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DDDD 4d Pharma Plc

16.36
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
4d Pharma Plc LSE:DDDD London Ordinary Share GB00BJL5BR07 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% 16.36 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

4d Pharma PLC Interim results (2473C)

28/09/2018 7:01am

UK Regulatory


4d Pharma (LSE:DDDD)
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TIDMDDDD

RNS Number : 2473C

4d Pharma PLC

28 September 2018

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

("4D", "4D Pharma" or "the Company")

Interim results for the six months ended 30 June 2018

4D pharma plc (AIM: DDDD), a pharmaceutical company leading the development of Live Biotherapeutics, is pleased to announce the interim results for the Company and its subsidiaries (together "the Group") for the six months ended 30 June 2018.

Financial highlights

-- Net assets as at 30 June 2018 of GBP58.7 million (30 June 2017: GBP75.3 million and 31 December 2017: GBP69.8 million)

-- Cash and cash equivalents and short-term deposits at 30 June 2018 of GBP36.6 million (30 June 2017: GBP59.8 million and 31 December 2017: GBP50.0 million)

-- Loss attributable to the owners of the parent undertaking for the six months ended 30 June 2018 of GBP11.3 million (30 June 2017: GBP11.3 million* and 31 December 2017: GBP19.4 million*)

-- Research and development expenditure for the six months ended 30 June 2018 of GBP11.8 million (30 June 2017: GBP8.3 million and 31 December 2017: GBP16.9 million)

Operational and clinical highlights

-- Entering into clinical collaboration agreement with subsidiary of MSD (tradename of Merck & Co., Inc., Kenilworth, N.J., USA) to conduct a clinical trial evaluating the combination of KEYTRUDA(R) (pembrolizumab), an anti-PD-1 therapy marketed by MSD, and 4D's Live Biotherapeutic candidate MRx0518 in patients with solid tumours; the phase I study will evaluate safety, tolerability and preliminary clinical benefit of the combination of KEYTRUDA(R) with MRx0518 in patients who progressed on prior PD-1 inhibitor therapy with renal, bladder, melanoma and non-small cell lung cancer

-- Clearance by the Medicines and Healthcare Products Regulatory Agency ("MHRA") of the Clinical Trial Application for MRx0518, the first Live Biotherapeutic trial in cancer; the first-in-human, two-part phase Ib study will evaluate the safety, tolerability and anti-tumour immuno-modulatory effects of MRx0518 in patients with multiple solid tumour types

-- Clearance by the US Food and Drug Administration ("FDA") of an Investigational New Drug Application for Blautix, the Group's Live Biotherapeutic for the treatment of Irritable Bowel Syndrome ("IBS"); the double-blind, placebo-controlled multicentre phase II study will evaluate the efficacy and safety of Blautix in patients with IBS with constipation ("IBS-C") and IBS with diarrhoea ("IBS-D")

-- Clearance by the MHRA and the Health Products Regulatory Authority ("HPRA") to commence the phase II study of Blautix at sites in the UK and Ireland

Since the period end

-- Positive top-line results for the Phase Ib study of the Company's Live Biotherapeutic Thetanix in paediatric patients with Crohn's disease; achieving the primary objective of demonstrating that Thetanix was well tolerated with a good safety profile

* Note: this includes a GBP3.5 million non-recurring charge in relation to the successful completion of the first milestone for 4D Pharma Cork Limited.

Chairman's statement

David Norwood, Chairman of 4D pharma, commented: "Through the successful development of its clinical programmes in the first half of 2018, the Company continues to lead the development of Live Biotherapeutics, as we seek to secure robust clinical data to support the use of this new class of drugs across multiple indications, and from there to progress towards our goal of producing Live Biotherapeutics as safe and effective therapies. I would once again like to thank the Board, our employees and our shareholders for their continued support."

For further information please contact:

 
4D                                   +44 (0)113 895 0130 
Duncan Peyton, Chief Executive Officer 
Zeus Capital Limited - Nomad and Joint Broker 
Dan Bate / Jordan Warburton / Jamie 
 Peel                                +44 (0)161 831 1512 
 
Bryan Garnier & Co. Limited - Joint 
 Broker 
Dominic Wilson / Phil Walker         +44 (0)20 7332 2500 
 
 

For further information please also visit: www.4dpharmaplc.com.

Chairman and Chief Executive Officer's Joint Review

David Norwood, Non-Executive Chairman, and Duncan Peyton, Chief Executive Officer

The microbiome

Whilst 4D is founded on science, innovation and forward thinking, it is history that tells us the most.

The work of von Behring and the development of serum therapy evolved through decades of research into the multi-billion dollar industry of antibody technology. The approval of Epogen in 1989 is another example, beginning in the 17th century with the first blood transfusions in animals that eventually led to the development of Epogen, one of the first drugs to come out of the biotech industry. Both the development of antibodies and Epogen show us that from a complex source (whether this be blood or serum), through scientific endeavour, the focus ultimately ends on functional singularity.

At 4D we believe the development of Live Biotherapeutics is another example of form following function. From the initial reports of faecal matter used in the fourth century to treat food poisoning and diarrhoea, through the development and use of faecal transplants to treat clostridium difficile infection in the 1950s, we are now seeing the first Live Biotherapeutics entering the clinic. However, whereas early Chinese medicine and faecal transplants primarily treated gastrointestinal issues, the Live Biotherapeutics developed by 4D not only treat disease of the gut, but also address the major challenges of cancer, asthma and autoimmune conditions.

Today, rather than form following function, development of new drugs is arguably restricted by the common tools available (i.e. small molecules, proteins and antibodies), and could be considered function following form. Furthermore, drug development is targeted towards a single "validated" target, despite the knowledge that disease pathways do not operate in isolation. Considering this, it is perhaps no surprise that drugs have significant side effects, and that not all drugs are effective in all patients.

At the level of complex organisms, functionality exists at different levels (organs, tissues and cells), with cells being the simplest unit of independent functionality. Considering more recent history, if the functionality of a single cell can be harnessed in context (i.e. in the state in which it exists naturally), for example with Chimeric Antigen Receptor (CAR-T) or stem cell transplants, the effects are remarkable.

Within the microbiome, a single strain is the simplest cellular unit of functionality, and the microbiome is now understood to have significant functionality relevant to human health.

It is this potential that 4D is seeking: form following function, single strains impacting known disease pathways.

Working with pharma

As more research is done within the field of the microbiome and more papers are published, whether by third parties or those more recently published by the 4D research teams, the stronger the interest grows in the microbiome from the pharmaceutical industry.

The pharmaceutical industry is actively seeking out new innovation, not only in new therapeutics, but also in ways to enhance their existing therapies.

An example of this innovation is the clinical collaboration agreement 4D announced in early June, with a subsidiary of MSD (tradename of Merck & Co., Inc., Kenilworth, N.J., USA).

This trial will evaluate MRx0518, 4D's lead oncology programme, which has shown therapeutic potential in a variety of tumour types in pre-clinical models and has the potential for synergy in combination with checkpoint inhibitor therapies. The phase I study will evaluate safety, tolerability and preliminary clinical benefit of the combination of KEYTRUDA(R) with MRx0518 in patients who progressed on prior PD-1 inhibitor therapy with renal, bladder, melanoma and non-small cell lung cancer.

Working within a developing regulatory and clinical environment

The microbiome and Live Biotherapeutics is an emerging field, and as such the regulations are evolving.

The US Food and Drug Administration ("FDA") issued a guidance document in 2016 relating to early stage clinical development of Live Biotherapeutic products. Following on from this, the European Pharmacopoeia has adopted three new quality standards for Live Biotherapeutics for human use in April 2018, with the new texts becoming effective in April 2019. 4D contributed to the development of these quality standards, acting as the UK's representative on the working party that developed the standards.

Throughout regulatory discussions relating to the development of 4D's own products, the focus has primarily been on the safety of patients, but also on developing the thinking surrounding Live Biotherapeutics through rigorous scientific debate. This interaction has led to 4D conducting phase I trials in patients as opposed to healthy subjects, not only demonstrating the potential to develop safer drugs, but also granting us an insight, albeit at a low level, into what we may expect to see in patient population earlier than under traditional development timelines.

Notwithstanding that our trials to date have been in patients, 4D is now preparing to expand these trials to generate data that is both significant and statistically relevant to further demonstrate the potential in the microbiome. An example of this is our phase II study in Irritable Bowel Syndrome ("IBS"), a double-blind, placebo-controlled multicentre trial currently being conducted with 500 patients across sites in Europe and the United States. As previously announced, this is the largest trial being conducted with a Live Biotherapeutic which, if successful, we believe will be sufficient to demonstrate efficacy and bring more understanding to the development of Live Biotherapeutics.

Developing a scientific viewpoint/standing

At 4D the bedrock of our business is research; only if 4D continues to build world-leading research will we ultimately succeed.

Whilst we continuously push our programmes through development, the innovative work of our scientific teams continues. One measure of success of our research is the development of our intellectual property estate and 4D continues to lead the field. We now have 355 granted patents across 46 patent families. As our teams uncover new bacteria that are therapeutically relevant, and unpick the mechanism of action or develop novel production techniques, the intellectual property estate will continue to grow in size and value.

Having secured a class leading patent position, our research teams are able to lead the debate on the role of the microbiome and development of Live Biotherapeutics.

Over the last six months the research teams have presented at key microbiome conferences and published papers on some of their findings with immediate relevance to our clinical programmes, such as the potential of the microbiome to serve as novel therapeutic inhibitors of the human enzyme histone deacetylase ("HDAC"), which could lead to new programmes in cancer or neurodegeneration. As we continue our world-leading research, and build our patent portfolio, we will continue to publish and discuss our work.

Conclusion

At 4D pharma we face the challenge of bringing a new blockbuster drug, in a new therapeutic class, to transform patient lives.

We can only continue to meet this challenge if we focus on the core principles of developing science and delivering therapies.

David Norwood

Non-Executive Chairman

Duncan Peyton

Chief Executive Officer

27 September 2018

Group Statement of Total Comprehensive Income

For the six months to 30 June 2018

 
                                                     Unaudited    Unaudited 
                                                    six months   six months       Audited 
                                                         ended        ended       year to 
                                                       30 June      30 June   31 December 
                                                          2018         2017          2017 
                                            Notes       GBP000       GBP000        GBP000 
-------------------------------------------------  -----------  -----------  ------------ 
Research and development costs                        (11,829)      (8,305)      (16,911) 
Administrative expenses                                (1,969)      (1,047)       (3,529) 
Foreign currency gains/(losses)                            605        (439)         (431) 
-------------------------------------------------  -----------  -----------  ------------ 
Operating loss before non-recurring cost              (13,193)      (9,791)      (20,871) 
Non-recurring costs                                          -      (3,474)       (3,474) 
-------------------------------------------------  -----------  -----------  ------------ 
Operating loss after non-recurring cost               (13,193)     (13,265)      (24,345) 
Finance income                                             190          287           482 
Finance expense                                          (167)         (17)         (123) 
-------------------------------------------------  -----------  -----------  ------------ 
Loss before taxation                                  (13,170)     (12,995)      (23,986) 
Taxation                                          3      2,520        1,179         3,541 
------------------------------------------------   -----------  -----------  ------------ 
Loss for the year                                     (10,650)     (11,816)      (20,445) 
Other comprehensive income 
Exchange differences on translating foreign 
 operations                                              (652)          566         1,057 
-------------------------------------------------  -----------  -----------  ------------ 
Loss for the year and total comprehensive income 
 for the year                                         (11,302)     (11,250)      (19,388) 
-------------------------------------------------  -----------  -----------  ------------ 
Loss per share 
Basic and diluted for the year                    4   (16.26)p     (18.22)p      (31.41)p 
------------------------------------------------   -----------  -----------  ------------ 
 

Group Statement of Financial Position

At 30 June 2018

 
                                                      At        At            At 
                                                 30 June   30 June   31 December 
                                                    2018      2017          2017 
                                         Notes    GBP000    GBP000        GBP000 
----------------------------------------------  --------  --------  ------------ 
Assets 
Non-current assets 
Property, plant and equipment                      5,001     4,782         5,211 
Intangible assets                                 14,515    14,604        14,674 
Taxation receivables                                  84        23            56 
----------------------------------------------  --------  --------  ------------ 
                                                  19,600    19,409        19,941 
----------------------------------------------  --------  --------  ------------ 
Current assets 
Inventories                                          262       194           253 
Trade and other receivables                        2,193     2,813         3,238 
Taxation receivables                               6,442     3,892         4,308 
Short-term investments and cash on deposit        15,151    10,000        38,133 
Cash and cash equivalents                         21,405    49,772        11,865 
----------------------------------------------  --------  --------  ------------ 
                                                  45,453    66,671        57,797 
----------------------------------------------  --------  --------  ------------ 
Total assets                                      65,053    86,080        77,738 
----------------------------------------------  --------  --------  ------------ 
Liabilities 
Current liabilities 
Trade and other payables                           3,251     7,899         4,982 
----------------------------------------------  --------  --------  ------------ 
                                                   3,251     7,899         4,982 
----------------------------------------------  --------  --------  ------------ 
Non-current liabilities 
Deferred tax                                         965       963           965 
Other payables                               5     2,165     1,875         2,005 
-------------------------------------  -------  --------  -------- 
                                                   3,130     2,838         2,970 
----------------------------------------------  --------  --------  ------------ 
Total liabilities                                  6,381    10,737         7,952 
----------------------------------------------  --------  --------  ------------ 
Net assets                                        58,672    75,343        69,786 
----------------------------------------------  --------  --------  ------------ 
Capital and reserves 
Share capital                                        164       162           164 
Share premium account                            108,296   105,909       108,296 
Merger reserve                                       958       958           958 
Translation reserve                                   16       177           668 
Other reserve                                      (864)     (864)         (864) 
Share-based payments reserve                         628       248           440 
Retained earnings                               (50,526)  (31,247)      (39,876) 
----------------------------------------------  --------  --------  ------------ 
Total equity                                      58,672    75,343        69,786 
----------------------------------------------  --------  --------  ------------ 
 
 

Approved by the Board and authorised for issue on 27 September 2018.

Duncan Peyton

Director

27 September 2018

Group Statement of Changes in Equity

For the six months to 30 June 2018

 
                                                                                      Share- 
                                                                                       based 
                                  Share     Share    Merger  Translation     Other   payment   Retained 
                                capital   premium   reserve      reserve   reserve   reserve   earnings     Total 
                                 GBP000    GBP000    GBP000       GBP000    GBP000    GBP000     GBP000    GBP000 
---------------------------------------  --------  --------  -----------  --------  --------  ---------  -------- 
At 1 January 2017                   162   105,909       958        (389)     (864)       138   (19,431)    86,483 
Loss and total comprehensive 
 income for the period                -         -         -            -         -         -   (11,816)  (11,816) 
Foreign currency gains/losses 
 arising on consolidation of 
 subsidiaries                         -         -         -          566         -         -          -       566 
Issue of share-based compensation     -         -         -            -         -       110          -       110 
----------------------------------  ---  --------  --------  -----------  --------  --------  ---------  -------- 
At 30 June 2017                     162   105,909       958          177     (864)       248   (31,247)    75,343 
Issue of share capital (net 
 of expenses)                         2     2,387         -            -         -         -          -     2,389 
----------------------------------  ---  --------  --------  -----------  --------  --------  ---------  -------- 
Total transactions with owners 
 recognised in equity for the 
 year                                 2     2,387         -            -         -         -          -     2,389 
----------------------------------  ---  --------  --------  -----------  --------  --------  ---------  -------- 
Loss and total comprehensive 
 income for the period                -         -         -            -         -         -    (8,629)   (8,629) 
Foreign currency gains/losses 
 arising on consolidation of 
 subsidiaries                         -         -         -          491         -         -          -       491 
Issue of share-based compensation     -         -         -            -         -       192          -       192 
----------------------------------  ---  --------  --------  -----------  --------  --------  ---------  -------- 
At 31 December 2017                 164   108,296       958          668     (864)       440   (39,876)    69,786 
Loss and total comprehensive 
 income for the period                -         -         -            -         -         -   (10,650)  (10,650) 
Foreign currency gains/losses 
 arising on consolidation of 
 subsidiaries                         -         -         -        (652)         -         -          -     (652) 
Issue of share-based compensation     -         -         -            -         -       188          -       188 
----------------------------------  ---  --------  --------  -----------  --------  --------  ---------  -------- 
At 30 June 2018                     164   108,296       958           16     (864)       628   (50,526)    58,672 
----------------------------------  ---  --------  --------  -----------  --------  --------  ---------  -------- 
 

Group Cash Flow Statement

For the six months to 30 June 2018

 
                                                       Unaudited    Unaudited 
                                                      six months   six months       Audited 
                                                           ended        ended       year to 
                                                         30 June      30 June   31 December 
                                                            2018         2017          2017 
                                                          GBP000       GBP000        GBP000 
---------------------------------------------------  -----------  -----------  ------------ 
Loss after taxation                                     (10,650)     (11,816)      (20,445) 
Adjustments for: 
Depreciation of property, plant and equipment                443          324           730 
Amortisation of intangible assets                            148          117           252 
Loss on disposal of property, plant and equipment              -           78            79 
Finance income                                             (190)        (287)         (482) 
Finance expense                                              167           17           123 
Non-recurring contingent consideration                         -        3,474         3,474 
Share-based compensation                                     188          110           302 
---------------------------------------------------  -----------  -----------  ------------ 
Cash flows from operations before movements 
 in working capital                                      (9,894)      (7,983)      (15,967) 
Changes in working capital: 
(Increase)/decrease in inventories                           (9)           44          (15) 
Decrease/(increase) in trade and other receivables           393         (23)         (588) 
Increase in taxation receivables                         (2,164)        (578)       (1,009) 
(Decrease)/increase in trade and other payables          (1,614)          519           389 
---------------------------------------------------  -----------  -----------  ------------ 
Cash outflow from operating activities                  (13,288)      (8,021)      (17,190) 
---------------------------------------------------  -----------  -----------  ------------ 
Cash flows from investing activities 
Purchases of property, plant and equipment                 (259)      (1,078)       (1,885) 
Purchase of software and other intangibles                   (4)         (43)         (194) 
Interest received                                            115          147           509 
Monies placed on/(drawn from) deposit                     22,982       30,111         1,978 
---------------------------------------------------  -----------  -----------  ------------ 
Net cash outflow from investing activities                22,834       29,137           408 
---------------------------------------------------  -----------  -----------  ------------ 
Cash flows from financing activities 
Hire purchase payments                                       (6)          (5)          (14) 
---------------------------------------------------  -----------  -----------  ------------ 
Net cash inflow from financing activities                    (6)          (5)          (14) 
---------------------------------------------------  -----------  -----------  ------------ 
Increase/(decrease) in cash and cash equivalents           9,540       21,111      (16,796) 
Cash and cash equivalents at the start of the 
 year                                                     11,865       28,661        28,661 
---------------------------------------------------  -----------  -----------  ------------ 
Cash and cash equivalents at the end of the 
 year                                                     21,405       49,772        11,865 
---------------------------------------------------  -----------  -----------  ------------ 
 

Notes to the Interim Financial Report

For the six months ended 30 June 2018

1. Basis of preparation

The Group's half-yearly financial information, which is unaudited, consolidates the results of 4D pharma plc and its subsidiary undertakings up to 30 June 2018. The Group's accounting reference date is 31 December. 4D pharma plc's shares are quoted on the AIM Market of the London Stock Exchange ("AIM").

The Company is a public limited liability company incorporated and domiciled in the UK. The consolidated financial information is presented in round thousands of Pounds Sterling (GBP'000).

The financial information for the six months ended 30 June 2018 and 30 June 2017 is unaudited.

Full audited financial statements of the Group in respect of the period ended 31 December 2017, which received an unqualified audit opinion and did not contain a statement under section 498(2) or (3) of the Companies Act 2006, have been delivered to the Registrar of Companies.

The accounting policies used in the preparation of the financial information for the six months ended 30 June 2018 are in accordance with the recognition and measurement criteria of International Financial Reporting Standards as adopted by the European Union ("IFRS") and are consistent with those which will be adopted in the annual financial statements for the year ending 31 December 2018.

Whilst the financial information included has been prepared in accordance with the recognition and measurement criteria of IFRS, the financial information does not contain sufficient information to comply with IFRS.

4D pharma plc has not applied IAS 34 Interim Financial Reporting, which is not mandatory for UK AIM listed groups, in the preparation of this interim financial report.

2. Going concern

Having prepared management forecasts and made appropriate enquiries, the Directors are satisfied that the Group has adequate resources for the foreseeable future as the Group is at the start-up stage of its business lifecycle. Accordingly they have continued to adopt the going concern basis in preparing the financial information.

3. Taxation

The tax credit is made up as follows:

 
                                                   Unaudited    Unaudited 
                                                  six months   six months       Audited 
                                                       ended        ended       year to 
                                                     30 June      30 June   31 December 
                                                        2018         2017          2017 
                                                      GBP000       GBP000        GBP000 
-----------------------------------------------  -----------  -----------  ------------ 
Current income tax 
Total current income tax                               2,520        1,169         3,557 
Adjustment in respect of prior years                       -           10          (16) 
-----------------------------------------------  -----------  -----------  ------------ 
Total income tax credit recognised in the year         2,520        1,179         3,541 
-----------------------------------------------  -----------  -----------  ------------ 
 

4. Loss per share

(a) Basic and diluted

 
                                                          Unaudited    Unaudited 
                                                         six months   six months       Audited 
                                                              ended        ended       year to 
                                                            30 June      30 June   31 December 
                                                               2018         2017          2017 
                                                             GBP000       GBP000        GBP000 
------------------------------------------------------  -----------  -----------  ------------ 
Loss for the year attributable to equity shareholders      (10,650)     (11,816)      (20,445) 
------------------------------------------------------  -----------  -----------  ------------ 
Weighted average number of shares: 
Ordinary shares in issue                                 65,493,842   64,858,150    65,084,561 
------------------------------------------------------  -----------  -----------  ------------ 
Basic loss per share (pence)                               (16.26)p     (18.22)p      (31.41)p 
------------------------------------------------------  -----------  -----------  ------------ 
 

The basic and diluted loss per share are the same as the effect of share options is anti-dilutive.

(b) Adjusted

Adjusted loss per share is calculated after adjusting for the effect of non-recurring expenses in relation to the reassessment of the contingent liability.

Reconciliation of adjusted loss after tax:

 
                                          Unaudited    Unaudited 
                                         six months   six months       Audited 
                                              ended        ended       year to 
                                            30 June      30 June   31 December 
                                               2018         2017          2017 
                                             GBP000       GBP000        GBP000 
--------------------------------------  -----------  -----------  ------------ 
Reported loss after tax                    (10,650)     (11,816)      (20,445) 
Non-recurring costs                               -        3,474         3,474 
--------------------------------------  -----------  -----------  ------------ 
Adjusted loss after tax                    (10,650)      (8,342)      (16,971) 
--------------------------------------  -----------  -----------  ------------ 
Adjusted basic loss per share (pence)      (16.26)p     (12.86)p      (26.08)p 
--------------------------------------  -----------  -----------  ------------ 
 

5. Other payables

 
                                                 Unaudited    Unaudited 
                                                six months   six months       Audited 
                                                     ended        ended       year to 
                                                   30 June      30 June   31 December 
                                                      2018         2017          2017 
                                                    GBP000       GBP000        GBP000 
---------------------------------------------  -----------  -----------  ------------ 
Non-current payables 
Contingent consideration (see below and note 
 6)                                                  2,144        1,875         1,979 
Hire purchase and finance leases                        21            -            26 
---------------------------------------------  -----------  -----------  ------------ 
                                                     2,165        1,875         2,005 
---------------------------------------------  -----------  -----------  ------------ 
 

Contingent consideration

The non-current contingent consideration is made up as follows:

 
                                                Unaudited    Unaudited 
                                               six months   six months       Audited 
                                                    ended        ended       year to 
                                                  30 June      30 June   31 December 
                                                     2018         2017          2017 
                                                   GBP000       GBP000        GBP000 
--------------------------------------------  -----------  -----------  ------------ 
Brought forward                                     1,979          774           774 
Reassessment of contingent consideration to 
 be satisfied in shares                                 -        4,395         4,395 
Discounting of estimated future cash flows              -        (921)         (921) 
Part settlement of contingent consideration 
 in shares                                              -            -       (2,389) 
Unwinding of discount                                 165           16           120 
--------------------------------------------  -----------  -----------  ------------ 
                                                    2,144        4,264         1,979 
--------------------------------------------  -----------  -----------  ------------ 
Analysed as follows: 
Within one year                                         -        2,389             - 
More than one year                                  2,144        1,875         1,979 
--------------------------------------------  -----------  -----------  ------------ 
                                                    2,144        4,264         1,979 
--------------------------------------------  -----------  -----------  ------------ 
 

6. Contingent consideration

On 23 August 2017 635,692 new ordinary shares were issued. The allotment represents contingent consideration in respect of the acquisition of the entire issued share capital of 4D Pharma Cork Limited (formerly Tucana Health Limited), which completed in February 2016, and follows the achievement of 4D Pharma Cork's initial milestone.

The milestone achieved reflects the technical validation of the MicroDx diagnostic platform, enabling the stratification of IBS patients. MicroDx has been designed to diagnose, stratify and monitor the treatment of patients based on their gut microbiome, the bacteria which colonise the human gastrointestinal tract.

The new 4D ordinary shares have been allotted for an aggregate value of EUR2.6 million (at GBP3.7575 per 4D share, being the average mid-market price of a 4D share for the five business days immediately preceding the date of allotment) and were admitted on 31 August 2017.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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