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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Medical Mktg | LSE:MMG | London | Ordinary Share | GB0004150685 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 8448J
Medical Marketing Int'l Group PLC
10 December 2008
MMI announces half year results for the six months ended 30 September 2008
Wednesday, 10 December 2008 - Medical Marketing International Group plc ("MMI" or the "Company") (AIM:MMG), the life sciences company
focused on the development of drugs for cancer, today announces its half year results for the six months ended 30 September 2008.
Enquiries:
Medical Marketing International Group plc
Phil Cartmell, Non-executive Chairman Tel: +44 (0) 1223 477 677
Mark Burton, Chief Technical Officer
Rob Sprawson, Chief Financial Officer
FinnCap
Sam Smith/Charlie Cunningham Tel: +44 (0)20 7600 1658
Financial Dynamics
David Yates/Emma Thompson Tel: +44 (0)20 7831 3113
About MMI
Medical Marketing International Group plc ("MMI") is a life sciences company that identifies, acquires and develops world-class
compounds and technologies for the treatment of cancer. The Company manages the preclinical and early clinical development of drug
candidates before pursuing licensing partners to manage late-stage development. Please visit www.mmigroup.co.uk for further information.
Notwithstanding the inclusion on this release by MMI of a website address and/or another electronic address, MMI does not accept any
notices or any other documents or communication via its website or other electronic address. All such notices, documents or communication
shall be in hard copy format only. Accordingly the provisions of section 333 Companies Act 2006 allowing persons to communicate with MMI
electronically shall not apply to MMI.
Chairman's statement
MMI is a life sciences business using its platform technologies to develop new products which enhance the treatment of cancer. The half
year position of the Company is both financially and strategically in line with our expectations.
Vaccines to attack cancer
A commercial prostate cancer vaccine ("GVX 3322") has been assembled and the DNA sequence verified. GVX 3322 is now undergoing
preclinical equivalence studies with the academic vaccine used in the current clinical trial. The in vivo immunogenicity studies are
on-going and will now complete in the first quarter of 2009. If a positive result is obtained, the Company will continue its preparations
for the commencement of a Phase II trial.
Planning for the further clinical development of GVX 3322 has continued and discussions with leading clinical oncologists are defining
the key parameters of the next prostate cancer trial. It is evident that the design of this trial will depend critically on the data from
the current trial and, in particular, on the PSA-response rate that is observed. The Company is in discussions with the University of
Southampton and Cancer Research Technology to obtain these data.
On 29 October 2008 the Company agreed to invest up to £427,500 in its cancer vaccines subsidiary, Genvax, by subscribing for up to 2,850
shares at £150 per share. The investment is staged and is conditional on certain commercial milestones being achieved. However, once fully
subscribed, the Company's stake in Genvax will increase from 58% to 66%.
Ruthenium chemotherapy
The ruthenium compound ONCO 4417 has been investigated in a number of studies to enhance our understanding of the mechanism of action by
which it kills cancer cells. These studies show that ONCO 4417 induces DNA damage to levels comparable with that of cisplatin and suggest
that the induced DNA damage may directly or indirectly result in apoptosis (programmed cell death). In addition, as ONCO 4417 does not
appear to share cross-resistance mechanisms with cisplatin, it is likely that damage induced by ONCO 4417 is not resolved in the same way as
that induced by cisplatin and therefore, may provide novel cancer targets for our ruthenium compounds. A summary of this work has been
submitted for presentation at the American Association of Cancer Research Annual Meeting in April 2009.
ONCO 4417 is being evaluated in a human lung cancer xenograft model including comparison against cisplatin. Previous preclinical results
demonstrated that ONCO 4417 is well tolerated when administered at higher doses and on a more frequent doing schedule than cisplatin.
We will now focus on investigating the mechanisms responsible for repair of ONCO 4417 induced damage. This knowledge will be used to
target our ruthenium compounds to cancers where the drug will have most effect and to investigate the combination of ONCO 4417 with other
drug agents.
We have also continued to evaluate the second generation compounds, prepared using a targeted synthesis approach, which have now
demonstrated good in vitro efficacy across our panel of human tumour cells. Finally, the patent portfolio has been strengthened following
the notification of allowance for a third EU patent.
Disposal of non-core activities
On 29 September 2008 the Company sold its subsidiary, Bioscience Innovation Centre Limited, for cash consideration of £1. This
transaction facilitated the disposal of excess space whilst retaining not only the Company's current laboratory services revenue stream but
also its fully furnished and equipped laboratories. As a result, recurring facilities costs will be reduced by more than £250,000 each year
and it is intended that these savings will be applied to the further development of the Company's lead oncology programmes.
The Company continues to explore the possibility of divesting or out-licensing its anti-viral ribozyme technology.
Annual General Meeting ("AGM")
At the Company's AGM held on 17 September 2008 resolutions 1 to 6, being ordinary resolutions, were passed. The results of a poll on
resolutions 7 to 10, being special resolutions, and the AGM were adjourned to 10.30am on 17 December 2008. The Board has since decided to
withdraw these resolutions and therefore the adjourned AGM scheduled for 17 December 2008 will not take place and the AGM is treated as
concluded.
One of the special resolutions referred to above was to change the Company's name to Oncosense plc to reflect our focus on the oncology
market. Although this resolution has now been withdrawn, we strongly believe that the name Oncosense more accurately reflects our strategy
and business and therefore the Company has started to use Oncosense as a trading name.
People
Our employees are crucial to the success of the Company. We believe that having responsible employees who display sound judgement, are
aware of the consequences of decisions and actions, and who act in an ethical and responsible manner, is key to the future success of the
business. On behalf of the entire Board, we would like to thank our employees for their considerable efforts and support over the last six
months and we look forward to this continuing in the future.
Financial position
On 30 July 2008, the Company raised £0.95 million resulting in net funds at 30 September 2008 being £2.18 million (31 March 2008: £2.71
million) which is sufficient to last until June 2009.
Outlook
The Board is committed to the future of MMI and its shareholders and is focused on creating and then realising value from our oncology
pipeline. We are confident that our development plans outlined above are in the best interests of all our stakeholders. We do recognise,
though, that as a development company we rely upon financial support from the shareholder community. With our strategy to build value from
not only the technologies that are being developed but also within the business as a whole, we continue to believe that we have the ability
to return shareholder value in the medium term.
Phil Cartmell
Chairman
Financial review
The results for the six months ended 30 September 2008 show an increase in revenue of 14% to £73,053 (2007: £63,834) and an increase in
operating loss of 25% to £2.64 million (2007: £2.11 million). The operating loss includes a charge of £1.59 million for the disposal of a
subsidiary undertaking which if excluded, would reduce the operating loss to £1.05 million, a reduction of 50% on the prior period. The
Company raised £0.95 million in July 2008 resulting in net funds at 30 September 2008 being £2.18 million (31 March 2008: £2.71 million). An
analysis of the key movements is provided below.
Revenue
Revenue continues to comprise fees for services provided to the National Blood Service and for laboratory services, both of which are
expected to continue for the foreseeable future.
Research and development
Following the Company's decision to concentrate its resources on the further development of its lead oncology programmes based on its
DNA vaccine and ruthenium technologies, investment in research and development, all of which is expensed as incurred, decreased by 48% to
£469,917 (2007: £899,906).
Administrative expenses
Administrative expenses, which primarily comprise staff and establishment costs (excluding those allocated to research and development
expenditure) and professional fees, have been reduced by more than £0.6 million to £653,700 (2007: £1,270,342). This is primarily explained
by the combined effect of:
* a significant reduction in Directors' remuneration following the departure of the two founder directors;
* savings of approximately £70,000, primarily from advisers' fees;
* a recovery of £71,080 under indemnities in previous Directors' consultancy agreements for fees paid gross following a HM Revenue &
Customs inspection in January 2006 (see note 11 of the half-yearly report); and
* a decrease in the share-based payments charge of £226,449 to £11,165 (2007: £237,614) following the departure of a number of
employees.
Disposal of subsidiary undertaking
On 29 September 2008 the Company sold its wholly-owned subsidiary, Bioscience Innovation Centre Limited, for cash consideration of £1
resulting in a charge to the consolidated income statement of £1.59 million, £1.43 million of which relates to impairment of the goodwill
originally recognised on the acquisition of Bioscience Innovation Centre Limited (see note 1 of the half-yearly report).
The nature of the transaction was such that the only operational impact on the Group was the replacement of a 25 year lease for 25,000
sq ft that expired in 2024 with a new lease for 7,400 sq ft for a minimum of five years. The transaction, which is a significant component
of the Company's cost efficiency programme, facilitated the disposal of excess space so that recurring facilities costs will be reduced by
more than £250,000 each year. It is intended that these savings will be applied to the further development of the Company's lead oncology
programmes.
Interest income and income tax
Interest income decreased by 56% to £61,508 (2007: £139,406) primarily due to a lower average net funds balance during the period (2008:
£2.44 million, 2007: £4.83 million). Income tax relates to research and development tax credits for the period.
Liquidity and capital resources
The Group's net funds comprise cash and cash equivalents less finance lease liabilities. On 30 July 2008, the Company raised £0.95
million by issuing 5,027,886 ordinary shares at 19 pence each to new and existing shareholders. As a result, net funds at 30 September 2008
were £2.18 million (31 March 2008: £2.71 million).
Financial outlook
The Group intends to continue to fund the development programmes of its oncology platforms whilst seeking potential collaborative
partners. The Directors have prepared cash flow projections which show that current cash resources are sufficient to last until June 2009.
Rob Sprawson
Chief Financial Officer
Consolidated income statement
Six months ended Six months Year
ended ended
30 September 2008 30 September 2007 31 March 2008
Note Unaudited Unaudited Audited
£ £ £
Revenue 73,053 63,834 139,578
Research and development (469,917) (899,906) (1,447,871)
Administrative expenses (653,700) (1,270,342) (2,389,099)
Operating loss before disposal
of subsidiary undertaking (1,050,564) (2,106,414) (3,697,392)
Disposal of subsidiary 1 (1,592,853) - -
undertaking
Operating loss 2 (2,643,417) (2,106,414) (3,697,392)
Interest income 61,508 139,406 239,701
Finance costs 3 (333) (490) (902)
Loss before income tax (2,582,242) (1,967,498) (3,458,593)
Income tax 4 7,574 24,264 (3,008)
Loss for the period (2,574,668) (1,943,234) (3,461,601)
Attributable to:
Equity holders of the Company (2,571,968) (1,777,443) (3,275,561)
Minority interest (2,700) (165,791) (186,040)
(2,574,668) (1,943,234) (3,461,601)
Loss per 0.2p ordinary share
expressed in pence per share
Basic and diluted 5 (4.26)p (3.03)p (5.59)p
All income and expenses are derived from continuing operations.
Consolidated balance sheet
As at As at As at
30 September 2008 30 September 2007 31 March 2008
Unaudited Unaudited Audited
Note £ £ £
Assets
Non-current assets
Intangible assets 6 527,660 508,445 527,660
Goodwill 7 296,373 1,716,781 1,722,161
Property, plant and equipment 140,066 261,318 201,439
964,099 2,486,544 2,451,260
Current assets
Trade and other receivables 9 250,761 336,280 236,241
Research and development tax 54,782 174,967 132,268
credit
Cash and cash equivalents 2,183,266 3,913,037 2,710,976
2,488,809 4,424,284 3,079,485
Total assets 3,452,908 6,910,828 5,530,745
Liabilities
Current liabilities
Finance lease liabilities (2,351) (2,859) (3,016)
Trade and other payables 10 (427,959) (505,523) (640,057)
Provisions for other 11 (143,317) (69,168) (315,000)
liabilities and charges
(573,627) (577,550) (958,073)
Non-current liabilities
Finance lease liabilities - (2,351) (804)
Deferred tax liabilities (147,745) (142,365) (147,745)
(147,745) (144,716) (148,549)
Total liabilities (721,372) (722,266) (1,106,622)
Net assets 2,731,536 6,188,562 4,424,123
Equity
Share capital 12 127,331 117,275 117,275
Share premium 19,616,793 18,755,933 18,755,933
Merger reserve - 1,719,733 1,719,733
Retained loss (17,023,946) (14,419,471) (16,182,876)
Total equity attributable to
shareholders of the Company 2,720,178 6,173,470 4,410,065
Minority interest in equity 11,358 15,092 14,058
Total equity 2,731,536 6,188,562 4,424,123
Consolidated statement of changes in equity
Share Share premium Merger Retained
capital £ reserve loss
£ £ £
Unaudited Unaudited Unaudited Unaudited
At 1 April 2007 117,275 18,755,933 1,719,733 (12,879,642)
Loss for the period - - - (1,777,443)
Total recognised income and - - - (1,777,443)
expense for the period
Share-based payments - - - 237,614
Increase in minority interest - - - -
arising from additional
investment by parent in
subsidiary
At 30 September 2007 117,275 18,755,933 1,719,733 (14,419,471)
Audited Audited Audited Audited
At 1 April 2007 117,275 18,755,933 1,719,733 (12,879,642)
Loss for the period - - - (3,275,561)
Total recognised income and - - -
expense for the period (3,275,561)
Share-based payments - - - (27,673)
Increase in minority interest - - - -
arising from additional
investment by parent in
subsidiary
At 31 March 2008 117,275 18,755,933 1,719,733 (16,182,876)
Unaudited Unaudited Unaudited Unaudited
At 1 April 2008 117,275 18,755,933 1,719,733 (16,182,876)
Loss for the period - - - (2,571,968)
Total recognised income and - - -
expense for the period (2,571,968)
Issue of ordinary share 10,056 945,242 - -
capital
Expenses of issue of ordinary - (84,382) - -
share capital taken to share
premium account
Share-based payments - - - 11,165
Transfer of reserves - - (1,719,733) 1,719,733
At 30 September 2008 127,331 19,616,793 - (17,023,946)
Table continued*
Total Minority Total
£ interest equity
£ £
Unaudited Unaudited Unaudited
At 1 April 2007 7,713,299 100,052 7,813,351
Loss for the period (1,777,443) (165,791) (1,943,234)
Total recognised income and expense
for the period (1,777,443) (165,791) (1,943,234)
Share-based payments 237,614 - 237,614
Increase in minority interest arising
from additional investment by parent - 80,831 80,831
in subsidiary
At 30 September 2007 6,173,470 15,092 6,188,562
Audited Audited Audited
At 1 April 2007 7,713,299 100,052 7,813,351
Loss for the period (3,275,561) (186,040) (3,461,601)
Total recognised income and expense
for the period (3,275,561) (186,040) (3,461,601)
Share-based payments (27,673) - (27,673)
Increase in minority interest arising
from additional investment by parent - 100,046 100,046
in subsidiary
At 31 March 2008 4,410,065 14,058 4,424,123
Unaudited Unaudited Unaudited
At 1 April 2008 4,410,065 14,058 4,424,123
Loss for the period (2,571,968) (2,700) (2,574,668)
Total recognised income and expense
for the period (2,571,968) (2,700) (2,574,668)
Issue of ordinary share capital 955,298 - 955,298
Expenses of issue of ordinary share
capital taken to share premium account (84,382) - (84,382)
Share-based payments 11,165 - 11,165
Transfer of reserves - - -
At 30 September 2008 2,720,178 11,358 2,731,536
Consolidated cash flow statement
Six months ended Six months Year
ended ended
30 September 2008 30 September 2007 31 March 2008
Unaudited Unaudited Audited
£ £ £
Cash flows from operating
activities
Loss for the period (2,574,668) (1,943,234) (3,461,601)
Add back:
Net interest (61,175) (138,916) (238,799)
Income tax (7,574) (24,264) 3,008
Adjustments for:
Share-based payments 11,165 237,614 (27,673)
charge/(credit)
Depreciation of property, 60,390 62,696 124,801
plant and equipment
Impairment of goodwill on 1,425,788 - -
disposal of subsidiary
undertaking
Loss on sale of assets 1,707 - -
Operating cash flows before
movement in working capital (1,144,367) (1,806,104) (3,600,264)
(Increase)/decrease in trade (9,665) 14,403 62,058
and other receivables
Decrease in trade and other (212,098) (189,279) (2,361)
payables
(Decrease)/increase in
provisions for other (171,683) - 245,832
liabilities and charges
Cash used in operations (1,537,813) (1,980,980) (3,294,735)
Interest received 56,653 137,913 238,208
Research and development tax 85,060 - 15,427
credit received
Net cash used in operating (1,396,100) (1,843,067) (3,041,100)
activities
Cash flows from investing
activities
Purchase of property, plant (725) (5,121) (7,347)
and equipment
Proceeds from the disposal of 1 - -
subsidiary undertaking
Net cash used in investing (724) (5,121) (7,347)
activities
Cash flows from financing
activities
Proceeds from issue of 955,298 - -
ordinary share capital
Expenses paid in connection (84,382) - -
with issue of ordinary share
capital
Payment of finance lease (1,469) (1,311) (2,701)
liabilities
Interest element of finance (333) (490) (902)
lease payments
Net cash generated/(used) from 869,114 (1,801) (3,603)
financing activities
Decrease in cash and cash (527,710) (1,849,989) (3,052,050)
equivalents
Cash and cash equivalents at 2,710,976 5,763,026 5,763,026
beginning of period
Cash and cash equivalents at 2,183,266 3,913,037 2,710,976
end of period
Accounting policies
The Company is a public limited company incorporated and domiciled in the United Kingdom, with its registered office at The Bioscience
Innovation Centre, Cowley Road, Cambridge, CB4 0DS. The Company's ordinary shares are traded on AIM.
Basis of preparation
The half-yearly financial information has been prepared on the basis of the recognition and measurement requirements of IFRS in issue
that either are endorsed by the EU and effective at 31 March 2009 or are expected to be endorsed and effective at 31 March 2009. The
accounting policies that have been adopted are consistent with those set out in the Group's audited accounts for the year ended 31 March
2008. The financial information has been prepared on the historical cost basis and is presented in pounds sterling.
The financial information contained in this half-yearly report does not constitute statutory accounts within the meaning of Section 240
of the Companies Act 1985. The results for the six months ended 30 September 2008 and 30 September 2007 have not been audited. The
comparative figures for the financial year ended 31 March 2008 are not the Company's statutory accounts for that financial year. Those
accounts were approved by the Board of Directors on 30 July 2008, have been reported on by the Company's auditors, have been delivered to
the registrar of companies and are available on request from the Company Secretary at The Bioscience Innovation Centre, Cowley Road,
Cambridge, CB4 0DS. The report of the auditors on those accounts was (i) unqualified, (ii) did not contain a statement under section 237(2)
or (3) of the Companies Act 1985, but (iii) did include an emphasis of matter concerning the Company's ability to continue as a going
concern.
The half-yearly financial information has been prepared on a going concern basis which the Directors believe to be appropriate for the
following reasons.
The Group's cash and cash equivalents decreased by £527,710 during the six months ended 30 September 2008 such that, at that date, the
Group's cash resources were £2.18 million. The Directors have prepared cash flow projections which show that current cash resources are
sufficient to last until June 2009. The Directors have discussed the above and future funding with existing shareholders. There is also the
potential for the Company to secure funding from the divestment of non-core-activities and from possible collaborative opportunities with
pharmaceutical partners.. The Directors recognise that there can be no certainty in relation to these matters, which may cast significant
doubt on the Group's ability to continue as a going concern. The half-yearly financial information does not include any adjustments that
would result if the Group were unable to continue as a going concern.
Basis of consolidation
The half-yearly financial information includes the results of the Company and all of its subsidiary undertakings. The results of
subsidiary undertakings are prepared for the same reporting year as the Company, using consistent accounting policies. Subsidiary
undertakings are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which
control is transferred out of the Group. Control comprises the power to govern the financial and operational policies of a business so as to
obtain benefit from its activities and is achieved through direct or indirect ownership of voting rights. Intra-group transactions, profits
and balances are eliminated in full on consolidation.
Critical accounting estimates and judgements
The preparation of financial statements under IFRS requires the Group to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying
assumptions are reviewed on an ongoing basis and any resultant revisions are recognised in i) the period in which estimates and underlying
assumptions are revised, and ii) any future periods that are affected. Despite this, actual results may differ from the estimates and
underlying assumptions that have been made.
The areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the
amounts recognised in the half-yearly financial information are i) accounting policies for research and development and intangible assets,
ii) impairment tests for intangible assets and goodwill, iii) provisions for other liabilities and charges, and iv) share based payments.
Notes to the half-yearly report
1 Disposal of subsidiary undertaking
Bioscience Innovation Centre Limited ("BIC"), which until 29 September 2008
was a wholly owned subsidiary of the Company, leases the Bioscience
Innovation Centre under a non-cancellable operating lease agreement with
Turnstone Estates Limited ("TEL") that expires in 2024. Under the terms of
the lease BIC manages The Bioscience Innovation Centre and its tenants,
including the Company, pay a service charge for maintenance, servicing and
security. Whilst BIC was a subsidiary of the Company, the balance held in
this account was included within other payables and other receivables.
On 29 September 2008 the Company acquired certain assets of BIC and then
disposed of BIC (including the operating lease agreement referred to above)
to TEL for cash consideration of £1. On the same day, the Company i) entered
into a new lease with BIC, under new ownership, for 7,400 square foot of
space in The Bioscience Innovation Centre for ten years but with a tenant's
break at five years and landlord's break at any time from five years, and
ii) agreed to pay BIC, under new ownership, a fee of £100,000 on completion
and £100,000 by 30 June 2009.
As a result of the above, goodwill of £1,425,788 allocated to BIC was deemed
to be impaired and the loss on sale of assets was £1,707, being
consideration of £1 less BIC's net assets immediately prior to the
transaction of £1,708. In addition, the balance held in the service charge
account was transferred to the Company. Other than the change in the Group's
lease arrangements, there were no other changes in the operational nature of
the Group.
The charge to the income statement on the disposal of BIC is reconciled below:
Unaudited
£
Consideration (1)
Sale of net assets 1,708
Impairment of goodwill 1,425,788
Fee paid to BIC 200,000
Balance in BIC's service (70,164)
charge account
Expenses, including stamp 35,522
duty, of disposal
1,592,853
2 Operating loss
Operating loss is
stated after
charging/(crediting):
Six months ended Six months ended Year
ended
30 September 30 September 31 March
2008 2007 2008
Unaudited Unaudited Audited
£ £ £
Depreciation of
property, plant and
equipment:
- owned assets 60,390 62,012 124,117
- assets under - 684 684
finance leases
Share-based payments 11,165 237,614 (27,673)
charge/(credit)
Operating lease
rentals:
- equipment 1,432 1,368 2,865
- land and 170,000 170,000 340,000
buildings
3 Finance costs
Finance costs relate to interest payable under finance leases.
4 Income tax
Taxation relates to research and development tax credits for the period.
5 Loss per share
The basic loss per share has been calculated by dividing the loss for the
six months ended 30 September 2008 by the weighted average number of
shares of 60,378,093 (2007: 58,637,671) in issue during the period. IAS
33, "Earnings Per Share", requires presentation of diluted earnings per
share when a company could be called upon to issue shares that would
decrease net profit or increase net loss per share. No adjustment is
required to the basic loss per share as the exercise of options would
reduce the loss per ordinary share and is therefore not dilutive.
6 Intangible assets
Genvax Viratis Total
Limited Limited
£ £ £
At 1 April 2007 334,464 93,150 427,614
Additions in the six months ended 30 61,573 19,258 80,831
September 2007
At 30 September 2007 (unaudited) 396,037 112,408 508,445
Additions in the six months ended 31 - 19,215 19,215
March 2008
At 31 March 2008 (audited) and at 30 396,037 131,623 527,660
September 2008 (unaudited)
Intangible assets, relating to intellectual property, have been recognised as a result of additional investments in subsidiary
undertakings (note 8) since 1 April 2006, the date of the Group's transition to IFRS.
7 Goodwill
Bioscience Genvax Viratis Total
Innovation Centre Limited Limited
Limited
£ £ £ £
At 1 April 2007 1,425,788 142,664 125,696 1,694,148
Additions in the six -
months ended 30 17,241 5,392 22,633
September 2007
At 30 September 2007 1,425,788 159,905 131,088 1,716,781
(unaudited)
Additions in the six - - 5,380 5,380
months ended 31
March 2008
At 31 March 2008 1,425,788 159,905 136,468 1,722,161
(audited)
Impairment in the (1,425,788) - - (1,425,788)
six months ended 30
September 2008
At 30 September 2008 - 159,905 136,468 296,373
(unaudited)
Goodwill arising from the acquisition of Bioscience Innovation Centre Limited prior to 1 April 2006 was impaired on the disposal of the
subsidiary undertaking on 29 September 2008 (note 1). Goodwill continues to arise from additional investments in Genvax Limited and Viratis
Limited (note 8).
8 Investments in subsidiary undertakings
During the 18 months ended 30 September 2008 the Company made the following additional investments in
subsidiary undertakings:
Immediately prior to subscription:
Shares owned Shares Net assets/ Subscribed shares
by the Company in issue (liabilities)
Number Number £ Number
Genvax Limited
1 June 2007 6,700 11,700 86,806 300
Viratis Limited
2 April 2007 4,800 6,800 96,425 400
23 November 2007 5,200 7,200 (7,804) 500
900
In the six months
ended 30 September
2008 (unaudited)
In the six months
ended 30 September
2007 (unaudited)
In the year ended 31
March 2008 (audited)
Table continued*
Represented by:
Amount Intangible Goodwill acquired Other
invested assets net assets
acquired acquired
£ £ £ £
Genvax Limited
1 June 2007 150,000 61,573 17,241 71,186
Viratis Limited
2 April 2007 75,000 19,258 5,392 50,350
23 November 2007 73,438 19,215 5,380 48,843
148,438 38,473 10,772 99,193
In the six months - - -
ended 30 September
2008 (unaudited)
In the six months 225,000 80,831 22,633
ended 30 September
2007 (unaudited)
In the year ended 31 298,438 100,046 28,013
March 2008 (audited)
On the 5 November 2008, the Company invested £67,500 in Genvax Limited by subscribing for 450 new ordinary shares at £150 each.
9 Trade and other receivables
As at As at As at
30 September 2008 30 September 2007 31 March 2008
Unaudited Unaudited Audited
£ £ £
Trade receivables 12,833 32,138 24,538
Prepayments and 125,302 207,038 146,313
accrued income
Other receivables 89,766 40,293 54,907
VAT recoverable 22,860 56,811 10,483
250,761 336,280 236,241
10 Trade and other payables
As at As at As at
30 September 2008 30 September 2007 31 March 2008
Unaudited Unaudited Audited
£ £ £
Trade payables 123,623 74,353 95,900
Other payables 560 61,162 80,546
Other taxation and 32,087 42,965 45,980
social security
costs
Accruals and 271,689 327,043 417,631
deferred income
427,959 505,523 640,057
11 Provisions for other liabilities and charges
As at As at As at
30 September 2008 30 September 2007 31 March 2008
Unaudited Unaudited Audited
£ £ £
At 1 April 315,000 69,168 69,168
Released to income - - (39,168)
statement
Charged to income 941 - 285,000
statement
Utilised (172,624) - -
At 31 March 143,317 69,168 315,000
The provision at 1 April 2008 comprised i) £30,000 remaining balance from an original provision of £207,655 in relation to PAYE and
National Insurance due following a HM Revenue & Customs inspection in January 2006. This has now been settled and the matter has been closed
by HM Revenue & Customs, and ii) a provision for legal fees following the termination of David Best's employment on 12 March 2008 together
with a provision for an Employment Tribunal claim made by David Best, including an amount for legal fees in the defence of the claim,
totalling £285,000, £141,683 of which has been utilised.
12 Share capital
As at As at As at
30 September 2008 30 September 2007 31 March 2008
Unaudited Unaudited Audited
Number Number Number
Ordinary shares with 63,665,557 58,637,671 58,637,671
a par value of 0.2
pence each
On 30 July 2008, the Company raised £955,298 (before expenses) by issuing 5,027,886 ordinary shares at 19 pence each.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR XKLLBVLBFFBZ
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