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OBD Oxford Biodynamics Plc

9.50
0.01 (0.11%)
Last Updated: 15:40:25
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Oxford Biodynamics Plc LSE:OBD London Ordinary Share GB00BD5H8572 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.01 0.11% 9.50 9.32 9.50 9.50 9.50 9.50 635,451 15:40:25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Biological Pds,ex Diagnstics 1.34M -10.83M -0.0535 -1.77 19.2M

Oxford BioDynamics PLC Final Results for the Year Ended 30 September 2017 (2690D)

30/01/2018 7:00am

UK Regulatory


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TIDMOBD

RNS Number : 2690D

Oxford BioDynamics PLC

30 January 2018

30 January 2018

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

OXFORD BIODYNAMICS PLC

("OBD" or the "Company" or the "Group")

FINAL RESULTS FOR THE YEARED 30 SEPTEMBER 2017

AND

NOTICE OF ANNUAL GENERAL MEETING

Continued scientific progress and growing commercial momentum following successful IPO

Oxford BioDynamics Plc (AIM: OBD), a biotechnology company focused on the discovery and development of epigenetic biomarkers based on regulatory genome architecture, for use within the pharmaceutical and biotechnology industry, today announces its audited results for the year ended 30 September 2017.

CORPORATE AND OPERATIONAL HIGHLIGHTS

-- Successful Initial Public Offering ("IPO") and placing on AIM raising gross proceeds of GBP20.0m, including gross growth capital of GBP7.1m.

Commercial collaborations and development agreements

-- Development agreement entered into with two of the top 10 global pharmaceutical companies collaborating to develop an anti PD-L1 therapy.

-- Collaboration with five other consortium members in the BIO-FLARE study, using EpiSwitch(TM) to help identify factors that trigger disease relapses in rheumatoid arthritis.

-- Innovative pilot biomarker discovery project initiated to analyse the effects of fitness regimes using the EpiSwitch(TM) platform.

-- Exclusive Asia licence signed for EpiSwitch(TM) to supply its proprietary products and reagents for the potential use in a non-invasive blood test to assist in the diagnosis of breast cancer.

-- Expansion of OBD's Amyotrophic Lateral Sclerosis ("ALS") biomarker programme in South East Asia, supported by Innovate UK.

Industry recognition and Intellectual Property

-- Peer reviewed paper of OBD's collaborative work with the Cancer Science Institute of Singapore published in the journal Nature (Scientific Reports).

-- EpiSwitch(TM) data presented at several prestigious conferences including the American Society of Hematology (San Diego), 2(nd) Biomarker Conference (San Diego), 12(th) Annual Biomarker Congress (Manchester) and The Lancet Neurology Conference (London).

-- Two new patents filed covering the use of the EpiSwitch(TM) technology, adding to the Company's established patent family.

Personnel

-- David Williams and Stephen Diggle joined the Board in October 2016 as Non-Executive Chairman and Non-Executive Director respectively; Paul Stockdale was appointed as Chief Financial Officer in September 2017, succeeding Katie Long.

-- Dr Claudio Carini appointed as an adviser to the Company, and as a member of the Company's Scientific Advisory Panel.

-- OBD and Dr Claudio Carini joined the Foundation for the National Institutes of Health Biomarkers Consortium Steering Committees.

FINANCIAL HIGHLIGHTS

   --      Revenue of GBP1.2m (FY16: GBP1.1m). 

-- Operating loss of GBP4.0m (FY16: GBP2.3m) and adjusted operating loss of GBP2.5m (FY16: GBP1.9m) before IPO costs of GBP1.5m (FY16: GBP0.4m).

   --      Cash of GBP10.8m as at 30 September 2017 (FY16: GBP7.3m). 
   --      Net assets of GBP11.6m (FY16: GBP7.7m). 

POST-PERIOD

-- Two collaborations with a major US biopharmaceutical company to identify new targets and biomarkers relating to fibrotic mechanisms and predictive biomarkers for immuno-oncology therapeutics.

-- Grant of a key patent covering the EpiSwitch(TM) platform technology in the US, and two further patents filed shortly after the year-end.

-- Second fitness-related collaboration, to develop non-invasive epigenetic biomarkers associated with sports-related concussions.

-- EpiSwitch(TM) data presented the Annual Northeast ALS Consortium Conference (Clear Beach, Florida), the NIH Biomarker Consortium Cancer Steering Committee Annual Symposium (Washington, DC) and the Diabetes Asia 2017 Conference (Kuala Lumpur).

Commenting on the results, Christian Hoyer Millar, Chief Executive Officer of Oxford BioDynamics, said:

"The year to 30 September 2017 was a pivotal one for Oxford BioDynamics. Our successful IPO on AIM has provided additional resources to further invest in scientific and commercial progress. We are pleased to have broadened our reach into the US and Asia, and to have entered into multiple agreements, including with five of the top 30 global pharmaceutical and biotech companies. The grant of a US patent covering the EpiSwitch(TM) platform adds further strength to our global intellectual property position. We have seen significant progress toward our strategic aim: making OBD's EpiSwitch(TM) technology the leading industry standard for epigenetic biomarkers for the pharmaceutical and biotechnology industry."

Hard copies of the Company's Annual Report and Accounts for the year ended 30 September 2017, Notice of Annual General Meeting and Form of Proxy will be posted to shareholders in due course. Electronic copies of the Annual Report and Accounts (incorporating the Notice of Annual General Meeting) will be made available on its website at www.oxfordbiodynamics.com, within the Investor Relations section, at the same time.

Notice of Annual General Meeting

The Company's Annual General Meeting will be held at The Fitzhugh Auditorium, Cohen Quadrangle, Exeter College, Oxford OX1 2HE at 11.00 am on Thursday 15 March 2018.

The information included in this announcement is extracted from the Annual Report, which was approved by the Directors on 29 January 2018. Defined terms used in the announcement refer to terms as defined in the Annual Report unless the context otherwise requires. This announcement should be read in conjunction with, and is not a substitute for, the full Annual Report.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further details please contact:

Oxford BioDynamics Plc +44 (0)1865 518910

Christian Hoyer Millar, CEO

Paul Stockdale, CFO

Stifel Nicolaus Europe Limited +44 (0)20 7710 7600

Nominated Adviser and Broker

David Arch

Jonathan Senior

Peter Lees

Ben Maddison

Shore Capital +44 (0)20 7408 4090

Joint Broker

Stephane Auton

Edward Mansfield

FTI Consulting +44 (0)20 3727 1000

Financial Public Relations Adviser

Julia Phillips

Brett Pollard

Natalie Garland-Collins

Notes for Editors

About Oxford BioDynamics Plc

Oxford BioDynamics Plc (AIM: OBD) ("Oxford BioDynamics") is a revenue--generating biotechnology company focused on the discovery and development of epigenetic biomarkers for use within the pharmaceutical and biotechnology industry.

The Company's award-winning, proprietary technology platform, EpiSwitch(TM), aims to accelerate the drug discovery and development process, improve the success rate of therapeutic product development and take advantage of the increasing importance of personalised medicine.

In particular, EpiSwitch(TM) can reduce time to market, failure rates and the costs at every stage of drug discovery. Additionally, the technology provides significant insights into disease mechanisms for drug discovery and product re--positioning programmes, and enables the personalisation of therapeutics for patients in the context of challenging pricing environments where improved clinical outcomes are critical.

Oxford BioDynamics is headquartered in the UK, and listed on the London Stock Exchange's AIM under the ticker "OBD". For more information please visit www.oxfordbiodynamics.com.

This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding the Group's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.

CHIEF EXECUTIVE OFFICER'S REVIEW

Chief Executive Officer's review

Introduction

The year ended 30 September 2017 was a pivotal one for Oxford BioDynamics, with continued scientific progress, growing commercial momentum and the successful completion of its Initial Public Offering ("IPO") and listing on the London Stock Exchange's AIM Market ("AIM"). We have seen significant progress toward our strategic goal: making OBD's EpiSwitch(TM) technology the leading industry standard for epigenetic biomarkers for the pharmaceutical and biotechnology industry.

IPO

The Company listed on AIM in December 2016, successfully raising GBP20.0m of gross proceeds, from both existing investors and a number of well known and highly regarded UK-based institutional investors. Of the GBP20.0m raised, GBP12.9m was provided to selling shareholders, and GBP7.1m was allocated to growth capital to enable the Company to accelerate its growth strategy. The Board is focused on three main areas: increasing the number of proprietary biomarker projects undertaken; ongoing development of OBD's increasingly recognised and important IP portfolio; and establishing US representation to increase the Group's commercial reach within the US.

Commercial progress

During the year, OBD entered into or completed biomarker discovery contracts with several customers, including five of the top 30 global pharmaceutical and biotech companies by revenue (source: Pharm Exec's Top 50 Companies, 2017), in diverse fields including cancer, neurodegenerative diseases, immunotherapy, rheumatoid arthritis, lung fibrosis and breast cancer, as well as non-clinical applications such as fitness training prognostics. In Asia, the Group entered into a licensing agreement for the use of products and reagents provided through the EpiSwitch(TM) platform for a potential blood test to diagnose breast cancer. Post the period end, in January 2018; the Company signed a second collaboration with a major US biopharmaceutical company to extend its development of predictive biomarkers for immune-oncology ("IO") therapies, representing OBD's fourth IO collaboration since 2016.

The Company made further excellent progress with its intellectual property portfolio. Most importantly, post-year end in October 2017, the Company announced the grant of a key patent covering its proprietary EpiSwitch(TM) technology in the US. Several of OBD's ten further patent families advanced during the period: two patents were filed during the period, two more were filed shortly after the year end, and the EpiSwitch(TM) trademark was granted in the US.

Scientific progress

The Company has continued to develop its proprietary EpiSwitch(TM) technology, adding more advanced, higher capacity technology to its ISO-certified laboratory in Oxford.

In the wider scientific community, we continue to see increasingly broad acceptance of the critical importance of 3-dimensional chromatin conformations in integrating external environmental stimuli and cellular responses, to produce the phenotypic effects seen in both healthy and diseased states. During the year, multiple research studies and reviews were published in the leading peer reviewed journals, including Science and Nature, providing further evidence of the importance of the links between changes in chromatin structure and cellular function. Among US pharma and biotech R&D groups the awareness of the importance of genomic architecture, related biomarkers and their value has significantly increased.

OBD has continued to collaborate with respected academic institutions and other partners and to present its work at several high-profile conferences, including at the National Institutes for Health Foundation Biomarker Consortium Cancer Steering Committee Annual Symposium and the American Society of Hematology Annual Meeting.

Summary and outlook

The year to 30 September 2017 saw significant development by the Group: scientifically, commercially and financially. Over the next year, we will continue to develop our proprietary EpiSwitch(TM) technology, with plans for increased efficiency and capacity at our Oxford laboratory. We expect to continue to make commercial progress: we are seeing a growing acceptance of the importance of epigenetic biomarkers and the quality of results we can provide through EpiSwitch(TM), and we are actively involved in contractual negotiations with a number of significant pharmaceutical and biotech companies as well as Governmental organisations. A particular focus for the next year will be continued expansion of our US representation, enlargement of our operating capacity in the UK and continued build up of our intellectual property position. With significant cash resources raised through the IPO, the Group remains well positioned to execute these strategic aims.

Christian Hoyer Millar

Chief Executive Officer

FINANCIAL REVIEW

Overview

During the year ended 30 September 2017, the Company continued to focus on developing contracts with global pharmaceutical and biotechnology companies, investing in proprietary R&D projects, and strengthening its intellectual property portfolio.

The Company successfully completed its IPO and listing on AIM on 6 December 2016. The Company issued 4.5m new shares at a placing price of 158p, raising gross proceeds of GBP7.1m, with the intention of using the funds principally to expand proprietary biomarker programme activity, enhance the Company's intellectual property portfolio, and establish representation in the US, all of which have progressed during the year.

Financial performance

Revenue in the year ended 30 September 2017 was GBP1.18m (2016: GBP1.09m), comprising services fees received for commercial biomarker projects with pharmaceutical and biotechnology companies, services fees generated from collaborations with research institutions, and services and licence fees from agreements for the use of biomarkers in clinical diagnostics in Asia.

Operating expenses (excluding share option charges and IPO costs) were GBP3.55m in the year ended 30 September 2017 (2016: GBP2.73m). Of the GBP0.82m increase in operating costs, GBP0.41m was attributable to staff costs, GBP0.45m to general and other admin, and approximately GBP0.08m to increased depreciation, offset by a reduction in non-staff R&D costs of GBP0.11m.

Other operating income in the year of GBP0.25m (2016: GBP0.16m) mainly comprised grant income from Innovate UK, supporting the Group's ALS biomarker research and development programme.

Operating loss for the Group before IPO-related costs of GBP1.49m (2016: GBP0.45m) was GBP2.51m (2016: GBP1.88m).

Financial income of GBP0.09m related mainly to interest receivable (2016: GBP0.25m comprised mainly foreign exchange gains). Finance costs of GBP0.12m related primarily to foreign exchange losses.

The taxation credit of GBP0.23m in the year (2016: GBP0.34m) represents tax relief on research and development expenditure during the period, net of total adjustments in respect of the last two years' claims of approximately GBP0.1m. The Group has not recognised any deferred tax assets in respect of trading losses arising in the current or prior financial periods.

Net loss for the year was GBP3.80m (2016: GBP1.73m). Loss per share was 4.5 pence (2016: 2.1 pence) and adjusted loss per share was 2.7 pence (2016: 1.6 pence) excluding one-off IPO costs of GBP1.49m (2016: GBP0.45m).

Financial position

Cash and cash equivalents at 30 September 2017 totalled GBP10.80m (2016: GBP7.28m), reflecting the net cash proceeds of GBP5.40m raised from the IPO and placing in December 2016.

Total assets at 30 September 2017 were GBP12.68m (2016: GBP9.02m), reflecting the increased cash balance, investment in tangible and intangible fixed assets and less significant movements in working capital.

Total liabilities decreased slightly to GBP1.09m at 30 September 2017 (2016: GBP1.28m) reflecting reductions in accruals for IPO-related costs at the end of September 2016.

Cash flow

Net cash used in operating activities for the year ended 30 September 2017 was GBP1.53m (2016: GBP1.35m). Net cash used in investing activities was GBP0.32m (2016: GBP0.16m) and net cash generated by financing activities was GBP5.40m (2016: net cash used of GBP0.08m). Overall there was a net cash increase for the year ended 30 September 2017 of GBP3.51m (2016: net cash outflow of GBP1.16m) including exchange movements on non-GBP denominated cash and cash equivalents of GBP0.04m (2016: GBP0.42m).

Paul Stockdale

Chief Financial Officer

CONSOLIDATED INCOME STATEMENT

YEARED 30 SEPTEMBER 2017

 
                                                2017      2016 
 
                                              GBP000    GBP000 
 Continuing operations                Note 
 Revenue                               3       1,183     1,091 
 Research & development costs 
  (excluding staff costs)                      (407)     (516) 
 Staff costs                                 (1,551)   (1,146) 
 General & other admin costs                 (1,350)     (903) 
 Share option charges                          (398)     (402) 
 Depreciation                                  (242)     (166) 
 Other operating income                          252       161 
                                            --------  -------- 
 Operating loss before IPO costs             (2,513)   (1,881) 
 Initial public offering costs               (1,490)     (447) 
 Operating loss                              (4,003)   (2,328) 
 
 Finance income                                   88       254 
 Finance costs                                 (117)         - 
                                            --------  -------- 
 Loss before tax                             (4,032)   (2,074) 
 
 Income tax                                      228       344 
                                            --------  -------- 
 Loss for the year from continuing 
  operations                           5     (3,804)   (1,730) 
                                            ========  ======== 
 
 Loss attributable to: 
  Owners of the Company                      (3,804)   (1,730) 
  Non-controlling interest                         -         - 
                                            --------  -------- 
                                             (3,804)   (1,730) 
                                            ========  ======== 
 Earnings per share 
  From continuing operations 
  Basic and diluted (pence per 
   share)                              6       (4.5)     (2.1) 
                                            ========  ======== 
 
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEARED 30 SEPTEMBER 2017

 
                                                      2017      2016 
 
                                                    GBP000    GBP000 
                                            Note 
 Loss for the year                           5     (3,804)   (1,730) 
 Exchange differences on translation 
  of foreign operations that may 
  be reclassified to the income 
  statement                                              2        29 
                                                  --------  -------- 
 Total comprehensive income for 
  the year                                         (3,802)   (1,701) 
                                                  ========  ======== 
 Total comprehensive income attributable 
  to: 
  Owners of the Company                            (3,802)   (1,706) 
  Non-controlling interest                               -         5 
                                                  --------  -------- 
                                                   (3,802)   (1,701) 
                                                  ========  ======== 
 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2017

 
                                           2017     2016 
                                         GBP000   GBP000 
 Assets                           Note 
 Non-current assets 
 Intangible fixed assets                     11        - 
 Property, plant and equipment              754      671 
 Deferred tax asset                           -        - 
                                        -------  ------- 
 Total non-current assets                   765      671 
                                        -------  ------- 
 Current assets 
 Inventories                                 90      105 
 Trade and other receivables              1,029      965 
 Cash and cash equivalents               10,795    7,279 
                                        -------  ------- 
 Total current assets                    11,914    8,349 
                                        -------  ------- 
 Total assets                            12,679    9,020 
                                        =======  ======= 
 Equity and liabilities 
 Capital and reserves 
 Share capital                     7        861      816 
 Share premium                            6,533        - 
 Translation reserves                       192      190 
 Share option reserve                     2,928    2,773 
 Warrant reserve                            678        - 
 Retained earnings                          384    3,945 
                                        -------  ------- 
 Equity attributable to owners 
  of the Company                         11,576    7,724 
 Non-controlling interest                    19       19 
                                        -------  ------- 
 Total equity                            11,595    7,743 
                                        =======  ======= 
 Current liabilities 
 Trade and other payables                 1,027    1,233 
 Current tax liabilities                      -        - 
                                        -------  ------- 
 Total current liabilities                1,027    1,233 
                                        -------  ------- 
 Non-current liabilities 
 Provisions                                  57       44 
 Deferred tax                                 -        - 
                                        -------  ------- 
 Total non-current liabilities               57       44 
                                        -------  ------- 
 Total liabilities                        1,084    1,277 
                                        -------  ------- 
 Total equity and liabilities            12,679    9,020 
                                        =======  ======= 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Year ended 30 September 2017

 
 
                                                                                                   Attribu- 
                                                                                                    table 
                                             Transla    Share                                       to                 Non-con- 
                    Share     Share           tion      option        Warrant       Retained        share-             trolling 
                    capital    premium        reserve   reserve       reserve       earnings        holders            interest       Total 
                    GBP000    GBP000         GBP000     GBP000        GBP000        GBP000         GBP000              GBP000         GBP000 
 
 At 1 October 
  2016                  816          -            190     2,773             -          3,945               7,724             19         7,743 
                   --------  ---------      ---------  --------      --------      ---------      --------------      ---------      -------- 
 Loss for 
  the year                -          -              -         -             -        (3,804)             (3,804)              -       (3,804) 
 Other 
  comprehensive 
  income for 
  the period              -          -              2         -             -              -                   2              -             2 
                   --------  ---------      ---------  --------      --------      ---------      --------------      ---------      -------- 
 Total 
  comprehensive 
  income for 
  the period              -          -              2         -             -        (3,804)             (3,802)              -       (3,802) 
                   --------  ---------      ---------  --------      --------      ---------      --------------      ---------      -------- 
 
 Issue of 
  shares                 45      7,062              -         -             -              -               7,107              -         7,107 
 Share issue 
  costs                   -      (288)              -         -             -              -               (288)                        (288) 
 Issue of 
  warrants                -      (241)              -         -           678              -                 437              -           437 
 Share option 
  credit                  -          -              -       398             -              -                 398              -           398 
 Lapse of 
  vested share 
  options                 -          -              -     (243)             -            243                   -              -             - 
                   --------  ---------      ---------  --------      --------      ---------      --------------      ---------      -------- 
 At 30 September 
  2017                  861      6,533            192     2,928           678            384              11,576             19        11,595 
                   ========  =========      =========  ========      ========      =========      ==============      =========      ======== 
 
 Year ended 30 September 
  2016 
                                             Transla-   Share                                      Attribu-table       Non-con- 
                    Share     Share           tion      option        Warrant       Retained       to                  trolling 
                    capital    premium        reserve   reserve       reserve       earnings       share-holders       interest       Total 
                    GBP000    GBP000         GBP000     GBP000        GBP000        GBP000         GBP000              GBP000         GBP000 
 
 At 1 October 
  2015                    2     15,709            166     2,371             -        (9,220)               9,028             14         9,042 
                   --------  ---------      ---------  --------      --------      ---------      --------------      ---------      -------- 
 Loss for 
  the year                -          -              -         -             -        (1,730)             (1,730)              -       (1,730) 
 Other 
  comprehensive 
  income for 
  the period              -          -             24         -             -              -                  24              5            29 
                   --------  ---------      ---------  --------      --------      ---------      --------------      ---------      -------- 
 Total 
  comprehensive 
  income for 
  the period              -          -             24         -             -        (1,730)             (1,706)              5       (1,701) 
                   --------  ---------      ---------  --------      --------      ---------      --------------      ---------      -------- 
 Transactions with owners 
  of the Company: 
  Bonus issue 
   of shares            814      (814)              -         -             -              -                   -              -             - 
  Capitalisation 
   of share 
   Premium                -   (14,895)              -         -             -         14,895                   -              -             - 
  Share option 
   credit                 -          -              -       402             -              -                 402              -           402 
                   --------  ---------      ---------  --------      --------      ---------      --------------      ---------      -------- 
 At 30 September 
  2016                  816          -            190     2,773             -          3,945               7,724             19         7,743 
                   ========  =========      =========  ========      ========      =========      ==============      =========      ======== 
 
 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEARED 30 SEPTEMBER 2017

 
                                                      2017      2016 
                                                    GBP000    GBP000 
                                            Note 
 Loss for the financial year                 5     (3,804)   (1,730) 
 Adjustments to reconcile loss 
  for the year to net operating 
  cash flows: 
 R&D tax credit                                      (228)     (344) 
 Net interest                                         (87)      (71) 
 (Profit) on disposal of property,                       -         - 
  plant and equipment 
 Depreciation of property, plant 
  and equipment                                        242       166 
 IPO costs                                           1,490       447 
 Movement in provisions                                 13        44 
 Share based payments charge                           398       402 
 Working capital adjustments: 
 Decrease/(increase) in trade 
  and other receivables                                147     (214) 
 Decrease in other financial instruments                 -         - 
 Decrease/(increase) in inventories                     16      (43) 
 Increase in trade and other payables                  243        69 
                                                  --------  -------- 
 Operating cash flows before interest 
  and tax paid                                     (1,570)   (1,274) 
 
 R&D tax credits received                                -       347 
                                                  --------  -------- 
 Cash used in operations                           (1,570)     (927) 
 
 Net foreign exchange movements                         44     (421) 
                                                  --------  -------- 
 Net cash used in operating activities             (1,526)   (1,348) 
                                                  --------  -------- 
 Investing activities 
 Interest received                                     105        53 
 Purchases of property, plant 
  and equipment                                      (425)     (208) 
 Proceeds from disposal of tangible                      -         - 
  assets 
                                                  --------  -------- 
 Net cash used in investing activities               (320)     (155) 
                                                  --------  -------- 
 Financing activities 
 Interest paid                                           -         - 
 Issue of equity shares                              7,107         - 
 Share issue costs                                   (288) 
 IPO costs                                         (1,419)      (81) 
 Equity dividends paid                                   -         - 
                                                  --------  -------- 
 Net cash generated by/(used in) 
  financing activities                               5,400      (81) 
                                                  --------  -------- 
 Net increase/(decrease) in cash 
  and cash equivalents                               3,554   (1,584) 
 Foreign exchange movement on 
  cash and cash equivalents                           (38)       428 
 Cash and cash equivalents at 
  beginning of year                                  7,279     8,435 
                                                  --------  -------- 
 Cash and cash equivalents at 
  end of year                                       10,795     7,279 
                                                  ========  ======== 
 
 

NOTES TO THE FINANCIAL INFORMATION

   1.      Corporate information 

Oxford Biodynamics plc is a public limited company incorporated United Kingdom, whose shares were admitted to trading on the AIM market of the London Stock Exchange on 6 December 2016. The Company is domiciled in the United Kingdom and its registered office is 26 Beaumont Street, Oxford OX1 2NP. The registered company number is 06227084 (England & Wales).

The Group is primarily engaged in biomarker research and development.

   2.      Basis of the announcement 

Basis of preparation

The final results for the year ended 30 September 2017 were approved by the Board of Directors on 29 January 2018. The final results do not constitute full accounts within the meaning of section 434 of the Companies Act 2006 but are derived from audited accounts for the year ended 30 September 2017 and the year ended 30 September 2016.

This announcement is prepared on the same basis as set out in the audited statutory accounts for the year ended 30 September 2017. The accounts for the years ended 30 September 2017 and 30 September 2016, upon which the auditors issued unqualified opinions, also had no statement under section 498(2) or (3) of the Companies Act 2006.

While the financial information included in this results announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards, as adopted by the European Union (EU) (IFRS), this announcement does not in itself contain sufficient information to comply with IFRS.

Reporting currency

The consolidated financial information of Oxford Biodynamics plc ("the Group") is presented in pounds Sterling (GBP), which is also the Company's functional currency.

Going concern

After making appropriate enquiries, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and consolidated financial statements. More details are provided in the annual report.

   3.      Revenue 

An analysis of the Group's revenue is as follows:

 
                             2017     2016 
                           GBP000   GBP000 
 Continuing operations 
 USA                          310      795 
 Rest of World                873      296 
                          -------  ------- 
 Consolidated revenue       1,183    1,091 
                          =======  ======= 
 

All revenue is derived from the Group's principal activity, biomarker research and development.

   4.      Business segments 

Products and services from which reportable segments derive their revenues

Information reported to the Group's Chief Executive (who has been determined to be the Group's Chief Operating Decision Maker) for the purposes of resource allocation and assessment of segment performance is focused on the sole service which Oxford BioDynamics sells. The Group's sole reportable segment under IFRS 8 is therefore that of biomarker research and development.

The Group's non-current assets, analysed by Geographical location were as follows:

 
                                2017     2016 
                              GBP000   GBP000 
 Non-current assets 
 UK                              662      576 
 Malaysia                        103       95 
                             -------  ------- 
 Total non-current assets        765      671 
                             =======  ======= 
 

Information about major customers

The Group's revenues for the periods covered by this report are derived from a small number of customers, many of which represent more than 10% of the revenue for the period. These are summarised below:

 
                                              2017     2016 
                                            GBP000   GBP000 
 Revenue from individual customers each 
 representing more than 10% 
 of revenue for the period:                    893    1,019 
                                           =======  ======= 
 
 

5.

   5.      Loss for the year 

Loss for the year has been arrived at after charging/(crediting):

 
                                           2017     2016 
                                         GBP000   GBP000 
 
 Net foreign exchange losses/(gains)        116    (183) 
 Research and development costs 
  (excluding staff costs)                   407      516 
 Government grants                        (193)    (141) 
 Depreciation and impairment of 
  property, plant and equipment             242      166 
 (Profit) on disposal of property,            -        - 
  plant and equipment 
 Operating lease rental expense             110      108 
 Staff costs                              1,551    1,146 
 Initial public offering costs            1,490      447 
 Share based payments charge to 
  profit and loss                           398      402 
                                        =======  ======= 
 
 

Research and development costs consist of inventories recognised as an expense and other costs of materials and services.

   6.      Earnings per share 

From continuing operations

The calculation of the basic and diluted earnings per share is based on the following data:

 
                                                  2017         2016 
                                                GBP000       GBP000 
 Earnings for the purposes of basic 
  earnings per share being net loss 
  attributable to owners of the Company        (3,804)      (1,730) 
                                           -----------  ----------- 
 Earnings for the purposes of 
  diluted earnings per share                   (3,804)      (1,730) 
                                           ===========  =========== 
 
                                                  2017         2016 
                                                    No           No 
 Number of shares 
 Weighted average number of ordinary 
  shares for the purposes of 
  basic and diluted earnings per share*     85,272,526   81,600,000 
                                           ===========  =========== 
 
                                                 Pence        Pence 
 Earnings per share 
 
   Basic and diluted earnings per share          (4.5)        (2.1) 
                                           ===========  =========== 
 
 
   7.      Share capital of the Company 
 
                                     2017      2017         2016      2016 
                                   Number       GBP       Number       GBP 
 Authorised shares 
 Ordinary shares of GBP0.01 
  each (2015: GBP0.0001 
  each)                        86,098,228   860,982   81,600,000   816,000 
                              ===========  ========  ===========  ======== 
 
 

The Company has one class of ordinary shares which carry no right to fixed income.

The Company has a number of shares reserved for issue under an equity-settled share option scheme; further details are included in the Annual Report.

   8.      Events after the balance sheet date 

On 4 December 2017 689,441 warrants held by Wentworth Limited were exercised in exchange for the issue of 689,441 ordinary shares of 1 pence each. The warrant exchange was effected at the nominal price of 1 pence per Ordinary Share and, in accordance with the terms of the warrant instrument, Wentworth simultaneously waived its subscription rights to the balance of 1,032,523 warrant shares previously held.

On 13 December 2017, the exercise period for options over a total of 4,038,004 ordinary shares was extended from 31 December 2017 to 31 December 2022.

On 20 December 2017 a total of 692,304 options were exercised at an exercise price of 34p per share.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 30, 2018 02:00 ET (07:00 GMT)

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