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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Idmos | LSE:IDO | London | Ordinary Share | GB00B035JB54 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:7090L IDMoS plc 14 January 2008 For Immediate Release 14 January 2008 IDMoS plc Preliminary Results for the year ended 31 July 2007 Fundraising to raise approximately £1.54 million net of expenses through the issue of 6,608,694 new ordinary shares at 25p IDMoS plc (AIM: IDO) ('IDMoS' or the 'Group'), the specialist in disease detection and monitoring technology, is pleased to announce its Preliminary Results for the year ended 31 July 2007 and the conditional fundraising (the "Fundraising") of approximately £1.54 million net of expenses. Highlights * Fundraising of approximately £1.54m net of expenses completed on 14 January 2008, subject to admission to trading on AIM and shareholder approval; * Successful UK launch of CarieScan and CarieScan Plus at October 2007 British Dental Trade Association meeting; *£83,142 sales since October launch o orders for 100 units received to date o endorsement of CarieScan by Denplan; and o ongoing expansion of direct marketing through local distributors * Excellent progress made towards a definitive resolution of Dentsply's involvement in the global commercialisation of IDMoS's dental products; * Successful Irish launch of CarieScan in early November; * Company substantially restructured and product review completed; and * Board restructured and company refocused on immediate requirements of dental product launch. The Fundraising In total, the Company proposes to issue 6,608,964 new Ordinary Shares. These consist of the conditional placing of 5,354,514 Ordinary Shares of 5p each (the "Placing"), a conditional subscription (including a subscription by certain of the Directors) for 860,000 Ordinary Shares in aggregate, and the issue of 394,180 new Ordinary Shares to its advisers in lieu of fees ("Adviser Fee Shares"). All 6,608,694 new Ordinary Shares will be issued at a price of 25p per new Ordinary Share. In total, the Company is issuing 6,608,694 new Ordinary Shares, representing approximately 27.5 per cent of the current issued ordinary share capital of the Company. The new Ordinary Shares to be issued pursuant to the Placing have been placed by Nomura Code Securities Limited ("Nomura Code"), on behalf of the Company, with institutional investors. The Placing will be fully underwritten by Nomura Code subject to approval at the Extraordinary General Meeting. The Fundraising is conditional, inter alia, on admission of the new Ordinary Shares to trading on AIM and the approval by shareholders of certain resolutions to be proposed at an Extraordinary General Meeting to be held by the Company on 8th February 2008. A circular will be sent to shareholders shortly, together with the notice of EGM. It is expected that, following the issue of the new Ordinary Shares, the enlarged share capital of the Company will comprise 30,681,906 ordinary shares of 5p each. Directors' participation Certain of the Directors have agreed to subscribe for an aggregate of 660,000 Subscription Shares under the Fundraising at the Issue Price, as set out in the table below: Name Aggregate price Number of Current shareholding Per cent shareholding payable Subscription Shares following Admission Roger £100,000 400,000 - 1.30% McDowell* Peter £25,000 100,000 92,397 0.63% Murray Malcolm £20,000 80,000 65,143 0.47% Gillies Graham £20,000 80,000 - 0.26% Lay Note: * The Subscription Shares being subscribed for by Roger McDowell are being subscribed for by a pension fund. John Pool, Chairman said: "We believe that we have taken the necessary steps over the last few months to restructure the business and enable it to achieve a number of significant milestones. With the continued support of our shareholders to whom we extend our thanks as well as contributions from the Group's directors, the business is now sufficiently funded to move it forward into this positive commercialisation phase. The Company looks forward to reporting on significant sales over the coming year." For further information please call: IDMoS plc 01382 598 440 John Pool / Graham Lay Buchanan Communications 0131 226 6150 / 020 7466 5000 Diane Stewart/Tim Anderson/ James Montgomerie Chairman's Statement I am delighted to announce IDMoS's preliminary results for the year ended 31 July 2007 and the conditional fundraising of approximately £1.54m net of expenses. During the year the Board spearheaded a complete review of the IDMoS business to enable it to achieve a number of key milestones and with the net proceeds from the latest fundraising round available, I believe that the business is now robust and has a firm financial basis on which to progress to the full commercialisation phase. Having completed the restructuring and secured the latest funding round, my role as Interim Executive Chairman is now complete and as a result, I am today announcing that I am stepping down as Executive Chairman and from the Board following the Extraordinary General Meeting on 8th February 2008. Roger McDowell, currently one of our independent non-executive Directors, will assume the role of Interim non-executive Chairman following the EGM. Roger has brought a wealth of financial and commercial experience since he joined the Board in June 2007. He worked for some 20 years with a pipeline manufacturing, products and supplies company, of which he was subsequently managing director. This company achieved a full listing on the London Stock Exchange, and in 1998 was sold to a French industrial company. Since then, he has held a number of non-executive appointments in both private, full list and AIM quoted companies. In July, I announced the appointment of Graham Lay to the role of Chief Operating Officer. I am now delighted to announce that Graham will assume the role of Chief Executive Officer with immediate effect. Graham has brought extensive experience in the medical devices arena and in particular the commercialisation of clinical products, obtained during his lengthy employment at Johnson & Johnson. Graham was tasked with revitalising the drive towards commercialisation and I am pleased to report that we are beginning to see the benefits of his experience with the internal restructuring of the company and the UK and Irish product launches. During the year it became clear that we needed to make a number of other changes to the management and the strategy of IDMoS in order to position it to be able to deliver shareholder value and to enable it to make the transition from a scientific and technical research company into a revenue generating organisation. This review is substantially complete and we now believe that we are in a much stronger position to produce significant and increasing revenues over the coming year. In the summer we significantly strengthened the Board by adding the core skills that we felt were necessary to take the company's products successfully through to commercialisation. In addition to the other appointments, Malcolm Gillies joined the Board as a non-executive Director, bringing a wealth of legal, financial and commercial experience to the Board. We also identified the skill sets that were no longer appropriate to the refocused business. All transitions have staffing implications and after the year end we announced that Mikael Bronnegard, who had previously headed the Group's medical activities, had left the Company as we refocused our resources on our dental activities. Both areas now directly report to Graham Lay. Stephen Westwood, who steered the business through its early years, also left us during the year. I am pleased to be able to report that since the financial year end we have launched our products in the UK and Ireland in conjunction with our UK partners Denplan, who have endorsed the product to its network of 6,500 dental practices, representing over 70% of the UK dental plan market. Sales began in October 2007. In October we showcased our CarieScan (previously called the Caries Detection Device or CDD) and CarieScan Plus (previously called the Caries Management Support System or CMSS) products at the UK's largest dental gathering, the British Dental Trade Association conference at the NEC in Birmingham. This was attended by some 12,000 dental professionals. There was strong interest in our products at that exhibition and as well as following up on a number of leads, we also received our first order for 100 units ahead of the launch. The sales launch is being monitored by our global partner, Dentsply Inc., as it will produce valuable data for planning pricing, consumer usage and manufacturing volume when our dental products are sold globally. The Board is pleased to report the outcome of a positive meeting with our worldwide distribution partner Dentsply. Excellent progress was made towards a definitive resolution of Dentsply's involvement in the global commercialisation of IDMoS's dental products. We anticipate that this process will be concluded by the end of March 2008. To conclude, we believe that we have taken the necessary steps over the last few months to restructure the business and enable it to achieve a number of significant milestones. With the continued support of our shareholders to whom we extend our thanks, the business is now sufficiently funded to move it forward into this positive commercialisation phase. The Company looks forward to reporting on significant sales over the coming year. John Pool Chairman IDMOS plc Operating and Financial Review Chief Operating Officer's Report The Year 2007 has been a year of challenge for IDMoS plc, with the recognition on the part of the board that it was necessary for the business to move to a more proactive and directed approach, with the emphasis on revenue generation. I was appointed Chief Operating Officer in July, replacing outgoing Chief Executive, Stephen Westwood. In conjunction with the Board, I have been carrying out a strategic review of the business, its direction and its internal processes. Whilst this review is not yet complete, we have already made a number of changes. These have enabled the business to generate revenues in the seven months since my appointment, and have redefined the business model to a fully aligned, commercial approach. It was also essential to reduce our 'run rate' or monthly spend. This has been achieved by aggressive reductions in all areas where cost could either be removed or postponed. At the same time it was necessary to tighten the focus of the business on moving to revenue generation. This has required changes in all areas of the business including bringing in-house essential core competencies previously supported by external consultancies and ensuring that there are tight controls over capital expenditure. The Technology IDMoS is founded on a horizontal platform technology, Alternating Current Impedance Spectroscopy Technique (ACIST). This technology is well protected by IP licensed or owned by IDMoS. There are a substantial number of vertical applications stemming from ACIST. The first, resulting in the dental products is well described. The company had already determined that subsequent opportunity exists in both the Osteoporosis and Skin Cancer measurement areas. To this end, early evaluation of the applications has been undertaken along with early clinical 'proof of principle' work which will enable the business to make an effective assessment of development opportunities available when revenues/funds permit. Moving to Revenues To meet with both the needs of the dentist and the market (including distributors) the requirements for the product features were revisited, resulting in a validated product offering both simplicity in use and validated outputs. It is this revised product which now bears the CarieScan trademark. All other activity was placed on hold while the company focused on bringing the revised dental products to completion. Following validation, these products were CE marked in compliance with the Medical Device Directive, supported by the company's compliance with ISO13485:2003. Development activity on the production of the interproximal sensor was re-evaluated. A revised product development program is now in place targeting a move into clinical trials in mid 2008. The performance of CarieScan exceeds all competitive products, with both specificity (number of times we identify sound teeth) and sensitivity (number of times we identify caries) in excess of 92%. As well as providing clear indication of both sound teeth and the presence of caries, CarieScan provides the user with a qualitative (numeric) value which enables the progression of carious lesions to be monitored and preventive rather than restorative treatments undertaken. Less drilling for the dentist, fewer fillings for the patient. Even when fillings are indicated these can be precisely placed and are smaller than when using conventional visualisation methods. Dentsply The Board is pleased to announce the outcome of a meeting between Dentsply and IDMoS in December 2007 about progression to a definitive resolution of Dentsply's involvement in the global commercialisation of IDMoS's dental products. Agreement on the joint activities necessary to reach such a resolution was made and both parties will be pursuing these activities with a target completion of activities at the end of the first quarter 2008. IDMoS and Dentsply formed a partnership in 2005 with expectation of moving to sales and revenue for both parties in 2006. The terms of the agreement between IDMoS and Dentsply confines IDMoS in terms of independent sales. The revised product was offered to Dentsply who, constrained by processes external to IDMoS were unable to pursue immediately. On this basis the two parties agreed that IDMoS would have the right to distribute product into the UK and Ireland independently of the main agreement which to date remains unchanged. IDMoS will share the resultant market data with Dentsply to enable forecasting and benchmarking on pricing, volume/uptake and opportunity validation when the product goes onto the global market. We intend to actively pursue moving forward to global sales whether within, or outside of the Dentsply agreement. Denplan With the freedom to market independently into the UK we have been fortunate to be strongly supported by Denplan UK. Denplan are the largest provider of private health care in the UK with over 70% of the UK Dental Plan practice market (6500 practices). Both companies see strong synergy in working together. This was reinforced by Dr Roger Matthews, Chief Dental Officer, Denplan, who stated: "We are extremely impressed with the instruments and the research findings to date and welcome the chance to promote it to our members as a truly innovative aid to early diagnosis and an integral part of preventive practice." This endorsement aids IDMoS access to these practices and potentially 24,000 dentists. The business model for the CarieScan is strong, offering good margin opportunities throughout the supply pipeline, with elements for distributors, dentists and patients. For IDMoS, the CarieScan enables strong margins, with ongoing revenues from sensor sales, true also for the distributors. For the dentist not only is there a reimbursable element, it allows accurate assessment and monitoring of disease status - enabling the monitoring of treatment effectiveness. For the patient it offers the possibility of repair and prevention rather than restoration (filling). A branding exercise has been undertaken for the IDMoS dental product range with the Caries Detection Device (CDD) now renamed the CarieScan TM and the Caries Management Support System (CMSS) the CarieScan Plus. The products were launched at the British Dental Trade Association showcase meeting at the NEC Birmingham during October 18 - 20. Both UK and Irish distributors are in the process of being appointed. The products were launched in Ireland at the Interplex (Irish Dental Association) meeting in November. First orders for the product were received ahead of the UK launch, which saw additional orders and substantial distributor interest. As part of the UK launch we introduced a product specific web site www.CarieScan.com which is designed not only to provide product information, but includes all of the clinical references relative to the product, video presentation of the product and an interactive overview of the use and feature set of the product along with product manual downloads, FAQ's and support information. Based on hit rates this has been well received by the market and demonstrates an extension of our marketing reach. The Organisation To meet the challenges of moving to revenues, it has been necessary for the organisation to adapt. Changes have been made across the business with a number of internal promotions and appointments, and necessarily some losses. One core competence brought in house has been that of Quality, with the internal appointment of a Quality Manager and the recruitment of a documentation controller. This approach was validated when we passed our last audit to ISO13485:2003 with only two minor non compliances. We have added to the Sales and Marketing resource, to cover not only direct sales but also to support our distributor base. To support our move into the market, product has been sourced from our two primary suppliers SKF and Medifiq. Both these suppliers are qualified to ISO13485:2003 and have been audited by IDMoS for compliance to our internal requirements. Competition There are two directly competing technologies on the caries detection market today, both optically based. One uses laser technology to measure the fluorescence in the pits and fissures of the occlusal surface While this technique has been shown to be 90% accurate at detecting caries where operative care would be advised, the system suffers 'false positive' issues which may be caused by stains or other contamination on the tooth which limit its clinical utility. The second uses a white light LED to assess the optical properties of the tooth, indicating the presence of caries, as the tooth demineralises. Although claiming 92.3% accuracy in detecting caries requiring restoration, the system suffers the same issues of false positives, with a specificity of only 69%, potentially leading to greater than 30% false positives. Key in the detection of caries is the ability to detect disease that requires operative treatment. Furthermore, to minimise the risk of unnecessary drilling and filling, the ability to detect healthy enamel is required. While the ability to measure caries in progress allows the dental team to take preventive action and monitor therapy. Financial Performance Results We are reporting a loss before tax of £3.5m for the year ended 31 July 2007. This is net of interest earnings of £33k. Cash and Funding During the year we completed two fundraisings of £1.9m in December 2006 and £2.0m fundraising in July 2007 to fund product launch. The cash position at the end of the year was £1.3m. Our current cash burn has been reduced below £150k per month. Fundraising IDMoS today announces the conditional raising of approximately £1.54 million net of expenses. In total, the Company proposes to issue 6,608,694 new Ordinary Shares. These consist of the conditional placing of 5,354,514 Ordinary Shares of 5p each at 25 pence per share (the "Placing"), a conditional subscription (including a subscription by certain of the Directors) for 860,000 Ordinary Shares in aggregate and the issue of 394,180 shares to its advisers in lieu of fees. All 6,608,694 shares will be at a price of 25p per new Ordinary Share and represent approximately 27.5 per cent of the current issued ordinary share capital of the Company. The new Ordinary Shares to be issued pursuant to the Placing have been placed by Nomura Code Securities Limited ("Nomura Code"), on behalf of the Company, with institutional investors. The Placing will be fully underwritten by Nomura Code subject to approval at the Extraordinary General Meeting. The net proceeds of the Fundraising (£1.54m) will be used to meet the Company's requirements for working capital and to meet certain costs in relation to expanding its sales channels, building inventory and further development following the successful launch of the Company's initial dental products, the CDD ("Caries Detection Device") and the CMSS ("Caries Management Support System") in the UK and Ireland. The Fundraising is conditional, inter alia, on admission of the new Ordinary Shares to trading on AIM and the approval by shareholders of certain resolutions to be proposed at an Extraordinary General Meeting to be held by the Company on 8th February 2008. A circular will be sent to shareholders shortly together with the notice of EGM. Application will be made for the new Ordinary Shares to be admitted to trading on AIM and it is expected that trading in the new Ordinary Shares, which will rank from Admission pari passu in all respects with the existing ordinary shares in the Company, will commence on AIM by 11th February 2008. It is expected that, following Admission, the enlarged share capital of the Company will comprise 30,681,906 ordinary shares of 5p each. Outlook and Opportunities Current Trading and Prospects Since the launch of the CarieScan in October 2007, we have made a good start in selling products. Total sales invoiced so far are £83,142 representing end user (52) and distributor (100) sales in total. We currently see a high level on interest both within the UK and globally from distributors (17) and dentists (200+), and Denplan have shown their enthusiasm for the CarieScan product. The new funds raised in the Fundraising provide adequate capital to capitalise on the interest we have seen so far. We look forward to concluding our relationship with Dentsply in the near future and in delivering significant sales growth over the next year. Interproximal Sensors Completion of the interproximal sensor development is a high priority for the business enabling completion of the first generation of dental products. The interproximal concepts have been evaluated and we are moving into the main development phase at this time, which will be followed by performance evaluations and validation activity. Availability of the product is forecast for Q3 2008. Osteoporosis & Skin Cancer ACIST technology opens the door to qualitative measurements in these application areas. At this time the business is firmly focused on revenue generation and the completion of the first generation of dental products. Early assessment of both the markets and technology indicates high values for products in both these application areas. With appropriate resourcing it is the intention of the company to complete the market assessment and follow development pathways for these and subsequently additional ACIST based applications. Graham Lay Chief Operating Officer IDMoS plc Consolidated profit and loss account for the year ended 31st July 2007 2007 2006 Note £ £ Group turnover - - Cost of sales - - Gross profit - - Other operating income and charges (3,534,855) (2,887,712) Operating loss (3,534,855) (2,887,712) Interest receivable 32,652 117,621 Interest payable - (983) Loss on ordinary activities before (3,502,203) (2,771,074) taxation Tax on loss on ordinary activities - - Loss for the financial year (3,502,203) (2,771,074) Basic and diluted loss per share (19.41p) (17.27p) All of the activities of the Group are classed as continuing. The Group has no recognised gains and losses other than the results for the year as set out above. The accompanying accounting policies and notes form an integral part of these financial statements. Consolidated balance sheet as at 31st July 2007 2007 2006 Note £ £ Fixed assets 116,949 153,397 Tangible assets Current assets Stocks 227,752 58,100 Debtors 100,580 142,476 Cash at bank and in hand 1,338,808 1,434,265 1,667,140 1,634,841 Creditors: amounts falling due within one 559,532 808,794 year Net current assets 1,107,608 826,047 Total assets less current liabilities 1,224,557 979,444 Capital and reserves Called up share capital 1,203,661 812,391 Share premium account 9,325,129 5,969,083 Other reserves (34,977) (34,977) Profit and loss account (9,269,256) (5,767,053) Shareholders' funds 1,224,557 979,444 Consolidated cash flow statement for the year ended 31st July 2007 2007 2006 Note £ £ Net cash outflow from operating (3,851,914) (2,972,285) activities Returns on investments and servicing of finance Interest received 32,652 117,621 Interest paid - (983) Net cash inflow from returns on 32,652 116,638 investments and servicing of finance Capital expenditure Purchase of tangible fixed assets (23,511) (151,318) Net cash outflow from capital (23,511) (151,318) expenditure Management of Liquid Resources 1,062,629 (1,062,629) Financing Issue of shares 3,900,000 2,333,776 Expenses paid in connection with share (152,684) (61,340) issues Net cash inflow from financing 3,747,316 2,272,436 Increase/(Decrease) in cash 967,172 (1,797,158) Notes to the Financial Statements for the year ended 31st July 2007 1. Basic and diluted loss per share The calculation of the basic and diluted loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. FRS 22 requires presentation of diluted EPS to reflect all outstanding share options where their future exercise would decrease net profit or increase net loss per share. For a loss making Company with outstanding share options, net loss per share would only be increased by the exercise of options and as such the effect is anti-dilutive. Reconciliations of the loss and weighted average number of shares used in the calculations are set out below. 2007 2006 £ £ Loss attributable to shareholders (3,502,203) (2,771,074) Weighted average number of shares 18,043,683 16,045,475 Basic and diluted loss per share (19.41p) (17.27p) 2. Net cash outflow from operating activities 2007 2006 £ £ Operating loss (3,534,855) (2,887,712) Depreciation 59,959 37,690 Decrease/(Increase) in debtors 41,896 (45,381) (Increase) in stock (169,652) (58,100) (Decrease) in creditors (249,262) (18,782) Net cash outflow from operating (3,851,914) (2,972,285) activities 3. Reconciliation of net cash flow to movement in net funds 2007 2006 £ £ Increase / (Decrease) in cash in the year 967,172 (1,797,158) (Decrease)/Increase in liquid resources (1,062,629) 1,062,629 Net funds at 1 August 1,434,265 2,168,794 Net funds at 31 July 1,338,808 1,434,265 4. Reconciliation of movements in shareholders' funds 2007 2006 £ £ Loss for the financial year (3,502,203) (2,771,074) Issue of shares (net of issue expenses) 3,747,316 2,272,436 Net increase /(decrease) in 245,113 (498,638) shareholders' funds Shareholders' funds at 1 August 979,444 1,478,082 Shareholders' funds at 31 July 1,224,557 979,444 Attributable to: Equity shareholders 1,224,557 979,444 5. Basis of Preparation - The financial information set out above does not constitute the Company's statutory financial statements for the year ended 31st July 2007 or the year ended 31 July 2006 but is derived from those financial statements. Those financial statements have been reported on by the Company's auditors. The report of the auditors was unqualified. However, the auditors have highlighted an emphasis of matter with regard to the going concern. The Basis of Preparation paragraph in the audited financial statements reads as follows: The financial statements have been prepared in accordance with applicable United Kingdom accounting standards and under the historical cost convention. The group accounts have been prepared on the going concern basis. Following the year end the group has started to generate revenue, however, there is significant uncertainty over the level of forecast sales for the next twelve months. In order to mitigate the risk posed by this uncertainty, the group has initiated a process to obtain additional funding through the issue of share capital. At the time of signing the financial statements the directors had received commitments to raise approximately £1.54m net of expenses, which is being fully underwritten by Nomura Code, subject to approval at the Extraordinary General Meeting. If the projected level of sales materialise then the group is unlikely to require further funding. However, if sales are delayed or do not materialise at the level projected, the directors would have to seek further funding. This information is provided by RNS The company news service from the London Stock Exchange END FR GUUBCGUPRGPC
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