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CYX Cytomyx Hldgs

1.10

0.00 (0.00%)

Last Updated: 01:00:00

Delayed by 15 minutes

Cytomyx Investors - CYX

Share Name	Share Symbol	Market	Stock Type
Cytomyx Hldgs	CYX	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.00	0.00%	1.10	01:00:00

Open Price	Low Price	High Price	Close Price	Previous Close
				1.10

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Posted at 19/1/2005 10:53 by raldo Cytomyx Holdings PLC 19 January 2005 For immediate release 19 January 2005 CYTOMYX HOLDINGS PLC ('Cytomyx' or 'the Company') Preliminary results for the year ended 30 September 2004 Cytomyx Holdings plc (AIM: CYX), the leading provider of drug discovery products and services, is pleased to announce its full year results for the year ended 30 September 2004. Highlights: Turnover up 11 per cent at £5.66 million (2003: £5.10 million) Gross profit up 32 per cent at £3.38 million (2003: £2.56 million) Gross profit margin 60 per cent (2003: 50 per cent) Net loss £915,661 (2003: net loss £414,051), reflecting investment in new US operations Successful institutional Placing to raise £1.9 million completed January 2004 Acquisition of Clinomics Biosciences Inc., a US company with a major collection of highly characterised human tissue samples, in January 2004 Clinomics' new Oncology Cell Signalling Database licensed to AstraZeneca in March 2004 Significant expansion in the number of ion channel cell lines from 2 to 17 Collaboration with Moffit Cancer Center, Florida, in July 2004 Highlights post the year end: Molecular Probes distribution contract reinstated Clinomics' integration with Cytomyx Ltd and equity fund raising facility approved in December 2004 $2.5 million convertible loan facility arranged through Laurus Master Fund in December 2004 Commenting on the results, Mike Kerins, Cytomyx' Chief Executive, said: 'We are delighted with the progress made during the year, reflected in the fact that we now work regularly for eight out of the top ten pharmaceutical companies worldwide. The developments post the year end, including additional flexibility in financing the company, together with current trading give us confidence in the year ahead.' For further information, please contact: Cytomyx Holdings plc 01223 508191 Mike Kerins, Chief Executive Buchanan Communications 020 7466 5000 Mark Court/Mary-Jane Johnson The Wall Street Group +1 212 888 4848 Ron Stabiner CYTOMYX HOLDINGS PLC Preliminary Statement for the year ended 30 September 2004 CHAIRMAN'S STATEMENT Cytomyx has had an exciting year of growth and consolidation. This has included not only a strengthening of gross profit margins through new high value contracts in the second half of the financial year, but also the acquisition in January 2004 of US-based Clinomics Biosciences Inc ('Clinomics'), a company whose unique capabilities give us the potential for substantial growth in future years. As a result of this acquisition, we have been pleased to welcome Stephen Turner, the Founder and CEO of Clinomics, to our Board. Mr Turner has a distinguished track record in the life science industry and will be a major contributor to the future direction of the group. The acquisition of Clinomics will facilitate a number of plans that we have to strengthen our offering of drug discovery technology solutions on a global basis. During the year, Cytomyx Ltd has greatly accelerated its progress in the development of high value products used in drug discovery. A major effort to develop recombinant cell lines that express ion channel proteins has been highly successful and we are now recognised as the world's leading developer of these systems. These high value products are used to develop new treatments in areas such as pain, epilepsy and heart disease, as well as being widely used to test new drugs for their potential to cause serious cardiac toxicity side effects. These products have shown considerable promise for future revenues. Clinomics has established a very large collection of human tissue samples, spanning most of the major diseases currently being investigated by the pharmaceutical industry. All of the samples in the collection are linked to detailed clinical information from the donor patient and these are used by our clients to discover new genes involved in disease progression. Since January, we have relocated Clinomics to a new facility in Albany, New York, and made rapid strides in expanding its offering of products to the pharmaceutical industry. During the year we were successful in securing a number of major contracts with leading pharmaceutical companies, including AstraZeneca. In addition, we entered into a major new initiative to develop new Cancer Tissue MicroArrays (our core technology) with the prestigious Moffitt Cancer Centre in Florida. We believe that there are many significant synergies between the Clinomics and Cytomyx Ltd businesses and, in order to best exploit these, it is our intention to merge the two companies into a single global business unit early in 2005. While the integration of Clinomics is not yet complete, early indications are that this will be a powerful and accretive acquisition of the Cytomyx group. Cambridge BioScience Ltd continued to perform well, and, after extensive negotiation, we were delighted to announce re-attaining the distribution contract for Molecular Probes following its sale to Invitrogen Corporation. Cambridge BioScience Ltd during the year has also initiated a number of exciting new distribution contracts with innovative US suppliers. Fund raising Interest in the group's key strategic products and services has been strong during the year. We also recognise the need to strengthen our position in the critical US marketplace, which accounts for around 50% of global pharmaceutical R&D expenditure. The acquisition of Clinomics was our first major step towards strengthening our activities in the US. As a result of this acquisition, we have received interest from several US-based investors and in December we agreed to an offer of a $2.5m convertible loan facility from Laurus Funds that will expand available working capital necessary for our increased level of activity in the US. We anticipate continued growth through the group in light of our new US activities. Financial The group grew its revenues by more than 11% to £5,664,252 in 2004 from £5,101,315 in 2003. This growth came from new and acquired activities, some of the growth being temporarily masked by the temporary loss of the Molecular Probes contract and the decision to wind down some low margin activities such as DNA sequencing services. Gross profit has grown to £3,383,859 from £2,560,138 in 2003. Notwithstanding the net loss in the first half which, to a large extent, reflected costs related to the investment in and relocation of Clinomics, our second half provided firm evidence of increasing gross profit margins including the positive impact of the Clinomics' acquisition. Dividend In light of the loss for the year, the early stage nature of the company and the ongoing need for investment to grow the Cytomyx Group, the Board does not recommend the payment of a dividend for the year. Summary The group has continued to focus on developing world class technologies for use in pharmaceutical R&D and we are now seeing strong demand for these key products. The strategically important acquisition of Clinomics puts us in a leading position in a major growth market and provides access to the critical US market. We have also seen strong interest from the US investment community who have taken notice of our increasing focus on business opportunities in North America. We believe 2005 will be a year of significant consolidation, growth and development of our increasingly successful pharmaceutical solutions business. Dr. Bill Mason Chairman 19 January 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 30 September 2004 Note 2004 2003 £ £ TURNOVER Existing operations 4,993,523 5,101,315 Acquisitions 670,729 - Turnover - continuing operations 5,664,252 5,101,315 Cost of sales (2,280,393) (2,541,177) Gross profit 3,383,859 2,560,138 Distribution costs (137,300) (152,937) Administrative expenses (4,218,815) (2,757,265) Other operating income - 15,969 OPERATING LOSS Existing operations (814,880) (334,095) Acquisitions (157,376) - Operating loss - continuing operations (972,256) (334,095) Restructuring costs - (118,086) LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (972,256) (452,181) Interest receivable and similar income 22,124 7,592 Interest payable and similar charges (46,960) (32,328) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (997,092) (476,917) Tax on loss on ordinary activities 81,431 62,866 LOSS FOR THE FINANCIAL YEAR (915,661) (414,051) Loss per ordinary share (pence) 2 (2.42) (1.59) Diluted loss per ordinary share (pence) 2 (2.42) (1.59) CONSOLIDATED BALANCE SHEET 30 September 2004 Note 2004 2003 £ £ FIXED ASSETS Intangible assets 4,479,363 1,233,895 Tangible assets 1,615,138 1,069,576 6,094,501 2,303,471 CURRENT ASSETS Stocks 477,815 375,799 Debtors Due after more than one year 60,600 60,600 Due within one year 964,402 1,184,044 Short term investments 450,000 - Cash at bank and in hand 387,553 414,529 2,340,370 2,034,972 CREDITORS: amounts falling due within one year (1,330,278) (869,695) NET CURRENT ASSETS 1,010,092 1,165,277 TOTAL ASSETS LESS CURRENT LIABILITIES 7,104,593 3,468,748 CREDITORS: amounts falling due after more than one year (880,194) (1,158,327) 6,224,399 2,310,421 CAPITAL AND RESERVES 3 Called up share capital 1,044,809 701,230 Share premium account 5,107,518 3,478,203 Share capital to be issued 675,817 - Merger reserve 2,089,460 (99,900) Foreign exchange reserve (8,432) - Profit and loss account (2,684,773) (1,769,112) EQUITY SHAREHOLDERS' FUNDS 6,224,399 2,310,421 COMPANY BALANCE SHEET 30 September 2004 Note 2004 2003 £ £ FIXED ASSETS Tangible assets 2,495 - Investments 3,394,016 102,000 3,396,511 102,000 CURRENT ASSETS Debtors Due after more than one year 4,654,580 3,856,571 Due within one year 22,364 27,287 Short term investments 450,000 - Cash at bank and in hand 74,967 6,180 5,201,911 3,890,038 CREDITORS: amounts falling due within one year (221,309) (42,500) NET CURRENT ASSETS 4,980,602 3,847,538 TOTAL ASSETS LESS CURRENT LIABILITIES 8,377,113 3,949,538 CAPITAL AND RESERVES 3 Called up share capital 1,044,809 701,230 Share premium account 5,107,518 3,478,203 Share capital to be issued 675,817 - Merger reserve 2,189,360 - Profit and loss account (640,391) (229,895) EQUITY SHAREHOLDERS' FUNDS 8,377,113 3,949,538 CONSOLIDATED CASH FLOW STATEMENT Year ended 30 September 2004 Note 2004 2003 £ £ Net cash outflow from operating activities 4 (122,629) (920,219) Returns on investments and servicing of finance 5 (24,836) (24,736) Taxation 5 58,338 10,880 Capital expenditure and financial investment 5 (617,755) (74,002) Acquisitions 5 (243,003) (369,982) Net cash outflow before management of liquid resources and financing (949,885) (1,378,059) Management of liquid resources 5 (450,000) - Financing 5 1,372,909 1,868,502 (Decrease) increase in cash in the year 6 (26,976) 490,443 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2004 2003 £ £ (Decrease) increase in cash in the year (26,976) 490,443 Cash outflow from decrease in lease financing 44,142 24,320 Cash outflow from decrease in loan notes 365,464 25,000 Cash inflow from new bank loan - (100,000) Cash outflow from increase in liquid resources 450,000 - Change in net debt resulting from cash flows 832,630 439,763 Loans and finance leases acquired with subsidiary (48,789) - New finance leases (34,129) (46,243) New loan notes - (1,180,000) Change in net debt 749,712 (786,480) Net debt at beginning of year (911,827) (125,347) Net debt at end of year (162,115) (911,827) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Year ended 30 September 2004 2004 2003 £ £ Loss for the financial year (915,661) (414,051) Currency translation difference on foreign currency net investments (8,432) - Total gains and losses since last annual report (924,093) (414,051) NOTES The information set out above does not constitute the Company's statutory accounts for the years ended 30 September 2004 or 2003, but is derived from those accounts, and is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements. Statutory accounts for 2003 have been delivered to the Registrar of Companies, and those for 2004 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. LOSS PER ORDINARY SHARE The diluted loss per share takes into account the dilutive effect of share options. Ordinary shares which are potentially issuable are only included in the calculation of diluted earnings per share if their issue would decrease net profit per share or increase net loss per share. The exercise of share options does not increase the basic loss per share and therefore the basic and diluted loss per share remain the same. The calculation of basic loss per ordinary share is based on a loss of £915,661 (2003 - £414,051) and on 37,878,653 (2003 - 26,103,565) ordinary shares being the weighted average number of ordinary shares in issue during the year. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS AND STATEMENT OF MOVEMENTS ON RESERVES Called up Share Share Foreign Profit and share premium capital to Merger exchange loss capital account be issued reserve reserve account Total £ £ £ £ £ £ £ Group Balance at 1 October 2003 701,230 3,478,203 - (99,900) - (1,769,112) 2,310,421 Loss for the year - - - - - (915,661) (915,661) Shares issued 343,579 1,761,800 - 2,189,360 - - 4,294,739 Shares to be issued - - 675,817 - - - 675,817 Currency translation differences on foreign currency net investments - - - - (8,432) - (8,432) Costs set against share premium - (132,485) - - - - (132,485) Balance at 30 September 2002 1,044,809 5,107,518 675,817 2,089,460 (8,432) (2,684,773) 6,224,399 Company Balance at 1 October 2003 701,230 3,478,203 - - - (229,895) 3,949,538 Loss for the year - - - - - (410,496) (410,496) Shares issued 343,579 1,761,800 - 2,189,360 - - 4,294,739 Shares to be issued - - 675,817 - - - 675,817 Costs set against share premium - (132,485) - - - - (132,485) Balance at 30 September 2002 1,044,809 5,107,518 675,817 2,189,360 - (640,391) 8,377,113 Share capital to be issued represents Deferred Contingent Consideration in relation to the acquisition of Clinomics Biosciences Inc. NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2004 2003 £ £ Operating loss (972,256) (334,095) Depreciation charge 260,389 196,350 Loss on disposal of fixed assets 1,150 - Amortisation of goodwill and intangibles 204,953 63,016 Exceptional restructuring costs - (118,086) Decrease (increase) in debtors 333,737 (658,770) Increase in stocks (102,016) (160,803) Increase in creditors 151,414 92,169 Net cash outflow from operating activities (122,629) (920,219) ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT 2004 2003 £ £ Returns on investments and servicing of finance Interest received 22,124 7,592 Interest paid (7,227) (32,328) Interest element of finance lease rental payments (39,733) - Net cash outflow from returns on investments and servicing of finance (24,836) (24,736) Taxation Research and development tax credit 58,338 10,880 Capital expenditure and financial investment Payments to acquire tangible fixed assets (512,972) (57,073) Receipts from the sale of fixed assets 6,611 - Payments to acquire intangible fixed assets (111,394) (16,929) Net cash outflow from capital expenditure and financial investment (617,755) (74,002) Acquisitions Purchase of trade and assets of Cambridge BioScience Limited - (319,982) Purchase of trade and assets of Cytocell Limited - (50,000) Purchase of Clinomics Biosciences Inc (236,460) - Overdraft acquired with subsidiary (6,543) - (243,003) (369,982) Management of liquid resources Increase in short-term investments (450,000) - Financing Proceeds from issue of ordinary share capital 1,915,000 2,269,000 Cost of issuing ordinary share capital (132,485) (451,178) Capital element of finance lease rental repayments (44,142) (24,320) Repayment of loan notes (365,464) (25,000) New bank loan - 100,000 Net cash inflow from financing 1,372,909 1,868,502 ANALYSIS OF CHANGES IN NET DEBT Acquisition At 1 excluding Other At 30 October Cash cash and non-cash September 2003 flows overdraft changes 2004 £ £ £ £ £ Cash at bank and in hand 414,529 (26,976) - - 387,553 Debt due after one year (1,145,000) 224,103 (17,428) 83,025 (855,300) Debt due within one year (110,000) 141,361 (31,361) (83,025) (83,025) Finance leases (71,356) 44,142 - (34,129) (61,343) (1,326,356) 409,606 (48,789) (34,129) (999,668) Short term investment - 450,000 - - 450,000 Net debt (911,827) 832,630 (48,789) (34,129) (162,115) This information is provided by RNS The company news service from the London Stock Exchange Read Full Thread Reply
Posted at 30/9/2004 16:21 by irshaad Director dealing, looks ready to rock and ROLL!!!!1 Read Full Thread Reply
Posted at 13/1/2004 09:50 by ozgem Correct.It is down on yesterdays close which is what I considered worst case scenario.I am hoping now this will create more upward pressure on the share price as the squeeze will be on to get some of these and eliminate the large spread that puts some investors off the 1 penny shares. Read Full Thread Reply
Posted at 02/1/2004 14:44 by james t kirk I think a couple of the 1.7p trades may be sells as the bid touched there earlier. In particular the 1mill looks like a sell, which probably forced the bid back down. Smaller investors still buying steadily, we're still moving in a very nice northwards motion. Read Full Thread Reply
Posted at 02/1/2004 10:07 by czar A couple of things are happening here, firstly the enlarged group is expected to start to make serious profits, although i can't find any recent forecasts, and secondly the larger market cap and consolidation out of the penny share level is designed to attract institutional investors. A biotech that can make money and may be on a single figure pe will be extremely attractive. I found it very encouraging that they had no trouble placing 200m shares at 1.25p even though the price was down at 1.1p, you have to assume these people did their research, at least they will know more than us. You don't hear the term "ten bagger" these days but this could just be one, even a five bagger would be great. Read Full Thread Reply
Posted at 29/12/2003 15:59 by robertap ozgem, 6.128x10^6 are being taken by institutional and other investors plus 7.6x10^6 for Clinomics purchase. These will be traded as of 13th Jan'y 2004 i.e a potential of nearly 14 million NEW ordinary shares (equivalent to 350 million shares at today's par value) I am therefore as suprised as you by the recent increase. I would have thought there might be a small premium, say 10% but not 30% as it is at the moment My thoughts only. But others may have a different view. DYOR Read Full Thread Reply
Posted at 08/10/2003 17:29 by optimist23 As it is October now and several blocks of stock are changing hands I feel that it is time for a new thread. Again big delayed buy and sells have been pouring in after close. I believe that the price has continue to risen as someone is building a stake here. I think that the stock is not being accumalated on the open market hence the price doesn't seem to fall on the big sells. What is happening is the buyer is gathering stock from institutions etc. Where the big sell is followed with the big buy. IMHO. Not the usual retail investors buying and selling so expecting interesting times ahead for the rest of October as the picture becomes clearer. Read Full Thread Reply
Posted at 08/10/2003 14:51 by optimist23 some pretty large buys which is moving the price. Not many retail investors having a dabble Read Full Thread Reply
Posted at 12/9/2003 09:58 by sandbank The real problem with CYX is lack of newsflow - positive or negative. Whoever's in charge of their PR should be fired. Investors need to know what a company is actually doing - but the web site news section hasn't been updated since March (infact if you link to it from ADVFN you get the Cambridge Biosciences web site instead). Hopeless. Read Full Thread Reply
Posted at 15/8/2003 16:27 by bmont Sitting on the sidelines and warming the bench is never any fun. It seems that after months of uncertainties, recently released data shows that investors are starting to get back into the game. This indicates that investors are becoming more optimistic about the market's performance in the next few months. In order to forge ahead with renewed confidence, register your email address with this newsletter. It will point you in the right direction by notifying you when an undervalued stock is about to move. It's free and you can cancel at any time. These shares are traded in the US markets. Read Full Thread Reply

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