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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Avino Silver and Gold Mines Ltd | AMEX:ASM | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.0459 | -4.95% | 0.8812 | 0.92 | 0.8604 | 0.92 | 1,348,889 | 01:00:00 |
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RNS Number:9570R
Antisoma PLC
12 November 2003
Antisoma reports Q1 results
12 November 2003, London, UK: Antisoma (LSE:ASM), the biopharmaceutical company
specialising in the development of novel anti-cancer drugs, today announces its
results for the three months ended 30 September 2003.
Highlights
* Developments on lead product, R1549
- acquisition of additional royalty rights from Cytogen
- results of pivotal ovarian cancer study now expected in H1 2004
- gastric cancer pilot study shows tolerability comparable with that in
ovarian cancer
* In-licensing of a programme of telomerase inhibitors from Cancer Research
Technology Ltd
* Cash and cash equivalents of #31.2 million at 30 September 2003
(30 June 2003: #34 million)
* Net loss for the quarter ended 30 September 2003 of #0.2 million
(Q1 2002/03: #3.0 million)
Announced today
* AS1404 phase I study reaches patient recruitment target
Dr Barry Price, Chairman of Antisoma, said: "This has been another quarter of
strong progress for Antisoma. We have continued to build a broadly based
pipeline, both through development of our existing portfolio and by in-licensing
promising new agents."
For further information, please visit the Company's web site at www.antisoma.com
or contact:
Antisoma plc Tel: +44 (0)20 8799 8200
Raymond Spencer, Chief Financial Officer
Glyn Edwards, Chief Executive Officer
Financial Dynamics
David Yates/Sarah Macleod Tel: +44 020 7269 7242
Except for the historical information presented, certain matters discussed in
this statement are forward looking statements that are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from results, performance or achievements expressed or implied by such
statements. These risks and uncertainties may be associated with product
discovery and development, including statements regarding the company's clinical
development programmes, the expected timing of clinical trials and regulatory
filings. Such statements are based on management's current expectations, but
actual results may differ materially.
Chairman's report
We continued to make steady progress across our pipeline during the first
quarter. Important steps have been taken to maximise our potential revenues from
R1549, and to continue the building of a broad-based pipeline spanning a range
of anti-cancer approaches.
Pipeline development
In July we announced a revised projection for the completion of the pivotal
phase III study of R1549 in ovarian cancer. This is now expected to finish
between December 2003 and February 2004. Results from the trial are expected to
be announced during the first six months of 2004, after processing of data from
the trial. Together with our co-development partner, Roche, we are taking steps
to ensure that we are well placed to file for approval on receipt of a positive
result.
Earlier this month the Company announced the final results from a pilot phase II
study of R1549 in gastric cancer. The trial evaluated the drug in a small group
of patients who had received surgery to treat advanced gastric cancer.
Tolerability findings were comparable with those observed in patients receiving
R1549 for ovarian cancer. As expected, based on the small size of the trial, no
statistically significant differences were observed in survival time between the
treated and untreated patients.
In September we announced the acquisition from Cytogen of additional royalty
rights to R1549. This will increase our net income from future sales of the
product and adds to the potential upside for our shareholders.
Today we announce that we have reached our target for patient recruitment into
our phase I dose-ranging study for AS1404. This keeps us on course to complete
the phase I programme and begin phase II combination studies during 2004.
Ongoing preclinical work is also providing useful data to help plan the phase II
programme. Work presented at the American Association of Cancer Research (AACR)
meeting in July highlighted the potential of the drug as part of combination
regimens for pancreatic, colon and lung cancers.
In August we discontinued the development of AS1403 (formerly TheraFab)
following a biodistribution study with an imaging form of the product. The study
showed that, whilst there was successful targeting of tumour cells, the
therapeutic product in its current form would have delivered unacceptable levels
of radioactivity to other tissues. Work to overcome this issue would have
required significant investment, and the Directors decided that the Company's
resources would be more productively employed in other pipeline programmes.
We added to our preclinical portfolio in September by in-licensing a programme
of telomerase inhibitors. This programme has broad potential across solid and
blood cancers, as the telomerase enzyme is important to all types of cancer
cell. The programme was in-licensed from Cancer Research Technology Ltd and
developed at the London School of Pharmacy by the group of Professor Stephen
Neidle.
Management
Nick Adams was appointed Director of Business Development in November and joined
Antisoma's Executive Committee, the group responsible for the day-to-day running
of Antisoma Research Ltd, the wholly owned operating subsidiary of Antisoma plc.
Nick had been Business Development Manager for Antisoma since June 1999, and
brings a wealth of expertise and experience to his new role. Nick replaces Bart
Wuurman, who has been appointed Chief Executive Officer of De Novo
Pharmaceuticals Ltd.
Financial Review
In September we de-listed our shares from Nasdaq Europe prior to the closure of
that market in November. Our shares continue to be traded on the London Stock
Exchange.
We also announced the appointment of Nomura International as joint broker and
joint financial advisor to the group.
Results of operations - three months ended 30 September 2003
Revenue
We are accounting for the revenue from the Roche alliance in line with our
anticipated achievement of the development steps covered by the payments. We
therefore recognised #2.2 million from the upfront payments during the quarter,
and this contributed to total revenues of #5.0 million, up from #0.4 million for
the quarter ended 30 September 2002. This increase also includes #2.8 million
received from Roche in relation to development costs for R1549 and R1550.
Operating costs
Net operating expenses of #5.5 million (Q1 2002/03: #3.5 million; Q4 2002/03:
#4.9 million) include research and development spending of #4.0 million (Q1 2002
/03: #2.65 million; Q4 2002/03: #3.9 million). The increase in operating
expenditure represents increased development expenditure in our clinical and
preclinical portfolios and also the costs associated with the acquisition of
additional royalty rights from Cytogen and the in-licensing of the telomerase
inhibitor programme.
Losses
Operating losses fell significantly to #0.5 million from #3.2 million in the
corresponding period last year but rose by #0.3 million from the quarter ended
30 June 2003, reflecting payments made to Cytogen of #0.3 million.
Net loss for the period was #0.2 million (Q1 2002/3: #3.0 million Q4 2002/3:
#95,000 profit).
Liquidity and financial position
Cash at bank and held in short-term investments totalled #31.2 million at 30
September 2003, #34 million at 30 June 2003 and #15.4 million at 30 September
2002.
Net cash outflow from operating activities for the quarter was #2.5 million (Q1
2002/03: #3.5 million; Q4 2002/03: #1.2 million) and represents losses adjusted
for movements in working capital. Net cash outflow from operating activities
includes manufacturing and other costs to support the clinical and preclinical
development of our current portfolio.
Creditors increased to #20.2 million from #4.4 million as at 30 September 2002
but fell slightly from #21.8 million as at 30 June 2003. The changes in
creditors are largely due to the receipt of upfront payments from Roche in
November 2002 and the subsequent recognition of milestone revenues.
Loss per share
The loss per share for the quarter decreased to 0.1p from 1.5p in Q1 2002/03 (Q4
2002/03: 0.0p.)
Barry Price
Chairman
12 November 2003
Consolidated profit and loss account
for the three months ended 30 September 2003
3 months 3 months Year
ended ended ended
30 September 30 September 30 June
2003 2002 2003
unaudited unaudited audited
#'000 #'000 #'000
Revenue 5,049 358 11,837
Operating expenses (5,549) (3,545) (17,212)
______ ______ ______
Operating loss (500) (3,187) (5,375)
Interest receivable 288 180 978
______ ______ ______
Loss on ordinary activities before taxation (212) (3,007) (4,397)
______ ______ ______
Taxation on ordinary activities - - 1,098
Loss on ordinary activities after taxation (212) (3,007) (3,299)
Loss per 1p share
Basic and diluted 0.1p 1.5p 1.5p
______ ______ ______
Weighted average number of shares (000's) 228,066 207,332 216,875
______ ______ ______
Consolidated balance sheet
at 30 September 2003
30 September 30 September 30 June
2003 2002 2003
unaudited unaudited audited
#'000 #'000 #'000
Fixed assets 344 247 263
______ ______ ______
Current assets
Debtors 4,502 858 3,529
Short term investments 27,800 13,960 31,854
Cash at bank and in hand 3,374 1,470 2,141
______ ______ ______
35,676 16,288 37,524
Creditors: amounts falling due within one year (13,760) (4,401) (13,013)
______ ______ ______
Net current assets 21,916 11,887 24,511
______ ______ ______
Total assets less current liabilities 22,260 12,134 24,774
______ ______ ______
Creditors: amounts falling due within one year (6,434) - (8,715)
Provision for liabilities and charges (49) - (70)
______ ______ ______
Net assets 15,777 12,134 15,989
______ ______ ______
Capital and reserves
Called up share capital 6,613 6,405 6,613
Share premium account 55,952 52,013 55,952
Other reserves 4,300 4,300 4,300
Profit and loss account (51,088) (50,584) (50,876)
______ ______ ______
Total shareholders' funds 15,777 12,134 15,989
______ ______ ______
Shareholders' funds analysed as:
Equity shareholders' funds 11,445 7,802 11,657
Non-equity shareholders' funds 4,332 4,332 4,332
______ ______ ______
15,777 12,134 15,989
______ ______ ______
Consolidated cash flow statement
for the three months ended 30 September 2003
3 months 3 months Year
ended ended ended
30 September 30 September 30 June
2003 2002 2003
unaudited unaudited audited
#'000 #'000 #'000
Net cash (outflow)/inflow from operating activities (2,523) (3,519) 9,185
______ ______ ______
Returns on investments and servicing of finance
Interest received 242 132 897
______ ______ ______
Net cash inflow from returns on investments and
servicing of finance 242 132 897
______ ______ ______
Net cash inflow from taxation - - 1,098
______ ______ ______
Capital expenditure and financial investment
Purchase of tangible fixed assets (117) (62) (212)
Sale of tangible fixed assets - - 1
Purchase of intangible fixed assets (423) - -
______ ______ ______
Net cash outflow for capital expenditure and
financial investment (540) (62) (211)
______ ______ ______
Net cash (outflow)/inflow before management of
liquid resources and financing (2,821) (3,449) 10,969
______ ______ ______
Management of liquid resources
Sale/(purchase) of current asset investments 4,054 3,999 (13,895)
______ ______ ______
Financing
Issue of shares - - 4,147
______ ______ ______
Increase in cash 1,233 550 1,221
______ ______ ______
Notes to the financial statements
1. Basis of reporting
The quarterly financial statements have been prepared in accordance with UK
Generally Accepted Accounting Principles ("UK GAAP") on the basis of the
accounting policies set out in the Group's 2003 statutory accounts. The
statements were approved by the Board of Directors on 11 November 2003 and are
unaudited.
The financial information contained in this announcement does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The figures for the year ended 30 June 2003 have been extracted from the
statutory accounts which have been filed with the Registrar of Companies and
which are available on request from the Company Secretary, Antisoma plc, West
Africa House, Hanger Lane, Ealing, London W5 3QR. The auditors' report on those
accounts was unqualified and did not contain any statement under section 237(2)
or section 237(3) of the Companies Act 1985.
2. Operating expenses
3 months 3 months Year
ended ended ended
30 September 30 September 30 June
2003 2002 2003
unaudited unaudited audited
#'000 #'000 #'000
Administrative expenses 1,551 895 4,179
Research and development 3,998 2,650 13,033
______ ______ ______
Operating expenses 5,549 3,545 17,212
______ ______ ______
Notes to Editors
Antisoma
Based in London, UK, Antisoma is a biopharmaceutical company that develops novel
products for the treatment of cancer. The Company fills its development pipeline
by acquiring promising new product candidates from internationally recognised
academic or cancer research institutions. Its core activity is the pre-clinical
and clinical development of these drug candidates. Antisoma forms partnerships
with pharmaceutical companies to bring its products to market. In November
2002, Antisoma signed a broad collaboration agreement with Roche to develop and
commercialise products from Antisoma's pipeline. Visit www.antisoma.com for
further information about Antisoma.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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