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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Avino Silver and Gold Mines Ltd | AMEX:ASM | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.0273 | -2.82% | 0.9401 | 0.9817 | 0.936332 | 0.9697 | 743,363 | 23:43:21 |
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RNS Number:4294H
Antisoma PLC
13 February 2003
Antisoma plc reports Q2 results
13 February 2003, London UK - Antisoma plc (LSE:ASM, NASD-E:ASOM), the UK-based
biopharmaceutical company, today announces its interim results for the period
ended 31 December 2002.
Highlights
* Antisoma and Roche establish groundbreaking oncology alliance
* Upfront payments of US$35 million plus #4.15 million equity investment
received from Roche in Q2; further US$2 million received in January
2003
* Losses for the three and six months to 31 December 2002 reduced to #0.6
million and #3.6 million, respectively (Q2 2001: #3.8 million; H1 2001:
#6.1 million)
* Cash and cash equivalents at 31 December 2002 of #37.6 million (30
September 2002: #15.4 million)
* Pemtumomab pivotal phase III study in ovarian cancer reaches
recruitment target; study predicted to complete during the second half
of 2004
Glyn Edwards, Chief Executive Officer of Antisoma, commented:
"This has been a remarkable quarter for Antisoma, culminating in our landmark
deal with Roche, a world leader in oncology. With the alliance in place, we join
the select group of European biotechnology companies that have both
significant cash reserves and a promising late-stage pipeline."
For further information please visit the Company's web site at www.antisoma.com
or contact:
Antisoma plc T: +44 (0)20 8799 8200
Glyn Edwards, Chief Executive Officer
Raymond Spencer, Chief Financial Officer
Financial Dynamics T: +44 (0)20 7831 3113
Jonathan Birt/Ben Atwell
Except for the historical information presented, certain matters discussed in
this statement are forward looking statements that are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from results, performance or achievements expressed or implied by such
statements. These risks and uncertainties may be associated with product
discovery and development, including statements regarding the company's clinical
development programmes, the expected timing of clinical trials and regulatory
filings. Such statements are based on management's current expectations, but
actual results may differ materially.
Chairman's report
The six months to the end of December was a period of transformation for
Antisoma, marked by our landmark alliance with Roche in November 2002. The
agreement provides Antisoma with upfront payments and future development and
success-based milestone and royalty payments, as well as access to Roche's
expertise in developing and marketing oncology products. In return, Antisoma has
granted Roche worldwide rights to drugs from our oncology pipeline. The
formation of the alliance is an endorsement of both our products and our
approach from a world-leader in oncology.
Completion of the deal in December provided a welcome strengthening of our cash
position, and we finished 2002 with almost #38 million in cash and short-term
investments. The agreement will also lead to a fall in our cash burn, since
Antisoma will receive payments equivalent to the costs incurred in future
development of Pemtumomab and Therex. Antisoma now has cash reserves sufficient
to last well beyond the expected completion of the pivotal trial of Pemtumomab
in ovarian cancer during 2004.
Our priority going forward will be to use our increased resources to advance and
broaden our product pipeline. This will meet two needs: reduction of risk for
investors and provision of a stream of products to feed the collaboration with
Roche, which provides a clear route to market and favourable terms for our
products.
We expect to advance DMXAA and Therex into new phase I studies during 2003 and
to start clinical trials on AngioMab, a niche product for brain cancer. This
will bring the number of drugs in clinical development at Antisoma to five. We
intend to present results from our phase I imaging study of TheraFab in lung
cancer this year and will also complete the pilot phase II study of Pemtumomab
in gastric cancer.
We plan to supplement our current pipeline through acquisition of new products
or intellectual property or generation of new products from within our current
portfolio, and we have set ourselves a goal of in-licensing one new product
during 2003.
With our improved financial position, solid pipeline and strong alliance with
Roche, we are well placed to fulfil our potential, and look forward to reporting
future developments to shareholders.
Financial Review
Revenue Recognition
Non-refundable upfront payments totalling $37 million (#23.15 million), of which
$35 million was received by 31 December 2002, are payable by Roche as
consideration for the grant and exercise of rights in relation to four clinical
products and for the grant of an exclusive option to any new compound (within
the field of oncology) that enters the clinic for a period of five years. These
upfront payments are allocated to the various products in accordance with the
terms of the contract and will be recognised as revenues over the estimated
period for completion of the relevant phase of clinical development for each
product. In the case of Pemtumomab, for example, the "end of study" date is
projected to fall during the second half of 2004, and the upfront payment for
Pemtumomab will therefore be recognised as revenue over the period to 31
December 2004. The payment relating to the five-year exclusive option will be
recognised over five years.
Total revenues recognised from these upfront payments for the current quarter
are #0.7 million. We estimate that these will increase to #2.2 million per
quarter from 1 January 2003 until 31 December 2004, falling thereafter.
In addition to the upfront payments, Roche will make payments equivalent to the
costs incurred by Antisoma in the continued development of Pemtumomab and
Therex. These amounts will be payable quarterly in arrears but will be
recognised in the same quarter as the expenditure to which they relate.
The Development and Licence Agreement with Abbott Laboratories relating to
Pemtumomab was terminated on 13 December 2002 and accordingly the balance of
deferred revenue under this contract, amounting to #0.9 million, has been
recognised in the quarter ended 31 December 2002.
Future success-based payments will be made by Roche contingent upon the
commencement of phase III studies and upon launch of any product by Roche.
Sales- based royalties will also be paid following the launch of any product
covered by the collaboration.
Results of operations - three months ended 31 December 2002
As a result of the strategic alliance with Roche, upfront payments of #4.15
million relating to the share subscription and US$35 million in relation to
product rights were received during the period, with a further US$2 million
received in January 2003.
Revenues for the three months ended 31 December 2002 totalled #2.5 million,
representing #0.9 million from the Development and Licence Agreement with Abbott
(see above), and an initial #1.6 million recognised under the Roche agreement.
The #1.6 million comprises #0.7 million revenue recognised in relation to the
upfront payments and #0.9 million accrued in relation to the costs of
development of Pemtumomab and Therex for the six week period following signature
of the Roche agreement on 16 November 2002.
Revenues for comparative periods were #0.6 million for the three months to 31
December 2001 and #0.4 million for the three months ended 30 September 2002. All
revenues for comparative periods were generated under the Development and
Licence Agreement with Abbott.
Operating expenses of #4.4 million (Q2 2001/02: #4.4 million; Q1 2002/03: #3.5
million) include research and development spending of #3.4 million (Q2 2001/02:
#3.5 million; Q1 2002/03: #2.65 million).
The Company received a payment of #1.1 million in relation to Research and
Development tax relief on qualifying expenditure for the year ended 30 June
2002.
As a result of the increased revenue from Roche and Abbott, as set out above,
and the receipt of its first tax credit, Antisoma reported reduced losses for
the three months to 31 December 2002 of #0.65 million (Q2 2001/02: #3.8 million;
Q1 2002/03: #3.0 million)
Results of operations - six months ended 31 December 2002
Revenues for the six months ended 31 December 2002 totalled #2.9 million (H1
2001/02: #1.1 million), representing #1.3 million (H1 2001/02: #1.1 million) of
revenue recognised from the Development and Licence Agreement with Abbott
together with #1.6 million from Roche as detailed above.
The #1.3 million Abbott revenue represents the remainder of the deferred revenue
from the Abbott agreement, which has been recognised in full as the agreement
with Abbott has been terminated.
Operating expenses were #7.9 million (H1 2001/02: #7.3 million) and included
research and development expenses of #6.0 million (H1 2001/02: #5.5 million).
Research and development expenditure was slightly higher as a result of the
increased pre-clinical development and manufacturing costs.
Losses for the six months ended 31 December 2002 fell sharply to #3.6 million
(H1 2001/02: #6.1 million) as a result of the increased revenues and research
and development tax credit.
Liquidity and capital resources
Cash at bank and held in short-term investments totalled #37.6 million at 31
December 2002, #15.4 million at 30 September 2002, #18.9 million at 30 June 2002
and #5.2 million at 31 December 2001. In the quarter ended 31 December 2002
Antisoma received #4.15 million as consideration for the purchase of 20,733,240
ordinary 1p shares by Roche and upfront payments for the purchase of product
rights totalling $35 million, which were converted into #21.9 million at an
exchange rate of #1= $1.598. #0.7 million out of the #21.9 million were
recognised as revenue; the balance of #21.2 million is shown as a creditor and
will be released to revenue as described above in Revenue Recognition. The
payment for the shares is also shown as a creditor at 31 December 2002 since the
shares were not issued until 14 January 2003.
Net cash inflow from operating activities for the quarter was #20.9 million (Q2
2001/02: #1.6 million outflow; Q1 2002/03: #3.5m outflow). The cash inflow from
operating activities for the six month period was #17.4 million (H1 2001/02:
#3.7 million outflow.)
Debtors have increased to #1.6 million (Q2 2001/02: #0.7 million; Q1 2002/03:
#0.8 million) due in part to the accrual of amounts due from Roche relating to
the development costs of Therex and Pemtumomab as outlined above.
Creditors have increased to #28.0 million (Q2 2001/02: #6.0 million; Q1 2002/03:
#4.4 million), largely as a result of the deferred income relating to the
upfront payments received from Roche and the cash received in advance of the
share subscription.
Loss per share
The loss per share for the quarter has decreased to 0.3p from 3.9p (restated to
take account of the bonus element of the Rights Issue) in Q2 2001/02 and 1.5p in
Q1 2002/03, reflecting increased revenues. Loss per share has decreased from
6.4p (restated to take account of the bonus element of the Rights Issue) in the
six months ended 31 December 2001 to 1.8p in the six months ended 31 December
2002.
Dr Barry Price
Chairman
13 February 2003
Consolidated profit and loss account
for the six months ended 31 December 2002
6 months 6 months 3 months Year
ended ended ended ended
31 Dec 31 Dec 31 Dec 30 June
2002 2001 2002 2002
unaudited unaudited unaudited audited
#'000 #'000 #'000 #'000
Revenue 2,881 1,072 2,523 2,176
Operating expenses (7,958) (7,336) (4,414) (15,738)
______ ______ ______ ______
Operating loss (5,077) (6,264) (1,891) (13,562)
Interest receivable 327 176 148 382
Interest payable - (7) - (11)
______ ______ ______ ______
Loss on ordinary activities before taxation (4,750) (6,095) (1,743) (13,191)
Tax on ordinary activities 1,098 - 1,098 -
______ ______ ______ ______
Loss on ordinary activities after taxation (3,652) (6,095) (645) (13,191)
______ ______ ______ ______
Loss per 1p share
Basic and diluted 1.8p 6.4p* 0.3p 10.8p
______ ______ ______ ______
Weighted average number of shares (000's) 207,332 95,461 207,332 122,123
______ ______ ______ ______
*Loss per share and weighted average number of shares for the six months ended
31 December 2001 have been restated to take account of the bonus element of the
Rights Issue. The bonus arises because the rights were issued at a discount to
market price.
Consolidated balance sheet
at 31 December 2002
31 Dec 31 Dec 30 June
2002 2001 2002
unaudited unaudited audited
#'000 #'000 #'000
Fixed assets 271 676 230
______ ______ ______
Current assets
Debtors 1,574 667 898
Short term investments 21,460 4,160 17,959
Cash at bank and in hand 16,181 1,037 920
______ ______ ______
39,215 5,864 19,777
Creditors: amounts falling due within one year (27,997) (6,040) (4,866)
______ ______ ______
Net current assets/(liabilities) 11,218 (176) 14,911
______ ______ ______
Net assets 11,489 500 15,141
______ ______ ______
Capital and reserves
Called up share capital 6,405 5,221 6,405
Share premium account 52,013 31,460 52,013
Other reserves 4,300 4,300 4,300
Profit and loss account (51,229) (40,481) (47,577)
______ ______ ______
Total shareholders' funds 11,489 500 15,141
______ ______ ______
Shareholders' funds analysed as:
Equity shareholders' funds 7,157 (3,832) 10,809
Non-equity shareholders' funds 4,332 4,332 4,332
______ ______ ______
11,489 500 15,141
______ ______ ______
Consolidated cash flow statement
for the six months ended 31 December 2002
6 months 6 months 3 months Year
ended ended ended ended
31 Dec 31 Dec 31 Dec 30 June
2002 2001 2002 2002
unaudited unaudited unaudited audited
#'000 #'000 #'000 #'000
Net cash inflow (outflow) from operating 17,405 (3,706) 20,923 (11,837)
activities ______ ______ ______ ______
Returns on investments and servicing of finance
Interest received 386 258 255 363
Interest paid - - - -
Interest paid on finance leases - (7) - (11)
______ ______ ______ ______
Net cash inflow from returns on investments and 386 251 255 352
servicing of finance ______ ______ ______ ______
Net cash inflow from taxation 1,098 - 1,098 -
______ ______ ______ ______
Capital expenditure and financial investment
Purchase of tangible fixed assets (128) (27) (65) (52)
Sale of tangible fixed assets - 2 - 7
Purchase of intangible fixed assets - (397) - (397)
______ ______ ______ ______
(128) (422) (65) (442)
______ ______ ______ ______
Net cash inflow /(outflow) before management of 18,761 (3,877) 22,211 (11,927)
liquid resources and financing ______ ______ ______ ______
Management of liquid resources
Sale/(purchase) of current asset investments (3,500) 4,050 (7,500) (9,749)
______ ______ ______ ______
Financing
Issue of shares - 9 - 23,704
Expenses paid in connection with share issues - (8) - (1,965)
Repayment of principal under finance leases - (13) - (19)
______ ______ ______ ______
- (12) - 21,720
______ ______ ______ ______
Increase in cash 15,261 161 14,711 44
______ ______ ______ ______
Notes to the interim results
1. Basis of reporting
The interim financial statements have been prepared in accordance with UK
Generally Accepted Accounting Principles ("UK GAAP") on the basis of the
accounting policies set out in the Group's 2002 statutory accounts. The
financial statements have been prepared on the going concern basis.
The statements were approved by the Board of Directors on 11 February 2003 and
are unaudited. The auditors have carried out a review in accordance with APB
Bulletin 1999/4 and their report is set out below.
The financial information contained in this announcement does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The figures for the year ended 30 June 2002 have been extracted from the
statutory accounts which have been filed with the Registrar of Companies and
which are available on request from the Company Secretary, Antisoma plc, West
Africa House, Hanger Lane, Ealing, London W5 3QR. The auditors' report on those
accounts was unqualified and did not contain any statement under section 237(2)
or section 237(3) of the Companies Act 1985.
2. Operating expenses
6 months 6 months 3 months Year
ended ended ended ended
31 Dec 31 Dec 31 Dec 30 June
2002 2001 2002 2002
unaudited unaudited unaudited audited
#'000 #'000 #'000 #'000
Administrative expenses 1,907 1,885 1,012 3,837
Research and development 6,051 5,451 3,402 11,901
______ ______ ______ ______
Operating expenses 7,958 7,336 4,414 15,738
______ ______ ______ ______
3. Reconciliation to International Accounting Standards
The Company's consolidated interim statement has been prepared under UK GAAP,
which differs in certain respects from International Accounting Standards
("IAS"). The principal differences between UK GAAP and IAS that affect the
Group are set out below.
Preference Shares
The Company's preference shares may be settled using equity shares, with the
number of equity shares varying in such a way that the fair value of the shares
that would be issued would be equal to the obligation. These shares are
classified as non-equity shares under UK GAAP, but are classified as liabilities
under IAS. The effect of this difference is that, under IAS, shareholders'
equity is #4,332,000 lower than under UK GAAP in each financial period
presented, i.e. shareholders' equity under IAS is #7,157,000 at 31 December
2002, (#3,832,000) at 31 December 2001 and #10,809,000 at 30 June 2002. There is
no impact on the loss for any of the years presented.
Cash flow statement
Under UK GAAP, cash does not include short term deposits and investments that
cannot be withdrawn without notice and without incurring a penalty. Such items
are shown as short term investments. Under IAS, deposits with a maturity of
three months or less at inception and which are readily convertible to a known
amount of cash, are included as cash and cash equivalents. Additionally, IAS
requires only three categories of cash flow activity to be reported: operating,
investing and financing. The table below sets out the effect of differences
between UK GAAP and IAS and provides the relevant disclosures required.
Cash flow statement
6 months 6 months 3 months Year
ended ended ended ended
31 Dec 31 Dec 31 Dec 30 June
2002 2001 2002 2002
unaudited unaudited unaudited audited
#'000 #'000 #'000 #'000
Under IAS:
Operating cash flows 18,503 (3,706) 22,021 (11,837)
_______ _______ _______ _______
Investing cash flows 9,872 3,578 8,935 (9,691)
_______ _______ _______ _______
Financing cash flows 386 239 255 22,072
_______ _______ _______ _______
Changes in cash under UK GAAP 15,261 161 14,711 44
Adjustments for cash equivalents 13,500 (50) 16,500 500
_______ _______ _______ _______
Changes in cash and cash 28,761 111 31,211 544
equivalents under IAS _______ _______ _______ _______
Cash and short term deposits
31 Dec 31 Dec 30 June
2002 2001 2002
unaudited unaudited audited
#'000 #'000 #'000
Cash and cash equivalents under IAS 33,391 4,197 4,630
Adjustment for cash equivalents (17,210) (3,160) (3,710)
_______ _______ _______
Cash under UK GAAP 16,181 1,037 920
_______ _______ _______
Short term deposits under IAS 4,250 1,000 14,249
Deposits qualifying as cash equivalents under IAS 17,210 3,160 3,710
_______ _______ _______
Short term deposits under UK GAAP 21,460 4,160 17,959
_______ _______ _______
This information is provided by RNS
The company news service from the London Stock Exchange
END
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