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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Argent Biopharma Limited | LSE:RGT | London | Ordinary Share | AU0000326647 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.50 | 17.00 | 18.00 | 17.50 | 16.85 | 17.50 | 732 | 08:00:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRGT For immediate release3 June 2010 Audited Report and Accounts and Notice of Meeting The Board of ReGen Therapeutics Plc (AIM:RGT) today announces that the Audited Annual Report and Accounts for the year to December 31 2009 ("the Accounts") together with the Notice of Meeting have been posted to Shareholders. The Annual General Meeting will take place at 11.00 am on Monday 28 June 2010 at the offices of Bird & Bird LLP, 15 Fetter Lane, London EC4A 1JP. Both the Accounts and Notice or Meeting are available on the Company's website: www.regentherapeutics.com <http://www.regentherapeutics.com/> Final Results CHAIRMAN'S STATEMENT Highlights * Breakeven point of the Company has substantially reduced due to cost reduction. Administration costs down by 39% and development costs down by 81%. * Major new licensees appointed. * Improved balance sheet. Current liabilities reduced by 23% despite credit crunch. Financials We can take some significant positives for the future from 2009 despite showing a disappointing drop of 39% in sales. In particular these positives were as we spell out below - a dramatic reduction in costs, bringing the Company's breakeven point down significantly, an improved balance sheet and further distributors signed up. The sales drop was primarily the result of the fact that we had received very large orders from our North American licensee in the first half of 2008, which satisfied its demand into 2009. As we then only had Metagenics and Golgi as distributors, clearly our sales pattern was significantly influenced by this. Since then, however, we have signed further contracts with new licensees and this makes us much less dependent on any one single distributor. As sales in the second half of 2009 were GBP46,000 (the fourth quarter were GBP26,000), and quarterly sales in the first quarter of 2010 are above that level, we may now have reached a situation where we have sufficient contracts to even out quarterly sales. Most importantly, however, our loss before tax for the year was almost halved from GBP1.5m to GBP758,000. This was achieved by significant reduction in costs and allowed the Company to continue to operate on reduced parameters and also lowered the breakeven point for the Company. I would remind shareholders that the loss in 2007 was GBP2.6m. This fall in costs reflects the action taken in early 2008 to enable the Company to survive the very difficult funding conditions following the severe economic crisis. This continues although perhaps lessening in severity. In specific terms the items were: 1. Administrative costs reduced by 39% from GBP1,176,224 to GBP719,569. Included within administrative costs are non-cash items of GBP238,774 so the cash expenditure on administration was actually GBP480,795. The largest reduction within this item was staff costs, which in cash terms were reduced from GBP457,056 to GBP262,271 in 2009. 2. Development costs reduced by 81% from GBP411,938 to GBP79,648. This reflected the slowing down of our development programme as we seek to exploit it commercially. As we show under Scientific Development there was actually some further development work taking place which was of no cost to ReGen. Turning now to the balance sheet our total current liabilities have been reduced by 23% from GBP541,491 to GBP416,511. In view of the restricted capital markets during 2009 we regard this as a significant achievement and have plans in hand to reduce this still further. During 2009 we raised GBP691,185 and this enabled the Company to continue rolling out Colostrinin(TM) and improving its balance sheet to a limited extent. Commercial development Colostrinin(TM) roll out widens - New Developments: Cyprus The agreement with Golgi Pharmaceuticals Ltd of Cyprus under the brand name 'Cognase' was extended on 25 March 2009 to allow them to distribute Colostrinin(TM) in Greece and other Balkan countries. On the same day a further agreement was signed with Golgi to allow them to tablet and package Colostrinin(TM) in Cyprus. As part of this arrangement Golgi directly invested GBP28,000 in cash into ReGen in exchange for 700,000 shares priced at 4p per share. This represented at the time 3.4% of the enlarged share capital of the Company and was a 33% premium to the previous placing on 2 March 2009. Poland Following the test marketing by Tagerr, a professional services and trading company established in Cologne, Germany, Tagerr has successfully launched Colostrinin(TM) in Poland and has been slowly increasing its demand. Turkey On 29 January 2009 ReGen signed an agreement with Eczacibasi Ilac Pazarlama A.S., a leading Turkish industrials group, as the exclusive distributor of its nutraceutical product Colostrinin(TM), under the brand name 'Dyna' in the Republic of Turkey. Eczacibasi is now launching 'Dyna' in Turkey and has paid ReGen a $50,000 milestone payment. Net revenues to ReGen from Eczacibasi pursuant to the minimum annual purchase commitments in the distribution agreement are estimated to be $52,000 in the first year after regulatory approval is obtained and $104,000 in the second year. India On 27 April 2010 ReGen signed a Supply Agreement with an Indian Company based in Mumbai, India. The ReGen Board regards this as a crucial step for two reasons. Firstly, it provides entry into the second most heavily populated market in the world and one where self treatment is an integral part of healthcare. Secondly, India, along with China, is one of the two major growth drivers of the world economy. Thus, for these reasons a consumer launch in this market has significant potential for ReGen's long term profitability. UK PRG Nutraceuticals Limited launched 'MemoryAid' in the UK via the internet on the 1st October 2009. China China, with India, is a major potential market for ReGen, both because of its size and a tradition of self medication. We are currently engaging ICUK (a UK based British and Chinese Government Consultancy) to introduce us to key players in the Chinese market. Existing Licensees Our major partner is still Metagenics Inc., who were taken over by Alticor during 2009. This takeover would have contributed to the fact that they did not reorder active material from us for almost one year. An additional problem was that for a period of time Colostrinin(TM) fell foul of a review of the Australian regulations relating to colostrum products which meant it could not be sold in Australia, by Metagenics's subsidiary company who order through the US. This problem has now been resolved. We now are led to believe there will be a relaunch of Colostrinin(TM) in the US in the latter half of 2010. Scientific development Although ReGen has cut back its research spending, as it now believes it is time to capitalise on its research output, some research carried out in prior periods was reported in 2009. Also some of our former paid collaborators have continued to produce research out of their own funding. Colostrinin(TM): In the autumn of 2007 we announced that a micro array analysis of peptides derived from Colostrinin(TM) at the University of Texas Medical Branch (UTMB) had shown that certain peptides had a capacity to change gene expression in areas involved in obesity and Alzheimer's disease. It was therefore decided to explore certain peptides further with a view to developing them to the status of pre-clinical pharmaceutical candidates. On 12 March 2009 we announced the successful completion of the first stage of this exercise. Alzheimer's disease: In an in-vitro study using neuronal cells two synthetic peptides (RG-01 and RG-018) have shown significant impact on expression of genes involved in beta-amyloid generation and degradation pathways. Controlling beta-amyloid generation could have important implications in Alzheimer's disease. Anti-obesity: In an in-vivo study on obesity Colostrinin(TM), as well as three peptides in combination, have been shown to significantly reduce the body weight gain of mice when fed a high fat diet (HFD). The obesity data could be used to create another nutraceutical product and indeed a large European food company is considering doing further work on this. Backing up the work in Alzheimer's disease Professor Michael Stewart of the Open University has co-authored a paper showing further evidence of Colostrinin(TM) activity in reducing cytotoxicity related to Alzheimer's disease. Professor Stewart said: "Alzheimer's disease is the most common form of dementia affecting 18 million people worldwide. It is characterised by extra cellular senile plaques consisting mainly of aggregated amyloid-beta and intracellular neurofibrillary tangles containing the cytoskeletal protein tau. A recent study by Froud et al. in Journal of Alzheimer's Disease[1] has demonstrated that Colostrinin(TM) significantly relieves amyloid-beta induced cytoxicity". Zolpidem: A study confirming the zolpidem effect in brain damage was presented at the 4th International Congress on Brain and Behaviour on 3 - 6 December 2009 in Thessaloniki, Greece by Dr Ralf Clauss. 23 of 41 consecutive adult patients, at least 6 months after brain damage, were selected as neurologically disabled patients after scoring less than 100/100 on the Barthel Index. Causes of brain damage included stroke (12 subjects), traumatic brain injury (7 subjects), anaphylaxis (2 subjects), drug overdose (1 subject) and birth injury (1 subject). The selected 23 patients had a baseline SPECT scan before starting daily zolpidem therapy and a second within two weeks of therapy, performed 1 hour after receiving 10 mg oral zolpidem. Scans were designated as improved when at least two of three independent assessors detected improvement after zolpidem. The rest were designated non-improved. After four months of daily zolpidem therapy, the clinical condition of subjects was rated on the Tinetti Falls Efficacy Scale (TFES) before and after zolpidem. The TFES ratings of all subjects and scan improvers and non-improvers were compared statistically. Mean overall improvement after zolpidem on TFES was 11.3% from 73.4/100 (SD 25.4) to 62.1/100 (SD 28.8) (p=0.0006). 10/23 (43%) improved on SPECT scan after zolpidem. Their mean TFES improvement was 19.4% (SD 16.75) compared with 5.17% (SD 5.167) in 13/23 non improvers (p=0.0081). Summary The Company has survived the credit crunch by implementing a severe cost reduction programme, but as my review of the year shows the business side has been expanded despite this. We still continue to believe that during 2010 the Company will move to sustainable profitability. I would like to thank the shareholders and in particular our funders during 2009 for their very significant support at a time when money was very difficult to raise. For further information contact: Percy Lomax ReGen Therapeutics Plc Executive Chairman Tel: 020 7153 4920 Roland Cornish Beaumont Cornish Limited Tel: 020 7628 3396 Nick Bealer/David Scott Alexander David Securities Limited Tel: 020 7448 9820 ReGen Therapeutics Plc Independent auditor's Report to the members of ReGen Therapeutics Plc We have audited the Group and parent company financial statements (the "financial statements") of ReGen Therapeutics Plc for the year ended 31 December 2009 which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the parent company balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union for the consolidated financial statements and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) for the parent company financial statements and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006. Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statements set out on page 17 the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the APB's website at www.frc.org.uk/apb/scope/UKNP. Opinion on the financial statements In our opinion: * the Group financial statements give a true and fair view of the state of the Group's affairs as at 31 December 2009 and of the Group's loss for the year then ended; * the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union; * the parent company financial statements give a true and fair view of the state of the parent company's affairs as at 31 December 2009 and of the parent company's loss for the year then ended; * the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and as applied in accordance with the provisions of the Companies Act 2006; and * the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. Emphasis of matter - Going concern In forming our opinion, which is not qualified, we have considered the adequacy of the disclosures made in note 2 to the financial statements concerning the ability of the Group to continue as a going concern. The financial statements have been prepared on the going concern basis, which depends on the outcome of future fund raising and the generation of revenues from licensing deals. These conditions indicate the existence of a material uncertainty, which may cast significant doubt on the ability of the Group to continue as a going concern. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern. Opinion on the other matters prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: * adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or * the parent company financial statements are not in agreement with the accounting records and returns; or * certain disclosures of directors' remuneration specified by law are not made; or * we have not received all the information and explanations we require for our audit. Mazars LLP, Chartered Accountants (Statutory auditor) Tower Bridge House St Katharine's Way London E1W 1DD REGEN THERAPEUTICS PLC Consolidated income statement for the year ended 31 December 2009 2009 2008 GBP GBP Continuing operations Revenue 56,055 91,716 Cost of sales 11,034 20,447 ________ ________ Gross Profit 45,021 71,269 +------------------------------------------------------------------------------+ |Research and development costs 79,648 411,938| | | |Other administrative costs 719,569 1,176,224| +------------------------------------------------------------------------------+ Administrative expenses 799,217 1,588,162 ________ ________ Operating loss (754,196) (1,516,893) Finance income 46 10,308 Finance costs (4,138) (3,436) ________ ________ Loss before taxation (758,288) (1,510,021) Taxation 28,350 80,590 ________ ________ Loss after taxation for continuing activities (729,938) (1,429,431) ________ ________ Discontinued operations Loss after taxation from discontinued operations - (33,936) ________ ________ Loss after taxation for the year (729,938) (1,463,367) _________ _________ Basic and diluted loss per 3 (2.67p) (12.27p) share Basic and diluted loss per share on continuing (2.67p) (11.98p) operations Basic and diluted loss per share on discontinued - (0.28p) operations Consolidated statement of comprehensive income for the year ended 31 December 2009 2009 2008 GBP GBP Loss for the year (729,938) (1,463,367) Other comprehensive income for the year - - ________ ________ Total comprehensive income for the year (729,938) (1,463,367) _________ _________ Attributable to: Equity holders of the parent (729,938) (1,463,367) _________ _________ Consolidated Statement Of Changes In Equity for the year ended 31 December 2009 Share Share Other Retained capital premium reserves earnings Total GBP GBP GBP GBP GBP Audited At 1 January 2008 6,323,835 13,969,394 265,745 (18,118,878) 2,440,096 Loss for the year - - - (1,463,367) (1,463,367) ________ ________ ________ ________ ________ Total comprehensive income for the year - - - (1,463,367) (1,463,367) Issue of share capital 281,168 395,970 - - 677,138 Share issue costs - (218,151) - - (218,151) Share based payments/(credits) - - - (95,532) (95,532) ________ ________ ________ ________ ________ Closing equity as at 31 December 2008 6,605,003 14,147,213 265,745 (19,677,777) 1,340,184 Unaudited Loss for the year - - - (729,938) (729,938) ________ ________ ________ ________ ________ Total comprehensive income for the year - - - (729,938) (729,938) Share issue costs - (88,340) - - (88,340) ________ ________ ________ ________ ________ Balance at 31 6,607,166 14,747,895 265,745 (20,407,715) 1,213,091 December 2009 ________ ________ ________ ________ ________ Consolidated statement of financial position as at 31 December 2009 2009 2009 2008 2008 GBP GBP GBP GBP 2009 2009 2008 2008 GBP GBP GBP GBP Assets Non current assets Property, plant and 177 1,017 equipment Intangible assets 1,564,205 1,759,250 ________ ________ 1,564,382 1,760,267 Current assets Inventories 38,219 28,571 Trade and other receivables 80,573 87,090 Tax receivable 16,043 80,590 Cash and cash equivalents 30,385 25,157 ________ ________ Total current assets 165,220 221,408 ________ ________ Total assets 1,729,602 1,981,675 ________ ________ Liabilities Current liabilities Trade and other payables 367,805 489,699 Loans and borrowings 48,706 51,792 ________ ________ Total current liabilities 416,511 541,491 Non current liabilities Provisions 100,000 100,000 ________ ________ Total liabilities 516,511 641,491 ________ ________ Total net assets 1,213,091 1,340,184 ________ ________ Equity Share capital 6,607,166 6,605,003 Share premium 14,747,895 14,147,213 Other reserves 265,745 265,745 Retained earnings (20,407,715) (19,677,777) ________ ________ Total equity 1,213,091 1,340,184 ________ ________ Consolidated statement of cash flows for the year ended 31 December 2009 2009 2009 2008 2008 GBP GBP GBP GBP Loss after tax from continuing (729,938) (1,429,431) activities Loss after tax from discontinued activities - (33,936) ________ ________ Loss after tax for the financial year (729,938) (1,463,367) Amortisation of intangible assets 237,934 298,256 Depreciation of property, plant and 840 1,656 equipment Share option credit - (95,532) Finance costs 4,138 7,830 Finance income (46) (10,311) Taxation credit (28,350) (80,590) Taxation received 92,897 145,833 ________ ________ Operating cash flows before movements in working capital and provisions (422,525) (1,196,225) Increase in inventories (9,648) (21,922) Decrease in receivables 6,517 125,689 (Decrease)/increase in payables (121,894) 178,064 ________ ________ Net cash flows from operating (547,550) (914,394) activities ________ ________ Net cash flows from investing activities Interest received 46 10,311 Purchase of intangible assets (42,889) (110,947) ________ ________ Net cash flows used in investing (42,843) (100,636) activities ________ ________ Cash flows from financing activities Proceeds from issue of share capital 691,185 677,138 Expenses paid on share issue (88,340) (218,151) Interest paid (4,138) (7,830) ________ ________ Net cash from financing activities 598,707 451,157 _ ________ ________ Net increase/(decrease) in cash and cash equivalents 8,314 (563,873) Opening cash and cash equivalents (26,635) 537,238 ________ ________ Closing cash and cash equivalents (18,321) (26,635) ________ ________ ReGen Therapeutics Plc Extracts from Notes forming part of the financial statements for the year ended 31 December 2009 1General information The principal activity of ReGen Therapeutics Plc is the development of healthcare products both nutraceutical and ethical pharmaceuticals. The Company is registered in the UK and was incorporated on 11 February 1998 under the Companies Act. The address of its registered office is Suite 306, 73 Watling Street, London, EC4M 9BJ. The registered number of the company is 03508592. 2Accounting policies Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs and IFRIC interpretations) issued by the International Accounting Standards Board (IASB) as adopted by European Union ("adopted IFRSs") and with those parts of the Companies Act 2006 applicable to companies preparing their accounts under IFRS. Going concern The financial statements have been prepared on a going concern basis. However, the Group's ability to continue as a going concern is reliant upon successfully obtaining funds as it moves towards self sustainability and to finance its ongoing development. In considering the appropriateness of this basis of preparation the directors have reviewed the Company's working capital forecasts. They believe that the funds raised recently, including new equity funds of GBP431,000 in aggregate raised between the statement of financial position date and the date of approval of these financial statements, together with further options being considered and taken in conjunction with revenues from licensing, will be sufficient for the Group's purposes for a minimum of 12 months from the date of the approval of the financial statements. If the Group was unable to secure sufficient funding to enable it to continue on a going concern basis then adjustments would be necessary to write down assets to their recoverable amounts, reclassify fixed assets and long term liabilities as current and provide for additional liabilities. Adoption of new standards during the year In the current financial year, the Group has adopted IFRS 8 "Operating Segments" and IAS 1 Presentation of Financial Statements (revised). IFRS 8 replaces IAS 14 "Segment Reporting" effective from 1 January 2009. The accounting policy for identifying operating segments is now based on internal management reporting information that is regularly reviewed by the chief operating decision maker. Previously IAS 14 required the Group to identify two sets of segments (business and geographical) based on risks and rewards of the operating segments. As a result of the application of IFRS 8, the Group's segmental information has been presented as discussed in note 2 and comparative information has been represented accordingly. IAS 1 (revised) requires non-owner changes in equity to be presented separately from owner changes in equity within a performance statement. The Group have chosen to present two performance statements, the consolidated income statement and the consolidated statement of comprehensive income. The statement of changes in equity has been included as a primary statement and presents all owner changes in equity and non-owners changes in equity. Standards, amendments and interpretations to published standards not yet effective The Directors anticipate that the adoption of IFRS 3, IFRS 9, IAS 17, IAS 31, IAS 32, IAS 39, IFRIC 14, IFRIC 17 and IFRIC 18 in future periods will have no material impact on the financial information of the Group or Company. The Group will adopt the following as and when they become effective. +-------+----------------------------------------------------------------------+ |IAS 7 |Statement of Cash Flows, revised 2009 (effective 1 January 2010) | +-------+----------------------------------------------------------------------+ |IAS 24 |Related Party Disclosures, revised 2009 (effective I January 2011) | +-------+----------------------------------------------------------------------+ |IAS 27 |Consolidated and Separate Financial Statements arising from amendments| | |to IFRS3 (effective 1 July 2009) | +-------+----------------------------------------------------------------------+ |IAS 36 |Impairment of Assets, revised 2009 (effective 1 January 2010) | +-------+----------------------------------------------------------------------+ |IFRC 19|Extinguishing Financial Liabilities with Equity Instruments (effective| | |1 July 2010) | +-------+----------------------------------------------------------------------+ The Group has already commenced the assessment of the impact to the Group and is not yet in a position to state whether these would have a significant impact on its results of operations and financial position. The Directors also do not consider the adoption of the amendments resulting from the May 2008 and April 2009 Annual Improvement project will result in a material impact on the financial information of the Group. Except as noted above, the following principal accounting policies have been applied consistently in the preparation of these financial statements: Research and development Research expenditure is recognised in the income statement in the year in which it is incurred. Development expenditure is recognised in the income statement in the year in which it is incurred unless it meets the recognition criteria of IAS 38 "Intangible Assets". Regulatory and other uncertainties generally mean that such criteria are not met. Where, however the recognition criteria are met, intangible assets are capitalised and amortised on a straight-line basis over their useful economic lives from product launch. This policy is in line with industry practise. Revenue Revenue represents amounts invoiced during the year for goods and services provided in the normal course of business, exclusive of Value Added Tax. Sales of Colostrinin(TM) are recognised when goods are delivered and title has passed. Operating loss Operating loss is stated after crediting all operating income and charging all operating expenses but before crediting/charging financial income/expense. Basis of consolidation Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. Business combinations The consolidated financial statements incorporate the results of business combinations using the purchase method. In the consolidated balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of the acquired operations are included in the consolidated income statement from the date on which control is obtained. Goodwill Goodwill represents the excess of the cost of a business combination over the interest in the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair values of assets given, liabilities assumed and equity instruments issued, plus any direct costs of acquisition. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated income statement. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated income statement on the acquisition date. Impairment of non-financial assets Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually on 31 December. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (ie the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset's cash-generating unit (ie the lowest group of assets in which the asset belongs for which there are separately identifiable cash flows). Goodwill is allocated on initial recognition to each of the Group's cash-generating units that are expected to benefit from the synergies of the combination giving rise to the goodwill (see note 16). Segment reporting The Group has adopted IFRS 8 "Operating Segments" effective from 1 January 2009. IFRS 8 requires operating segments to be reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. The Board reviews the business from both a geographic and product perspective. The provision of clinical research services was effectively discontinued in 2008, but it was felt necessary to continue to report this as a segment for comparative purposes even though there was insignificant amounts involved in 2009.The Board assesses the performance of the operating segments based on revenues and profit before taxation for products and revenues only by geographical location. The Board do not review the information about total assets and total liabilities or capital expenditure for each reportable segment and therefore this information has not been separately provided. Property, plant and equipment Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost directly attributable costs and the estimated present value of any future unavoidable costs of dismantling and removing items. All items of property, plant and equipment are carried at depreciated cost. Depreciation is provided to write off the carrying value of items over their expected useful lives. It is applied at the following rate: Office equipment - 25% per annum on cost. Inventories Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. In determining the cost of inventories sold, the batches are identified and the actual cost of the inventories is used. Foreign currency Foreign currency transactions of individual companies are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the statement of financial position dates. Any differences are taken to the profit and loss account. The results of overseas operations are translated at the rate when the transaction took place and the statement of financial position translated into Sterling at the rate of exchange ruling on the statement of financial position date. Exchange differences, which arise from translation of the opening net assets and results of foreign subsidiary undertakings, are taken to reserves. Financial instruments Financial assets and financial liabilities are recognised on the Group's balance sheet at fair value when the Group becomes a party to the contractual provisions of the instrument. Trade receivables Trade receivables represent amounts due from customers in the normal course of business. These are recognised at fair value and subsequently at amortised cost unless the effect of discounting is immaterial. Appropriate allowance is made for impairment. Cash and cash equivalents Cash and cash equivalents include cash at hand and deposits held at call with banks with original maturities of three months or less. Trade payables Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Internally generated intangible assets (research and development costs) Research expenditure is recognised in the income statement in the year in which it is incurred. Development expenditure is recognised in the income statement in the year in which it is incurred unless it meets the recognition criteria of IAS 38 "Intangible Assets", namely: ?it is technically feasible to develop the product for it to be sold; ?adequate resources are available to complete the development; ?there is an intention to complete and sell the product; ?the Group is able to sell the product; ?sale of the product will generate future economic benefits; and ?expenditure on the project can be measured reliably. Regulatory and other uncertainties generally mean that such criteria are not met. Where, however, the recognition criteria are met, intangible assets are capitalised and amortised on a straight-line basis over their useful economic lives from product launch. Externally generated intangible assets (Patents and trademarks) Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful economic lives. The amortisation expense is included within the administrative expenses line in the consolidated income statement. The significant intangibles recognised by the Group and their useful economic lives are as follows: TrademarksIndefinite PatentsLength of patent - up to 20 years Costs to obtain patent rights for the use of Colostrinin(TM) have been capitalised and will be amortised on a straight line basis over the expected useful life of the patent from the date the patent is granted. Deferred taxation Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the statement of financial position differs from its tax base, except for differences arising on: ?the initial recognition of goodwill; ?the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and ?investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). Leased assets Where substantially all of the risks and rewards incidental to ownership are not transferred to the Group (an "operating lease"), the total rentals payable under the lease are charged to the consolidated income statement on a straight-line basis over the lease term. The aggregate benefit of lease incentives is recognised as a reduction of the rental expense over the lease term on a straight-line basis. The land and buildings elements of property leases are considered separately for the purposes of lease classification and are classified as operating leases. Share based payment Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity investments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition. Where terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the income statement over the remaining vesting period. Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of goods and services received. Cash and cash equivalents For the purposes of the statement of cash flows, cash and cash equivalents are defined as cash available on demand and short-term deposits. Provisions Provisions are recognised for liabilities of uncertain timing or amounts that have arisen as a result of past transactions. 3Earnings per share 20092008 Numerator Loss for the year729,9381,463,367 ____________________ Denominator Weighted average number of shares 27,331,69511,926,992 ____________________ The Company has instruments that could potentially dilute basic earnings per share in the future, but that have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. These instruments are disclosed per note 25. General information The financial information set out above for the years to 31 December 2008 and 31 December 2009 does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985, but is derived from those accounts. Whilst the financial information contained in this announcement has been compiled in accordance with International Reporting Standards ("IFRS"), this announcement itself does not contain sufficient financial information to comply with IFRS. A copy of the statutory accounts for 2008 has been delivered to the Registrar of Companies, and those for 2008 have been posted to Shareholders. [HUG#1421518]
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