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OBD Oxford Biodynamics Plc

9.40
-0.09 (-0.95%)
28 Mar 2024 - Closed
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
  -0.09 -0.95% 9.40 9.32 9.48 9.50 9.32 9.50 708,095 16:35:08
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Biological Pds,ex Diagnstics 1.34M -10.83M -0.0535 -1.74 18.85M

Oxford BioDynamics PLC Interim Results for the Period Ended 31 March 2018 (7958O)

22/05/2018 11:43am

UK Regulatory


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TIDMOBD

RNS Number : 7958O

Oxford BioDynamics PLC

22 May 2018

22 May 2018

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

OXFORD BIODYNAMICS PLC

("OBD" or the "Company" and, together with its subsidiaries, the "Group")

INTERIM RESULTS FOR THE SIX-MONTH PERIODED 31 MARCH 2018

Multiple new collaborations initiated and IP position strengthened internationally

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 interim results for the six-month period to 31 March 2018.

CORPORATE AND OPERATIONAL HIGHLIGHTS

-- Immuno-oncology data presented at Foundation for National Institutes of Health (FNIH) Biomarker Consortium Cancer Steering Committee Annual Symposium.

   --      Rheumatoid arthritis collaboration with Pfizer and the University of Glasgow published. 

-- Partnership with Holos Life Sciences to investigate sports-related concussions with EpiSwitch(TM).

   --      Grants of patents in the US and India covering Company's core technology. 
   --      Planned expansion of UK-based laboratory facilities to support increased demand. 

-- Significant improvements in the efficiency and capacity of internal R&D processes and increased investment in automated robotic processes.

   --      Continued commercial and scientific progress leading to new biomarker projects. 

FINANCIAL HIGHLIGHTS

   --      Revenue of GBP0.5m (H1 2017: GBP0.4m). 

-- Operating loss of GBP1.3m (H1 2017: GBP2.8m) and adjusted operating loss of GBP1.3m (H1 2017: GBP1.3m before one-off IPO costs).

   --      Cash of GBP9.6m as at 31 March 2018 (31 March 2017: GBP11.5m). 

-- Net assets of GBP10.8m as at 31 March 2018 (31 March 2017: GBP12.6m, 30 September 2017: GBP11.6m).

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

"We are pleased that our investment in business development activities and participation on advisory boards has driven an increase in collaborations in the period. Additionally, we have taken further steps to increase and expand our robust IP position. We were delighted to enter into our second collaboration with a major US biopharmaceutical company, in which we are developing predictive biomarkers for checkpoint inhibitor therapies. This was the fourth agreement we have entered into in the fast-moving field of immunotherapy.

We have presented data on our EpiSwitch(TM) technology in a wide variety of indications: ALS, rheumatoid arthritis, breast, prostate and pancreatic cancers, and diabetes; demonstrating the versatility of the platform. We look forward to reporting progress on our ongoing and new biomarker projects and to continue to publish and present our proprietary biomarker research through prestigious journals and conferences."

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 
 
 Shore Capital                    +44 (0)20 7408 4090 
 Nominated Adviser and Broker 
 Stephane Auton 
 Edward Mansfield 
 
 FTI Consulting                   +44 (0)20 3727 1000 
 Financial Public Relations 
  Advisor 
 Brett Pollard 
 Natalie Garland-Collins 
 

Notes for Editors

About Oxford BioDynamics Plc

Oxford BioDynamics Plc (AIM: OBD) ("Oxford BioDynamics") is a 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.

A copy of this announcement is available on the Company's website at 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

Introduction

The six-month period to 31 March 2018 has been one of continued progress and development for OBD as we pursue our strategic goal of making OBD's EpiSwitch(TM) technology the leading industry standard for epigenetic biomarkers for the pharmaceutical and biotechnology industry. So far this financial year, we have focused on:

   --      Increasing the number of proprietary biomarker projects we have undertaken; 
   --      Strengthening our team; 
   --      Continuing to develop the Company's extensive intellectual property (IP) portfolio; and 
   --      Carefully managing our resources. 

At a fundamental level, we are increasingly confident that OBD's EpiSwitch(TM) platform, based on a biomarker modality associated with 3D genome architecture and chromosome conformations, is able to identify and develop strong disseminating biomarkers and generate robust validated stratification signatures across a wide range of therapeutic areas. In the current period, we have presented data in fields as diverse as immuno-oncology (IO), amyotrophic lateral sclerosis (ALS), rheumatoid arthritis, breast, prostate and pancreatic cancers, diabetes, and several other areas.

Our findings in IO and neurodegenerative disease have generated particularly strong interest. As a result, we are planning a significant expansion to our Oxford, UK-based laboratory facility, in part to ready our EpiSwitch(TM) platform facilities for what we anticipate will be increased demand for the utilisation of our platform.

Commercial and scientific progress

During the period, OBD has successfully pursued biomarker discovery projects across a wide range of indications, working with collaborators including a number of major biopharmaceutical companies, a significant US healthcare not-for-profit and academic experts.

In IO, in January 2018 we announced a second collaboration with a major US biopharmaceutical company to develop predictive biomarkers for IO therapies. This was the fourth agreement entered into by the Company for the discovery and development of biomarkers in this fast-developing field. Our aim is to develop biomarkers that can help to identify patients who are likely to respond to particular immune checkpoint therapies, not to respond (disease progressors), or develop debilitating side effects of the therapy (hyper progressors). Earlier, in November 2017, Dr Alexandre Akoulitchev, our Chief Scientific Officer, presented the results from OBD studies in IO biomarker development at the annual meeting of the Foundation for the National Institutes of Health (FNIH) Biomarker Consortium Cancer Steering Committee, held in Washington, DC. Three independent studies showed a robust and consistent profile of EpiSwitch(TM) markers for response to immune checkpoint inhibitor therapies, including anti-PD-L1 therapy Keytruda (Pembrolizumab) and several other anti-PD-L1 assets in two disease indications. Blind validation of an independent cohort of base line patients treated with an anti-PD-L1 therapy showed that OBD's EpiSwitch(TM) technology could predict response to treatment with 83% positive predictive value.

We presented data on the discovery of EpiSwitch(TM) biomarkers for the diagnosis and prognosis (as 'fast' or 'slow progressing') of ALS at a number of scientific conferences during the period, including the 2017 Annual Northeast ALS Consortium (NEALS) Meeting in Florida, US in October 2017 and 6th World CNS Summit in Boston, MA in February 2018. Additional applications and examples of stratification using EpiSwitch(TM) for an extended range of neurodegenerative indications, psychiatric disorders and related autoimmune and inflammatory conditions, including multiple sclerosis, lupus, treatment-resistant depression, autism and post-traumatic stress disorder were also presented and discussed at the Boston conference.

In December 2017, OBD's work in collaboration with Pfizer Inc. and the Institute of Infection, Immunity and Inflammation at the University of Glasgow was published in the Journal of Translational Medicine (Carini et al, 2018). Using EpiSwitch(TM), the team were able to develop a 5-marker chromosome conformation signature (CCS) panel that could identify newly diagnosed rheumatoid arthritis patients as likely responders or non-responders to methotrexate, a commonly prescribed first-line drug treatment. Identification of non-responders currently takes around six months and that period of ultimately ineffective treatment in the early stages of the disease is thought to lead to substantial damage, which correlates with future disability and loss of function. Earlier identification of likely non-responders offers the potential for improved clinical outcomes for these patients.

In November 2017, we announced a collaboration with a major US biopharmaceutical company to support the development of novel therapeutic candidates and next-generation companion diagnostics to enable stratification of patient populations for clinical trials in the area of fibrosis.

In October 2017, OBD research successfully stratifying patients into different stages of type 2 diabetes was presented at the Diabetes Asia 2017 conference.

In January 2018 we announced a partnership with Holos Life Sciences to investigate the potential for EpiSwitch(TM)-based biomarker development to provide new insights into, and help quantify the risk of prolonged effects of, sports-related concussions. Following an earlier agreement with EpiFit to investigate epigenetic changes under the impact of fitness training regimes using EpiSwitch(TM) (announced in January 2017), this partnership is further evidence of a growing appreciation that the EpiSwitch(TM) platform offers valuable access to actionable stratifications associated with a broad range of pathological and physiological conditions, within and outside of the clinical and therapeutic space.

Strengthening our team

The Group has continued to appoint staff members to our team during and shortly after the period, adding laboratory technicians in the UK and Malaysia and bioinformaticians in the UK. The US remains an area of management focus in this respect: we aim to recruit further suitably qualified individuals to specific roles in this key market.

IP portfolio development

OBD's IP portfolio comprises extensive patent and trademark protection as well as considerable technological and scientific know-how within the team. We have continued our strategy of obtaining claims which provide the best possible protection for the EpiSwitch(TM) platform and the biomarkers that are derived from it. To this end, during the six months ended 31 March 2018, the Company announced the grants of patents covering its core technology in the US and India, and filed international patent applications for two further patent families.

As well as these additions to the patent protection enjoyed by the Company, during the period our Operations team have made significant improvements in the efficiency and capacity of internal R&D processes. We increasingly rely on automated robotic processes in our lab, leading to improved throughput, accuracy and reproducibility.

Resource management

During the period to 31 March 2018, we have continued careful management of the Group's cash resources, ending the period with a cash balance of GBP9.6m, representing a cash outflow before exchange rate movements of less than GBP1.1m since 30 September 2017. More details are provided in the following financial review.

Summary and outlook

After six months of continued commercial and scientific progress, the Company is well-placed to continue to develop toward its strategic goal of making OBD's EpiSwitch(TM) technology the leading industry standard for epigenetic biomarkers for the pharmaceutical and biotechnology industry. Over the coming months, we expect to focus on making progress in ongoing and new biomarker projects, both with commercial partners and in-house, further growing our team, publishing and presenting the results of our research through prestigious journals and conferences, strengthening our IP position and expanding our UK laboratory.

Christian Hoyer Millar

Chief Executive Officer

FINANCIAL REVIEW

Overview

As noted in the Chief Executive Officer's review, during the six months ended 31 March 2018, OBD continued to focus on multiple biomarker discovery projects and strengthening its intellectual property portfolio, as well as making limited focused additions to our staff team and asset base. Relative to the six-month period to 31 March 2017, revenue and other operating income were both increased and operating cash outflow was slightly lower.

Financial performance

Revenue for the six-month period to 31 March 2018 was GBP0.5m (H1 2017: GBP0.4m), reflecting revenue recognised in proportion to the stage of completion of the Group's biomarker research projects.

Operating expenses before share option charges and IPO costs were GBP1.8m (H1 2017: GBP1.6m). Of the GBP0.25m increase in operating costs, approximately GBP0.15m related to an increase in R&D costs, GBP0.05m to increased staff costs and GBP0.05m to increased depreciation. General and other admin costs were broadly level at GBP0.5m.

Other operating income for the six months to 31 March 2018 was GBP0.2m (H1 2017: GBP0.1m) and mainly comprised grant income from Innovate UK to support the Group's ALS biomarker research and development programme, the results of which are referred to in the CEO's review above.

The Group's operating loss (before one-off IPO-related costs) was broadly level at GBP1.3m (H1 2017: GBP1.3m). Operating loss was GBP1.3m (H1 2017: GBP2.8m, after restated IPO costs of GBP1.5m). Details of the impact of the restatement of the unaudited interim financial statements for the period ended 31 March 2017 are given in Note 3 to the interim financial statements. The restated comparative figures correctly account for various IPO-related costs and are consistent with the audited accounts for the year ended 30 September 2017. There was no impact on revenue, cash or net assets as a result of the restatement.

Finance income for the period of GBP41k related entirely to interest receivable (H1 2017: GBP65k included foreign exchange gains). Finance costs related to realised and unrealised exchange losses, driven primarily by the effect on US dollar-denominated cash and debtor balances of the appreciation of sterling relative to the dollar over the period.

The taxation credit of GBP0.2m in the six months to 31 March 2018 (H1 2017: GBP0.1m) represents tax relief on research and development expenditure during the period, the increase driven by higher qualifying R&D costs including staff costs for team members primarily engaged in R&D activity. 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 half year was GBP1.1m (H1 2017 (restated): GBP2.6m) and adjusted net loss before one-off IPO costs for the same period was GBP1.1m (H1 2017: GBP1.2m). Loss per share for the six months ended 31 March 2018 was 1.3 pence (H1 2017 (restated): 3.1 pence).

Financial position

The Group made additions to intangible and tangible fixed assets during the period, mainly relating to patents protecting the Group's technology and new lab equipment in Oxford, UK.

Cash and cash equivalents at 31 March 2018 were GBP9.6m (31 March 2017: GBP11.5m, 30 September 2017: GBP10.8m).

Trade and other payables at 31 March 2018 were GBP1.0m (31 March 2017: GBP0.7m); the noted increase is mainly as a result of the timing of relatively large supplier payments.

Cash flow

Net cash used in operating activities was slightly reduced at GBP1.0m (H1 2017: GBP1.1m). Net cash used in investing activities was GBP0.3m (H1 2017: GBP0.1m) and net cash generated by financing activities was GBP0.2m, arising from the exercise of share options and the exchange of warrants during the period (H1 2017: GBP5.4m, driven by the IPO in December 2016).

Overall net cash outflow for the six-month period ended 31 March 2018 was GBP1.2m (H1 2017: net cash inflow of GBP4.2m) including outflow due to exchange movements on non-GBP denominated cash and cash equivalents of GBP0.1m (H1 2017: inflow of GBP0.04m).

Summary

The Group's results for the six-month period to 31 March 2018 reflect our growing commercial success and increased research and development activity. The Group remains well funded to continue its near-term plans. The Board will continue to exercise careful cost control as we expand our UK laboratory and appoint to further key positions in our team over the second half of the financial year.

Paul Stockdale

Chief Financial Officer

Consolidated income statement

 
                                                      Six month period        Year ended 
                                                       ended 31 March         30 September 
                                                       2018          2017            2017 
                                                (unaudited)   (unaudited,       (audited) 
                                                                restated) 
                                            Note     GBP000        GBP000          GBP000 
 Continuing operations 
 Revenue                                    4,5         473           384           1,183 
 Research & development costs (excluding 
  staff costs)                                        (316)         (160)           (407) 
 Staff costs                                          (876)         (813)         (1,551) 
 General & other admin costs                          (485)         (497)         (1,350) 
 Share option charges                        10       (121)         (230)           (398) 
 Depreciation and amortisation              7,8       (157)         (113)           (242) 
 Other operating income                                 197           118             252 
                                                  ---------  ------------  -------------- 
 Operating loss before IPO costs                    (1,285)       (1,311)         (2,513) 
 Initial public offering costs                            -       (1,490)         (1,490) 
 Operating loss                                     (1,285)       (2,801)         (4,003) 
 
 Finance income                                          41            65              88 
 Finance costs                                        (112)             -           (117) 
                                                  ---------  ------------  -------------- 
 Loss before tax                                    (1,356)       (2,736)         (4,032) 
 
 Income tax                                             225            95             228 
                                                  ---------  ------------  -------------- 
 Loss for the period from continuing 
  operations                                        (1,131)       (2,641)         (3,804) 
                                                  =========  ============  ============== 
 
 Loss attributable to: 
  Owners of the Company                             (1,131)       (2,641)         (3,804) 
  Non-controlling interest                                -             -               - 
                                                  ---------  ------------  -------------- 
                                                    (1,131)       (2,641)         (3,804) 
                                                  =========  ============  ============== 
 Earnings per share 
  From continuing operations 
  Basic and diluted (pence per share)        6        (1.3)         (3.1)           (4.5) 
                                                  =========  ============  ============== 
 
 

Consolidated statement of comprehensive income

 
                                                  Six month period          Year ended 
                                                    ended 31 March          30 September 
                                                     2018          2017            2017 
                                              (unaudited)   (unaudited,       (audited) 
                                                              restated) 
                                                   GBP000        GBP000          GBP000 
 
 Loss for the period                              (1,131)       (2,641)         (3,804) 
  Exchange differences on translation of 
   foreign operations 
   that may be reclassified to the income 
   statement                                         (27)            16               2 
                                             ------------  ------------  -------------- 
 Total comprehensive income for the 
  period                                          (1,158)       (2,625)         (3,802) 
                                             ============  ============  ============== 
 Total comprehensive income attributable 
  to: 
  Owners of the Company                           (1,157)       (2,625)         (3,802) 
  Non-controlling interest                            (1)             -               - 
                                             ------------  ------------  -------------- 
                                                  (1,158)       (2,625)         (3,802) 
                                             ============  ============  ============== 
 
 

Consolidated statement of financial position

 
                                            31 March      31 March   30 September 
                                                2018          2017           2017 
                                         (unaudited)   (unaudited,      (audited) 
                                                         restated) 
                                              GBP000        GBP000         GBP000 
 Assets                              Note 
 Non-current assets 
 Intangible fixed assets              7          297             -             11 
 Property, plant and equipment        8          746           657            754 
 Deferred tax asset                                -             -              - 
                                           ---------  ------------  ------------- 
 Total non-current assets                      1,043           657            765 
                                           ---------  ------------  ------------- 
 Current assets 
 Inventories                                     156           130             90 
 Trade and other receivables                   1,003         1,058          1,029 
 Cash and cash equivalents                     9,636        11,520         10,795 
                                           ---------  ------------  ------------- 
 Total current assets                         10,795        12,708         11,914 
                                           ---------  ------------  ------------- 
 Total assets                                 11,838        13,365         12,679 
                                           =========  ============  ============= 
 Equity and liabilities 
 Capital and reserves 
 Share capital                        9          875           861            861 
 Share premium                                 6,761         6,533          6,533 
 Translation reserve                             166           206            192 
 Share option reserve                          2,847         3,003          2,928 
 Warrant reserve                                   -           678            678 
 Retained earnings                               133         1,304            384 
                                           ---------  ------------  ------------- 
 Equity attributable to owners of 
  the Company                                 10,782        12,585         11,576 
 Non-controlling interest                         18            19             19 
                                           ---------  ------------  ------------- 
 Total equity                                 10,800        12,604         11,595 
                                           =========  ============  ============= 
 Current liabilities 
 Trade and other payables                        974           710          1,027 
 Current tax liabilities                           -             -              - 
                                           ---------  ------------  ------------- 
 Total current liabilities                       974           710          1,027 
                                           ---------  ------------  ------------- 
 Non-current liabilities 
 Provisions                                       64            51             57 
 Deferred tax                                      -             -              - 
                                           ---------  ------------  ------------- 
 Total non-current liabilities                    64            51             57 
                                           ---------  ------------  ------------- 
 Total liabilities                             1,038           761          1,084 
                                           ---------  ------------  ------------- 
 Total equity and liabilities                 11,838        13,365         12,679 
                                           =========  ============  ============= 
 
 

Consolidated statement of changes in equity

 
                    Share     Share   Translation     Share   Warrant   Retained   Attributable   Non-controlling     Total 
                  capital   premium       reserve    option   reserve   earnings      to share-          interest 
                                                    reserve                             holders 
                   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 
  period 
  as originally 
  reported              -         -             -         -         -    (1,681)        (1,681)                 -   (1,681) 
 Restatement:           -         -             -         -         -      (960)          (960)                 -     (960) 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 Loss for the 
  period 
  (restated)            -         -             -         -         -    (2,641)        (2,641)                 -   (2,641) 
 Other 
  comprehensive 
  income for 
  the 
  period                -         -            16         -         -          -             16                 -        16 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 Total 
  comprehensive 
  income for 
  the 
  period                -         -            16         -         -    (2,641)        (2,625)                 -   (2,625) 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 Transactions with owners recorded in equity 
 New issue of 
  shares 
  as originally 
  reported             45     6,251             -         -         -          -          6,296                 -     6,296 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 Restatement: 
 IPO costs              -       523             -         -         -          -            523                 -       523 
 Issue of 
  warrants              -     (241)             -         -       678          -            437                 -       437 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 New issue of 
  shares 
  and warrants 
  (restated)           45     6,533             -         -       678          -          7,256                 -     7,256 
 Share option 
  credit                -         -             -       230         -          -            230                 -       230 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 At 31 March 
  2017 
  as originally 
  reported            861     6,251           206     3,003         -      2,264         12,585                19    12,604 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 At 31 March 
  2017 
  (restated)          861     6,533           206     3,003       678      1,304         12,585                19    12,604 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 
 At 1 April 
  2017                861     6,533           206     3,003       678      1,304         12,585                19    12,604 
 Loss for the 
  period                -         -             -         -         -    (1,163)        (1,163)                 -   (1,163) 
 Other 
  comprehensive 
  income for 
  the 
  period                -         -          (14)         -         -          -           (14)                 -      (14) 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 Total 
  comprehensive 
  income for 
  the 
  period                -         -          (14)         -         -    (1,163)        (1,177)                 -   (1,177) 
 Transactions with owners recorded in equity 
 Share option 
  credit                -         -             -       168         -          -            168                 -       168 
 Lapse of 
  vested 
  share options         -         -             -     (243)         -        243              -                 -         - 
 At 30 
  September 
  2017                861     6,533           192     2,928       678        384         11,576                19    11,595 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 
 At 1 October 
  2017                861     6,533           192     2,928       678        384         11,576                19    11,595 
 Loss for the 
  period                -         -             -         -              (1,131)        (1,131)                 -   (1,131) 
 Other 
  comprehensive 
  income for 
  the 
  period                -         -          (26)         -         -          -           (26)               (1)      (27) 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 Total 
  comprehensive 
  income for 
  the 
  period                -         -          (26)         -         -    (1,131)        (1,157)               (1)   (1,158) 
                 --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 Transactions with owners recorded in equity 
 Exercise of 
  share 
  options               7       228             -     (198)         -        198            235                 -       235 
 Exchange of 
  warrants              7         -             -         -     (678)        678              7                 -         7 
 Share option 
  credit                -         -             -       121         -          -            121                 -       121 
 Lapse of 
  vested 
  share options         -         -             -       (4)         -          4              -                 -         - 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 At 31 March 
  2018                875     6,761           166     2,847         -        133         10,782                18    10,800 
---------------  --------  --------  ------------  --------  --------  ---------  -------------  ----------------  -------- 
 

Consolidated statement of cash flows

 
                                                      Six month period        Year ended 
                                                       ended 31 March         30 September 
                                                       2018          2017            2017 
                                                (unaudited)   (unaudited,       (audited) 
                                                                restated) 
                                            Note     GBP000        GBP000          GBP000 
 
 Loss for the financial period                      (1,131)       (2,641)         (3,804) 
 Adjustments to reconcile loss for 
  the period to net cash flows: 
 R&D tax credit                                       (225)          (95)           (228) 
 Net interest                                          (41)          (43)            (87) 
 (Profit) on disposal of property,                      (3)             -               - 
  plant and equipment 
 Amortisation of intangible fixed 
  assets                                     7            1             -               - 
 Depreciation of property, plant 
  and equipment                              8          156           113             242 
 IPO costs                                                -         1,490           1,490 
 Movement in provisions                                   7             7              13 
 Share based payments charge                 10         121           230             398 
 Working capital adjustments: 
 Decrease/(increase) in trade and 
  other receivables                                       4          (16)             147 
 Decrease in other financial instruments                  -             -               - 
 (Increase)/decrease in inventories                    (66)          (24)              16 
 (Decrease)/increase in trade and 
  other payables                                      (111)          (56)             243 
                                                  ---------  ------------  -------------- 
 Operating cash flows before interest 
  and tax paid                                      (1,288)       (1,036)         (1,570) 
 
 R&D tax credits received                               261             -               - 
                                                  ---------  ------------  -------------- 
 Cash used in operations                            (1,027)       (1,036)         (1,570) 
 
 Net foreign exchange movements                          71          (18)              44 
                                                  ---------  ------------  -------------- 
 Net cash used in operating activities                (956)       (1,054)         (1,526) 
                                                  ---------  ------------  -------------- 
 Investing activities 
 Interest received                                       28            61             105 
 Purchases of fixed assets                            (382)         (204)           (425) 
 Proceeds from disposal of tangible                      12             -               - 
  assets 
                                                  ---------  ------------  -------------- 
 Net cash used in investing activities                (342)         (143)           (320) 
                                                  ---------  ------------  -------------- 
 Financing activities 
 Interest paid                                            -             -               - 
 Issue of equity shares                                 242         7,107           7,107 
 Share issue costs                                        -         (288)           (288) 
 IPO costs                                                -       (1,419)         (1,419) 
 Equity dividends paid                                    -             -               - 
                                                  ---------  ------------  -------------- 
 Net cash generated by financing 
  activities                                            242         5,400           5,400 
                                                  ---------  ------------  -------------- 
 Net (decrease)/increase in cash 
  and cash equivalents                              (1,056)         4,203           3,554 
 Foreign exchange movement on cash and cash 
  equivalents                                         (103)            38            (38) 
 Cash and cash equivalents at beginning 
  of year                                            10,795         7,279           7,279 
                                                  ---------  ------------  -------------- 
 Cash and cash equivalents at end 
  of period                                           9,636        11,520          10,795 
                                                  =========  ============  ============== 
 
 

Notes

   1.      General information 

The interim financial information was authorised for issue by the Board of Directors on 21 May 2018. The information for the period ended 31 March 2018 has not been audited and does not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and should therefore be read in conjunction with the audited financial statements of the Company and its subsidiaries as at and for the year ended 30 September 2017, which were prepared in accordance with EU Adopted International Financial Reporting Standards and have been delivered to the Registrar of Companies. The Report of the Auditor on the financial statements was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006. This interim information does not comply with IAS 34 Interim Financial Reporting, as is permissible under the rules of AIM.

   2.      Basis of accounting 

Basis of preparation

These interim consolidated financial statements have been prepared under the historical cost convention and in accordance with the recognition and measurement principles of European Union Adopted International Financial Reporting Standards (IFRSs).

The accounting policies adopted in the preparation of the half-year consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 30 September 2017.

The restatement of prior period interim information is explained in Note 3 below.

There have been no significant changes to critical accounting judgements or accounting estimates of amounts reported in prior financial periods.

Reporting currency

The consolidated financial statements are presented in pounds sterling (GBP), which is also the Company's functional currency.

   3.      Restatement of comparative figures 

Comparative figures relating to the six-month period ended 31 March 2017 have been restated in line with the audited accounts for the year ended 30 September 2017. Restatements relating to the treatment of 1) IPO and share issue costs originally charged directly to equity and 2) warrants originally unrecognised, led to an increase in the prior interim period loss, when compared to that originally reported on 13 June 2017, of GBP960,000, with associated restatements to the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity and the consolidated statement of cashflows, as shown below, with the exception of the consolidated statement of changes in equity, for which the impact of restatement is shown on the statement itself. There was no restatement of revenue, cash and cash equivalents or other assets and liabilities.

Impact on consolidated income statement:

 
                                                    6 months ended   Restatement   6 months ended 
                                                     31 March 2017                  31 March 2017 
                                          (as originally reported)                     (restated) 
                                                           GBP'000       GBP'000          GBP'000 
 IPO costs:                                                  (529)         (960)          (1,490) 
 Operating loss                                            (1,841)         (960)          (2,801) 
 Loss before tax                                           (1,776)         (960)          (2,736) 
 Loss for the period                                       (1,681)         (960)          (2,641) 
 
 Earnings per share (pence per share)                        (2.0)         (1.1)            (3.1) 
 

Impact on consolidated statement of financial position:

 
                                  31 March 2017   Restatement   31 March 2017 
                       (as originally reported)                    (restated) 
                                        GBP'000       GBP'000         GBP'000 
 Share premium                            6,251           282           6,533 
 Warrant reserve                              -           678             678 
 Retained earnings                        2,264         (960)           1,304 
 Total Equity                            12,604             -          12,604 
 

Impact on consolidated statement of cash flows:

 
                                                         6 months ended   Restatement   6 months ended 
                                                          31 March 2017                  31 March 2017 
                                               (as originally reported)                     (restated) 
                                                                GBP'000       GBP'000          GBP'000 
 Loss for the period                                            (1,681)         (960)          (2,641) 
 IPO costs                                                          529           960            1,490 
 Net cash used in operating activities                          (1,054)             -          (1,054) 
 Net increase in cash and cash equivalents                        4,203             -            4,203 
 
   4.      Revenue 

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

 
                                  Six month        Year ended 
                                    period         30 September 
                                ended 31 March 
                               2018        2017           2017 
                             GBP000      GBP000         GBP000 
Continuing operations 
USA                             162         130            310 
Rest of World                   311         254            873 
                         ----------  ----------  ------------- 
Consolidated revenue            473         384          1,183 
                         ==========  ==========  ============= 
 
 

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

   5.      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:

 
                            31 March  31 March  30 September 
                                2018      2017          2017 
                              GBP000    GBP000        GBP000 
Non-current assets 
UK                               941       563           662 
Malaysia                         102        94           103 
                            --------  --------  ------------ 
Total non-current assets       1,043       657           765 
                            ========  ========  ============ 
 
 

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:

 
                                                               Six month period      Year ended 
                                                                ended 31 March       30 September 
                                                               2018         2017            2017 
                                                             GBP000       GBP000          GBP000 
 Revenue from individual customers each representing 
 more than 10% of revenue for the period:                       447          321             893 
                                                        ===========  ===========  ============== 
 
 
   6.      Earnings per share 

From continuing operations

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

 
                                                          Six month period     Year ended 
                                                           ended 31 March      30 September 
                                                           2018        2017           2017 
                                                         GBP000      GBP000         GBP000 
Earnings for the purposes of basic earnings 
 per share being net loss attributable to owners 
 of the Company                                         (1,132)     (2,641)        (3,804) 
                                                    -----------  ----------  ------------- 
Earnings for the purposes of diluted 
 earnings per share                                     (1,132)     (2,641)        (3,804) 
                                                    ===========  ==========  ============= 
 
                                                             No          No             No 
Number of shares 
Weighted average number of ordinary shares 
 for the purposes of basic and diluted earnings 
 per share*                                          86,918,039  84,590,580     85,272,526 
                                                    ===========  ==========  ============= 
 
                                                          Pence       Pence          Pence 
Earnings per share 
Weighted average number of ordinary shares 
 for the purposes of basic and diluted earnings 
 per share*                                               (1.3)       (3.1)          (4.5) 
                                                    ===========  ==========  ============= 
 

*Potential ordinary shares are not treated as dilutive as the Group is loss making.

   7.      Intangible fixed assets 
 
 Group                                    Patents     Website      Software     Total 
                                   and trademarks    development    licences 
                                                        costs 
                                           GBP000         GBP000      GBP000   GBP000 
 Cost 
 At 1 October 2017                              -             11           -       11 
 Additions                                    241             14          32      287 
 Disposals                                      -              -           -        - 
                                 ----------------  -------------  ----------  ------- 
 At 31 March 2018                             241             25          32      298 
                                 ----------------  -------------  ----------  ------- 
 Amortisation 
 At 1 October 2017                              -              -           -        - 
 Charge for the period                          1              -           -        1 
                                 ----------------  -------------  ----------  ------- 
 At 31 March 2018                               1              -           -        1 
                                 ----------------  -------------  ----------  ------- 
 Carrying amount 
 At 31 March 2018                             240             25          32      297 
                                 ================  =============  ==========  ======= 
 At 30 September 2017                           -             11           -       11 
                                 ================  =============  ==========  ======= 
 
 
   8.      Property, plant and equipment 
 
 Group                           Leasehold       Office       Fixtures      Laboratory    Total 
                                improvements    equipment    and fittings    equipment 
                                      GBP000       GBP000          GBP000       GBP000   GBP000 
 Cost 
 At 1 October 2017                       269           38              37        1,331    1,675 
 Additions                                 2            1               -          150      153 
 Disposals                                 -            -               -         (21)     (21) 
 Exchange differences                      1            -               1            4        6 
                              --------------  -----------  --------------  -----------  ------- 
 At 31 March 2018                        272           39              38        1,464    1,813 
                              --------------  -----------  --------------  -----------  ------- 
 Accumulated depreciation 
 At 1 October 2017                        69           23              21          808      921 
 Charge for the period                    14            5               1          136      156 
 Eliminated on disposals                   -            -               -         (12)     (12) 
 Exchange differences                    (1)            1             (1)            3        2 
                              --------------  -----------  --------------  -----------  ------- 
 At 31 March 2018                         82           29              21          935    1,067 
                              --------------  -----------  --------------  -----------  ------- 
 Carrying amount 
 At 31 March 2018                        190           10              17          529      746 
                              ==============  ===========  ==============  ===========  ======= 
 At 30 September 2017                    200           15              16          523      754 
                              ==============  ===========  ==============  ===========  ======= 
 
 
   9.      Share capital of the Company 
 
                          31 March 2018        31 March 2017        30 September 2017 
                         Number      GBP      Number      GBP         Number       GBP 
Authorised shares 
Ordinary shares of 
 GBP0.01 each        87,479,973  874,997  86,098,228  860,982     86,098,228   860,982 
                     ==========  =======  ==========  =======  =============  ======== 
 
 

The Company's shares were admitted to trading on the AIM market of the London Stock Exchange on 6 December 2016. The Company issued 4.5m new shares at a placing price of 158p, raising gross proceeds of GBP7.1m (before expenses).

The Company has a number of shares reserved for issue under an equity-settled share option scheme: further details of this are disclosed in Note 10.

   10.    Share-based payments 

Equity-settled share option scheme

In November 2016, the Company established an Enterprise Management Incentive ("EMI") share option scheme, under which options have been granted to certain employees, and a non-employee option scheme with similar terms, except that options granted under it do not have EMI status. EMI and non-EMI share options were also previously granted under a share option scheme established in October 2008 ("the 2008 Scheme"). The Company does not intend to grant any further options under the 2008 Scheme. All of the schemes are equity-settled share-based payment arrangements, whereby the individuals are granted share options of the Company's equity instruments, namely ordinary shares of 1 pence each.

The schemes include non-market-based vesting conditions only, whereby the share options may be exercised from the date of vesting until the 10(th) anniversary of the grant date. In most cases options vest under the following pattern: one-third of options granted vest on the first anniversary of the grant date; one-third on the second anniversary and one-third on the third anniversary.

The options outstanding as at 31 March 2018 have exercise prices in the range of GBP0.34 to GBP1.70.

 
 Options outstanding                                 Six month period         Year ended 
                                                      ended 31 March          30 September 
                                                         2018        2017            2017 
                                                    unaudited   unaudited         audited 
                                                       Number      Number          Number 
 Outstanding at start of period                     7,801,716   7,636,716       7,636,716 
 Granted during the period                            160,000     465,000         575,000 
 Forfeited during the period                        (151,667)   (280,000)       (410,000) 
 Exercised during the period                        (692,304)           -               - 
                                                -------------  ----------  -------------- 
 Outstanding at end of period                       7,117,745   7,821,716       7,801,716 
                                                =============  ==========  ============== 
 Weighted average remaining contractual life 
  (in years) of options outstanding at the 
  period end(1)                                          4.81        3.60            2.93 
                                                =============  ==========  ============== 
 
 Options exercisable                                             Weighted          Latest 
                                                    Number of     average        exercise 
                                                      options    exercise           price 
                                                                    price             GBP 
                                                                      GBP 
 At 31 March 2018                                   6,321,040        0.49            1.58 
                                                =============  ==========  ============== 
 At 31 March 2017                                   6,758,916        0.43            1.58 
                                                =============  ==========  ============== 
 At 30 September 2017                               6,813,516        0.45            1.58 
                                                =============  ==========  ============== 
 
 Share option expense                                   Six month period      Year ended 
                                                         ended 31 March       30 September 
                                                         2018        2017            2017 
                                                       GBP000      GBP000          GBP000 
 Expense arising from share-based 
  payment transactions                                    121         230             398 
                                                =============  ==========  ============== 
 
 

(1) As announced on 13 December 2017, the exercise period of a total of 4,058,004 non-EMI options was extended, such that the expiry date of the options concerned, which were all exercisable at each of the dates reported above, is now 31 December 2022, rather than 31 December 2017.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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