TIDMPYC
RNS Number : 4688A
Physiomics PLC
24 March 2017
Physiomics Plc
("Physiomics" or "the Company")
Interim Results Statement
for the six month period ended 31 December 2016
Oxford, UK, 24 March 2017: The Board of Physiomics Plc (AIM:
PYC), a UK-based systems biology company, today announces its
financial results for the six months ended 31 December 2016.
Physiomics Plc is a computational systems biology services company
whose core technology, Virtual Tumour, predicts the effects of
combination chemotherapy in pre-clinical and clinical settings and
helps its clients to develop better drugs, faster and more
cost-effectively.
Summary financial results
-- Revenue GBP173,867 (2015 H1: GBP175,810)
-- Operating loss before exceptional costs* GBP222,147 (2015 H1 restated**: GBP169,877)
-- Operating loss GBP263,509 (2015 H1 restated**: GBP169,877)
-- Cash and cash equivalents as at 31 December 2016 GBP321,873 (31 December 2015: GBP178,511)
-- Shareholders' funds GBP495,452 as at 31 December 2016 (31 December 2015: GBP423,317)
* Exceptional costs of GBP41,362 relate to termination of the
Biomoti acquisition
**2015 H1 is restated to include share based compensation- see
note 3
Operational highlights
Key events in the period include:
-- Appointed Hybridan LLP as our exclusive broker
-- Completed a placing to raise GBP555,000 (GBP515,000 net of
costs) as announced on 21(st) September 2016 whose proceeds are to
support business development activities
-- Received a milestone payment from Cambridge, UK based biotech
Sareum Ltd for modelling work carried out in 2010 on a program
recently licensed to US company ProNAi Therapeutics (since renamed
Sierra Oncology)
-- The continuation of the Company's Virtual Tumour Clinical
project with key client Merck Serono
Subsequent to the period:
-- Attendance at the premier biotech partnering event Biotech
Showcase, held in San Francisco at the same time as the JP Morgan
Healthcare Conference
-- Award of a grant by Innovate UK worth around GBP132k over 12
months for a project to develop a pilot decision support tool to
help clinicians identify the optimal treatment regime for
individual cancer patients
Chairman and CEO's statement
Introduction
Following the transition to a new CEO and successful placing in
September 2016, the Company is now fully focused on expanding its
pipeline of customers and moving its existing customers up the
value chain from pre-clinical to the more valuable clinical
projects.
As anticipated in our company update on 11(th) January 2017,
first half performance is in line with the comparable prior period.
Revenue was similar to the comparable prior period and our
operating loss before exceptional costs widened from GBP169,877 to
GBP222,147. A significant element of the increase is attributable
to additional business development related activities which the
Company hopes to see bear fruit in the second half of its financial
year.
Business development strategy
Our first large scale commercial Virtual Tumour Clinical project
with key client Merck Serono is ongoing and it remains a key
objective of the Company to become as deeply embedded as possible
in its larger clients' R&D structures where Physiomics can
bring complementary modelling and prediction skills to the already
existing in-house teams.
The Company has devoted considerable time and resource to
up-selling with existing clients and to re-engaging with some of
the many large clients we've had in the past with the specific
objective of signing at least one more VT Clinical project this
calendar year. However, it should be noted that the decision
process in multi-national companies can be protracted. The Company
believes that this would then give it a solid platform to expand
more generally with mid-sized as well as new larger clients.
In parallel to our commercial collaborations, Physiomics was
pleased to be awarded, in the face of strong competition, a highly
competitive Innovate UK grant to develop a pilot decision support
tool for use in front-line clinical settings. This is precisely in
line with the Company's stated strategy of developing an offering
in personalised medicine and could lead to a commercial offering in
future years. The Company is collaborating on this grant project
with Prof Mark Middleton, Lead Cancer Clinician at Oxford
Foundation Hospital NHS Trust.
Outlook
The Directors believe that revenues for the second half of the
Company's financial year will be at least in line with the
comparable period in the previous year contingent on a contract
currently under discussion being finalised during this financial
year.
For further information please contact:
Physiomics plc
Dr Jim Millen, CEO
+44 (0)1865 784 980
WH Ireland Limited (nomad)
Katy Mitchell
+44 (0) 161 832 2174
Hybridan LLP (broker)
Claire Louise Noyce
+44 (0) 203 764 2341
Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31 December 2016
Restated
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-16 31-Dec-15 30-Jun-16
GBP'000 GBP'000 GBP'000
Revenue 174 176 297
Operating expenses before exceptional costs (396) (346) (706)
Operating exceptional costs (41) - (23)
------------- ------------- -------------
Operating loss (263) (170) (432)
Presented as:
Operating loss before exceptional costs (222) (170) (372)
Operating exceptional costs (41) - (23)
------------- ------------- -------------
Operating loss (263) (170) (432)
Loss before taxation (263) (170) (432)
UK corporation tax 30 25 53
Loss for the period attributable to equity shareholders (233) (145) (379)
------------- ------------- -------------
Loss per share (pence)
Basic and diluted - restated (0.50) p (0.57) p (1.3) p
Restatement of unaudited income statement for half year ended 31
December 2015 is explained in note 3.
Restatement of loss per share for the prior periods is explained
in note 4.
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2016
Restated
Unaudited Unaudited Audited
As at As at As at
31-Dec-16 31-Dec-15 30-Jun-16
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets - 5 2
Property, plant and equipment 7 3 2
7 8 4
Current assets
Trade and other receivables 248 370 160
Cash and cash equivalents 322 179 139
570 549 299
Total assets 577 557 303
---------- ------------- -------------
Current liabilities
Trade and other payables (82) (133) (99)
---------- ------------- -------------
Total liabilities (82) (133) (99)
---------- ------------- -------------
Net assets 495 424 (204)
---------- ------------- -------------
Capital and reserves
Share capital 1,121 1,033 1,033
Capital reserves 4,912 4,462 4,476
Profit & loss account (5,538) (5,071) (5,305)
Equity shareholders' funds 495 424 (204)
---------- ------------- -------------
Restatement of unaudited statement of financial position as at
31 December 2015 is explained in note 3.
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December 2016
Restated Restated
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2015 993 4,147 112 (4,926) 326
Share issue (net of costs) 40 180 - - 220
Loss for the period - restated - - - (145) (145)
Share-based compensation - restated - - 23 - 23
At 31 December 2015 - restated 1,033 4,327 135 (5,071) 424
Loss for the period - - - (234) (234)
Share-based compensation - - 14 - 14
At 30 June 2016 1,033 4,327 149 (5,305) 204
Share issue (net of costs) 88 426 - - 514
Loss for the period - - - (233) (233)
Share-based compensation - - 10 - 10
At 31 December 2016 1,121 4,753 159 (5,538) 495
Restatement of unaudited statement of changes in equity for the
half year ended 31 December 2015 is explained in note 3.
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2016
Restated
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-16 31-Dec-15 30-Jun-16
GBP'000 GBP'000 GBP'000
Cash flows from operating activities:
Operating loss - restated (263) (170) (432)
Amortisation and depreciation 3 3 7
Share-based compensation - restated 10 23 37
(Increase) decrease in receivables (58) (242) (60)
Increase / (decrease) in payables (17) 80 46
Cash generated from operations (325) (306) (402)
UK corporation tax received - - 55
Net cash generated from operating activities (325) (306) (347)
Cash flows from investing activities:
Sale of non-current assets - - 1
Purchase of non-current assets, net of grants received (7) (2) (2)
Net cash used by investing activities (7) (2) (1)
------------- ------------- -----------
Cash outflow before financing (332) (308) (348)
Cash flows from financing activities:
Issue of ordinary share capital (net of costs) 515 220 220
Net cash from financing activities 515 220 220
------------- ------------- -----------
Net (decrease) / increase in cash and cash equivalents 183 (88) (128)
Cash and cash equivalents at beginning of period 139 267 267
Cash and cash equivalents at end of period 322 179 139
------------- ------------- -----------
Restatement of unaudited cash flow statement for the half year
ended 31 December 2015 is explained in note 3.
Physiomics Plc
Notes to the Interim Financial Statements
1. General information
Physiomics Plc is a public limited company ("the Company")
incorporated in England & Wales (registration number 4225086).
The Company is domiciled in the United Kingdom and its registered
address is The Magdalen Centre, Robert Robinson Avenue, The Oxford
Science Park, Oxford, OX4 4GA. The Company's ordinary shares are
traded on the AIM Market of the London Stock Exchange ("AIM").
Copies of the interim report are available from the Company's
website, www.physiomics-plc.com. Further copies of the Interim
Report and Annual Report and Accounts may be obtained from the
address above.
The Company's principal activity is the provision of services to
pharmaceutical companies in the area of outsourced systems and
computational biology.
2. Basis of preparation
The interim financial statements of the Company for the six
months ended 31 December 2016, which are unaudited, have been
prepared in accordance with the accounting policies set out in the
annual report and accounts for the year ended 30 June 2016, which
were prepared under International Financial Reporting Standards
("IFRS").
The financial information contained in the interim report does
not constitute statutory accounts as defined in Section 435 of the
Companies Act 2006. The financial information for the full
preceding year is based on the statutory accounts for the year
ended 30 June 2016. Those accounts, upon which the auditors,
Shipleys LLP, issued an unqualified audit opinion, have been
delivered to the Registrar of Companies.
As permitted, this interim report has been prepared in
accordance with the AIM Rules for Companies and not in accordance
with IAS 34 "Interim Financial Reporting" therefore it is not fully
compliant with IFRS.
The interim financial statements are presented in sterling and
all values are rounded to the nearest thousand pounds (GBP'000)
except when otherwise indicated.
3. Restatement of interim financial statements for the six months ended 31 December 2015
The interim financial statements for the six months ended 31
December 2015 were previously reported without the inclusion of a
share-based compensation charge. They have been restated here to
include a share-based compensation charge of GBP22,517. This
additional cost appears in the restated income statement for the
six months ended 31 December 2015 and corresponding loss per share
for that period (see also note 4), as an adjustment to the capital
reserves and profit and loss account within the unaudited statement
of financial position at 31 December 2015, as a movement in the
unaudited statement of changes in equity for the half year ended 31
December 2015 resulting in an increase in the share-based
compensation reserve and a corresponding decrease in retained
earnings, and in the unaudited cash flow statement for the half
year ended 31 December 2015 within the adjustments to operating
loss to derive the cash generated from operations. The charge does
not reduce cash or net assets previously reported as at 31 December
2015.
4. Restated loss per share
The loss per share for the half year ended 31 December 2015 and
year ended 30 June 2016 has been restated to reflect the share
consolidation in December 2016 at a ratio of 100:1 and in both
cases the restatement is unaudited. In addition, the loss per share
for the half year ended 31 December 2015 has increased reflecting
the share based payment compensation charge restatement explained
in note 3.
The calculation of the restated basic loss per share is based on
the loss attributable to ordinary shareholders and the weighted
average number of ordinary shares in issue during the period.
The loss attributable to equity holders (holders of ordinary
shares) of the Company for the purpose of calculating the restated
fully diluted loss per share is identical to that used for
calculating the loss per share. The exercise of share options would
have the effect of reducing the loss per share and is therefore
anti-dilutive under the terms of IAS 33 'Earnings per Share'.
Reconciliation of the loss and weighted average number of
ordinary shares used in the calculation are set out below:
Restated Restated
Unaudited Unaudited Unaudited
Half year to Half year to Year ended
31-Dec-16 31-Dec-15 30-Jun-16
Basic and diluted loss per share
Reported loss for the period (GBP'000) (233) (145) (379)
Reported loss per share (pence) (0.50) (0.57) (1.3)
Restated Restated
Unaudited Unaudited Unaudited
Half year to Half year to Year ended
31-Dec-16 31-Dec-15 30-Jun-16
No Millions No Millions No Millions
Weighted average number of ordinary shares
Shares in issue at start of period 3,482 2,482 2,482
Effect of shares issued in the period 1,230 76 532
Weighted average number of ordinary shares before share
consolidation adjustment 4,712 2,558 3,014
------------- ------------- ------------
Weighted average number of ordinary shares adjusted for 100:1 share
consolidation 47.12 25.58 30.14
------------- ------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAEDLASNXEFF
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