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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% | 6.50 | 5.00 | 8.00 | 6.50 | 6.50 | 6.50 | 1,781 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0998Q
ReGen Therapeutics PLC
24 September 2003
ReGen Therapeutics Plc
Interim Results for the Six Months' to 30 June 2003
CHAIRMAN'S STATEMENT
* First half expenditure reduced by 46% compared with the first half of
2002.
* #1.67 million raised to meet funding needs into 2004.
* ColostrininTM trial studies provisionally accepted for publication in an
international peer reviewed journal.
* ColostrininTM project on target for resumption of clinical studies in
second half of 2004.
* Nutraceutical potential of ColostrininTM encouraged by interest from
manufacturers and distributors in USA, Australia and New Zealand.
I am pleased to report on the progress of the Company. I would like to comment
firstly on the financial items.
* Expenditure
Expenditure in the first half of the year was down by 46% on the comparative
period of 2002 and this reflected two factors. Firstly, cost cutting carried out
in the second half of 2002 showed through in these figures. Secondly,
development costs were lower as we were in the process of commissioning the next
set of studies, which are now on going, and we will see a significant rise in
development expenditure in the second half of the year. I should also point out
that we have always counted the Chief Scientific Officer and Development
Director within administrative costs whereas in fact their time is wholly
involved with scientific development.
* Funding
Since the beginning of April 2003, the Company has raised approximately #1.67m
through placing of new shares and disposal of investments in New Opportunities
Investment Trust plc ("NOIT") and Jubilee Investment Trust plc ("Jubilee").
Subsequent falls in share prices of these Trusts require the Company to make a
provision of #761,000 during the period. We stress that this is not a cash loss
to the Company and shareholders should note the two following points:
a) The Investment Trust funding was crucial in securing our financial
future at a time when more traditional methods were not available and, at the
time, no one anticipated the falls in the Investment Trust stock prices.
b) The share exchange was done at a ReGen price of 5p in both cases. This
is significantly above the current share price and above the two prices at which
we have raised equity in the first half of the year (0.75p and 1.5p). In
practice, therefore, taking into account the fall in the Investment Trust price
we actually sold the NOIT shares at 1.25p per ReGen share and the Jubilee shares
at 1.3p per ReGen share. I would also stress that with transactions of this type
there is very little additional cost.
Although cash at bank was #43,000 at the half-year end, this does not take into
account our fundraising activities since that date. Our share placing on 15th
July raised #954,000 and we received #194,000 from the sale of Jubilee shares on
the 8th July. We still retain 560,606 NOIT shares.
Looking to the future we now have funding for our needs into 2004 and whilst we
anticipate the possible need for further funding in order to complete our
current scientific development programme the amounts involved are not expected
to be significant to the Company.
* ColostrininTM
Since we reported on our scientific development in our AGM Statement only three
month's ago there have been no major advances in our programme, but we continue
to receive confirmatory science in respect of ColostrininTM.
Importantly however, following submission of our manuscript on the full findings
of the clinical trial of ColostrininTM on 106 patients in Poland, we are pleased
to confirm that the article has been provisionally accepted for publication
within the next few months in an international peer reviewed journal. This will
communicate the potential of ColostrininTM as a safe and effective therapy for
Alzheimer's disease to a much wider audience, including potential development
and/or marketing partners.
We remain on course to be in a position to resume clinical studies supporting
initially the development of a nutraceutical product during the second half of
2004 as planned.
* Nutraceutical potential
We are pleased to report that we have received several enquiries from
established nutraceutical distributors in the United States, who have expressed
an interest in discussing the potential to add ColostrininTM to their existing
product portfolio. Similarly, we are continuing to make contact with potential
manufacturers and distributors of colostrum based products in the USA, Australia
and New Zealand as potential manufacturers and/or distributors of ColostrininTM.
* Acquisitions
It remains the view of the Board of Directors that the future success of ReGen
can be strengthened and protected by the acquisition of other corporate entities
whose business either enhances the potential of the Company's existing projects
or adds a new dimension for future growth into new areas of business activity.
Conclusion
The ColostrininTM project remains on schedule and we continue to be confident in
the potential for its future success.
We are also most encouraged by the support we continue to attract from
investors. Although the overall climate in equity markets appears to be somewhat
brighter than it was a year ago, raising funding in the biotech sector has
continued to be difficult and we consider our own success in this area to be a
very positive demonstration of confidence in the way in which ReGen conducts its
business.
Finally, I would like to add my own thanks to everyone who continues to
contribute to the success of the Company; our employees, consultants and
advisors and, last but certainly not least, our shareholders and investors.
Percy Lomax
Chairman
24th September 2003
Further information:
Andrew Marshall
Marshall Robinson Roe
Tel: 020 7960 6007
ReGen Therapeutics Plc
Interim Results for the Six Months'
to 30 June 2003
Consolidated Profit and Loss Account
For the six months ended 30 June 2003
Unaudited Unaudited Audited
6 months to 6 months to Year to
30-Jun-03 30-Jun-02 31-Dec-02
(#000) (#000) (#000)
Administrative expenses 450 679 1,212
Goodwill amortisation 37 37 74
Development costs 122 419 580
--------- --------- ---------
Operating loss (609) (1,135) (1,866)
Amounts written off current asset (761) - (525)
investment
Interest Receivable - 16 22
Interest Payable (6) - (2)
--------- --------- ---------
Loss on ordinary activities before (1,376) (1,119) (2,371)
taxation
Tax on ordinary activities (40) (71) (64)
--------- --------- ---------
Loss on ordinary activities after (1,336) (1,048) (2,307)
taxation --------- --------- ---------
Loss per share (basic and diluted) (1.05)p (1.54)p (3.05)p
ReGen Therapeutics Plc
Consolidated Balance Sheet
Unaudited Unaudited Audited
As at As at As at
30-Jun-03 30-Jun-02 31-Dec-02
(#000) (#000) (#000)
Fixed Assets
Intangible assets 1,835 1,871 1,862
Tangible assets 11 26 24
--------- --------- ---------
1,846 1,897 1,886
--------- --------- ---------
Current assets
Investments 400 536
Debtors 55 214 135
Cash at bank 43 705 6
--------- --------- ---------
498 919 677
Creditors: amounts falling due within one (329) (409) (358)
year --------- --------- ---------
Net current assets 169 510 319
--------- --------- ---------
Net assets 2,015 2,407 2,205
--------- --------- ---------
Capital and reserves
Share Capital - Issued and fully paid 161 3,596 4,656
- Deferred 5,298 - -
Share premium 6,055 5,715 5,712
Profit and loss account (9,499) (6,904) (8,163)
--------- --------- ---------
Equity shareholders' funds 2,015 2,407 2,205
2,015 2,407 2,205
--------- --------- ---------
ReGen Therapeutics Plc
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
As at As at As at
30-Jun-03 30-Jun-02 31-Dec-02
(#000) (#000) (#000)
Operating loss (609) (1,135) (1,866)
Amortisation 43 38 77
Depreciation 13 12 19
Decrease in debtors 36 69 59
(Decrease)/increase in creditors (29) 46 (74)
--------- --------- --------
Net cash outflow from operating (546) (970) (1,785)
activities
Returns on investments and servicing
of finance
Interest received - 16 22
Interest paid (6) - (2)
Taxation 84 113 195
Capital expenditure and financial
investment
Payments to acquire tangible fixed - - (5)
assets
Payments to acquire intangible fixed (16) (45) (75)
assets
Net cash outflow before management (484) (886) (1,650)
of liquid resources and financing
--------- --------- --------
Management of liquid resources
Decrease in short term deposits - 350 950
Sales of short-term investments 125 -
Financing
Proceeds of shares issued for cash 396 492 493
Expenses paid on share issue - - (4)
--------- --------- --------
396 492 489
--------- --------- --------
Increase/(Decrease) in cash 37 (44) (211)
--------- --------- --------
Notes to the Interim Report:
Basis of preparation
The results for the six months ended 30 June 2003 are unaudited and have been
prepared on a basis consistent with the statutory accounts for the year ended
31 December 2002. The comparative amounts for the year ended 31 December 2002 do
not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985 but have been extracted from the audited statutory accounts
delivered to the Register of Companies on which the auditors issued an
unqualified report which did not contain a statement under section 237 of that
Act.
Loss per share
The calculation of loss per share is based on the weighted average number of
shares in issue for the period of 127,447,758 and the loss for the period of
#1,335,869.
Reconciliation of movements in equity
shareholders' funds
30-Jun-03
(#000)
Loss for the six months (1,336)
New share issues 803
Premium on new share issues net of 343
issue costs
---------
Decrease to equity shareholders' (190)
funds
Opening equity shareholders' funds 2,205
---------
Closing equity shareholders' funds 2,015
=========
Intangible fixed assets
Costs amounting to #16,105 relating to patent rights have been capitalised for
the six months to 30 June 2003 in accordance with the company's stated
accounting policy.
Post balance sheet events
On 15 July 2003 ReGen Therapeutics Plc placed with new and existing shareholders
63,600,000 0.1p ordinary shares at 1.50p per share raising #954,000 before
expenses.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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