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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nanoscience | LSE:NAN | London | Ordinary Share | KYG6390E1070 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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Embargoed Release: 07:00hrs Thursday 20 March 2008
Nanoscience Inc.
('Nanoscience' or 'the Group')
Preliminary Results
Nanoscience, the specialist niche investor in emerging technologies with strong
commercial propositions for the healthcare and electronic sectors, is pleased
to announce its preliminary results for the year ended 31 December 2007 ('the
period'). During the period, the Group channelled its resources on
accelerating the technical and commercial activities of its three main investee
companies; its wholly owned subsidiary Toumaz Technology Limited ('Toumaz'),
Future Waves Pte. Limited ('Future Waves') in which it holds a 28.9 per cent.
interest and Sentinel Healthcare Solutions Limited ('Sentinel') where it holds
a 50 per cent. interest.
Highlights:
Toumaz signed an agreement with Texas Instruments Incorporated and a strategic
partnership with Cardinal Health, which will establish clear routes to market
in the global healthcare sector as well as delivering its first generation
Sensium(tm) enabled products for clinical evaluation trials to key customers
worldwide. Development continues on complete products based on the Sensium(tm)
platform, and substantial progress will continue through 2008
Future Waves secured order commitments for its AMx (advanced mixed signal) chip
from market leaders in the DAB Radio market. Inroads are also being made into
the mobile TV market, as Future Waves technology is in several products being
trialled at Beijing for the 2008 Summer Olympics.
Sentinel Healthcare completed a trial in a care home and expects to launch its
'myAmego'(tm) product commercially at the Naidex conference in Birmingham in
April.
Further Information:
Richard Rose Nanoscience Inc. 07836 250 474
Guy Spelman Nanoscience Inc. 07767 338 967
Vikki Krause Hansard Group 020 7245 1100
CHAIRMAN'S STATEMENT
I am pleased to report on a year of significant technological progress during
which we have built important partnerships.
During the year ended 31 December 2007 the Group recorded a loss after taxation
of £7,334,000 (£4,158,000: 2006) on revenues of £174,000 (£364,000: 2006). The
results reflect the early stages of the commercialisation of technologies being
developed and the costs of continued research and development, particularly at
our 100% owned subsidiary Toumaz Technology Limited, and the impact of a
revaluation of our other investments.
Toumaz's key AMx technology continues to advance and is now embedded in
products undergoing market testing and FDA approval processes.
Earlier in the year under review we signed, through Toumaz, a 'Strategic
Partnership' agreement with Cardinal Health, a major US based healthcare
product business ranked 19 in the Fortune 100, with market presence in 90% of
the US hospitals.
Cardinal has the resource to develop and market the end to end solutions,
utilising our AMx technology, that will enable Toumaz to achieve commercial
success with minimum investment on our part. We are delighted with progress
being made with Cardinal investing much resource to maximise the joint
opportunity.
Through Toumaz, another important relationship has just been signed with Texas
Instruments Incorporated. They have identified AMx as being a key component in
the next generation of medical and related markets and wish to incorporate it
into their product range. This development is particularly exciting as it will
fast track the commercial opportunities available to Toumaz, again with minimal
investment from Nanoscience Inc. Indeed, the investment Texas Instruments
themselves are making demonstrates their commitment to both our technology and
the commercial opportunity going forward.
Future Waves has commenced shipping product to OEM customers, mainly in Asia.
Whilst developing slightly behind our initial expectation we expect their
markets to continue to develop and that break-even will be reached within
twelve months.
The Chief Executive's report provides further details of other areas and
products, specifically Sentinel where we expect to launch the service to the
Care Home market in the second quarter and the Sports product market where good
progress is being made towards revenue generation.
I believe that the progress achieved during 2007 has greatly enhanced the value
of our AMx technology and I am confident that continued progress will be made
during the current year as we seek to explore all avenues available in
maximising shareholder value including the consideration of a Nasdaq quote for
Toumaz.
Richard Rose
Chairman
20 March 2008
CHIEF EXECUTIVE OFFICER'S REPORT
I am pleased to present my second operational report as CEO for the Group.
Following on from my initial report in July 2007, we continue to see some
significant progress in our investments. What has been pleasing is the adoption
of our technologies by world leading global companies at the cutting edge of
their markets. In addition our chosen markets of Healthcare and Consumer
Electronics are maturing fast, and our technologies are in phase with the
digital revolutions occurring in both fields.
It remains our priority to commit resources into the development and commercial
exploitation of core IP, AMx, into markets where we believe there is major
change and growth so that the technology when deployed will make a significant
impact. Furthermore it has become a consequence of this strategy that we focus
our efforts on seeking out Partners who have identified channels to market in
order to fully leverage our technology.
I will cover the implications of this in more detail in each of my reviews
focusing on 4 key sections;
1. The Markets we focus on
2. The role of our technology in these markets
3. Our Business models, to capture optimum value from our position
4. Our Progress to date
Following the raising of some additional capital in July 2007 we have delivered
on our pledges to seek to underpin our commercial progress with key clients and
leading channels to markets. 2008 is important to continue to build on this
established momentum.
I specifically wish to recognise the dedication and commitment of the
management and the teams across the Group in delivering such critical
relationships.
TOUMAZ TECHNOLOGY
Toumaz Technology's innovation in intelligent wireless body monitoring is
placing it firmly at the heart of the emerging digital healthcare revolution.
The technology convergence which led to the advent of digital communications
and the birth of the mobile phone and internet industries has already
transformed the way people live, work, communicate and interact. Now,
groundbreaking semiconductor technology is harnessing a new wave of convergent
trends and creating a nexus for monumental changes in high-priority areas of
treatment, diagnostics, and healthcare delivery.
Toumaz provides the solution platform for healthcare providers to continuously
monitor patients, wirelessly, unobtrusively and at low cost. By delivering the
enabling wireless infrastructure for continuous body monitoring, Toumaz is
creating a unique opportunity for the development of end-to-end telemedicine
and health information systems, based on electronic medical records, which meet
the rapidly growing clinical and financial requirement for analysis and
decision-making based on real-time physiological data.
Toumaz's ultra low power system-on-chip technology platform - Sensium(tm) -
enables an innovative way of managing the patient based on a new generation of
intelligent wireless monitors capable of continuously monitoring multiple vital
signs in real-time, allowing earlier detection and prediction of adverse events
such as heart attack, falls or hypoglycemia. For healthcare professionals,
this continuous wireless body monitoring transforms the possibilities for
pro-active therapies and improved quality of care. For patients, it delivers
new opportunities for lifestyle-compatible, personalised healthcare, as well as
better therapeutic outcomes.
1. The market opportunity
The business case for the exponentially projected growth in personalised
healthcare and body monitoring is clear, presenting opportunities to deliver
Sensium-based solutions across multiple global healthcare settings, including
in hospital and outpatient treatment programmes, within care home and cognitive
impairment environments, and as part of clinical drug trials.
In each of these segments, the market drivers are powerful. Global demographics
are changing. An ageing population together with an increasingly sedentary
western lifestyle is leading to a huge increase in resources required for
long-term care of patients with chronic diseases. Estimates of the cost of
healthcare related to chronic disease are already typically around 70% of total
healthcare budgets. With the double digit increases predicted, the current
model of treatment is unsustainable for both public and private healthcare
institutions. Better and more cost-effective ways of looking after patients are
needed, as governments actively explore ways to move care from the hospital to
home. Sensium ushers in a new era of solutions to address these global
healthcare challenges by providing a viable cost model for long-term,
preventative care that is also compatible with patient lifestyles.
Similarly, in cost-pressured hospital and general ward environments, the
ability to automate the continuous acquisition of physiological readings at the
bedside with minimal impact on the patient will allow precious staff resources
to be re-deployed, deliver better quality of data, and facilitate higher levels
of patient care and individualised treatment. The breakthrough facility -
uniquely enabled by Sensium - to remotely and unobtrusively acquire auditable,
real-time vital sign data also offers clear benefits in the care home sector.
By supporting service providers that need to demonstrate the highest duty of
care, safety and compliance, Sensium unlocks new revenue opportunities from the
development of specialist monitoring and alarm services to manage patient
well-being.
Finally, recent FDA guidelines centering on the requirement for continuous
monitoring of patients during all phases of clinical drug trials highlights the
growing need for a cost-effective, scalable solution to meet increasing trial
safety standards. Pharmaceutical and drug testing companies are now actively
looking for a solution to this challenge. By enabling accurate, auditable, and
time synchronised data to be acquired from trial patients outside of the
laboratory environment, Sensium provides a platform to deliver entirely new
levels of knowledge and faster routes to market for the global pharmaceutical
industry.
2. Sensium(tm) - platform for a healthcare revolution
Sensium integrates the complete wireless infrastructure, intelligent signal
processing and interfacing to a wide range of body-worn sensors, replacing
existing bulky monitoring solutions.
In addition to hospital or care home applications, the Sensium platform allows
healthcare providers to remotely monitor vital signs from mobile individuals in
real-time, via standard handheld devices such as PDAs and cellphones. Powered
by low-cost low profile batteries, one or more Sensium-enabled disposable
'digital plasters' can continuously monitor multiple key physiological
parameters. Today, ECG heart rate, body temperature, respiration and activity
level are all easily measured. Tomorrow, emerging sensors will enable
bio-chemical markers such as blood glucose and blood oxygen to be continuously
measured in the near future
[PICTURE TO INSERT IN ANNUAL REPORT]
The body-worn Sensium collects, processes and extracts the key features of the
data and intelligently reports to a base station Sensium plugged into a PDA,
smart phone, or fixed room unit via an ultra low-power, short-range radio
telemetry link. From there, the data can be further filtered and processed by
application software and integrated into existing medical information systems,
such as those employing the worldwide Oracle based HL7 standard, to provide a
complete end-to-end system and the foundation for a total patient care package.
Toumaz has had an established Partnership with Oracle for over eighteen months.
Toumaz's disruptive AMx(tm) technology - the core technology behind the Sensium -
is protected by granted US and international patents. In addition the company
has patents in other areas of ultra-low power circuits and systems. The
Sensium is protected by six patent applications on the silicon device and other
patents and filings at both system and user levels.
3. Toumaz's business model
From the outset, Toumaz has focused the initial commercialisation of its
proprietary AMx technology on the healthcare sector, having recognised that new
ultra low power silicon devices will enable an explosion of product
opportunities in this key market.
The first generation Sensium - the deployment of the AMx platform in the
healthcare market - is currently entering into mass production.
The Sensium has been specifically conceived as an enabling technology platform
for the development of revolutionary products for healthcare and lifestyle
management applications. By delivering to the healthcare market for the first
time the key requirements of unobtrusiveness, simplicity and low cost (ie.
disposability) in a set of body-worn intelligent wireless sensors (for example,
digital plasters or band-aids) plus associated wireless networking, Toumaz is
providing the complete solution platform for commercially viable products with
the potential to revolutionise healthcare for millions of people.
Toumaz's strategy is to seek to capitalise upon its central role in the
end-to-end system and capture value beyond that of a component supplier.
Toumaz has forged two major strategic partnerships that will significantly help
in accelerating the routes to market for Sensium. The Strategic Alliance with
Cardinal Health will be key in the execution of the strategy of leveraging the
technology within the hospital market, as the companies will continue to
investigate opportunities to incorporate Toumaz's AMx technology into Cardinal
Health's clinical products. Cardinal will leverage its position in the market
as a leading healthcare services provider to create a solution that matches the
needs of healthcare delivery institutions, ensuring integration into standard
care environments. Working together, the joint technical teams of Toumaz and
Cardinal Health intend to develop end-user solutions through the integration of
the Toumaz platform into future clinical products from Cardinal Health.
Through this partnership, Toumaz will benefit not only from Cardinal Health's
extensive engineering and systems knowledge, but will also align the company
with a global market leader, helping to assure a smooth transition for Toumaz
from an early adopter market into the mainstream market.
Toumaz's sales and manufacturing agreement with Texas Instruments will provide
valuable access to TI's design, process and manufacturing capabilities, its key
logistics management expertise and, further, the opportunity to leverage a
world-class sales channel and access to TI's significant medical customer base.
Toumaz will license the basic Sensium operating system known as NSP (Nanopower
Sensor Protocol) to all end customers, regardless of the channel through which
the Sensium chips were purchased, and from there will provide added-value
infrastructure and application products and services to provide a recurring
revenue stream at the system level.
Partnering with global leaders: Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is an $87
billion, global company serving the healthcare industry with products and
services that help hospitals, physician offices and pharmacies reduce costs,
improve safety, productivity and profitability, and deliver better care to
patients. With a focus on making supply chains more efficient, reducing
hospital-acquired infections and breaking the cycle of harmful medication
errors, Cardinal Health develops market-leading technologies, including IV
pumps, automated dispensing systems, electronic infection surveillance service,
respiratory care products and patient identification systems. The company also
manufactures medical and surgical products and is one of the largest
distributors of pharmaceuticals and medical supplies worldwide. Ranked No. 19
on the Fortune 500, Cardinal Health employs more than 40,000 people on five
continents and delivers more than 40,000 products daily. Cardinal Health is
present in 90% of the US hospitals.
As a result of the strategic partnerships established with Cardinal Health and
TI, Toumaz has secured a clear, proven route to market and will be closely
connected to its end customer needs as the Sensium solution rolls out globally
4. Progress to date
In 2007, Toumaz began shipment of its Sensium development kit (SPIDER) based
upon the working silicon achieved in 2006. The kits, which are being delivered
to key customers worldwide, enable the rapid creation and testing of end-to-end
Sensium-based solutions. This is the first step in the familiar "design-in"
cycle for semiconductor devices and paves the way for the delivery of further
Sensium chips or Sensium enabled products.
Towards the end of 2007, Toumaz began the development of complete products
based on the Sensium chip in order to meet the needs of many customers with
good market reach but little or no technical capability. These products will
accelerate the regulatory approval process for Sensium enabled devices, and
thus reduce the time to market and to first product revenues. They will begin
shipping in production volumes in July 2008.
5. Key achievements
Two strong commercial partners, establishing a clear routes to market
- Major industry recognition and awards during 2007
- Key commercial member, along with Novo Nordisk, of consortium awarded 7.6
million Euros under an EU Framework 7 Project "DiAdvisor" to develop new tools
for the treatment of diabetes
- Delivery of Toumaz developed Sensium enabled products in for clinical
evaluation trials at St Mary's Hospital, London, Southampton Hospital,
Singapore Institute of Health and the Hong Kong Sports Medicine Academy
Nanoscience is represented on the Board of Toumaz through Chris Toumazou, Guy
Spelman and Serge Grisard.
FUTURE WAVES
1. The markets we focus on
The business has always focused on the Mobile TV market which is viewed as the
next major growth market driven out of the Far East. The 'pick up' of this
growth has not been as aggressive as previously expected, but remains a 2009
focus. The Olympics remains a real catalyst and Future Waves (FW) is in several
products being trialled at Beijing. Internet radio is a second sector we have
targeted and the potential market size could be as high as 10 million units
through 2009.
2008 is about current markets and committed customers. DAB Radio and Digital
Terrestrial TV (DVBT) are the key sectors. The existing market for DAB is 4
million units and Pure Digital is the market leader and FW has already secured
order commitments for the current year. The Digital Terrestrial TV (DVBT)
offering is new capability and should be ready Q3 or Q4 2008 and help to
position the company for mobile TV in 2009
The role of our technology in these markets
Device Manufacturers want one platform that can be configured for all
modalities and standards. FW strength is in RF and our differentiator is
multi-standard with the reuse of RF blocks and leveraging the core AMx IP*
which helps to drive ultra low power solutions. The challenge is one receiver
solution applicable to all applications and standards.
[PICTURE TO INSERT IN ANNUAL REPORT]
FW's strength is in multi-standard CMOS RF solutions combined with a strong
technical performance and Radio IP.
Due to FW's superior performance we believe significant order flow will be
generated in 2008.
Low cost and high levels of integration will open up further opportunities as
the fragmented standardisation of digital broadcasting necessitates multi
standard chipset solutions operating a range of frequency bands. The IP
portfolio is targeted towards multi band and multi standard RF solutions which
can be deployed globally.
2. Our Business Model
It has been a clear focus of the business to provide a complete market proven
offering and not just subsets due to the opportunities that arise from such a
model. More compact silicon, low cost structures, higher margin offering makes
FW's more than just a chip play.
The geographical focus of the business remains the Far East as the potential
for early adoption in the mobile TV space is in that region, although the DAB
radio and Terrestial TV will have more European involvement. However, China,
Taiwan and Korea are three serious markets where customers have been won and
further traction is sought.
"As part of the underlying technology development strategy, FW has developed a
strong working relationship with Imagination Technologies. FW sees Imagination
as a key strategic technology partner, providing FW with market leading
baseband receiver technology that complements FW's CMOS RF technology, while
allowing FW to focus its engineering resources on development of its core RF
technologies as well as customer support and supply logistics. As part of FW's
relationship with Imagination, FW has also secured a key customer, PURE Digital
(a wholly owned Division of Imagination) which is the number one digital radio
supplier in UK with plans for extensive market growth in Europe and
Australasia."
We continue to seek key Partners to work with that will provide early stage
support in design, engineering, production and finance.
3. Our progress to date and roadmap
FW has made considerable progress in the past six months and remains focused on
delivering a break even position within the next 12 months. Its key milestones
over the rest of the year can be summarized as follows:
- Secure DAB Markets and Revenues in 2008
- Secure Digital TV Markets and Revenues in 2008
- Continue to build the Product portfolio so that we are ready for Mobile TV in
2009 and Internet radio in 2009.
- Secure Strategic customers and partners
- Secure sufficient funding to deliver the strategy
A total of U$12.5m has been raised through 2007 for FW of which Nanoscience has
contributed $2.3 million. A further round of fund raising is being actively
pursued which we anticipate will position the company as a strong player in its
targeted sectors.
Nanoscience supports the Board and Management in the raising of funds and will
continue to be active in the business going forward and help to position FW
to take full advantage of emerging markets.
Nanoscience is represented on the Board of Future Waves by Chris Toumazou and
Guy Spelman.
SENTINEL HEALTH CARE SOLUTIONS
1. The markets we focus on
Social Care in the UK has come under considerable scrutiny over the past few
years and in certain areas has been subject to growing criticism. This is
despite the fact that the Care Agencies and experts have been working to
improve the nature and delivery of care, to be more responsive to the
individual's needs and to improve health and wellbeing.
More recently, the UK Government has made the care of people with dementia a
social and political priority. This has been reinforced by social and health
providers in local government, the National Health Service and the media.
Legislation has followed with the Mental Capacity Act.
There is also a general acknowledgement that residential care should not be
seen as the only means for providing care and with the ever-increasing numbers
requiring care, not enough places will be available.
Telecare is an important part of the support provision for the new care model
(s) that are evolving and significant sums have been allocated to local
authority budgets going forward. Telecare describes any service that brings
health and social care directly to a user supported by information and
communication technology. It covers social alarms, lifestyle monitoring and
telehealth (remote monitoring of vital signs for diagnosis, assessment and
prevention)
Globally, social care constitutes a similar issue of increasing priority,
including in countries with advanced healthcare models, because of the sheer
number of people that will be requiring care in conditions such as dementia:
- UK: 700,000 in 2007; increasing by 39,400 per year
- France: 850,000 in 2007
- USA: 4.5 million in 2005
- Australia: 220,000 in 2007; increasing by 56,000 per year
- Asia Pacific: 14 million in 2006; increasing by 4 million per year
All Governments are developing strategies to deal with what is being viewed as
an epidemic. Telecare is acknowledged as a critical part of their strategies.
The role of our technology in these market
'We share the vision of care services in promoting the choice of the
individual. It enables the person to work with their carer to support their
health and wellbeing whilst reducing their risks and protecting their rights.'
Our technology enables providers to deliver market-leading telecare service
specifically for the care of people with cognitive impairment, supported by an
innovative and intelligent solution.
Working with Melton Health Care, and adopting the vision of care through
technology, Sentinel Health Care Solutions ('Sentinel') developed a unique
information management, decision engine and notification engine platform
(called "Sentinel:Monitor") relying on generic sensor and meshed wireless
technologies. Sentinel:Monitor's unique ability is to identify an individual
wearers device and relate it to the user's environment and activity/at risk
profile -others solution are usually unable to identify the individual user in
the context of their environment. The data collected in the process can be
seamlessly shared with other standard databases. Combining the power of this
approach with algorithms and user interfaces specific to medical conditions or
care needs, often developed by or with care sector insiders, the company is
able to provide new approaches to delivering leading care services that suit
the service users and their families to live as independent lives as possible.
My Amego, the first of Sentinel's technology services, targeted at dementia,
allows carers to provide effective care and support while reducing risks to
service users and protecting their independence and privacy.
[PICTURE TO INSERT IN ANNUAL REPORT]
2. Our business model
Keen to focus on its core skills of end-user solution design and technology
deployment, Sentinel's commercial activities will rely on a network of
installers and distributors to reach the final users. Distributors are
allocated territories and market segments according to potential and
performance. The service of data collection, gathering, analysis and
notification management is controlled centrally by the company as a fully
hosted service. Sold on a subscription basis, this service generates a monthly
stream of recurrent revenues.
"Sentinel:Monitor" is a highly flexible platform, easy to customize for
specific conditions or sensors, and provides for scalability of the business,
with the simple addition of new functionalities or new application areas.
Today's care providers often cope with residents with a variety of care needs
in the same facilities. This environment is favorable to cross-selling.
The flexibility of the platform and opportunity for growth are illustrated
below
[PICTURE TO INSERT IN ANNUAL REPORT]
3. Progress to date and roadmap
We have a branded service called My Amego(tm) fully tested in a Care Home.
A signed licensing deal and distributor agreement in the Local Authority
market.
A UK public launch planned to coincide with the Naidex Conference in April.
We currently have more than 12 interested care provider organisations looking
to explore the benefits of such a service.
Key to the Business model is the product map and the addition of functionality,
through an open environment to facilitate integration with existing devices and
enable further application developments to meet new customer requirements.
The key areas for development are:
- a domestic version for individual homes and the consumer market,
- the integration of Toumaz's Sensium to extend the application areas of the
system,
- the expansion into a wider range of care needs or medical condition
applications
We have built a strong network of advisors in the Industry, and believe the
business is well positioned to exploit the market opportunities. Nanoscience
Inc retains its 50% shareholding and Guy Spelman and Serge Grisard act as
Chairman and Commercial Director.
THE IMPACT ON NANOSCIENCE
The progress made at Toumaz and our investee companies is clear from the
analysis above, and now I would like to highlight the impact this will have on
Nanoscience.
Nanoscience was established in mid 2005 as an Investment vehicle for emerging
technologies. The primary focus has been concentrated around the AMx IP,
exploited through Toumaz and FW, with further additional opportunities through
Sentinel.
The small investments made in XRT and Applied Sensor, have been slower and less
compelling although we remain positive to both, and we remain confident that a
positive return will be achieved in the longer term.
In less than three years, we have taken technologies, and created commercially
focused businesses all beginning to, or near to generating revenue through
clients in industries that have a growth profile. In addition, we have pulled
together sustainable business models that provide robustness to the business
and position each one with sound opportunities to progress.
In looking at the impact on each, let me summarise our view for the next year:
Toumaz Technology
As 100% owner since November 2005, we have provided over £7 million of
additional cash for working capital to the business. We have decided to explore
a range of options that maximise values including a potential NASDAQ floatation
for the company. It is currently the Board's opinion that greater value can be
gained from this option in Europe, but this will be one of a number of
exploratory actions. Our goal in progressing the business to the next stage of
maturity and revenue generation requires a closeness to key markets additional
top management with high profile industry experts. We hope to make an
announcement within three months of a further strengthening to the Board, and
access to further capital markets and resources for promotion and
commercialisation of the technology.
Nanoscience's commitment to the commercial success of Toumaz will remain our
priority and we will continue working hard to open up further sales channels
for Toumaz in key geographies as well as considering additional avenues of
commercialisation for AMx.
However the step we have taken as a result of the strategic partnerships
established with Cardinal Health and TI, has secured a clear, proven route to
market for Toumaz and will be closely connected to its end customer needs as
the Sensium solution rolls out globally.
In the short term as we position Toumaz for the future, we look forward to
maintaining momentum and introducing additional institutions and investors to
our technology.
Future Waves
This business which spun out of Toumaz in January 2005, has significant
funding from key institutions in the Far East and the UK.
Generally businesses in this sector would require sums greater than $30 million
to have achieved what FW has achieved; with chips in mass production. A lot of
credit must go to management for the progress so far. To secure key
Partnerships in 2008 will position the business firmly in the targeted sectors.
Nanoscience's involvement has been considerable and we remain focused on three
specifics fronts: driving hard into contracted revenue, leveraging the one
platform for multi standards through AMx and positioning the business for sale
within a year.
If we are successful in achieving these goals we believe this will represent a
significant return to shareholders and the provision made in the accounts
against the carrying value is driven by prudence and does not alter the
prospects of the future value of the business.
Sentinel Health Care Solutions
We have invested £200,000 in equity for a 50% interest in the business, making
us the biggest of four shareholders. A further £200,000 has been allocated in
the form of repayable loans.. We believe the opportunity to develop this
business is substantial, both as an outlet for Toumaz product and for
Sentinel's own technology in other geographies. There is no intention of
selling any part of the business and, in fact, we remain open to further
investment aimed at the expansion of specific commercial expansion
opportunities.
Sports
It remains the view that the Sports market is a serious opportunity for the
Group. With less regulation required we continue to work on the delivery of
prototype modules that provide Vital Sign data on a real time basis and believe
by Q3 2008 three working samples will be available to our targeted Partners.
This allows us to show the technology at work.
Summary
We believe Nanoscience has the opportunity to create considerable value from
the current asset base and foresee opportunities to convert some into liquidity
with carefully crafted exits over the next year. Simultaneously we continue to
explore alternative avenues to maximise the areas of application for AMx and
continue to build sustainable value. We believe the prospects remain very
positive.
Guy Spelman
Chief Executive Officer
20 March 2008
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2007
2007 2006
Note £'000 £'000
Revenue 174 364
Cost of sales (209) (352)
Gross (loss)/profit (35) 12
Administrative expenses - amortisation of intellectual
property (534) (534)
Administrative expenses - impairment of available for
sale investments (391) -
Administrative expenses - other (3,658) (3,594)
Total administrative expenses (4,583) (4,128)
Loss from operations (4,618) (4,116)
Result from equity accounted joint venture (10) -
Result from equity accounted associate (1,537) (635)
Impairment of equity accounted associate (1,643) -
Finance income 82 157
Loss before taxation (7,726) (4,594)
Taxation 3 392 436
Loss after taxation and retained loss attributable to
the equity holders of the company (7,334) (4,158)
Loss per ordinary share (pence)
Basic and diluted 2 (3.67)p (2.26)p
All operations are continuing.
There were no recognised gains or losses other than the loss for the financial year.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2007
Share
based
Share Share payment
Retained Total
capital premium reserve earnings equity
£'000 £'000 £'000 £'000 £'000
At 1 January 2006 459 22,808 126 (755) 22,638
Loss for the year - - - (4,158) (4,158)
Issue of share capital 3 29 - - 32
Share based payments - - 285 - 285
Transfer on exercise -
of options - (6) 6 -
At 31 December 2006 462 22,837 405 (4,907) 18,797
Loss for the year - - - (7,334) (7,334)
Issue of share capital 82 3,182 - - 3,264
Cost of share issue - (86) - - (86)
Share based payments - - 178 - 178
Transfer on exercise -
of options - (8) 8 -
At 31 December 2007 544 25,933 575 (12,233) 14,819
CONSOLIDATED BALANCE SHEET
At 31 December 2007
2007 2006
£000 £000
ASSETS
Non-current assets
Intangible assets 13,435 13,969
Property, plant and equipment 60 78
Interests in joint venture 208 -
Interests in associate - 2,368
Available for sale investments - 391
13,703 16,806
Current assets
Inventories 15 -
Tax receivable 392 414
Trade and other receivables 377 329
Cash and cash equivalents 1,535 2,291
Total current assets 2,319 3,034
Total assets 16,022 19,840
LIABILITIES
Current liabilities
Trade and other payables 594 434
Total current liabilities 594 434
Non-current liabilities 609 609
Total liabilities 1,203 1,043
EQUITY
Share capital 544 462
Share premium 25,933 22,837
Share based payment reserve 575 405
Retained earnings (12,233) (4,907)
Total equity attributable to equity holders of the
Company 14,819 18,797
Total equity and liabilities 16,022 19,840
CONSOLIDATED CASHFLOW STATEMENT
For the year ended 31 December 2007
2007 2006
£000 £000
Cash flows from operating activities
Loss before taxation (7,726) (4,594)
Amortisation 534 534
Depreciation 50 66
Share of loss of associates 1,537 635
Impairment of equity accounted associate 1,643 -
Impairment of available for sale investments 391 -
Share of loss of joint venture 10 -
Loss on disposal of non current assets - 1
Share based payments 178 285
Interest received (82) (157)
Increase in stocks (15) -
Increase in trade and other receivables (48) (7)
Increase in trade and other payables 160 30
Tax refund 414 22
Net cash outflow from operating activities (2,954) (3,185)
Cash flows from investing activities
Purchase of and loans to joint ventures and associates (1,030) (742)
Purchase of other non current assets (32) (58)
Interest received 82 157
Net cash used in investing activities (980) (643)
Cash flows from financing activities
Proceeds from issue of share capital 3,264 32
Share issue costs (86) -
Net cash inflow from financing activities 3,178 32
Net change in cash and cash equivalents (756) (3,796)
Cash and cash equivalents at beginning of period 2,291 6,087
Cash and cash equivalents at end of period 1,535 2,291
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2007
1 BASIS OF PREPARATION
The Company was incorporated in the Cayman Islands which do not prescribe the
adoption of any particular accounting framework. The Board has therefore
adopted and complied with International Financial Reporting Standards as
adopted by the EU (IFRS). The Company's shares are listed on the AIM market of
the London Stock Exchange. . The principal accounting polices of the Group
have remained unchanged from those set out in the Group's 2006 annual report
and financial statements.
GOING CONCERN
The Director have prepared cashflow forecasts through to 31 March 2009 which
assume that Toumaz Technology Limited receives funding in accordance with the
various contracts entered into since 31 December 2007 and continues to incur
costs at the current rate. The forecasts also assume no further financial
support is provided to the associated undertaking, Future Waves UK Limited.
The Directors have also secured a finance facility of £1 million from a major
shareholder. On this basis the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational existence for the
foreseeable future. For this reason they continue to adopt the going concern
basis in preparing the financial statements.
2 TAXATION
The tax credit for the period is as follows:
2007 2006
£'000 £'000
Current tax
UK corporation tax at 19% - (22)
UK research and development tax credit (392) (414)
(392) (436)
The tax assessed for the period differs from the standard rate of corporation
tax in the UK as follows:
2007 2006
£'000 £'000
Loss before tax ` (7,726) (4,594)
Loss multiplied by standard rate of corporation tax in
the UK of 30% (2,318) (1,378)
Effect of:
Disallowable expenses 156 130
Depreciation in excess of capital allowances 15 20
Research and development tax credit adjustment 98 103
Prior year adjustment - (22)
Losses not utilised 1,657 711
Current tax credit for year (392) (436)
The Group has tax losses in the UK, of approximately £5.6 million (2006: £4.4
million) available for offset against future operating profits. The Group has
not recognised any deferred tax asset in respect of these losses, which would
amount to £1,680,000 (2006: £1,320,000) due to there being insufficient
certainty regarding its recovery.
3 LOSS PER SHARE
The calculation of the basic loss per share is based on the loss after tax of £
7,334,000 (2006: £4,158,000) divided by the weighted average number of ordinary
shares in issue during the year of 199,783,178 (2006: 183,891,674).
The impact of the share options and share warrant is anti dilutive.
4 PUBLICATION
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.
The consolidated balance sheet at 31 December 2007 and the consolidated income
statement, consolidated cash flow statement and associated notes for the year
then ended have been extracted from the Group's 2007 statutory financial
statements upon which the auditors opinion is unqualified.
The annual report for the year ended 31 December 2007 will be sent to
shareholders shortly.
END
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