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SALV Salvarx Group Plc

4.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Salvarx Group Plc LSE:SALV London Ordinary Share IM00BZ4SS228 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 4.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

SalvaRx Group plc Half-year Report (0784C)

27/09/2018 7:01am

UK Regulatory


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RNS Number : 0784C

SalvaRx Group plc

27 September 2018

SalvaRx Group plc

("SalvaRx", or the "Company")

Half Yearly Report to 30 June 2018

SalvaRx Group plc (AIM: SALV), the drug development company focused on immunotherapy for cancer, announces its interim results for the six months ended 30 June 2018.

Chief Executive Officer's Statement

We continue to make progress on advancing our products.

iOx Therapeutics Limited (56.95% subsidiary undertaking)

iOx Therapeutics Ltd ("iOx") has been advancing its first set of products through development. During this period, the company was granted additional patents covering liposomal formulation of its iNKT agonist. We also worked with our contract manufacturing partners to scale up the production to enable large scale runs. In July 2018, however, we announced a delay to the manufacturing process of our lead candidate IMM60; we now plan to initiate multiple human clinical studies next year. iOx also made progress with its second therapy, IMM65, to enable the determination of the final formulation. To fund its ongoing research and development activities, in March 2018 the company announced an issue of US$1 million of unsecured convertible loan notes.

Intensity Therapeutics Inc. (8.5% equity investment)

Intensity Therapeutics reported positive safety data of their lead product INT230-6 in advanced cancer patients. The clinical trial continues to accrue patients at multiple sites in the United States and Canada. The findings have been accepted for presentation at several upcoming international meetings later this year.

Our remaining portfolio companies - Nekonal Oncology and Saugatuck Therapeutics - continue to characterize, manufacture and test their products to enable decision making on further development.

During the six-month period to 30 June 2018 the Company incurred an operating loss of GBP1.985 million, of which GBP815,000 related to an impairment of the Company's interest in RIFT Biotherapeutics Inc. where activities are on hold while that company seeks further investment.

Funding

In order to finance the Company's various drug development programmes and its working capital requirements, in June 2018 SalvaRx Group plc raised US$1 million through two unsecured loan notes of US$500,000 issued to James Mellon and Gregory Bailey, both directors and substantial shareholders in the Company.

Proposed disposal of interest in SalvaRx Limited

All the Company's investments and business interests are held by SalvaRx Limited, its 94.2 per cent. owned subsidiary, following a group restructuring conducted in March 2017.

Subsequent to the period end, on 14 August 2018, the Company announced the proposed disposal of its interest in SalvaRx Limited to Portage Biotech Inc ("Portage"), for a consideration of US$67.5 million, to be satisfied by the issue of new Portage shares ("Disposal").

Concurrent with the Disposal, the Company announced that Shareholders would receive 18 Demerger Shares (i.e. Portage consideration shares) for every share in SalvaRx Group plc held on the Demerger Record Date, such date to be notified in due course (the "Demerger"). This mechanism allows qualifying Shareholders to retain an interest in the investments and business interests held by SalvaRx Limited (through their resultant interest in Portage following completion of the Demerger).

Portage, a company listed on the Canadian Securities Exchange, has existing interests in four promising biotech companies and, as at 24 September 2018, cash resources of approximately US$7.1 million which will be used to fund the ongoing development of the portfolio of oncology assets owned by SalvaRx Limited.

Given the relatively disappointing performance of the Company's share price on AIM, the Board determined that the Disposal and the Demerger are the best way to unlock and maximise value for Shareholders without causing dilution through raising additional funds at a price which we believe does not reflect the value of the Company's underlying assets.

The Disposal and the Demerger are still pending approval from the shareholders of both companies and from various regulatory bodies.

It is our hope that the Disposal will further facilitate our efforts to reach proof of concept and advance our products into clinical testing. Portage has a history of creating value for its shareholders - one of its portfolio companies, Biohaven Pharmaceutical Holding Company Ltd ("Biohaven") (NYSE:BHVN), was the second largest biotech IPO on NASDAQ in 2017. Portage subsequently announced a distribution in specie of its stock in Biohaven to its shareholders. Their initial US$7 million investment was worth in excess of US$100 million at the time of the IPO in 2017, and has almost doubled since then. Biohaven is now worth approximately US$1.3 billion. Portage has provided seed capital to four other biotech companies and will seek to evaluate new opportunities. I am excited at the potential of working with the Portage team to progress our combined portfolio.

Outlook

Cancer remains a hot area of investment with record amounts of capital flowing into early stage companies, and being realized through public offerings. In addition, pharma companies are paying record amounts for new products. We hope that our exciting pipeline can offer cancer patients new options for the treatment of their disease. Thank you for your support as we continue to seek out creative ways to advance and grow the portfolio and capabilities of our team.

Dr Ian Walters

Chief Executive Officer

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries

 
 SalvaRx Group plc 
 Ian Walters (Chief Executive)                    Tel: +1 203 441 5451 
 
 Northland Capital Partners Limited           Tel: +44 (0)20 3861 6625 
 Nominated Adviser and Broker 
 Matthew Johnson / Edward Hutton (Corporate 
  Finance) 
 Vadim Alexandre (Corporate Broking) 
 
 

SalvaRx Group plc

Consolidated income statement

For the six months ended 30 June 2018

 
                                        Note     Unaudited             Unaudited            Year ended 
                                                       Six                   Six           31 December 
                                                    months                months                  2017 
                                                  ended 30              ended 30               GBP'000 
                                                 June 2018             June 2017 
                                                   GBP'000               GBP'000 
 
 Research and development                            (557)                 (570)               (1,185) 
 Exceptional item (Impairment 
  of investment in associate)            2           (815)                     -                     - 
 Share of losses in associates           2            (16)                  (96)                 (309) 
 Other operating costs                               (597)                 (665)               (1,422) 
 Operating loss                                    (1,985)               (1,331)               (2,916) 
 Net finance (loss)/income                           (160)                  (72)                   109 
                                              ------------  --------------------  -------------------- 
 Loss before tax                                   (2,145)               (1,403)               (2,807) 
 Tax                                                   149                    15                   573 
 Net loss and comprehensive 
  loss for the period                              (1,996)               (1,388)               (2,234) 
                                              ------------  --------------------  -------------------- 
 
 Net loss and comprehensive 
  loss attributable to 
   Owners of the company                           (1,894)               (1,091)               (1,744) 
   Non-controlling interest                          (102)                 (297)                 (490) 
                                                   (1,996)               (1,388)               (2,234) 
                                              ------------  --------------------  -------------------- 
 Other comprehensive income 
 Exchange differences on translating 
  foreign operations                                  (49)                     0                  (47) 
                                              ------------  --------------------  -------------------- 
 
 Total comprehensive loss for 
  the period                                       (2,045)               (1,388)               (2,281) 
                                              ============  ====================  ==================== 
 
 Loss per ordinary shares 
 
 Basic and diluted                       7         (0.05p)               (0.03p)               (0.05p) 
                                              ------------  --------------------  -------------------- 
 
 
 SalvaRx Group plc 
  Consolidated statement of financial position 
  As at 30 June 2018 
 
 
                                                        Note       Unaudited       Unaudited 
                                                                30 June 2018    30 June 2017     31 December 2017 
                                                                     GBP'000         GBP'000              GBP'000 
 Assets 
 Non-current assets 
 Investments                                             2             1,453           1,804                1,480 
 Investment in associates                                2               464           1,046                1,297 
 Intangible assets                                       3               911           1,093                1,002 
 Prepayment                                                              259               -                  259 
                                                                       3,087           3,943                4,038 
                                                              --------------  --------------  ------------------- 
 Current assets 
 Trade and other receivables                                             604             139                  598 
 Cash and cash equivalents                                             1,078             909                  570 
                                                                       1,682           1,048                1,168 
                                                              --------------  --------------  ------------------- 
 Total assets                                                          4,768           4,991                5,206 
                                                              ==============  ==============  =================== 
 Liabilities 
 Non-current liabilities 
 Convertible loan notes                                  5               757               -                    - 
 Unsecured loan notes                                    4             2,718           2,034                2,603 
 Other loans                                             6               758               -                    - 
 Equity derivatives                                      4               329             276                  361 
 Deferred tax liabilities                                                154             186                  170 
                                                                       4,716           2,496                3,134 
                                                              --------------  --------------  ------------------- 
 Current liabilities 
 Trade and other payables                                              1,040             529                1,106 
                                                                       1,040             529                1,106 
                                                              --------------  --------------  ------------------- 
 Total liabilities                                                     2,756           3,025                4,240 
 Net (liabilities)/assets                                              (988)           1,966                  966 
                                                              ==============  ==============  =================== 
 Equity 
 Share capital                                           8               911             911                  911 
 Other reserves                                                        3,065           3,065                3,056 
 Equity, purchase of own shares                                        (215)           (215)                (215) 
 Share-based payment reserves                                            666             500                  573 
 Accumulated deficit                                                 (5,695)         (3,455)              (3,752) 
                                                              --------------  --------------  ------------------- 
 Equity attributable to equity holders of the parent                 (1,268)             806                  582 
 Non-controlling interest                                                280           1,160                  384 
 Total equity                                                          (988)           1,966                  966 
                                                              ==============  ==============  =================== 
 
 
 SalvaRx Group 
  Consolidated statement of cash flows 
  For the six months ended 30 June 2018 
 
 
                             Note                    Unaudited                   Unaudited      Year ended 31 December 
                                      six months ended 30 June    six months ended 30 June                        2017 
                                                          2018                        2017 
                                                                                                               GBP'000 
                                                       GBP'000                     GBP'000 
 
 
 Loss for the period                                   (1,996)                     (1,388)                     (2,281) 
 Adjustments for: 
 Deferred taxation                                       (149)                        (15)                       (573) 
 Impairment of investment                                  815                           -                           - 
 in associate 
 Amortisation                                               91                          91                         182 
 Share of losses in associates                              16                          96                         309 
 Share-based payments                                       93                         118                         191 
 Finance cost                                              160                          29                         118 
 Foreign exchange                                        (212)                           -                       (249) 
 Operating cash flows before 
  movements in working capital                         (1,182)                     (1,069)                     (2,303) 
 (Increase)/decrease in 
  receivables                                                4                       (105)                        (76) 
 (Decrease)/increase in payables                          (66)                         234                         434 
                                    --------------------------  --------------------------  -------------------------- 
 Cash used in operations                               (1,244)                       (940)                     (1,945) 
 Taxation received                                         188                           -                          54 
 Net cash outflow from operating 
  activities                                           (1,056)                       (940)                     (1,891) 
                                    --------------------------  --------------------------  -------------------------- 
 Investing activities 
 Investment in associates                                    -                           -                     (1,413) 
 Purchase of investments                                     -                     (1,419)                           - 
 Prepaid equity option                                       -                                                   (259) 
 Net cash used in investing 
  activities                                                 -                     (1,419)                     (1,672) 
                                    --------------------------  --------------------------  -------------------------- 
 Financing activities 
 Proceeds from the issue                                   758                           -                           - 
 of other short term loans 
 Proceeds from the issue                                     -                       2,295                           - 
 of unsecured loan notes 
 Proceeds from the issue of 
  convertible loan notes                                   757                           -                       3,119 
 Net cash from financing 
  activities                                             1,515                       2,295                       3,119 
                                    --------------------------  --------------------------  -------------------------- 
 Net increase in cash and cash 
  equivalents                                              459                        (64)                       (444) 
 Cash and cash equivalents at 
  beginning of period                                      570                         967                         967 
 Effect of exchange rate on 
  cashflow                                                  49                           6                          47 
 Cash and cash equivalents at end 
  of period                                              1,078                         909                         570 
                                    ==========================  ==========================  ========================== 
 
 
SalvaRx Group plc 
 Consolidated statement of changes in equity 
 As at 30 June 2018 
       Attributable to the owners of the company 
                            Share       Other        Purchase      Share-based         Accumulated          Equity    Non-controlling             Total 
                          Capital    reserves          of own         payments             deficit    attributable           interest            equity 
                                                       shares         reserves                           to owners 
                          GBP'000     GBP'000                          GBP'000             GBP'000                            GBP'000 
                                                      GBP'000                                              GBP'000 
                                                                                                                                                GBP'000 
 
 At 31 December 
  2016                        911       3,065           (215)              382             (2,364)           1,779                647             2,426 
 Shares issued by 
  subsidiary                    -           -               -                -                   -               -                810               810 
 Share based payments           -           -               -              118                   -             118                  -               118 
 Net loss for the 
  period                        -           -               -                -             (1,091)         (1,091)              (297)           (1,388) 
                       ----------  ----------  --------------  ---------------  ------------------  --------------  -----------------  ---------------- 
 At 30 June 2017              911       3,065           (215)              500             (3,455)             806              1,160             1,966 
 Conversion of 2016 
  loan notes                    -           -               -                -                 482             482              (662)             (180) 
 Equity contribution 
  to non-controlling 
  shareholders                  -           -               -                -                (79)            (79)                 79                 - 
 Foreign exchange 
  gain on 
  retranslation 
  of foreign 
  subsidiaries                  -           -               -                -                (47)            (47)                  -              (47) 
 Share based payments           -           -               -               73                   -              73                  -                73 
 Net loss for the 
  period                        -           -               -                -               (653)           (653)              (193)             (846) 
                       ----------  ----------  --------------  ---------------  ------------------  --------------  -----------------  ---------------- 
 At 31 December 
  2017                        911       3,065           (215)              573             (3,752)             582                384               966 
 Share based payments           -           -               -               93                   -              93                  -                93 
 Foreign exchange 
  gain on 
  retranslation 
  of foreign 
  subsidiaries                  -           -               -                -                (49)            (49)                (2)              (51) 
 Net loss for the 
  period                        -           -               -                -             (1,894)         (1,894)              (102)           (1,996) 
 At 30 June 2018              911       3,065           (215)              666             (5,695)         (1,268)                280             (988) 
                       ==========  ==========  ==============  ===============  ==================  ==============  =================  ================ 
 
 

SalvaRx Group plc

Notes to the interim financial statements for the six months ended 30 June 2018

   1             General information 

SalvaRx Group plc (the 'Company' and, together with its subsidiaries, the 'Group') is incorporated in the Isle of Man, British Isles under the Isle of Man Companies Act 2006. The address of the registered office is Commerce House, 1 Bowring Road, Ramsey, Isle of Man, British Isles, IM8 2LQ.

The principal activity of the Group is drug development, pre-clinical development with particular focus on developing series of compounds for cancer immunotherapy.

Basis of preparation

The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board (the 'IASB') and as adopted by the European Union (the 'EU'). These policies and practices are consistent with those adopted in the Group's financial statements for the year ended 31 December 2017.

The consolidated interim financial statements have not been audited, and have not been prepared in compliance with International Accounting Standard ('IAS') 34, 'Interim Financial Reporting'. In the opinion of the Directors, the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied.

These consolidated interim financial statements include the accounts of the Company and:

i) SalvaRx Limited, ("SalvaRx") incorporated on 6 May 2015 in the British Virgin Islands. SalvaRx Group plc owns 94.15% of the company.

ii) IOX Therapeutics Limited ("iOx") incorporated in the U.K. as a private company (Company Number 9430782) under the Companies Act 2006 on 10 February 2015. SalvaRx Group plc holds 56.95% equity in iOx.

iii) Saugatuck Therapeutics Limited incorporated in the British Virgin Islands. SalvaRx Limited holds 70% equity in the company.

The Group's interim financial statements are presented in pounds sterling, which is the Group's functional and presentational currency, and all values are rounded to the nearest thousands (GBP000) except loss per ordinary share and figures and numbers in the Notes.

Going concern

As part of their going concern assessment, the Directors have followed the guidelines published by the Financial Reporting Council entitled "Guidance on Risk Management and Internal Control and Related Financial and Business Reporting".

At 30 June 2018, the Group had cash and cash equivalent of approximately GBP1.1 million. On 8 March 2018, iOx Therapeutics raised $1m through the issue of a convertible loan and on 26 June 2018 a $1m loan was secured by the Company.

SalvaRx Group plc

Notes to the interim financial statements for the six months ended 30 June 2018

   1            General information (continued) 

Going concern (continued)

The Board has prepared cash flow forecasts for the period through to June 2019. The forecasts indicate that further funding may not be required over and above existing resources and this includes repayment of the $1m loan issued on 26 June 2018 which is repayable within one year. As explained in Note 9, a major post balance sheet event which involves disposal of all the Company's operating assets and liabilities for shares of Portage will significantly reduce cash flow requirements of the Company post this transaction and will also make more cash resources available through sale of the Portage shares received in consideration of the

proposed disposal.

The Directors have prepared this interim statement on the basis that the proposed disposal will complete given that shareholders holding over 70% of the equity have already indicated their approval and that it will therefore provide financial support necessary for the group to meet its liabilities as they fall due.

The Group continues to incur losses and transition to profitability is dependent upon achieving a level of revenues adequate to support the Group's cost structure and, until doing so, intends to fund future operations through additional debt or equity offerings. Should the Group be unable to obtain further finance such that the going concern basis of preparation were no longer appropriate, adjustments would be required including to reduce balance sheet values of assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify non-current assets as current assets.

   2.           Investments 
 
                                              Unaudited              Unaudited               31 December 
                                           30 June 2018           30 June 2017                      2017 
                                                GBP'000                GBP'001                   GBP'002 
 Available-for-sale investments 
 Investment in Intensity              i           1,453                  1,540                     1,480 
 
 Loan receivable at amortised 
  cost                                                                       -                         - 
     Nekonal S.A.R.L.                                 -                    264                         - 
                                                  1,453                  1,804                     1,480 
                                         --------------  ---------------------  ------------------------ 
 Investment in Associates 
 Nekonal Oncology Ltd               iii             464                    276                       482 
 RIFT Biotherapeutics                ii               -                    770                       815 
                                                    464                  1,046                     1,297 
                                         --------------  ---------------------  ------------------------ 
 

i. On 22 April, 2016, the Company acquired 1m Series A preferred stock in Intensity Therapeutics Inc., a Delaware corporation ("Intensity") for US$2m (GBP1.5m as at 30 June 2017) in cash. All Series A Preferred stock is convertible into equal number of common shares in Intensity. On 2 March 2017, the Company transferred this investment at cost to SalvaRx Limited. The Company's investment represents less than 10% of the equity of Intensity.

SalvaRx Group plc

Notes to the interim financial statements for the six months ended 30 June 2017

   2            Investments (continued) 

ii. The total investment by SalvaRx Limited of US$1,090,000 in RIFT Biotherapeutics ("RIFT") was converted into a 33% equity holding. On 6 December 2017, SalvaRx Limited acquired a further 251,798 of Series A preferred stock for a total consideration of US$349,999. This increased the Group's interest to 34.99%.

Subject to RIFT achieving certain development milestones, SalvaRx Limited has an obligation to acquire a further 467,626 of Series A preferred stock for a total consideration of US$650,000.

In addition, SalvaRx Limited also has the option to invest up to an additional US$500,000 at the same value of its original investment. SalvaRx Limited also hold an option to acquire all outstanding shares of RIFT in exchange for new shares in SalvaRx Limited on the same basis within 90 days of the milestone investment referred to above being achieved.

In the six months period to 30 June 2018 RIFT has not achieved any of the development milestones and so no further investment has been made. The entity has run out of funding and is currently seeking additional funding from its other shareholders and investors to enable it to resume its development activities. Meanwhile, however, the Directors have taken the decision to impair the investment to nil resulting in a GBP815,000 exceptional write off in the period.

Iii. SalvaRx Limited has made a nominal equity investment and a capital contribution of EUR300,000 in Nekonal Oncology. Nekonal Oncology has been treated as an associate company by the Group as the equity interest is 33%.

SalvaRx Limited has an obligation to make a further capital contribution of EUR300,000 once certain development milstones have been achieved. As the milestones were expected to be achieved when the investment was made, this obligation of GBP266,000 has been included in Trade and other payables.

SalvaRx Limited also has acquired an option from Nekonal SARL for a one-time fee of EUR300,000 that gives SalvaRx the right to acquire option shares in any qualifying subsidiary of Nekonal.

As at 30 June 2018, the Board has determined that there was no evidence of any impairment in the value of the equity investment in Nekonal and as a result no adjustment was considered necessary in their carrying value.

SalvaRx Group plc

Notes to the interim financial statements for the six months ended 30 June 2018

   3.           Intangible assets 
 
                                                                   In process research 
                               Unaudited 30        Unaudited 30            31 December 
                                  June 2018           June 2017                   2017 
                                    GBP'000             GBP'000                GBP'000 
 Cost 
 Beginning of period                  1,457               1,457                  1,457 
 Additions                                -                   -                      - 
 end of period                        1,457               1,457                  1,457 
                            ---------------  ------------------  --------------------- 
 Amortisation 
 Beginning of period                  (455)               (273)                  (273) 
 Charge for the period                 (91)                (91)                  (182) 
 end of period                        (546)               (364)                  (455) 
                            ---------------  ------------------  --------------------- 
 Balance at end of period               911               1,093                  1,002 
--------------------------  ---------------  ------------------  --------------------- 
 

The intangible asset arising from the acquisition of the investment in iOx on 1 July 2015 is being amortised over 8 years, being the Directors assessment of the period over which the technologies are likely to be developed and at the end of which commercial products will hopefully be available for sale. The remaining life of the intangible asset is 5 years. In the Directors opinion, the progress of iOx is satisfactory and, there is no indication of impairment.

   4.           Unsecured Loan Notes 

On 2 March 2017, the liability on the 2016 convertible loan notes was transferred to SalvaRx Limited and the note holders immediately converted their loan notes into shares in SalvaRx Limited at a price of US $250 per share. This gave rise to a 5.85% equity non-controlling interest in SalvaRx Limited and a credit of GBP630,000 has been recorded in equity.

On 2 March 2017, the Company announced an offering by its subsidiary SalvRx Limited of unsecured loan notes of up to US $5 million, carrying a coupon of 7% and repayable in four years. The loan notes were subscribed in tranches during the year. The holders of the loan notes were issued US $7,500 of warrant in respect of each US $10,000 loan note. The warrants vest in the event of a qualifying transaction and are exercisable at a price of the higher of US $250 per share and a price reflecting discount to the implied valuation of SalvaRx Limited. SalvaRx Limited raised US $3,960,000 in unsecured loan notes from the offering reflecting a sterling value of GBP3,136,000 on issue.

The coupon interest of 7% arising on the 2017 loan notes is included within accruals as it is payable within one year.

   5.           Convertible Loan Notes 

On 8 March 2018 iOx Therapeutics Limited issued US$1m of unsecured convertible loan notes. The notes entitle the holder to interest of 7% per annum and are convertible into ordinary shares in iOx on the earlier of the first anniversary of the date of issue of the instrument or the date in which iOx conducts a sale or listing or it undertakes an eligible third-party fundraising of not less than $2m.

SalvaRx Group plc

Notes to the interim financial statements for the six months ended 30 June 2018

   6.        Other loans 

On 26 June 2018, J Mellon and G Bailey made additional loans to the company of US$500,000 each. Interest is payable on the loans at 7% per annum and the loans are repayable on 20 June 2019.

   7.        Loss per Ordinary Share 

Basic loss per Ordinary Share is calculated by dividing the net loss for the year attributable to Ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period. The calculation of the basic and diluted loss per Ordinary Share is based on the following data:

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

 
                                            Unaudited     Unaudited       Audited 
                                           six months    six months    Year ended 
                                                ended         ended   31 December 
                                              30 June       30 June          2017 
                                                 2018          2017 
                                              GBP'000       GBP'000 
                                                                          GBP'000 
Loss 
 Loss for the purposes of basic loss 
 per share from continuing operations 
 being net loss attributable to equity 
 holders of the parent                        (1,894)       (1,091)       (1,744) 
 
Number of shares 
Weighted average number of Ordinary 
 Shares for the purposes of basic 
 profit/(loss) per share                   36,467,123    36,466,619    36,467,123 
 
  Loss per Ordinary Share                         GBP           GBP           GBP 
From continuing operations 
Basic and diluted                             (0.05p)       (0.03p)       (0.05p) 
 
 

The weighted average number of shares for the purpose of calculating the basic and diluted measures is the same. This is because the outstanding share options would have the effect of reducing the loss per ordinary share and therefore would be anti-dilutive under IAS 33 Earnings per Share.

   8.           Share capital 
 
                                      Unaudited                         Unaudited 
                                   30 June 2018                      30 June 2017                          31 December 
                                                                                                                  2017 
                       Number           GBP'000        Number             GBP'000           Number             GBP'000 
                       in 000                          in 000                               in 000 
 Authorised 
 Ordinary 
  Shares of 
  2.5p each            80,000             2,000        80,000               2,000           80,000               2,000 
                 ============  ================  ============  ==================  ===============  ================== 
 Issued and 
 fully paid 
 Ordinary 
  Shares of 
  2.5p each            36,467               911        36,467                 911           36,467                 911 
                 ============  ================  ============  ==================  ===============  ================== 
 

The Company has one class of Ordinary Shares, which carry no right to fixed income.

SalvaRx Group plc

Notes to the interim financial statements for the six months ended 30 June 2018

   8.           Share capital (continued) 

The Company has 3,182,828 options issued and outstanding as at 30 June 2018 of which 836,264 options have not yet vested. These options expire between February 2018 and March 2021 and are convertible into equal number of Ordinary shares of the Company at an exercise prices ranging from 23.2p to 71p per share.

iOx has 2,599 options issued and outstanding as at 30 June 2018 of which 1,035 options have not yet vested. These options expire between 2020 and 2022 and are convertible into equal number of Common shares of iOx at an exercise price of GBP120 per share.

   9.           Post balance sheet events 

On 14 August 2018, the Company announced that it had entered into a conditional sale agreement for the

disposal of its interest in Salvarx Limited to Portage Biotech Inc. for a consideration of US$67.5 million to be

satisfied by the issue of approximately 758 million shares in Portage.

Concurrent with the Disposal, it is proposed that not less than 656 million Portage shares will be transferred to the shareholders of the Company on a pro-rata basis.

The Company will be seeking shareholders' approval to undertake the Disposal and Demerger at the 2018

AGM.

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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