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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Reliance Gen. | LSE:GMX | London | Ordinary Share | GB00B1MM9925 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6548L GeneMedix PLC 29 May 2003 GENEMEDIX PLC Quarter 1 Results for the three months to 28th February 2003 GeneMedix plc ("GeneMedix" or "the Company"), the UK generic biopharmaceutical company with operations in Europe and Asia and with joint London and Singapore Stock Exchange listings, announces its quarter 1 results for the three months to 28th February 2003. GeneMedix is involved in the development and manufacture of therapeutic proteins using recombinant DNA technology and novel cell culture. Key highlights for the period * Collaboration with Antibioticos Group to acquire exclusive rights to additional proteins * Formation of a joint venture with Antibioticos Group to construct a bacterial fermentation facility in Spain * Cash balances at period end - #5.3 million * Cost of operation for Group in line with expectation Post period * Collaborative Agreement signed with Antares Pharma to utilise injection devices for the delivery of proteins Paul Edwards, Chief Executive Officer, commented: "GeneMedix has expanded its product pipeline and future manufacturing capability through its collaboration with Antibioticos in addition to the significant progress we continue to make with our development programmes." "We have also been actively progressing a number of commercial and corporate activities, which we anticipate will strengthen our cash position over the coming months." 29 May 2003 ENQUIRIES: GeneMedix plc Tel: 01638 663 320 Paul Edwards, Chief Executive Officer College Hill Tel: 020 7457 2020 Nicholas Nelson Clare Warren Chief Executive Officer's Statement In the first quarter of the financial year, GeneMedix continued to make significant progress with is product development programmes and infrastructure. We were also pleased to announce in February that, via a collaboration with Antibioticos Spa of Milan, Italy, we have gained exclusive access to three new cell lines for the production of Interferon-beta, G-CSF and human growth hormone, which currently have a worldwide market of US$ 4 billion. This now provides us with a portfolio of nine proteins, in addition to the access we have to new inventions from our corporate partners at the Shanghai Institute of Biochemistry and Cell Biology ("IBCB"). The Antibioticos deal also gives us future access to additional microbial manufacturing capabilities by agreeing to construct a joint venture facility in Spain, in which we will be the minority partner. We have also continued to work closely with our partners, SkyePharma (LSE: SKP; Nasdaq: SKYE) in the development programme for a slow release version of interferon-alfa. Since the end of the reporting period, we have also announced a collaboration with Antares Pharma, Inc (Nasdaq: ANTR) through which Antares' current and future injection devices will be used to support our introduction of generic proteins into certain territories. These developments fit in with our strategy to develop a range of high value therapeutic proteins that are comparable to products already marketed. We aim to introduce them globally with a particular emphasis on the potentially lucrative European territories. Our approach is to construct cost-effective manufacturing facilities, built and run to international pharmaceutical standards utilising technology developed by our corporate partners, IBCB. Our strategy is also to develop innovative formulations of our portfolio products, allowing us to build sustainable growth in the global marketplace. Financial review As we anticipated in our last preliminary statement, sales for GM-CSF in China were modest, and we reiterate our strategy of focussing on the development of western registered products to obtain premium pricing in the developing markets. Our losses and cash burn for the quarter were within expectations, leaving us with a cash balance of #5.3 million at the end of the period. Outlook As also commented last February, the Directors believe that we shall be unable to fund our ongoing and proposed activities from existing commercial activities, and would therefore be looking to attract additional cash in-flows over the coming months to address the resulting funding shortfall. To this end, we have been actively progressing a number of commercial and corporate activities, which we anticipate will strengthen our cash position over the coming months. Consolidated Profit & Loss Account For the 3 months ended 28 February 2003 3 months to 3 months to 12 months to Notes 28 February 28 February 30 November 2003 2002 2002 (restated)* # # # Turnover 21,977 58,897 155,566 Cost of sales (9,384) (18,701) (91,719) __________ __________ __________ Gross profit 12,593 40,196 63,847 Administrative expenses (689,482) (741,503) (3,509,446) Research and development 1 (341,794) (293,545) (2,009,851) Exceptional research and development 1 - - (3,250,000) __________ __________ __________ Total research and development costs (341,794) (293,545) (5,259,851) __________ __________ __________ Total operating expenses (1,031,276) (1,035,048) (8,769,297) Operating loss (1,018,683) (994,852) (8,705,450) Interest receivable 26,533 112,178 229,641 Interest payable (69,376) (1,178) (134,839) __________ __________ __________ Loss on ordinary activities before taxation (1,061,526) (883,852) (8,610,648) Tax on loss on ordinary activities - - - __________ __________ __________ Loss on ordinary activities after taxation (1,061,526) (883,852) (8,610,648) Equity minority interests 24,305 20,920 138,003 __________ __________ __________ Loss for the period (1,037,221) (862,932) (8,472,645) __________ __________ __________ Loss per share - basic and diluted (0.4p) (0.3p) (2.9p) __________ __________ __________ All of the results relate to continuing operations. Consolidated Statement of Total Recognised Gains and Losses Fort the 3 months to 28 February 2003 3 months to 3 months to 12 months to 30 28 February 28 February November 2002 2003 2002 (restated)* # # # Loss for the period (1,037,221) (862,932) (8,472,645) Exchange adjustments offset in reserves (17,762) 17,855 (177,398) __________ __________ __________ Total gains and losses recognised for the (1,054,983) (845,077) (8,650,043) periods Prior year adjustment 1 - (983,679) (983,679) __________ __________ __________ Total gains and losses recognised for the (1,054,983) (1,828,756) (9,633,722) periods __________ __________ __________ * See Note 1 Consolidated Balance Sheet as at 28 February 2003 Notes 3 months to 3 months to 12 months to 28 February 28 February 30 November 2003 2002 2002 (restated)* # # # Fixed assets Intangible fixed assets 4,042,239 4,358,622 4,121,335 Tangible fixed assets 7,444,004 4,867,813 7,095,090 __________ __________ __________ 11,486,243 9,226,435 11,216,425 __________ __________ __________ Current assets Stock 197,997 142,051 146,402 Debtors - due within one year 1,029,412 469,380 788,695 Cash at bank and in hand 5,267,851 10,963,809 6,583,428 __________ __________ __________ 6,495,260 11,575,240 7,518,525 Creditors: amounts falling due within one (2,439,308) (900,988) (2,145,890) year __________ __________ __________ Net current assets 4,055,952 10,674,252 5,372,635 __________ __________ __________ Total assets less current liabilities 15,542,195 19,900,687 16,589,060 Creditors: amounts falling due after one year (1,454,558) - (1,454,041) Debenture - 5% 2 years convertible (3,359,075) - (3,319,007) Provisions for liabilities and charges (40,512) (157,182) (42,753) __________ __________ __________ Net assets 10,688,050 19,743,505 11,773,259 __________ __________ __________ Share capital and reserves Called-up share capital 2,901,028 2,897,045 2,901,028 Share premium account 20,223,904 20,211,001 20,223,904 Profit and loss account 1 (12,912,666) (4,052,720) (11,857,685) __________ __________ __________ Equity shareholders' funds 10,212,266 19,055,326 11,267,247 Equity minority interests 475,784 688,179 506,012 __________ __________ __________ Total capital employed 10,688,050 19,743,505 11,773,259 __________ __________ __________ * See Note 1 Consolidated Cash Flow Statement For three months ended 28 February 2003 Notes 3 months to 3 months to 12 months to 28 February 28 February 30 November 2003 2002 2002 (restated)* # # # Net cash outflow from operating activities (1,175,103) (1,188,045) (4,545,261) Returns on investments and servicing of 18,227 120,231 169,846 finance Capital expenditure (557,120) (1,072,761) (4,082,257) Acquisitions and disposals - - - __________ __________ __________ Cash outflow before management of liquid (1,713,996) (2,140,575) (8,457,672) resources and financing Management of liquid resources 2,119,933 1,960,589 6,287,145 Financing 235,481 256,498 2,206,907 __________ __________ __________ Increase in cash in the period 641,418 76,512 36,380 __________ __________ __________ * See Note 1 Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities 3 months to 3 months to 12 months to 28 February 28 February 30 November 2003 2002 2002 (restated)* # # # Operating loss (1,018,683) (994,852) (8,705,450) Depreciation charge 208,207 81,086 515,689 Amortisation 79,096 79,096 3,566,382 Increase in stock (51,596) (69,543) (73,895) Increase in Debtors (256,585) (56,047) (374,816) (Decrease)/Increase in Creditors (133,301) (228,893) 640,150 (Decrease)/increase in Provisions (2,241) 1,108 (113,321) __________ __________ __________ Net cash outflow from operating activities (1,175,103) (1,188,045) (4,545,261) _________ _________ __________ * See Note 1 NOTES 1. Prior period adjustment The accounts reflect a prior period adjustment in relation to the accounting for development expenditure. On commencing business the accounting policy of the Company was to write such expenditure off, except where the Directors were satisfied as to the technical, commercial and financial viability of individual projects. The application of this policy resulted in #1,277,224 of capitalised development costs in the balance sheet of the Company at 28 February 2002, to be amortised over the relevant period of the commercial production. This policy is consistent with the requirement of SSAP13 'Accounting for Research and Development'. During the year ended 30 November 2002, management reviewed the policy relating to the accounting for development expenditure, in accordance with FRS18 'Accounting Policies', to ensure that the policy remained appropriate to the Company's circumstances. The Board reviewed the treatment of development costs by other similar companies and decided that expensing development costs as they are incurred was the most appropriate treatment, and the statutory accounts for the year ended 30 November 2002 were restated to reflect this change in accounting policy. The comparative information presented for the quarter ended 28 February 2002 is therefore restated, and the change in the accounting policy has resulted in an increase to the net loss for that period, and a decrease in net assets, of #293,545. Profit and loss account 3 months to 28 February 2002 # Loss brought forward (2,223,964) Prior year adjustment (983,679) __________ As at 1 December restated (3,207,643) Retained loss for the period (862,932) Exchange difference 17,855 __________ Loss carried forward (4,052,720) _________ 2. Basis of preparation The 3-month figures to 28 February 2003 and 28 February 2002 are unaudited. The comparative figures for the year ended 30 November 2002 are not statutory accounts but are extracted from the audited statutory accounts. The statutory accounts for the year ended 30 November 2002 have not been filed with the Registrar of Companies. They received an unqualified audit report which did not contain a statement under S237(2) or S237(3) of the Companies Act 1985. The quarterly report should be read in conjunction with the statutory accounts for the year ended 30 November 2002. 3. Going concern The Directors estimate that cash and short term investments held at the date of approval of the quarterly results within the Group are not sufficient to continue funding the trading activities of the Group for a further twelve months from the date of approval of the quarterly results. Accordingly, the Directors currently plan to secure additional funds, by raising further finance or by entering into commercial agreements, which the Directors expect would enable the Group to continue its activities for the foreseeable future. There is uncertainty over the amount of funds which would be obtained and whether they would be received within the expected timescale. However, the Directors believe that the Company will be able to obtain such additional funds and therefore that it is appropriate that these quarterly results are prepared on the going concern basis. This basis of preparation assumes that the Company and its subsidiaries will continue in operational existence for the foreseeable future, the validity of which depends on GeneMedix plc being able to obtain adequate funds to continue its activities and which the Directors expect will be concluded within a few weeks of the date of the approval of the quarterly results. The quarterly results do not include any adjustment that would result if the Company were unsuccessful in raising adequate additional funds. 4. The Directors elected not to pay a dividend in the period. 5. Further copies are available from the Group's head office - Rosalind Franklin House, Fordham Road, Newmarket, Suffolk, CB8 7XN. This information is provided by RNS The company news service from the London Stock Exchange END QRFNKFKPOBKDOPB
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