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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Reliance Gen. | LSE:GMX | London | Ordinary Share | GB00B1MM9925 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.55 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMGMX
RNS Number : 3953N
Reliance GeneMedix PLC
01 September 2011
FOR IMMEDIATE RELEASE 1 September 2011
Reliance GeneMedix plc
Results for the 12 month period ended 31 March 2011
Results
Reliance GeneMedix plc ("Reliance GeneMedix" or the "Company"), the AIM listed biopharmaceutical company, which is a subsidiary of Reliance Life Sciences Pvt. Ltd. ("Reliance Life Sciences"), announces its results for the year ended 31 March 2011.
Related party transactions
Note 1 to the results describes the related party transactions that have occurred during the year. The independent directors of the Company, namely Dr. R. A. Mashelkar, Mr Dileep Choksi and Mr Atul Dayal consider, having consulted with the Company's Nominated Adviser, that the terms of these related party transactions are fair and reasonable insofar as the Company's shareholders are concerned.
In accordance with AIM Rule 26, a copy of this announcement and the Annual Report and accounts are available on the Company's website at www.genemedix.com.
ENQUIRIES:
Reliance GeneMedix plc Tel: +353 57 932 3572 Vinay Ranade, Chief Executive Officer Deloitte Corporate Finance Tel: 020 7936 3000 Jonathan Hinton, John Ball Lothbury Financial Services Limited Tel: 020 7868 2567 Michael Padley
Chief Executive Officer's statement
Background
Reliance GeneMedix is a globally-focused biopharmaceutical company, specialising in the development and manufacture of high-quality, cost-effective treatments for some of the world's most serious diseases. Since February 2007, the Company has been part of the Reliance Life Sciences Group of companies. Reliance GeneMedix is working towards the development, manufacture and marketing of a portfolio of biosimilar recombinant therapeutic proteins for global markets.
Business overview
I am pleased to present the results for the financial year 2010 - 2011, during which the Company applied to the European Medicines Agency ('EMA') for market authorisation for its lead product Erythropoietin ('EPO') in the EU. The Company withdrew its application based on initial feedback and additional data requirement indicated by EMA. The Company has sought scientific advice from EMA to validate its revised EPO development programme, which it expects to receive later in 2011. Based on the scientific advice from EMA, the Company intends to complete the development programme and reapply for market authorisation in the EU. The Company expects to be in a position to re-apply to EMA in the financial year 2012-2013.
The Company concurrently is working on aspects of its manufacturing and clinical development programme. The Company continues to market EPO in India through Reliance Life Sciences and is continuing its efforts to obtain approval for launching EPO in other markets.
Financial review
In this time of difficult external financial and economic conditions, the Company has been able to sustain its product development programmes based on the financial support received from Reliance Life Sciences which has confirmed its continuing financial support of the Company's development programme. The Company has also been successful in containing operational costs.
Operating losses of EUR 2.137 million (2010: EUR 2.225 million) for the year are in line with the budget and indicates planned expenditure. The Company is exercising strict financial discipline and cost control in order to run its operations and development programmes efficiently.
The Company has capitalised development expenditure of EUR 2.615 million (2010: EUR 4.376 million) incurred on the EPO development programme, post the receipt of clinical trial approval. The board has concluded that capitalisation of EPO development costs remains appropriate and in accordance with the criteria of IAS 38 despite the need to revise the content of the EPO development programme as referred to above. Current assets and current liabilities are in line with the level of operations of the Company.
The expenditure during the year was financed through a loan from Reliance Life Sciences and this will also cover 2011-2012 funding requirements.
Employee commitment
I would like to thank the staff of the Company for their dedication and commitment to the development and manufacturing programmes and look forward to their ongoing commitment for the coming year. The Board is committed to talent and skill development through internal and external training initiatives and also to reward employees for excellent performance.
Corporate governance
The Board has established an Audit Committee, Remuneration Committee and Nominations Committee with formally delegated duties and responsibilities.
The Audit Committee consists of all the independent Non-Executive Directors and is chaired by Mr. Dileep Choksi. The Audit Committee normally meets twice a year and has responsibility for, among other things, planning and reviewing the annual report and accounts and interim statements and involving, where appropriate, the auditors. The Committee also approves auditors' fees, reviews auditor independence and focuses on compliance with legal requirements and accounting standards. It is also responsible for ensuring that an effective system of internal controls is maintained. The ultimate responsibility for reviewing and approving the annual accounts and interim statement remains with the Board.
The Remuneration Committee is made up of all the independent Non-Executive Directors and is chaired by Dr R. A. Mashelkar. The Remuneration Committee, which meets as required, but at least once a year, has responsibility for making recommendations to the Board on the compensation of senior executives and determining, within agreed terms of reference, the specific remuneration packages for each of the Executive Directors.
The Nominations Committee comprises the Chairman and all of the independent Non-Executive Directors and is chaired by Dr R. A. Mashelkar. The Nominations Committee has responsibility for reviewing the size and composition of the Board and the appointment of replacement and or additional directors and making appropriate recommendations to the Board.
Vinay Ranade
Chief Executive Officer
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2011
Hot Features
Premium
Year Year
ended ended
31 Mar 2011 31 Mar 2010
EUR'000 EUR'000
Continuing operations
Revenue 578 410
Cost of sales (578) (410)
------------ ------------
Gross profit - -
Research and development costs (34) (170)
Administrative expenses (2,103) (2,055)
------------ ------------
Operating loss (2,137) (2,225)
Finance income 0 1
Finance costs (591) (283)
Other income - 3
------------ ------------
Loss before taxation (2,728) (2,504)
Taxation (203) 960
Loss for the year attributable to equity holders
of the parent (2,931) (1,544)
------------ ------------
Other comprehensive income
Other comprehensive income for the year, net
of tax - -
------------ ------------
Total comprehensive income for the year, net
of tax (2,931) (1,544)
------------ ------------
Loss per ordinary share
Basic (1.5c) (0.9c)
------------ ------------
Diluted (1.5c) (0.9c)
------------ ------------
Consolidated Statement of Financial Position
As at 31 March 2011
31 Mar 2011 31 Mar 2010
EUR'000 EUR'000
ASSETS
Non-current assets
Intangible assets 15,233 12,620
Property, plant and equipment 1,678 2,571
Investment at cost 10 10
Deferred tax asset 2,487 2,690
----------- -----------
19,408 17,891
----------- -----------
Current assets
Inventories 299 345
Trade and other receivables 829 238
Restricted cash 186 184
Cash and cash equivalents 5 134
----------- -----------
1,319 901
----------- -----------
LIABILITIES
Current liabilities
Trade and other payables (2,047) (1,819)
Borrowings (4,365) (1,080)
----------- -----------
(6,412) (2,899)
----------- -----------
Net current liabilities (5,093) (1,998)
----------- -----------
Total assets less current liabilities 14,315 15,893
----------- -----------
Non-current liabilities
Trade and other payables (511) (229)
Borrowings (6,556) (5,485)
----------- -----------
(7,067) (5,714)
----------- -----------
Net assets 7,248 10,179
----------- -----------
Shareholders' equity
Share capital 26,412 26,412
Share premium 41,601 41,601
Shares to be issued - -
Other reserves 2,941 2,941
Retained losses (63,706) (60,775)
----------- -----------
Total equity attributable to equity holders
of the parent 7,248 10,179
----------- -----------
Company Statement of Financial Position
As at 31 March 2011
31 Mar 2011 31 Mar 2010
EUR'000 EUR'000
ASSETS
Non-current assets
Intangible assets 15,233 12,620
Property, plant and equipment 1,678 2,571
Investment at cost 10 10
Deferred tax assets 2,487 2,690
----------- -----------
19,408 17,891
----------- -----------
Current assets
Inventories 299 345
Trade and other receivables 829 238
Restricted cash 186 184
Cash and cash equivalents 5 134
----------- -----------
1,319 901
----------- -----------
LIABILITIES
Current liabilities
Trade and other payables (2,047) (1,819)
Borrowings (4,365) (1,080)
----------- -----------
(6,412) (2,899)
----------- -----------
Net current liabilities (5,093) (1,998)
----------- -----------
Total assets less current liabilities 14,315 15,893
----------- -----------
Non-current liabilities
Trade and other payables (511) (229)
Borrowings (6,556) (5,485)
----------- -----------
(7,067) (5,714)
----------- -----------
Net assets 7,248 10,179
----------- -----------
Shareholders' equity
Share capital 26,412 26,412
Share premium 41,601 41,601
Shares to be issued - -
Other reserves 2,941 2,941
Retained losses (63,706) (60,775)
----------- -----------
Total equity attributable to equity holders
of the parent 7,248 10,179
----------- -----------
Consolidated Statement of Changes in Equity
For the year ended 31 March 2011
Shares
Share Share to be Other Retained
capital premium issued reserves losses Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 01 Apr
2009 22,305 39,538 5,134 3,977 (59,231) 11,723
Loss for the year - - - - (1,544) (1,544)
Shares issued for
cash
consideration 4,107 1,027 (5,134) - - -
Warrant reserve
transfer on shares
issued - 1,036 - (1,036) - -
-------- -------- ------- --------- -------- -------
Balance at 31 Mar
2010 26,412 41,601 - 2,941 (60,775) 10,179
Loss for the year - - - - (2,931) (2,931)
Balance at 31 Mar
2011 26,412 41,601 - 2,941 (63,706) 7,248
-------- -------- ------- --------- -------- -------
Company Statement of Changes in Equity
For the year ended 31 March 2011
Shares
Share Share to be Other Retained
capital premium issued reserves losses Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 01 Apr
2009 22,305 39,538 5,134 3,977 (59,231) 11,723
Loss for the year - - - - (1,544) (1,544)
Shares issued for
cash
consideration 4,107 1,027 (5,134) - - -
Warrant reserve
transfer on shares
issued - 1,036 - (1,036) - -
-------- -------- ------- --------- -------- -------
Balance at 31 Mar
2010 26,412 41,601 - 2,941 (60,775) 10,179
Loss for the year - - - - (2,931) (2,931)
Balance at 31 Mar
2011 26,412 41,601 - 2,941 (63,706) 7,248
-------- -------- ------- --------- -------- -------
Consolidated Cash Flow Statement
For the year ended 31 March 2011
Year Year
ended ended
31 Mar 2011 31 Mar 2010
EUR'000 EUR'000
Cash flow from operating activities
Cash used in operating activities (1,860) (1,292)
Net cash used in operations (1,860) (1,292)
------------ ------------
Cash flows from investing activities:
Payments for plant and equipment - (62)
Receipt for plant and equipment - 24
Payments for intangible assets (2,615) (4,376)
Interest received - 1
Proceeds from disposal of subsidiary - 191
(Increase)/decrease in restricted cash (2) (8)
Net cash flows used in from investing activities (2,617) (4,230)
------------ ------------
Cash flows from financing activities:
Proceeds from borrowings 4,347 5,485
------------ ------------
4,347 5,485
------------ ------------
Net decrease in cash and cash equivalents (130) (37)
Cash and cash equivalents at the beginning
of year 134 169
Net currency translation effect 1 2
------------ ------------
Cash and cash equivalents 5 134
------------ ------------
Company Cash Flow Statement
For the year ended 31 March 2011
Year Year
ended ended
31 Mar 2011 31 Mar 2010
EUR'000 EUR'000
Cash flow from operating activities
Cash used in operating activities (1,860) (1,292)
Net cash used in operations (1,860) (1,292)
------------ ------------
Cash flows from investing activities:
Payments for plant and equipment - (62)
Receipt for plant and equipment - 24
Payments for intangible assets (2,615) (4,376)
Interest received - 1
Proceeds from disposal of subsidiary - 191
(Increase)/decrease in restricted cash (2) (8)
Net cash flows used in from investing activities (2,617) (4,230)
------------ ------------
Cash flows from financing activities:
Proceeds from borrowings 4,347 5,485
------------ ------------
4,347 5,485
------------ ------------
Net decrease in cash and cash equivalents (130) (37)
Cash and cash equivalents at the beginning
of year 134 169
Net currency translation effect 1 2
------------ ------------
Cash and cash equivalents 5 134
------------ ------------
Note 1: Related party transactions
Trading transactions
During the year, the Company made sales of EPO worth EUR 578,387 (2010: EUR409,948), sold used equipment worth EUR3,000 (2010: EUR23,713) and clinical research services worth EUR89,841 (2010: EUR158,417) were provided to Reliance Life Sciences. Reliance Life Sciences made a payment of EUR127,119.The balance due from Reliance Life Sciences as on 31 March 2011 was EUR725,279 (2010: EUR158,817).
During the year, clinical research services worth EUR361,804 (2010: EUR408,418) were received from Reliance Life Sciences. The balance due to Reliance Life Sciences as on 31 March 2011 was EUR770,723 (2010: EUR408,418).The net balance due to Reliance Life Sciences including its subsidiary Reliance Clinical Research Services Sp. z o.o. as on 31 March 2011 was EUR45,443 (2010: EUR249,601).
Loan
During the year, the Company received an amount of EUR4,347,000 (2010: 5,485,000) from Reliance Life Sciences as a loan. The outstanding balance including interest accrued to RLS as on 31 March 2011 was EUR 10,598,834 (2010:EUR5,714,172). Interest of EUR537,662 (2010: EUR229,172) was charged on the loan during the year. The terms of this loan were announced by the Company on 24 December 2009.
The Company announces that it is posting to shareholders a letter informing them about the Annual General Meeting. AGM Notice and Form of Proxy are available on the Company's website at: www.genemedix.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UAAKRASAWOAR
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