We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bioprogress | LSE:BPRG | London | Ordinary Share | GB0032681628 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:7367P
BioProgress PLC
15 September 2003
Press Release 15 September 2003
BioProgress plc
Interim Results for the period to 30 June 2003
BioProgress plc ("BioProgress" or the "Company"), a provider of innovative
delivery mechanisms for the pharmaceutical oral dosage markets, today reports
its maiden Interim Results for the period from 22 May 2003 to 30 June 2003.
The Company completed the acquisition of BioProgress Technology International,
Inc. (BTII) on 21 May 2003. BTII was incorporated in the USA, and was quoted on
the Over the Counter Bulletin Board operated by the National Association of
Security Dealers Inc.. Results for BTII are available at www.secinfo.com
Highlights
* admission to the Alternative Investment Market, raising approximately #3.5
million after expenses in May 2003 at 16 pence per share - professional and
legal expenses due to the complexities of moving from the USA and listing in
London were higher than anticipated
* pre-tax loss of #0.4 million for the period from 22 May to 30 June
* first pilot scale TABWRAP(R) and NROBE(R) technologies delivered to
customers in Europe and the USA
* strong cash position of #2.7 million at 30 June 2003
Commenting on the Results, Graham Hind, Chief Executive Officer of BioProgress
plc, said: "Since our recent Admission to AIM, the Company has progressed well.
The outlook for the business continues to be extremely positive and we will
continue to focus on achieving as early as possible, the delivery of the
technologies to the expanding customer base. Opportunities for strategic
alliances and partnerships will continue to be explored."
- Ends -
For further information:
BioProgress plc
Graham Hind, Chief Executive Officer Tel: +44 (0) 1354 655 674
grahamhind@bioprogress.com www.bioprogress.com
Issued by:
Bankside
Julian Bosdet / Heather Salmond Tel: +44 (0) 20 7444 4140
heather.salmond@bankside.com www.bankside.com
Chairman's Statement
Introduction
BioProgress is pleased to report its maiden interim results since our very
successful AIM listing in May 2003, when we raised #5.0 million before expenses
from a group of leading UK institutions at a price of 16 pence per share. These
funds are being applied to expand our engineering design resources and to
accelerate the delivery of fully commercialised XGEL(R) technologies to our
customers. Since flotation, the Company has continued to work with its
customers to develop our technologies, and has progressed a number of
discussions with new potential customers and strategic partners.
Results
Results in previous periods were for BioProgress Technology International, Inc
(BTII), which was incorporated in Nevada, USA and listed on the Over the Counter
Bulletin Board operated by the National Association of Security Dealers Inc..
The accounts for BTII were under US GAAP and were denominated in US dollars.
The historic accounts of BTII were outlined in our Proxy Statement/Prospectus
dated 16 May 2003. The BTII accounts are therefore not directly comparable with
these interim results of BioProgress plc, which only cover the brief period of
22 May 2003 to 30 June 2003.
The interim results show a net loss before taxation of #0.4 million. Funds
realised from the flotation were received towards the end of the period, which
left little time for this additional resource to have any material impact on our
performance within the period. I am confident of achieving a significantly
increased level of trading activity during the second half of the year as we
benefit from our increased resources and expanding customer base.
Business
Bioprogress is engaged primarily in the development and commercialisation of
patents covering water soluble and biodegradable films, and process machinery.
Our films and machines are marketed under the headline brand XGEL(R). Together
they give existing products in the market a significantly enhanced level of
performance, while enabling the development of new products that are not
possible with other existing technologies.
BioProgress is focusing on high value applications for its technology, and is
developing four new oral dosage forms under the XGEL(R) brand for the
pharmaceutical and dietary supplement markets.
The Company has also developed and licensed its patented flushable and
biodegradable ostomy pouch to Bristol Myers ConvaTec, the global industry leader
in this market. According to industry estimates, the market for disposable
ostomy pouches has a global sales value of $1 billion annually.
BioProgress also generates revenues from development agreements with
pharmaceutical companies. These agreements are executed to enable the work
necessary to transfer specific products to the XGEL(R) dosage forms. Due to the
commercial sensitivity of such agreements, BioProgress is usually unable to name
its pharmaceutical customers. The Company generally recognises the revenue from
these agreements over the term of the contract either on a time or milestone
basis.
Details of the Company's customers and contracts, where disclosure was
permitted, were included in the Company's US Securities and Exchange Commission
Form 4 published prior to listing on AIM and which is accessible on-line from
the US SEC Edgar database.
Post Results Events
On 19th August, the Company announced the delivery of the first two of its
TABWRAP(R) pilot scale machines to a major US pharmaceutical company and to
Peter Black Healthcare in the UK. This was a significant milestone as, in the
case of Peter Black Healthcare, it immediately facilitates the winning of new
customers for the technology, which will translate into orders for the full size
machines and film revenues for BioProgress.
On 9th September, the Company announced it had completed the design and build of
the first pilot scale machine in its NROBE(R) dosage form which would be
delivered to Farmasierra. This will enable Farmasierra to extend their NROBE(R)
new product development programme. Farmasierra can now also provide validation
and product development services in the NROBE(R) technology within a fully
pharmaceutically approved manufacturing facility for major pharmaceutical
companies.
I would like to express my appreciation for the advice and guidance given by our
advisors in helping us achieve our move from the US market to AIM. In addition,
I would like to thank our customers and suppliers for their tremendous support
and commitment in helping bring our unique technologies to commercialisation.
Outlook
The outlook for the business continues to be extremely positive and your board
will continue to focus on achieving as early as possible, the delivery of the
technologies to the expanding customer base. Opportunities for strategic
alliances and partnerships will continue to be explored.
Finally, I would like to thank my co-directors and our dedicated loyal team of
employees in Cambridgeshire for their continued dedication and support what has
been an exciting and successful half-year.
Peter Glynn-Jones
Chairman
15 September 2003
BIOPROGRESS PLC
PROFIT AND LOSS ACCOUNT
For the period ended 30 June 2003
Period
ended 30
June 2003
Unaudited
#'000
Turnover -
Other operating income and charges (411)
Operating loss (411)
Net interest 3
Loss on ordinary activities before taxation (408)
Tax on loss on ordinary activities -
Loss for the financial period after taxation (408)
Loss per share (0.01)
These interim results reflect the trading results of the group for the period
from 22 May 2003 until 30 June 2003.
BIOPROGRESS PLC
CONSOLIDATED BALANCE SHEET at 30 June 2003
30 June 2003
Unaudited
#'000
Fixed assets
Intangible assets 11,866
Tangible assets 306
12,172
Current assets
Debtors 1,024
Cash at bank and in hand 2,657
3,681
Creditors: amounts falling due within one year (3,055)
Net current assets 626
Total assets less current liabilities 12,798
Provisions for liabilities and charges (968)
11,830
Capital and reserves
Called up share capital 813
Share premium 11,432
Profit and loss account (415)
Shareholders' funds 11,830
BIOPROGRESS PLC
CONSOLIDATED CASH FLOW STATEMENT
For the period ended 30 June 2003
Period
ended 30
June 2003
Unaudited
#'000
Net cash outflow from operating activities 4 (902)
Returns on investments and servicing of finance
Interest received 8
Interest paid (5)
Net cash inflow from returns on investments
and servicing of finance 3
Capital expenditure
Purchase of tangible fixed assets (28)
Net cash outflow from capital expenditure (28)
Acquisitions
Purchase of subsidiary undertakings (224)
Net overdraft from purchase of subsidiary undertakings (445)
Net cash outflow from acquisitions (669)
Financing
Issue of shares 5,000
Expenses in connection with share issue (752)
Net cash inflow from financing 4,248
Increase in cash 5 2,652
BIOPROGRESS PLC
statement of recognised gains and losses
For the period ended 30 June 2003
Period
ended 30
June 2003
Unaudited
#'000
Loss for the period (408)
Currency differences on foreign currency net investments (7)
Total recognised gains and losses for the period (415)
BIOPROGRESS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 30 June 2003
1. ACCOUNTING POLICIES
Basis of Preparation
The company was incorporated on 12 December 2002 and on 21 May 2003 acquired a
controlling interest in BioProgress Technology International, Inc and commenced
trading on this date. The company was admitted to the Alternative Investment
Market on 22 May 2003. These interim results reflect the trading results of the
group for the period from 21 May 2003 until 30 June 2003.
The financial statements have been prepared under the historical cost
convention. The principal accounting policies of the company are set out below.
Basis of consolidation
The group financial statements consolidate those of the company and of its
subsidiary undertakings drawn up to 30 June 2003. Acquisitions of subsidiary
undertakings are dealt with by the acquisition method of accounting.
Goodwill
Goodwill arising on consolidation, representing the excess of the fair value of
the consideration given over the fair values of the identifiable net assets
acquired, is capitalised and is amortised on a straight line basis over its
estimated useful economic life of 20 years.
Turnover
Turnover is the total amount receivable by the group for goods supplied,
services provided and revenues derived from development agreements, excluding
VAT and trade discounts.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost, net of depreciation. Depreciation is
calculated to write down the cost less estimated residual value of all tangible
fixed assets by equal annual instalments over their expected useful lives. The
rates generally applicable are:
Leasehold improvements 15% per annum
Laboratory equipment 15% per annum
Plant and machinery 25% per annum
Office equipment and furniture 25% per annum
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or
events that give the group an obligation to pay more tax in the future, or a
right to pay less tax in the future, have occurred by the balance sheet date.
Deferred tax assets are recognised when it is more likely than not that they
will be recovered. Deferred tax is measured using rates of tax that have been
enacted or substantively enacted by the balance sheet date.
Retirement benefits
Defined Contribution Pension Scheme
The pension costs charged against operating profits are the contributions
payable to the scheme in respect of the accounting period.
Leased assets
All leases are regarded as operating leases and the payments made under them are
charged to the profit and loss account on a straight line basis over the lease
term.
Research and development
Research and development expenditure is charged to profits in the period in
which it is incurred.
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at
the date of the transaction. Monetary assets and liabilities in foreign
currencies are translated at the rates of exchange ruling at the balance sheet
date. The financial statements of foreign subsidiaries are translated at the
rate of exchange ruling at the balance sheet date. The exchange differences
arising from the retranslation of the opening net investment in subsidiaries are
taken directly to reserves. All other exchange differences are dealt with
through the profit and loss account.
2. EARNINGS PER SHARE
The calculation of earnings per share is based on the result for the period
subsequent to the acquisition of BioProgress Technology International, Inc
divided by the weighted average number of shares in issue during this same
period, being 81,225,001 ordinary shares at #0.01 each.
3. SHARE ISSUES DURING THE PERIOD
On 21 May 2003, the company issued 49,975,001 ordinary shares of #0.01 each at
#0.16 per share, 79,000 convertible redeemable preference shares of #0.005 each
at par, and 88,000 redeemable preference shares of #0.005 each at par as
consideration for the acquisition of BioProgress Technology International, Inc
and its subsidiary undertakings. The difference between total consideration of
#7,996,835 and the total nominal value of #500,585 has been credited to the
share premium account (#7,496,250).
On 22 May 2003, the company issued 31,250,000 ordinary shares of #0.01 each at
#0.16 per share upon admission to the Alternative Investment Market. The
difference between total consideration of #5,000,000 and the total nominal value
of #312,500 has been credited to the share premium account (#4,687,500).
4. NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Period
ended 30
June 2003
Unaudited
#'000
Operating loss (411)
Depreciation and amortisation 78
Increase in debtors (363)
Decrease in creditors (199)
Loss on foreign currency net investments (7)
Net cash outflow from operating activities (902)
5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Period
ended 30
June 2003
Unaudited
#'000
Increase in cash in the period and change in net funds resulting from cash flows 2,652
Movement in net funds in the period and net funds at 30 June 2003 2,652
6. ACQUISITION
On 21 May 2003, the company acquired 49,975,001 ordinary shares of $0.001 each
in BioProgress Technology International, Inc and its subsidiary undertakings,
being 100% of its common stock for a consideration of #9,169,979. Goodwill
arising on the acquisition of BioProgress Technology International, Inc and its
subsidiary undertakings has been capitalised. The purchase of BioProgress
Technology International, Inc and its subsidiary undertakings has been accounted
for by the acquisition method of accounting.
7. ADDITIONAL INFORMATION
The financial information set out above does not constitute the group's
financial statements for the year ended 31 December 2002. This is the company's
first reporting period since incorporation and, as such, no financial
information is available for the year ended 31 December 2002. The financial
statements for the period ended 30 June 2003 are unaudited.
These results were announced to the AIM on 15 September 2003, and have been
posted to all shareholders. Copies of the interim report will be available from
the company's registered office at 14 Hostmoor Avenue, March Trading Estate,
March, Cambridgeshire, PE15 0AX.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LTMRTMMMBBMJ
1 Year Bioprogress Chart |
1 Month Bioprogress Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
