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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 | |
---|---|---|---|---|---|---|---|---|---|---|
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:4892S GeneMedix PLC 26 November 2003 GeneMedix plc Interim Results for the nine months to 31st August 2003 GeneMedix plc ("GeneMedix" or "the Company"), the UK biopharmaceutical company with operations in Europe and Asia and with joint London and Singapore Stock Exchange listings, announces its interim results for the nine months to 31st August 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 * Collaborative Agreement signed with Penang Development Corporation of Malaysia to set up a facility for the manufacture of human insulin. Milestone payment in excess of #2 million expected. * #1.5 million fundraising round completed * Cash balances at period end - #3.1 million Post period * Letter of intent signed for contract manufacturing of additional biopharmaceutical product in the Irish facility * Significant progress in the Erythropoietin (EPO) process development programme Paul Edwards, Chief Executive Officer, commented: "GeneMedix has continued to develop its potential to make a major market impact in Europe and beyond with its range of biopharmaceutical products. "It clearly remains a primary focus of the Directors to secure sufficient funding to be able to develop all our programmes at the desired rate. We are continuing to pursue a number of opportunities to obtain revenues or investment from commercial or technology out-licensing collaborations. This is coupled with other international initiatives to generate cash from under-utilised assets. "The Board believes that the combination of our current portfolio of comparable proteins and manufacturing capabilities offers significant potential for GeneMedix and we remain confident that we shall be receiving cash in-flows in the very short term to cover our immediate cash requirements." 26th November 2003 ENQUIRIES: GeneMedix plc Tel: 01638 663 320 Paul Edwards, Chief Executive Officer Bankside Consultants Tel: 020 7444 4140 Michael Padley / Susan Scott Chief Executive Officer's Statement GeneMedix has continued to develop its potential to make a major market impact in Europe and beyond with a range of biopharmaceutical products. We have made significant steps in our product development programme for EPO, which have attracted the interest of a number of potential major commercial licensing partners. This progress has been made against a background environment which has highlighted the complexity of the technological issues surrounding the establishment of comparable pharmaceuticals in Western Europe. However, we remain confident that our clinical programmes are well designed and will enable us to demonstrate comparability with the marketed product. We have always relied on a strong scientific basis for the design of our clinical strategy, and the scientific advice we recently received from the CPMP, the scientific advisory body to the European Regulatory Agency, on the regulatory pathway for the approval of our EPO, Epostim, has strengthened that belief. We are also seeking to complete the validation of our Tullamore facility for the production of EPO at the earliest opportunity, and to utilise to the full the strong development team we have built up at the facility. The programme for the development of our insulin technology has been accelerated, and this will eventually be transferred into the facility we are expecting to be built in Penang, Malaysia. This project requires a total investment of $34 million, which will be funded entirely by South-East Asian investors and the National and Regional Government of Malaysia. We anticipate that the initial stage of funding will be completed in the next few weeks, which will allow us to commence construction of the facility early in the New Year. There is expected to be an upfront cash milestone to GeneMedix in excess of #2 million once this initial stage of funding has been completed. It clearly remains a primary focus of the Directors to secure sufficient funding to be able to develop all our programmes at the desired rate and it is evident that we shall not be able to do this by relying solely on funds being generated through the existing commercial operations. We are continuing to pursue a number of opportunities to obtain revenues or investment from commercial or technology out-licensing collaborations. This is coupled with other international initiatives to generate cash from under-utilised assets. As part of one such initiative, we are pleased to announce that we have signed a letter of intent to contract-manufacture an additional biopharmaceutical, which should bring us revenues from outside Western Europe in 2005. In the meantime, we have continued to exercise prudent cost control measures and are focusing predominantly on our main development programmes to preserve cash balances. The investment in our Chinese facility has been completed, and revalidation will commence shortly. Financial review Operating losses of #4.7 million and cash burn for the period were slightly above expectation as we suffered badly from the strengthening of the euro and the weakness of the dollar on our assets and liabilities in China and Ireland. We had accelerated depreciation on a number of items of industrial plant, which were replaced as part of our upgrade programme in China, but all other costs were as planned. There has been little additional capital expenditure during the period except on the plant validation in China and Ireland. There were no revenues in the period. Administration costs were mainly inflated by a foreign exchange loss of #430k, the accelerated depreciation, and some anticipated increased costs of insurance and legal services. The cash balances at the end of the period of #3.1 million were equally affected by the foreign exchange losses. In the period we had a mini-fundraising round, which brought in #1.5 million from a number of existing investors in South-East Asia. Current operating cash burn, excluding foreign exchange effects on the retranslation of monetary items, is approximately #1.3 million a quarter. To bolster finances, we are expecting to have additional cash funds from the insulin project in Penang referred to above available to us very shortly. Outlook The Board believes that the combination of our current portfolio of comparable proteins and manufacturing capabilities offer significant potential for GeneMedix. We are especially excited about the advances we have made recently in the development of our EPO technology and our resulting ability to bring in a significant commercial partner. Although it is clear that we are unable to fund all our activities from existing commercial activities, we are confident that we shall be receiving cash in-flows in the very short term to cover our immediate cash requirements. As we said in our press release of 27th August, we are in discussion with a number of parties regarding various degrees of collaboration and we continue actively to progress a number of these. We are also continuing to explore with our financial advisors, Nomura International, a broad range of strategic options available to the Company to maximise value for shareholders from our extensive portfolio of biopharmaceuticals. Consolidated Profit & Loss Account For the 9 months ended 31 August 2003 Notes Unaudited Unaudited Audited 9 months to 9 months to 12 months to 31 August 31 August 30 November 2003 2002 2002 # # # Turnover 23,552 126,013 155,566 Cost of sales (9,607) (50,132) (91,719) __________ __________ __________ Gross profit 13,945 75,881 63,847 Administrative expenses (3,315,263) (2,112,648) (3,509,446) Research and development (1,452,688) (1,649,113) (2,009,851) Exceptional research and development - (3,250,000) (3,250,000) __________ __________ __________ Total research and development costs (1,452,688) (4,899,113) (5,259,851) __________ __________ __________ Total operating expenses (4,767,951) (7,011,761) (8,769,297) Operating loss (4,754,006) (6,935,880) (8,705,450) Interest receivable 63,332 299,787 229,641 Interest payable (286,154) (62,646) (134,839) __________ __________ __________ Loss on ordinary activities before taxation (4,976,828) (6,698,739) (8,610,648) Tax on loss on ordinary activities - - - __________ __________ __________ Loss on ordinary activities after taxation (4,976,828) (6,698,739) (8,610,648) Equity minority interests 126,892 111,168 138,003 __________ __________ __________ Loss for the period (4,849,936) (6,587,571) (8,472,645) __________ __________ __________ Loss per share - basic and diluted (1.7p) (2.3p) (2.9p) __________ __________ __________ All of the results relate to continuing operations. Consolidated Statement of Total Recognised Gains and Losses For the 9 months to 31 August 2003 Notes Unaudited Unaudited Audited 9 months to 9 months to 12 months to 31 August 31 August 30 November 2003 2002 2002 # # # Loss for the period (4,849,936) (6,587,571) (8,472,645) Exchange adjustments offset in reserves (22,080) (192,554) (177,398) __________ __________ __________ Total gains and losses recognised for the period (4,872,016) (6,780,125) (8,650,043) Prior year adjustment - (983,679) (983,679) __________ __________ __________ Total gains and losses recognised for the period (4,872,016) (7,763,804) (9,633,722) __________ __________ __________ Consolidated Balance Sheet As at 31 August 2003 Notes Unaudited Unaudited Audited As at As at As at 31 August 31 August 30 November 2003 2002 2002 # # # Fixed assets Intangible fixed assets 7,812,508 4,200,097 4,121,335 Tangible fixed assets 7,390,650 6,646,835 7,095,090 Investment 2 11,607 - - __________ __________ __________ 15,214,765 10,846,932 11,216,425 __________ __________ __________ Current assets Stock 99,251 140,491 146,402 Debtors - due within one year 1,223,810 1,209,248 788,695 Cash at bank and in hand 3,104,557 7,859,487 6,583,428 __________ __________ __________ 4,427,618 9,209,226 7,518,525 Creditors: amounts falling due (2,712,734) (1,722,813) (2,145,890) within one year __________ __________ __________ Net current assets 1,714,884 7,486,413 5,372,635 __________ __________ __________ Total assets less current liabilities 16,929,649 18,333,345 16,589,060 Creditors: amounts falling due after one (1,311,172) (1,385,416) (1,454,041) year Debentures - convertible loan notes (7,355,968) (3,250,000) (3,319,007) Provisions for liabilities and charges (30,907) (33,701) (42,753) __________ __________ __________ Net assets 8,231,602 13,664,228 11,773,259 __________ __________ __________ Share capital and reserves Called-up share capital 2,989,858 2,901,028 2,901,028 Share premium account 21,599,685 20,223,904 20,223,904 Profit and loss account (16,729,701) (9,996,768) (11,857,685) __________ __________ __________ Equity shareholders' funds 7,859,842 13,128,164 11,267,247 Equity minority interests 371,760 536,064 506,012 __________ __________ __________ Total capital employed 8,231,602 13,664,228 11,773,259 __________ __________ __________ Consolidated Cashflow Statement For the 9 months ended 31 August 2003 Unaudited Unaudited Audited 9 months to 9 months to 12 months to 31 August 31 August 30 November 2003 2002 2002 # # # Net cash outflow from operating activities (4,797,464) (4,078,347) (4,545,261) Returns on investments and servicing of (34,549) 316,698 169,846 finance Capital expenditure (661,538) (3,098,392) (4,082,257) Acquisitions and disposals - - - __________ __________ __________ Cash outflow before management of liquid (5,493,551) (6,860,041) (8,457,672) resources and financing Management of liquid resources 3,503,293 4,884,995 6,287,145 Financing 1,811,033 1,884,658 2,206,907 __________ __________ __________ (Decrease)/Increase in cash in the period (179,225) (90,388) 36,380 __________ __________ __________ Note to cash flow Reconciliation of Operating Loss to Net cash Outflow from Operating Activities Unaudited Unaudited Audited 9 months to 9 months to 12 months to 31 August 31 August 30 November 2003 2002 2002 # # # Operating loss (4,754,006) (6,935,880) (8,705,450) Depreciation charge 618,466 294,226 515,689 Amortisation 237,287 237,287 3,566,382 Increase in stock 47,151 (67,984) (73,895) Increase in Debtors (451,145) (1,020,709) (374,816) (Decrease)/Increase in Creditors (483,371) 287,086 640,150 (Decrease)/Increase in Provisions (11,846) (122,373) (113,321) Non-cash exceptional research and - 3,250,000 - development expenditure __________ __________ __________ Net cash outflow from operating activities (4,797,464) (4,078,347) (4,545,261) _________ _________ __________ NOTES 1. Basis of preparation The 9-month figures to 31 August 2003 and 31 August 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 has 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 interim report should be read in conjunction with the statutory accounts for the year ended 30 November 2002. The Directors estimate that cash and short term investments held at the date of approval of the financial statements 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 financial statements. Accordingly, the Directors currently plan to secure additional funds, by raising further finance or by entering into 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 financial statements 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 short period of the date of the announcement of the interim results. The financial statements do not include any adjustment that would result if the Company were unsuccessful in raising adequate additional funds. 2. Investment This represents GeneMedix investment in the 25:75 Joint Venture with Antibioticos. 3. We were unable to pay a dividend in the period. 4. 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 QRTNKPKQABDDQDB
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