs) through the use of novel recombinant cell lines.
GPCRs have proven to be a highly amenable target class to successful therapeutic
intervention. Of the approximate 500 drugs currently marketed, more than 30% are
modulators of GPCR function. In 2000, 26 of the top 100 pharmaceutical products
were compounds that target GPCRs, accounting for sales of over $23.5 billion.
Also during this period, we announced the divestment of Cytomyx Ltd to
Serologicals Corporation, a major US corporation. This transaction was completed
for a consideration of $7million.The proceeds from this sale have been reserved
in part for the repayment of outstanding loans to Laurus Master Fund and the
balance used for working capital.
The corporate headquarters of the Company remains in the UK and we also retain a
sales office for our European clients from this location.
We are delighted to have welcomed Mr. Glenn Gershon to our Board. Glenn is the
General Manager of Cytomyx LLC.
Financial
Turnover was #4,986,741 (compared to #5,664,252 for the year in 2004). Gross
profit was #3,351,254 and our operating loss was #3,627,138.
Dividend
The company currently lacks distributable reserves following the loss for the
current and previous periods. In the light of this the early stage nature of the
company and the ongoing need for investment, the Board does not recommend the
payment of a dividend for the period.
Summary
Having identified a requirement for additional funding within the next 12
months, the directors are currently in advanced discussions with a number of
shareholders with a view to securing the funding necessary to support the
working capital requirements of the business.
Following a period of significant change, the Company is now entirely focussed
on the development of Cytomyx LLC. We believe that 2006 will be a year of
commercial development for this business. All indications are that there is
growth in demand for our products offering, and we expect to move closer to
profitability as a result.
Dr. Bill Mason
Financials:
Consolidated Profit and Loss Account for the 18 months ended 31 March 2006
18 months to Year to
31 March 30 September
2006 2004
# #
_________________________________________________________________________________________________________________
Turnover
Existing operations 249,508 670,729
Acquisitions 931,373 -
_________________________________________________________________________________________________________________
Turnover - continuing operations 1,180,881 670,729
Discontinued operations 3,805,860 4,993,523
_________________________________________________________________________________________________________________
Total turnover 4,986,741 5,664,252
Cost of sales (1,635,487) (2,280,393)
_________________________________________________________________________________________________________________
Gross profit 3,351,254 3,383,859
Distribution costs (125,494) (137,300)
Administrative expenses (6,852,898) (4,218,815)
_________________________________________________________________________________________________________________
Operating Loss
Existing operations (1,986,137) (724,539)
Acquisitions (743,925) -
_________________________________________________________________________________________________________________
Operating loss - continuing operations (2,730,062) (724,539)
Discontinued operations (897,076) (247,717)
_________________________________________________________________________________________________________________
Total operating loss (3,627,138) (972,256)
Exceptional loss (1,268,297) -
_________________________________________________________________________________________________________________
Loss on ordinary activities before interest (4,895,435) (972,256)
Interest receivable and similar income 4,151 22,124
Interest payable and similar charges (612,112) (46,960)
_________________________________________________________________________________________________________________
Loss on ordinary activities before taxation (5,503,396) (997,092)
Tax on loss on ordinary activities 55,654 81,431
_________________________________________________________________________________________________________________
Loss for the financial period (5,447,742) (915,661)
_________________________________________________________________________________________________________________
Loss per ordinary share (pence) (10.35) (2.42)
_________________________________________________________________________________________________________________
Diluted loss per ordinary share (pence) (10.35) (2.42)
_________________________________________________________________________________________________________________
Consolidated Balance Sheet as at 31 March 2006
31 March 30 September
2006 2004
# #
_________________________________________________________________________________________________________________
Fixed assets
Intangible assets 867,812 4,479,363
Tangible assets 262,226 1,615,138
_________________________________________________________________________________________________________________
1,130,038 6,094,501
Current assets
Stocks 1,408,208 477,815
Debtors
Due within one year 1,250,277 964,402
Due after more than one year - 60,600
Short term investments - 450,000
Cash at bank and in hand 1,408,012 387,553
4,066,497 2,340,370
Creditors: amounts falling due within one year (1,849,914) (1,330,278)
_________________________________________________________________________________________________________________
Net current assets 2,216,583 1,010,092
_________________________________________________________________________________________________________________
Total assets less current liabilities 3,346,621 7,104,593
Creditors: amounts falling due after more than one year (711,377) (880,194)
_________________________________________________________________________________________________________________
2,635,244 6,224,399
_________________________________________________________________________________________________________________
Capital and reserves
Called up share capital 1,546,456 1,044,809
Share premium account 5,316,385 5,107,518
Share capital to be issued 148,750 675,817
Merger reserve 945,000 2,089,460
Foreign exchange reserve - (8,432)
Profit and loss account (5,321,347) (2,684,773)
_________________________________________________________________________________________________________________
Equity shareholders' funds 2,635,244 6,224,399
_________________________________________________________________________________________________________________
Company Balance Sheet as at 31 March 2006
31 March 30 September
2006 2004
# #
_________________________________________________________________________________________________________________
Fixed assets
Tangible assets - 2,495
Investments 1,581,919 3,394,016
_________________________________________________________________________________________________________________
1,581,919 3,396,511
_________________________________________________________________________________________________________________
Current assets
Debtors
Due within one year 1,061,675 22,364
Due after more than one year 3,927,940 4,654,580
Short term investments - 450,000
Cash at bank and in hand 73,186 74,967
_________________________________________________________________________________________________________________
5,062,801 5,201,911
Creditors: amounts falling due within one year (1,536,938) (221,309)
_________________________________________________________________________________________________________________
Net current assets 3,525,863 4,980,602
_________________________________________________________________________________________________________________
Total assets less current liabilities 5,107,782 8,377,113
Creditors: amounts falling due after more than one year (1,624,098) -
_________________________________________________________________________________________________________________
3,483,684 8,377,113
_________________________________________________________________________________________________________________
Capital and reserves
Called up share capital 1,546,456 1,044,809
Share premium account 5,316,385 5,107,518
Share capital to be issued 148,750 675,817
Merger reserve 945,000 2,189,360
Profit and loss account (4,472,907) (640,391)
_________________________________________________________________________________________________________________
Equity shareholders' funds 3,483,684 8,377,113
_________________________________________________________________________________________________________________
Consolidated Cash Flow Statement for the 18 months ended 31 March 2006
18 months to Year to
31 March 30 September
2006 2004
# #
_________________________________________________________________________________________________________________
Net cash outflow from operating activities (3,762,269) (122,629)
Returns on investments and servicing of finance (607,961) (24,836)
Taxation 81,431 58,338
Capital expenditure and financial investment (481,336) (617,755)
Acquisitions and disposals 3,809,244 (243,003
_________________________________________________________________________________________________________________
Net cash outflow before management of liquid resources and financing (960,891) (949,885)
Management of liquid resources 450,000 (450,000)
Financing 1,531,350 1,372,909
_________________________________________________________________________________________________________________
Increase/(decrease) in cash in the period 1,020,459 (26,976)
_________________________________________________________________________________________________________________
Reconciliation of net cash flow to movement in net funds/(debt) (note 25)
18 months to Year to
31 March 30 September
2006 2004
# #
_________________________________________________________________________________________________________________
Increase/(decrease) in cash in the period 1,020,459 (26,976)
Cash outflow from decrease in lease financing - 44,142
Cash outflow from decrease in loan notes - 365,464
Cash inflow from new loan (1,434,079) -
Cash (inflow)/outflow from (decrease)/increase in liquid resources (450,000) 450,000
_________________________________________________________________________________________________________________
Change in net debt resulting from cash flows (863,620) 832,630
Loans and finance leases acquired/(disposed of) with subsidiary 999,668 (48,789)
New finance leases - (34,129)
Other non cash changes 55,077 -
_________________________________________________________________________________________________________________
Change in net debt 191,125 749,712
Net debt at beginning of period (162,115) (911,827)
_________________________________________________________________________________________________________________
Net funds/(debt) at end of period 29,010 (162,115)
_________________________________________________________________________________________________________________
Notes to the Accounts for the 18 months ended 31 March 2006
1. Accounting policies
The financial statements are prepared in accordance with applicable United
Kingdom accounting standards.The particular accounting policies adopted are
described below.
Going concern
Following considerable commercial activity and restructuring the Cytomyx
Holdings plc group has been loss making during the eighteen month period ending
31 March 2006. The group forecasts that it will generate positive cash flows
within the next 12 months.
The directors have prepared projected cash flow information for a period of not
less than 12 months from the date of approval of these financial statements,
which indicate that the group will not have adequate resources to meet its
working capital requirements and that further funding will be required.In
preparing the projections,the directors have assumed revenue growth,which the
directors believe will be achievable.
Having identified a requirement for additional funding within the next 12
months, the directors are presently engaged in advance stage discussions with a
number of shareholders with a view to securing the funds necessary to support
the working capital requirements of the business.The directors are confident
that such funding will be put in place.
On the basis described above, the directors believe it is appropriate for these
financial statements to be prepared on the going concern basis.Accordingly,the
financial statements do not include any adjustments that would result if the
company did not continue trading.
Accounting convention
The financial statements are prepared under the historical cost convention.
Basis of consolidation
The consolidated financial statements include those of the company and its
subsidiary undertakings drawn up to 31 March each year.
Turnover
Turnover represents amounts receivable for goods and services,excluding value
added tax.Where turnover relates to services invoiced in advance,the relevant
proportion of turnover is treated as deferred and included in other creditors.
Amounts recoverable on long-term contracts, which are included in debtors, are
stated at the net sales value of the work done less amounts received as progress
payments on account. Excess progress payments are included in creditors as
payments on account. Cumulative costs incurred net of amounts transferred to
cost of sales, less provision for contingencies and anticipated future losses on
contracts, are included as long-term contract balances in stock.
Intangible fixed assets
Goodwill arising on the acquisition of subsidiary undertakings and
businesses,representing any excess of the fair value of the consideration given
over the fair value of the identifiable assets and liabilities acquired, is
capitalised and written off on a straight line basis over its useful economic
life, which is twenty years. Provision is made for any impairment.
Licences are capitalised at cost and amortised on a straight line basis over the
licence term.
Software development costs are capitalised at cost and amortised on a straight
line basis over their estimated useful economic life.
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and any
provision for impairment. Depreciation is provided on all tangible fixed assets,
at rates calculated to write off the cost, less estimated residual value, over
their estimated useful lives as follows:
Freehold property Over 50 years
Improvements to property Over the life of the lease
Plant and machinery 25% reducing balance basis
Office equipment and fixtures 25% reducing balance and 33% straight line
Genetic library 20% reducing balance
Residual value is calculated on prices prevailing at the date of acquisition.
2. Loss per ordinary share
The diluted loss per share takes into account the dilutive effect of share
options. Ordinary shares which are potentially issuable are only included in the
calculation of diluted earnings per share if their issue would decrease net
profit per share or increase net loss per share. The exercise of share options
does not increase the basic loss per share and therefore the basic and diluted
loss per share remain the same.
The calculation of basic loss per ordinary share is based on a loss of
#5,447,742 (year to 30 September 2004 - #915,661) and on 52,642,107 (year to 30
September 2004 - 37,878,653) ordinary shares being the weighted average number
of ordinary shares in issue during the period.
3. Loss of the parent company
As permitted by section 230 of the Companies Act 1985, the profit and loss
account of the parent company is not presented as part of these financial
statements. The parent company's loss for the financial period amounted to
#6,643,683 (year to 30 September 2004 - loss of #410,496).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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