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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.20 | 8.20 | 8.98 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Biological Pds,ex Diagnstics | 1.34M | -10.83M | -0.0535 | -1.53 | 16.59M |
From Apr 2019 to Apr 2024
TIDMOBD
RNS Number : 2138A
Oxford BioDynamics PLC
28 May 2019
28 May 2019
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 2019
Commercial team and infrastructure strengthened as EpiSwitch(TM) platform gains further global traction
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 2019.
CORPORATE AND OPERATIONAL HIGHLIGHTS
-- Signed fifth commercial collaboration in immuno-oncology, a growing area of expertise for the Company.
-- Continued to invest in scaling business for future growth, with a focus on the US and Asia, including China.
-- Joined Imperial College London in a trial evaluating novel methods of screening for prostate cancer.
-- Expanded leading IP portfolio covering the EpiSwitch(TM) platform.
-- Collaborated with Casa Sollievo della Sofferenza to develop a panel of epigenetic biomarkers for the diagnosis of Autistic Spectrum Disorder.
-- Study published in Faculty of 1000 Research identifying epigenetic changes for monitoring disease progression in Huntington's disease.
FINANCIAL HIGHLIGHTS
-- Revenue of GBP0.6m (H1 2018: GBP0.5m). -- Operating loss of GBP1.7m (H1 2018: GBP1.3m).
-- Cash and term deposits of GBP16.9m as at 31 March 2019 (31 March 2018: GBP9.6m, 30 September 2018: GBP18.3m).
POST-PERIOD
-- Received Queen's Award for Enterprise: Innovation, 2019.
-- Strengthened the Board with the appointments of Dr David Holbrook and Dr Peter Pack as Non-Executive Directors.
-- Expanded into the US by forming subsidiary and appointing Glen Ferguson to lead OBD's business development activities in the region.
-- Joined ALS biomarker study sponsored by Mitsubishi Tanabe Pharma America.
Commenting on the results, Christian Hoyer Millar, Chief Executive Officer of Oxford BioDynamics, said:
"We have made further strong operational and commercial progress in the first half of the year. Our EpiSwitch(TM) technology platform has been adopted by prestigious clinical trials in the US and UK; we have enhanced the senior leadership team and Board to drive the next phase of growth; and have entered into promising new collaboration agreements. We were also delighted to be awarded the prestigious Queen's Award for Enterprise: Innovation, a great recognition of the value our EpiSwitch(TM) platform has generated to date."
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.
In April 2019, Oxford BioDynamics received the Queen's Award for Enterprise: Innovation. The Queen's Awards for Enterprise are the most prestigious awards for UK businesses.
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 2019 has been one of significant progress for OBD. We have continued to work with commercial partners on revenue-generating research projects as well as on internal research projects which further strengthen the Group's intellectual property position. We have strengthened our commercial and business development team and our Board. Furthermore, we completed the expansion of our UK laboratory to give us sufficient capacity to support an increasing number of collaborations.
During the period we have worked with five of the top 50 global pharmaceutical companies in diverse therapeutic areas including immuno-oncology, fibrosis and amyotrophic lateral sclerosis (ALS). We also announced a research collaboration in autism spectrum disorder and our participation in the Imperial College London-led PROSTAGRAM prostate cancer screening trial. We have completed work with our associate Holos Life Sciences (Singapore) Pte Ltd ("Holos") in human and equine fitness and wellness and have begun to engage with potential customers in China, following the announcement of our strategic partnership with GL Capital in August 2018. We have published research on the application of our proprietary EpiSwitch(TM) platform technology in Huntington's disease and thyroid cancer.
Post the period end, on 23 April 2019, we were pleased to announce that OBD was awarded the Queen's Award for Enterprise: Innovation. This prestigious award recognises the Group's achievement in developing and commercialising our EpiSwitch(TM) technology platform since being spun out from the University of Oxford in 2007 and is a considerable asset when introducing OBD to potential customers around the world.
On 3 May 2019, Mitsubishi Tanabe Pharma America (MTPA) announced that OBD's EpiSwitch(TM) would be used in the REFINE-ALS study, designed to identify and measure specific biomarkers in people with ALS.
Important commercial and scientific developments
OBD's participation in the PROSTAGRAM and REFINE-ALS studies are of particular importance as this is the first time the Group's EpiSwitch(TM) biomarkers have been included in prospective clinical trials, marking practical recognition by industry experts of the potential clinical utility of EpiSwitch(TM) and providing public acknowledgement of this fundamental milestone.
The aim of the PROSTAGRAM trial is to assess the role of a number of diagnostic approaches, including magnetic resonance imaging (MRI), multiparametric ultrasound and OBD's EpiSwitch(TM) assay to screen for prostate cancer. The EpiSwitch(TM) assay for prostate cancer is based on six epigenetic systemic blood-based markers and was developed in collaboration with Mr Mathias Winkler, Consultant Urological Surgeon at Charing Cross Hospital, Imperial College Healthcare NHS Trust and Professor Dmitry Pshezhetskiy, Norwich Medical School, University of East Anglia. We expect to begin analysing samples from this trial in our laboratory in the second half of the financial year. The trial is scheduled to last 24 months, with findings expected to be reported in early 2021.
The MTPA-sponsored REFINE-ALS study is led by Massachusetts General Hospital (MGH) Neurological Clinical Research Institute (NCRI) and is designed to identify and measure specific biomarkers in people with ALS. OBD's EpiSwitch(TM) biomarkers will be assessed alongside other modalities, including oxidative stress, inflammation, neuronal injury/death and muscle injury, as well as clinical assessments. The trial will recruit up to 300 patients in the US.
In November 2018 the Group announced a fifth commercial collaboration in immuno-oncology (IO), with a major US-based biopharmaceutical company. IO is an important and growing field, with an acknowledged need for actionable patient stratifications: some patients show highly efficacious response to IO treatment, but many current IO therapies have limited utility because of low response rates and significant subsets of patients who do not show clinically meaningful responses to treatment. OBD has recently completed a number of retrospective validations on independent patient cohorts for three US pharma and biotech clients. These studies were conducted on first and second line of treatment patients, with different PD-1/PD-L1 therapeutic assets, in several oncological indications including melanoma and non-small cell lung cancer. The results have demonstrated that the baseline predictive stratifications by EpiSwitch(TM) for response to immune-checkpoint inhibitors (a common type of IO therapeutic) act as excellent surrogates for standard primary endpoints used in clinical trials, such as progression free survival.
Validated EpiSwitch(TM) biomarker applications have also been developed for diagnostic and prognostic applications, demonstrating high efficacy in stratifications in a wide range of cancer indications. OBD technology offers commercial partners efficient patient profiling based on liquid biopsy (a blood test), facilitating disease evaluation and helping clinicians make informed decisions on preferred treatment. The potential benefits of such actionable patient stratification are significant, as they help to implement precision medicine approaches in health care (avoiding therapies likely to fail) and to de-risk drug development for therapeutic companies (identifying the right patients for enrolment to clinical trials).
During the period the Group has published results for the first prognostic biomarkers for progression of Huntington's disease (F1000Research, 2018, 7:175), and biomarker stratifications with high sensitivity and predictive values for diagnosis of thyroid cancer (Surgery, Vol 165, Issue 1, in collaboration with Chicago Everton NorthShore University HealthSystem). OBD also contributed a chapter to the 'Handbook of Biomarkers and Personalized Medicine', published in May 2019. Since 30 September 2018, OBD has presented at a number of conferences, including the Cantor Fitzgerald Global Healthcare Conference (New York NY), 4(th) Annual Biomarker and Companion Diagnostics Conference (San Diego, CA), and China BIO 2019 (Shanghai, China).
As announced in December 2018, the Group exercised a pre-existing option to acquire, for a nominal amount, a 30% shareholding in Holos, and also participated in its interim fundraising, investing US$540,000 (GBP422,000) in that entity. Holos has entered into exclusive licensing agreements with the Group in both human and equine fitness. These licences offer the Group a combination of upfront and milestone fees and sales-based royalties. In January 2018 the Company also announced a collaboration with Holos to develop non-invasive epigenetic biomarkers associated with sports-related concussions, and research on this project will begin as samples become available during the second half of the financial year.
Focused recruitment to key positions
We announced the appointment of Glen Ferguson as Senior Vice President (USA) in March 2019, to lead our business development activity in the world's largest healthcare market. With Glen, our business development team has identified short-term goals, to build on the Group's successful performance to date with US-based customers and collaborators. We anticipate further strengthening our senior commercial team during the second half of the financial year. Alongside Glen's appointment, we announced the formation of a wholly-owned US subsidiary, Oxford BioDynamics Inc.
The OBD plc Board was joined by two new Non-Executive Directors, Dr David Holbrook and Dr Peter Pack, shortly after the period, on 5 April 2019. Both David and Peter have extensive life sciences sector experience and each of them has rapidly developed a strong understanding of the Group and its business. Simultaneously, Stephen Diggle (founder and Chief Executive Officer of Vulpes Investment Management, a significant investor in OBD since 2008) took on the role of Non-Executive Chairman, on the retirement from the Board of former Non-Executive Chairman, David Williams.
IP portfolio development
OBD's IP portfolio currently comprises eleven patent families as well as trademark protection and considerable technological and scientific know-how within the team. The Group has continued its strategy of obtaining claims which provide the best possible protection for the EpiSwitch(TM) platform and the biomarkers that are derived from it. During the period one international patent application was filed, four patents entered the national phase and supplementary data was filed for a further two.
Summary and outlook
Over the first half of this year, the Group made considerable commercial progress, entering into new research collaborations with prestigious pharmaceutical and biotech companies and research institutions, as well as research and licence agreements in non-clinical fields with Holos Life Sciences. OBD enters the second half of the financial year with increased laboratory capacity, highly productive and efficient scientific processes, a strengthened commercial team and significant cash resources. The growing recognition of the quality of results obtained from our EpiSwitch(TM) platform is now evidenced by participation in prestigious clinical trials and the Group is well-placed to move forward with the further commercialisation of its technology for the benefit of its shareholders.
Christian Hoyer Millar
Chief Executive Officer
FINANCIAL REVIEW
Overview
During the six months ended 31 March 2019, the Group has strengthened its team, entered into significant commercial and research collaborations and further developed its intellectual property portfolio. Relative to the six-month period to 31 March 2018, revenue and costs were both increased, as was the Group's operating cash outflow.
Financial performance
Revenue for the six-month period to 31 March 2019 was GBP0.6m (H1 2018: GBP0.5m), reflecting both research project and licence fee income. A number of research projects are underway, with revenue to be recognised as the Group meets its performance obligations under the relevant contracts, which in turn is significantly determined by the timing of receipt of blood samples from customers and collaborators.
Operating expenses before share option charges were GBP2.1m, in line with market expectation (H1 2018: GBP1.8m). Of the GBP279k increase in operating costs, GBP179k related to increased staff costs (driven by both increased headcount and salary increases), GBP179k to increased general and other administration costs and GBP34k to increased depreciation and amortisation, offset by lower non-staff research and development expenses, principally relating to the cost of reagents and other laboratory supplies.
Other operating income for the six months to 31 March 2019 was lower than the previous year (H1 2018: GBP0.2m, which mainly comprised grant income from Innovate UK to support the Group's ALS biomarker research and development programme completed during that period).
The Group's operating loss was increased at GBP1.7m (H1 2018: GBP1.3m), reflecting the movements in revenue, operating costs and other operating income noted above.
Finance income for the period of GBP98k related to interest receivable (H1 2018: GBP41k). Finance costs related to realised and unrealised exchange losses, driven almost entirely by the effect on US dollar-denominated cash and debtor balances of movements in the sterling-to-US dollar exchange rate during the period.
The taxation credit of GBP0.3m in the six months to 31 March 2019 (H1 2018: GBP0.2m) represents tax relief on research and development expenditure during the period. This is increased on H1 2018 primarily because of the increased cost associated with team members engaged in R&D activity. The Group has so far 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 GBP1.3m (H1 2018: GBP1.1m). Loss per share for the six months ended 31 March 2019 was 1.4 pence (H1 2018: 1.3 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 equipment in its recently expanded laboratory in Oxford, UK.
During the period, as outlined in the annual report for the year ended 30 September 2018, the Company exercised its option over 30% of the share capital of Holos Life Sciences (Singapore) Pte Ltd ("Holos") and subsequently invested $540k in Holos' interim fundraise during November 2018. OBD plc holds 28.84% of Holos' share capital: accordingly, Holos is classed as an associate undertaking in these interim results.
Inventory was increased at GBP237k (31 March 2018: GBP156k, 30 September 2018: GBP146k), following planned stockpiling in our UK laboratory of key supplies to prepare for the anticipated departure of the UK from the EU.
Trade and other debtors at GBP726k (31 March 2018: GBP1,003k, 30 September 2018: GBP1,198k) were lower than the prior year mainly because of the earlier receipt in the current period of the R&D tax credit relating to the previous financial year and to a lesser extent the timing of receipts from customers.
Cash and cash equivalents and fixed-term deposits at 31 March 2019 were GBP16.9m (31 March 2018: GBP9.6m, 30 September 2018: GBP18.3m).
Trade and other payables at 31 March 2019 were GBP688k (31 March 2018: GBP974k, 30 September 2018: GBP822k); the decrease compared to prior periods is driven by the timing of relatively large supplier payments, including some related to the recent expansion of the UK laboratory at 30 September 2018, and a reduction in deferred income balances relative to 31 March 2018.
Cash flow
Net cash used in operating activities was slightly reduced at GBP804k (H1 2018: GBP956k), reflecting the increased costs for the period, offset by earlier receipt of the R&D tax credit refund for FY18 and working capital movements. Net cash used in investing activities was GBP9.75m (H1 2018: GBP342k). This amount includes the placement of GBP9m of funds into fixed-term deposits with an initial maturity of between three and twelve months and GBP422k invested in Holos, as well as broadly similar cash spend on tangible and intangible asset additions. Net cash generated by financing activities, arising from the settlement of share option exercises during the period, was similar at GBP235k (H1 2018: GBP242k).
The overall reduction in cash and term deposits for the six-month period ended 31 March 2019 was GBP1.3m, representing a slightly increased burn rate (H1 2018: GBP1.2m).
Summary
The Group's results for the six-month period to 31 March 2019 reflect steady commercial progress, continued research and development activity and ongoing investment in its international team, laboratory infrastructure and intellectual property. With significant cash and term deposits, the Group remains well funded to continue its near-term plans. We look forward to announcing further progress in our full year results around the end of the year.
Paul Stockdale
Chief Financial Officer
Consolidated income statement
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Premium
Six month period Year ended
ended 31 March 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
Note GBP000 GBP000 GBP000
Continuing operations
Revenue 3,4 574 473 1,186
Research & development costs (excluding
staff costs) (203) (316) (693)
Staff costs (1,055) (876) (1,689)
General & other admin costs (664) (485) (1,083)
Share option charges 10 (141) (121) (195)
Depreciation and amortisation 6,7 (191) (157) (331)
Other operating income 1 197 203
--------- ------------ --------------
Operating loss (1,679) (1,285) (2,602)
Finance income 98 41 179
Finance costs (14) (112) -
--------- ------------ --------------
Loss before tax (1,595) (1,356) (2,423)
Income tax 315 225 470
--------- ------------ --------------
Loss for the period from continuing
operations (1,280) (1,131) (1,953)
========= ============ ==============
Loss attributable to:
Owners of the Company (1,280) (1,131) (1,953)
Non-controlling interest - - -
--------- ------------ --------------
(1,280) (1,131) (1,953)
========= ============ ==============
Earnings per share
From continuing operations
Basic and diluted (pence per share) 5 (1.4) (1.3) (2.2)
========= ============ ==============
Consolidated statement of comprehensive income
Six month period Year ended
ended 31 March 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Loss for the period (1,280) (1,131) (1,953)
Exchange differences on translation of
foreign operations
that may be reclassified to the income
statement 5 (27) (15)
------------ ------------ --------------
Total comprehensive income for the
period (1,275) (1,158) (1,968)
============ ============ ==============
Total comprehensive income attributable
to:
Owners of the Company (1,275) (1,157) (1,968)
Non-controlling interest - (1) -
------------ ------------ --------------
(1,275) (1,158) (1,968)
============ ============ ==============
Consolidated statement of financial position
31 March 31 March 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Assets Note
Non-current assets
Intangible fixed assets 6 446 297 348
Property, plant and equipment 7 948 746 971
Deferred tax asset - - -
Investments accounted for using the 422 - -
equity method
--------- ------------ -------------
Total non-current assets 1,816 1,043 1,319
--------- ------------ -------------
Current assets
Inventories 237 156 146
Trade and other receivables 726 1,003 1,198
Fixed term deposits 9,000 - -
Cash and cash equivalents 7,946 9,636 18,278
--------- ------------ -------------
Total current assets 17,909 10,795 19,622
--------- ------------ -------------
Total assets 19,725 11,838 20,941
========= ============ =============
Equity and liabilities
Capital and reserves
Share capital 9 926 875 925
Share premium 16,740 6,761 16,696
Translation reserve 182 166 177
Share option reserve 2,655 2,847 2,704
Warrant reserve - - -
Retained earnings (1,562) 133 (472)
--------- ------------ -------------
Equity attributable to owners of
the Company 18,941 10,782 20,030
Non-controlling interest 19 18 19
--------- ------------ -------------
Total equity 18,960 10,800 20,049
========= ============ =============
Current liabilities
Trade and other payables 688 974 822
Current tax liabilities - - -
--------- ------------ -------------
Total current liabilities 688 974 822
--------- ------------ -------------
Non-current liabilities
Provisions 77 64 70
Deferred tax - - -
--------- ------------ -------------
Total non-current liabilities 77 64 70
--------- ------------ -------------
Total liabilities 765 1,038 892
--------- ------------ -------------
Total equity and liabilities 19,725 11,838 20,941
========= ============ =============
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
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
--------------- -------- -------- ------------ -------- -------- --------- ------------- ---------------- --------
At 1 April
2018 875 6,761 166 2,847 - 133 10,782 18 10,800
Loss for the
period - - - - - (822) (822) - (822)
Other
comprehensive
income for
the
period - - 11 - - - 11 1 12
--------------- -------- -------- ------------ -------- -------- --------- ------------- ---------------- --------
Total
comprehensive
income for
the
period - - 11 - - (822) (811) 1 (810)
Transactions with owners recorded in equity
Issue of
shares 50 9,942 - - - - 9,992 - 9,992
Share issue
costs - (7) - - - - (7) - (7)
Exercise of
share
options (184) - 184 - - -
Share option
credit - - - 74 - - 74 - 74
Lapse of
vested
share options - - - (33) - 33 - - -
At 30
September
2018 925 16,696 177 2,704 - (472) 20,030 19 20,049
--------------- -------- -------- ------------ -------- -------- --------- ------------- ---------------- --------
At 1 October
2018 925 16,696 177 2,704 - (472) 20,030 19 20,049
Loss for the
period - - - - (1,280) (1,280) - (1,280)
Other
comprehensive
income for
the
period - - 5 - - - 5 - 5
--------------- -------- -------- ------------ -------- -------- --------- ------------- ---------------- --------
Total
comprehensive
income for
the
period - - 5 - - (1,280) (1,275) - (1,275)
-------- -------- ------------ -------- -------- --------- ------------- ---------------- --------
Transactions with owners recorded in equity
Exercise of
share
options 1 44 - (30) - 30 45 - 45
Share option
credit - - - 141 - - 141 - 141
Lapse of
vested
share options - - - (160) - 160 - - -
--------------- -------- -------- ------------ -------- -------- --------- ------------- ---------------- --------
At 31 March
2019 926 16,740 182 2,655 - (1,562) 18,941 19 18,960
--------------- -------- -------- ------------ -------- -------- --------- ------------- ---------------- --------
Consolidated statement of cash flows
Six month period Year ended
ended 31 March 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
Note GBP000 GBP000 GBP000
Loss before tax for the financial
period (1,595) (1,356) (2,423)
Adjustments to reconcile loss for
the period to net cash flows:
Net interest (98) (41) (86)
(Profit) on disposal of property,
plant and equipment - (3) (3)
Amortisation of intangible fixed
assets 6 9 1 1
Depreciation of property, plant
and equipment 7 182 156 330
Movement in provisions 7 7 13
Share based payments charge 10 141 121 195
Working capital adjustments:
Decrease/(increase) in trade and
other receivables 154 4 (100)
Decrease in other financial instruments - - -
Increase in inventories (91) (66) (56)
Decrease in trade and other payables (13) (111) (316)
--------- ------------ --------------
Operating cash flows before interest
and tax paid (1,304) (1,288) (2,445)
R&D tax credits received 479 261 592
--------- ------------ --------------
Cash used in operations (825) (1,027) (1,853)
Net foreign exchange movements 21 71 (89)
--------- ------------ --------------
Net cash used in operating activities (804) (956) (1,942)
--------- ------------ --------------
Investing activities
Interest received 61 28 86
Purchases of property, plant and
equipment (280) (96) (439)
Purchases of intangible fixed assets (107) (286) (337)
Proceeds from disposal of tangible
assets - 12 12
Investment in associate (422) - -
Increase in fixed-term deposits (9,000) - -
--------- ------------ --------------
Net cash used in investing activities (9,748) (342) (678)
--------- ------------ --------------
Financing activities
Issue of equity shares 235 242 10,043
Share issue costs - - (7)
Net cash generated by financing
activities 235 242 10,036
--------- ------------ --------------
Net (decrease)/increase in cash
and cash equivalents (10,317) (1,056) 7,416
Foreign exchange movement on cash and cash
equivalents (15) (103) 67
Cash and cash equivalents at beginning
of year 18,278 10,795 10,795
--------- ------------ --------------
Cash and cash equivalents at end
of period 7,946 9,636 18,278
========= ============ ==============
Notes
1. General information
The interim financial information was authorised for issue by the Board of Directors on 27 May 2019. The information for the period ended 31 March 2019 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 2018, 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).
Accounting policies
The interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report and Accounts for the year ended 30 September 2018, with the exception of the following new accounting standards which were adopted during the period:
IFRS 9 'Financial Instruments' replaced IAS 39 'Financial Instruments Recognition and Measurement'. The standard is effective for accounting periods beginning on or after 1 January 2018 and was therefore adopted with effect from 1 October 2018. The Group has completed an assessment of IFRS 9 and adoption has not had a material impact on its results or financial position. Any additional disclosures required under the new standard will be made in the annual report and financial statements for the year ending 30 September 2019.
IFRS 15 'Revenue from Contracts with Customers' is effective for periods beginning on or after 1 January 2018 and therefore has been adopted with effect from 1 October 2018. The core principle of the standard is to ensure that an entity recognises revenue once it has fulfilled its performance obligations, which are met through transferring control of a product or service to a customer, at an amount that reflects the consideration to which the entity expects to be entitled. As outlined in the annual report and accounts for the year ended 30 September 2018, the Directors have concluded that the adoption of IFRS 15 does not have a material impact on revenue recognition for any of the Group's revenue streams. Therefore, no adjustment for first time adoption has been made either to comparative figures or opening reserves in the statement of financial position.
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. Revenue
An analysis of the Group's revenue is as follows:
Six month period Year ended
ended 31 March 30 September
2019 2018 2018
GBP000 GBP000 GBP000
Continuing operations
USA 55 162 405
Rest of World 519 311 781
-------- -------- -------------
Consolidated revenue 574 473 1,186
======== ======== =============
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 Officer (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 (other than investments accounted for using the equity method), analysed by geographical location were as follows:
31 March 31 March 30 September
2019 2018 2018
GBP000 GBP000 GBP000
Non-current assets
UK 1,269 941 1,203
Malaysia 125 102 116
-------- -------- ------------
Total non-current assets 1,394 1,043 1,319
======== ======== ============
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
2019 2018 2018
GBP000 GBP000 GBP000
Revenue from individual customers each representing
more than 10% of revenue for the period: 519 447 1,097
========= ======== ==============
5. 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
2019 2018 2018
GBP000 GBP000 GBP000
Earnings for the purposes of basic earnings
per share being net loss attributable to owners
of the Company (1,280) (1,132) (1,953)
---------- ---------- -------------
Earnings for the purposes of diluted
earnings per share (1,280) (1,132) (1,953)
========== ========== =============
No No No
Number of shares
Weighted average number of ordinary shares
for the purposes of basic and diluted earnings
per share* 92,559,621 86,918,039 87,728,207
========== ========== =============
Pence Pence Pence
Earnings per share
Basic and diluted earnings per share (1.4) (1.3) (2.2)
========== ========== =============
*Potential ordinary shares are not treated as dilutive as the Group is loss making.
6. Intangible fixed assets
Group Patents Website Software Total
development development
costs costs
GBP000 GBP000 GBP000 GBP000
Cost
At 1 October 2018 275 42 32 349
Additions 96 11 - 107
Disposals - - - -
-------- ------------- ------------- -------
At 31 March 2019 371 53 32 456
-------- ------------- ------------- -------
Amortisation
At 1 October 2018 1 - - 1
Charge for the period 1 - 8 9
-------- ------------- ------------- -------
At 31 March 2019 2 - 8 10
-------- ------------- ------------- -------
Carrying amount
At 31 March 2019 369 53 24 446
======== ============= ============= =======
At 30 September 2018 274 42 32 348
======== ============= ============= =======
7. Property, plant and equipment
Group Leasehold Office Fixtures Laboratory Total
improvements equipment and fittings equipment
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 October 2018 538 63 40 1,412 2,053
Additions 37 1 9 112 159
Disposals - - - (3) (3)
Exchange differences - - - - -
-------------- ----------- -------------- ----------- -------
At 31 March 2019 575 64 49 1,521 2,209
-------------- ----------- -------------- ----------- -------
Accumulated depreciation
At 1 October 2018 95 35 23 929 1,082
Charge for the period 36 6 2 138 182
Eliminated on disposals - - - (3) (3)
Exchange differences - - - - -
-------------- ----------- -------------- ----------- -------
At 31 March 2019 131 41 25 1,064 1,261
-------------- ----------- -------------- ----------- -------
Carrying amount
At 31 March 2019 444 23 24 457 948
============== =========== ============== =========== =======
At 30 September 2018 443 28 17 483 971
============== =========== ============== =========== =======
8. Interest in associate undertaking
The Group has a 28.84% holding in Holos Life Sciences (Singapore) Pte Ltd ("Holos"), a Singapore-based company which is not listed on any public exchange. The Group's interest in Holos is accounted for using the equity method.
On 5 October 2018, the Company exercised a pre-existing option to acquire, for a nominal amount, a 30% shareholding in Holos. Subsequently, on 30 November 2018 the Company also participated in an interim fundraising by Holos, investing US$540,000 in that entity. Summarised financial information for Holos and a reconciliation with the carrying amount of the Group's investment are set out below:
Summarised statement of financial position of Holos Life Sciences (Singapore) Pte Ltd
31 March
2019
GBP000
Current assets 645
Non-current assets -
Current liabilities (13)
Non-current liabilities (942)
--------
Equity (310)
--------
Group's share in equity - 28.84% (31
March 2018 and 30 September 2018:
nil) -
Goodwill 422
--------
Carrying amount of the investment 422
========
Summarised income statement for Holos Life Sciences (Singapore) Pte Ltd
5 October
2018 to 31
March 2019
GBP000
Revenue -
Cost of sales -
R&D expenditure 674
Admin expenses 237
Finance costs 16
-----------
Loss before tax (927)
Tax -
-----------
Loss and total comprehensive income
for the period (927)
===========
Group's share of loss for the period
- 28.84% (not recognised)
(31 March 2018 and 30 September 2018:
nil) (267)
===========
Goodwill is subject to review for impairment on at least an annual basis, as set out in the accounting policies in the annual report and accounts for the year ended 30 September 2018.
Holos had no contingent liabilities as at 31 March 2019. The Group is not liable for any of Holos' liabilities.
9. Share capital of the Company
31 March 2019 31 March 2018 30 September 2018
Number GBP Number GBP Number GBP
Authorised shares
Ordinary shares of
GBP0.01 each 92,559,771 925,597 87,479,973 874,997 92,506,138 925,061
========== ======= ========== ======= ========== =======
The Company has a number of shares reserved for issue under an equity-settled share option scheme: further details 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 2019 have exercise prices in the range of GBP0.34 to GBP2.10.
Options outstanding Six month period Year ended
ended 31 March 30 September
2019 2018 2018
Unaudited unaudited audited
Number Number Number
Outstanding at start of period 6,840,812 7,801,716 7,801,716
Granted during the period 70,000 160,000 340,000
Forfeited during the period (466,258) (151,667) (270,435)
Exercised during the period (53,633) (692,304) (1,030,469)
---------- ---------- --------------
Outstanding at end of period 6,390,921 7,117,745 6,840,812
========== ========== ==============
Weighted average remaining contractual life
(in years) of options outstanding at the
period end 4.66 4.81 4.83
========== ========== ==============
Options exercisable Weighted Latest
Number of average exercise
options exercise price
price GBP
GBP
At 31 March 2019 5,917,580 0.53 1.70
============ ========== ==============
At 31 March 2018 6,321,040 0.49 1.58
============ ========== ==============
At 30 September 2018 6,193,409 0.50 1.58
============ ========== ==============
Share option expense Six month period Year ended
ended 31 March 30 September
2019 2018 2018
GBP000 GBP000 GBP000
Expense arising from share-based
payment transactions 141 121 195
============ ========== ==============
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.
END
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