Igraine Plc Interim Results to 30 June 2021
December 22 2021 - 10:20AM
UK Regulatory
TIDMKING
THE DIRECTORS OF IGRAINE PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT
FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT
2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN IT IS
DEEMED NOW TO BE IN THE PUBLIC DOMAIN.
22 December 2021
Igraine Plc
("Igraine" or "the Company")
Interim Results for the Half-Year to 30 June 2021
Igraine plc, Directors Statement,
I am pleased to present the interim results for Igraine plc (AQSE: KING) for
the period ending 30 June 2021 which has represented a transitionary period
that has proved intense, productive, and exciting. The financial statements
below have been approved by the Board of Directors and have not been reviewed
by the company's auditors.
Corporate Highlights from the Period:
In April 2021, incoming Directors, Burns Singh Tennent-Bhohi and Simon
Grant-Rennick led a recapitalisation and restructure exercise resulting in the
lifting of the shares suspension, enabling the company to progress and develop
a revitalised investment policy and business model.
Importance was placed on identifying an investment sector for which the Board
felt offered optionality in investment approach, would attract strong levels of
capital interest and would be supported by professionals with a track-record of
success within the chosen sector.
Following internal discussions, review, and meetings with our advisors, on 11
June 2021 the Board posted a circular and Notice of General Meeting to the
shareholders of the company to put forward proposals including to adopt an
investment strategy that would form the framework for what is now, Igraine plc.
The proposals put to the shareholders were centred around forming a
Co-Investment Agreement with Excalibur Healthcare Services ("EHS"), a company
founded by the renowned scientist and highly successful entrepreneur, Professor
Sir Christopher Evans. Over the last 30 years Professor Sir Christopher Evans
has built more than 50 medical companies from start-up and floated 20 new
medical businesses on stock markets in six different countries. He has created
11 successful academic spin-outs and companies worth over $2.4 billion, and has
raised $2.6 billion from disposals. He directed the raising of approximately
$450 million for Merlin Biosciences Funds and $2.6 billion from disposals
including the sale of BioVex Group, Inc. to Amgen Inc. and Piramed Limited to
Roche Group. Through Merlin Ventures Limited, he co-founded and advised Biotech
Growth Trust plc. Arakis Limited, one of the companies developed by Chris Evans
was sold to Sosei Co. Ltd for $187 million. Chris Evans has founded notable
companies such as Chiroscience, Celsis, ReNeuron, Vectura, Biovex and Merlin
Biosciences Ltd. Appointed an OBE in 1995 for services to medical bioscience he
was knighted in 2001 for services to bioscience and enterprise. Latterly he was
founder of Arix Bioscience plc (LSE:ARX), of the oncology specialist Ellipses
Pharma Limited and of Excalibur Healthcare Services Ltd.
Included within the Circular put to the shareholders was the:
* The conditionally brokered financing, led by Peterhouse Capital, raising
gross proceeds before expenses of, £2,000,500
* The appointment of Peterhouse Capital as Corporate Advisor and Corporate
Broker to the company
* The Co-Investment Rights with Excalibur Healthcare
* The acquisition of a 2% stake in Excalibur Medicines Ltd ("EML")
* The appointment to the Board of Directors of, Professor Sir Christopher
Evans (Executive Chairman), Martin Walton (Executive Director) & Steven
Winfield (Executive Director) resulting in Simon Grant-Rennick and Burns
Singh Tennent-Bhohi both becoming Non-Executive Directors of the company
* The adoption of a new investment policy to reflect med-tech and life
sciences
* The change of name and ticker of the company to Igraine plc and AQSE: KING,
respectively
* A share consolidation and sub-division of the company's share capital
The resolutions and proposals put to shareholders were all passed on the 28
June 2021.
Igraine plc is now a well-capitalised company with a sense of purpose and
direction supported by one of the most successful biotech and life sciences
entrepreneurs in the world. The company has completed its first investment
under the Co-Investment Agreement with Excalibur Healthcare Services ("EHS")
through the acquisition of a 2% interest in Excalibur Medicines Ltd ("EML"), a
company that has secured exclusive rights to and owns the patents on a drug,
AZD1656, which is being developed as a potential therapeutic for people with
diabetes suffering from COVID-19. Due to there are very few new therapeutics in
development for COVID-19 and associated virally transmitted diseases (most
research is in combining existing treatments) this has the potential to be
highly attractive to big pharma and biotech buyers.
The company was suspended in September of this year due to failure to submit
the financial statements to the year-end 30 December 2020. The Board wish to
thank shareholders for their patience and understanding during this period.
Recapitalisation and restructuring exercises are not without complications and
the Board wish to reassure shareholders that adequate internal protocols and
reporting functions are in place to ensure the company operates efficiently
post this corporate restructure.
On behalf of the Board
Burns Singh Tennent-Bhohi
Non-Executive Director
INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2021
Igraine plc
6 mths to 6 mths to
30 June 30 June
2021 2020
£ GBP £ GBP
Revenue 0 0
Cost of Sales 0 0
Gross Profit/(Loss) 0 0
Other Operating Income 19,824 50,984
Administrative Expenses (152,785)
(88,167)
Loss before Investment Activities (132,962) (37,183)
Fair Value of Receivables through Profit and Loss 0 0
Revaluation of loan 0 0
Provision against Amounts Receivable 0 (18,690)
Interest Income 0 26,704
Interest Payable at 7.1% on Preference Shares 0 (163,450)
(Loss) before Amortisation of Preference Shares (132,962) (192,619)
Amortisation of Preference Shares 0 (278,980)
Profit/(Loss) before Taxation (132,962) (471,599)
Taxation Expense 0 0
Total Comprehensive Income attributable to Equity (132,962) (471,599)
Holders of the Company
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2021
Igraine plc
As at As at
30 June 30 June
2021 2020
£ GBP £ GBP
Assets
Non-current assets
Property, plant and equipment 1,048 685
Investments 615,113 154,014
616,161 154,699
Current assets
Trade and other receivables 1,450,284 220,741
Cash and cash equivalents 88,459 11,610
1,538,742 232,351
Total assets 387,050
2,154,903
Equity and liabilities
Equity
Issued share capital 587,166 71,008
Share Premium 166,268 0
Retained earnings (811,673) (4,441,482)
(58,240) (4,370,474)
Non current liabilities
Loans and borrowings 50,000 4,201,187
Current liabilities
Trade and other payables 2,163,143 556,337
Total liabilities 2,213,143 4,757,524
Total equity and liabilities 387,050
2,154,903
THE DIRECTORS OF THE COMPANY TAKE RESPONSIBILITY FOR THE CONTENTS OF THIS
ANNOUNCEMENT
Enquiries
Company:
Martin Walton (Executive Director)
Steve Winfield (Executive Director)
AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
Media inquiries:
Ramsay Smith, Media House International
ramsay@mediahouse.co.uk: +44 (0) 7788414856
END
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