TIDMRENE
RNS Number : 5135J
ReNeuron Group plc
29 June 2017
29 June 2017 AIM: RENE
ReNeuron Group plc
("ReNeuron" or "the Company")
Preliminary Results for the Year Ended 31 March 2017
ReNeuron Group plc (AIM: RENE), a UK-based global leader in the
development of cell-based therapeutics, is pleased to announce its
preliminary results for the year ended 31 March 2017.
Highlights in the period
-- CTX cell therapy candidate for motor disability as a result of stroke:
- Positive Phase II efficacy data in PISCES II clinical trial
- Phase I clinical trial data from PISCES I study published in The Lancet
- Pivotal Phase III clinical trial planned to commence in US in
early 2018, following positive feedback from the FDA
-- hRPC cell therapy candidate for retinal diseases:
- Phase I/II clinical trial in retinitis pigmentosa ongoing in
US with Phase I data expected later in 2017 and data from enlarged
Phase II stage expected in H2 2018
- Cryopreserved formulation of hRPC approved by FDA for use in clinical trials
- Phase II clinical trial application planned later in 2017 in cone-rod dystrophy
-- CTX cell therapy candidate for critical limb ischaemia:
- Phase I clinical trial completed with no significant adverse safety events reported
-- Exosome therapy platform:
- Positive pre-clinical data with ExoPr0 exosome therapy
candidate presented at leading scientific conferences
- Data indicate that ExoPr0 can cross blood-brain barrier and
has potential to target multiple diseases
- Initial clinical trial application expected in late 2018 in cancer
-- Loss for the period of GBP15.57 million (2016: loss of
GBP11.35 million); cash outflow from operations of GBP12.64 million
(2016: outflow of GBP11.92 million); cash, cash equivalents and
bank deposits at 31 March 2017 of GBP53.06 million (2016: GBP65.71
million)
Commenting on the results, Olav Hellebø, ReNeuron's CEO,
said:
"Our therapeutic development programmes have continued to
progress well during the period, the highlight being positive Phase
II data from the PISCES II clinical trial of our CTX cell therapy
candidate for stroke disability. We are encouraged by the
subsequent feedback we have received from the FDA regarding our
planned US pivotal Phase III clinical trial with CTX for stroke
disability. The unmet medical need in chronic stroke disability is
enormous and we are ever closer to being able to offer a potential
new therapeutic option to these patients.
"We have made significant advances with our hRPC cell therapy
candidate, both in terms of progressing the ongoing US Phase I/II
clinical trial in retinitis pigmentosa and obtaining FDA approval
for the cryopreserved formulation of this therapeutic candidate,
enabling us to expand our ophthalmology programmes into new
indications. We have also generated and presented further
encouraging pre-clinical data with our ExoPr0 exosome therapy
candidate targeting cancer.
"With our stroke programme moving into Phase III clinical
development over the coming months and our retinal disease
programmes moving into Phase II clinical development later this
year, we expect to achieve significant clinical milestones during
each of the next three years."
Analyst meeting and webcast
A meeting for analysts will be held at 9.00am today at the
offices of Buchanan, 107 Cheapside, London, EC2V 6DN.
For a webcast of the analyst presentation, please log on to the
following web address about 10 minutes before 9.00am:
http://vm.buchanan.uk.com/2017/reneuron290617/registration.htm
For further details please contact Buchanan on 020 7466
5000.
A recording of the presentation will be made available on
ReNeuron's website, www.reneuron.com.
Enquiries:
+44 (0)20 3819
ReNeuron 8400
Olav Hellebø , Chief Executive
Officer
Michael Hunt, Chief Financial
Officer
+44 (0) 20 7466
Buchanan 5000
Mark Court, Sophie Cowles, Stephanie
Watson
Stifel Nicolaus Europe Limited +44 (0) 20 7710
(Nomad and Broker) 7600
Jonathan Senior, Stewart Wallace,
Ben Maddison (NOMAD and Broker)
About ReNeuron
ReNeuron is a leading, clinical-stage cell therapy development
company. Based in the UK, its primary objective is the development
of novel cell-based therapies targeting areas of significant unmet
or poorly met medical need.
ReNeuron has used its unique stem cell technologies to develop
cell-based therapies for significant disease conditions where the
cells can be readily administered "off-the-shelf" to any eligible
patient without the need for additional immunosuppressive drug
treatments. The Company has therapeutic candidates in clinical
development for disability as a result of stroke, for critical limb
ischaemia and for the blindness-causing disease, retinitis
pigmentosa.
ReNeuron is also advancing its proprietary exosome technology
platform as a potential new nanomedicine targeting cancer and as a
potential delivery system for drugs that would otherwise lack
adequate capacity to penetrate to their site of action.
ReNeuron's shares are traded on the London AIM market under the
symbol RENE.L. Further information on ReNeuron and its products can
be found at www.reneuron.com.
This announcement contains forward-looking statements with
respect to the financial condition, results of operations and
business achievements/performance of ReNeuron and certain of the
plans and objectives of management of ReNeuron with respect
thereto. These statements may generally, but not always, be
identified by the use of words such as "should", "expects",
"estimates", "believes" or similar expressions. This announcement
also contains forward-looking statements attributed to certain
third parties relating to their estimates regarding the growth of
markets and demand for products. By their nature, forward-looking
statements involve risk and uncertainty because they reflect
ReNeuron's current expectations and assumptions as to future events
and circumstances that may not prove accurate. A number of factors
could cause ReNeuron's actual financial condition, results of
operations and business achievements/performance to differ
materially from the estimates made or implied in such
forward-looking statements and, accordingly, reliance should not be
placed on such statements.
Chairman's and Chief Executive Officer's Joint Statement
Review of programmes
CTX for stroke disability
During the period, we completed dosing and announced positive
data in the Phase II clinical trial (PISCES II) of our CTX cell
therapy candidate for stroke disability. PISCES II is a single arm,
open-label study in patients living with disability resulting from
ischaemic stroke. At the time of announcement of the initial data,
all 21 patients in the study had completed three-month follow-up,
with ten patients followed for six months and three for twelve
months.
The study's primary endpoint was for two patients to reach a
minimum two-point improvement in the grasping and lifting test,
sub-test number 2, of the Action Research Arm Test (ARAT), at three
months post-treatment. Three of the 21 patients achieved this at
three, six or twelve months respectively after treatment and were
within a group of four responders who also showed clinically
relevant improvements on the total ARAT score of arm motor
performance. Although the ARAT sub-test number 2 study endpoint was
not met (as some responses came later than the three-month target),
we believe the result is nonetheless highly encouraging.
Strongly positive results were also seen in the other endpoints
of the study, with seven patients (33%) showing a clinically
relevant improvement on the Modified Rankin Scale (a measure of
disability and dependence) and eight patients (38%) showing a
clinically relevant improvement on the Barthel Index (a measure of
performance in activities of daily living). In total, 15 out of 21
patients had a clinically significant response on at least one
efficacy measure. Improvements in the ARAT scores, Modified Rankin
Scale and Barthel Index were all sustained throughout the follow up
period.
The study also demonstrated that the CTX treatment was well
tolerated, with no cell-related adverse events. Longer term safety
and efficacy data from the study will be presented at forthcoming
stroke and rehabilitation medical conferences. The PISCES II study
was part-funded by a regenerative medicine and cell therapy
development grant from Innovate UK.
The above PISCES II data was generated after the publication of
long term follow up data from our PISCES I stroke clinical trial in
The Lancet. The PISCES I study was the first clinical trial of our
CTX cell therapy candidate for stroke disability. The Lancet paper
describes two-year follow up clinical data relating to the eleven
stroke patients treated in the study. Improvements in neurological
status and limb function compared with pre-treatment baseline
performance were observed in this study within three months of
treatment and maintained throughout long term follow up. The CTX
treatment was also well-tolerated by the patients in the PISCES I
study, with no cell-related or immunological adverse events
reported across the four ascending dose levels.
As a result of the positive data reported from both the PISCES I
and PISCES II studies, we have consulted the FDA regarding our
plans to conduct a randomised, placebo-controlled, pivotal Phase
III clinical trial with CTX in the US, in patients with disability
post-stroke. As we reported recently, the FDA has responded
positively to our proposals regarding the design and conduct of the
proposed Phase III clinical trial and, significantly, specifically
recommended that we apply for a Special Protocol Assessment (SPA)
for the Phase III study. The SPA process is exclusively reserved
for studies considered potentially pivotal in support of product
marketing label claims.
Based on the FDA's recommendation, we plan to apply for an SPA
for our proposed Phase III clinical trial with CTX for stroke
disability. As part of our US regulatory strategy, we also plan to
apply for Regenerative Medicine Advanced Therapy (RMAT) designation
for our CTX cell therapy candidate for stroke disability. The
benefits of RMAT designation are similar to those of Breakthrough
Therapy designation, including increased interactions with the FDA
during development and eligibility for priority review and
accelerated marketing approval.
We are now working to finalise the relevant data packages to
enable us to submit both the SPA and RMAT designation applications
within the broader IND application to commence a Phase III clinical
trial with CTX for stroke disability in the US. We expect to make
this combined submission in the final quarter of this year, with
the study now expected to commence in early 2018, subject to the
requisite regulatory approvals. Data from the study are expected
about two years later, in early 2020.
Separately, we have consulted with the European Medicines Agency
on our plans for the Phase III clinical trial and we have taken the
advice received into account when developing our protocol for the
study. In this regard, we intend to file a clinical trial
application to regulatory authorities in Europe, shortly after the
corresponding US submission. Meetings with the Japanese regulatory
agency (PDMA) are also ongoing in order to advance our CTX cell
therapy candidate for stroke disability in Japan under regulations
that offer the potential for conditional marketing approval for
cell therapies at an earlier stage of clinical development.
hRPC for retinitis pigmentosa
During the period under review, we completed dosing of the
second dose cohort of three patients in the Phase I element of the
Phase I/II clinical trial of our human Retinal Progenitor Cell
(hRPC) cell therapy candidate for the blindness-causing disease,
retinitis pigmentosa (RP). This US study, which is being conducted
at Massachusetts Eye and Ear Infirmary in Boston, is an open-label,
dose escalation study to evaluate the safety, tolerability and
preliminary efficacy of our hRPC stem cell therapy candidate in
fifteen patients with advanced RP.
During the period, we also successfully developed a
cryopreserved formulation of the hRPC therapeutic candidate. The
FDA has recently approved this formulation and we have now started
treating patients with it in the ongoing US Phase I/II study
clinical trial in RP patients. The ability to cryopreserve our
retinal cell therapy candidate at drug product level represents a
major step forward for our retinal disease programme and mirrors
the earlier breakthrough we achieved with the cryopreservation of
our CTX cell therapy candidate. The new proprietary formulation
enables the hRP cells to be frozen for shipping and storage and
easily thawed at the point of clinical use. This freeze-thaw
modality provides a greatly enhanced shelf life for the product,
lower prospective cost of goods and the capability to ship the
cells for clinical and commercial application anywhere in the
world.
The new hRPC cryopreserved formulation has also allowed an
expansion of ReNeuron's clinical programmes in ophthalmology.
Firstly, we will shortly file an application with the FDA to expand
the Phase II element of the ongoing US Phase I/II clinical trial in
RP from six to 20 patients. The expanded study is designed to
provide the depth and quality of data that, if positive, will allow
subsequent progression to a Phase II/III pivotal study in this
indication. In order to maintain the pace of patient recruitment
and reduce reliance on a single clinical site, we also intend to
open up further US clinical sites for this study. As a consequence
of these changes, we expect safety and tolerability data from the
Phase I part of the RP study in the first nine patients later this
year, with longer term safety data as well as efficacy read-outs
from the enlarged Phase II part of the study in the second half of
2018.
Secondly, we intend to expand our hRPC retinal disease
programmes into a further disease indication, cone-rod dystrophy
(CRD). In contrast to RP, where the initial impact is a loss of
rods leading to a deterioration in peripheral vision and night
vision, CRD is a group of rare eye disorders associated with a loss
of cone cells in the retina that initially results in deterioration
of central visual acuity and colour vision. CRD frequently affects
patients in childhood and has no cure. It is an inherited orphan
disease that affects roughly 1 in 40,000 people.
The expansion of our ophthalmology programmes into CRD is part
of a broader strategy to evaluate the efficacy of our hRPC
therapeutic candidate across a range of genetic diseases of the
eye. We intend to file an application to commence a Phase II
clinical trial later this year in patients with CRD, to be run
alongside the Phase II part of the ongoing RP clinical trial. Data
from the CRD study are expected in mid 2019.
CTX for critical limb ischaemia
In order to focus on the significant opportunity presented by
our stroke disability programme, our expanded retinal disease
programmes and our emerging exosome platform, we have decided to
put our programme for critical limb ischaemia on hold for the time
being. Patient dosing was recently completed in a Phase I safety
study in this indication, with no significant adverse safety events
reported post-administration of the CTX cells via intramuscular
injection.
Exosome nanomedicine platform
During the period, and subsequently, we have continued to
generate and present pre-clinical data relating to our exosome
development programme. Exosomes are nanoparticles secreted from all
cells including ReNeuron's proprietary CTX stem cell line. They
play a key role in cell-to-cell signalling and early research with
ExoPr0, our first CTX-derived exosome therapeutic candidate, has
demonstrated that it may have a significant effect in regulating
cell growth and apoptosis in cancer.
In conjunction with our academic collaborators at the Department
of Biochemical Engineering, University College London (UCL), we
have presented data relating to the upstream cell culture processes
needed to generate our exosomes and the downstream purification
methods that can be applied to remove protein and DNA-based
impurities from the exosomes at commercially relevant scale. These
new methods were shown to yield a three-fold increase in particle
protein purity and a more than five-fold increase in particle DNA
purity compared with previous purification processes.
In conjunction with UK's Cell and Gene Therapy Catapult, we have
also presented data relating to the characterisation of our
exosomes to ensure consistency and control during manufacture. The
data demonstrated a robust approach to optimising and qualifying
assays for micro-RNA components found in the exosomes. The
application of robust characterisation and purification methods to
our exosome populations will support their future development
across multiple potential disease indications.
Finally, we recently presented data relating to the in vivo
biodistribution of ExoPr0, using the most common and disease
applicable routes of administration to deliver the exosomes. The
studies showed that ExoPr0 can be targeted to specific organs and
tissues by either local or systemic administration and, most
importantly, can penetrate the blood-brain barrier. These findings,
together with earlier research results, suggest that there is
significant potential to develop ExoPr0 for the treatment of
multiple diseases, both as a novel therapeutic candidate and as a
drug delivery vehicle.
On the basis of the above progress and subject to continued
success with ongoing pre-clinical development work, we expect to be
able to reach the clinic with ExoPr0 in late 2018, targeting
cancer.
Other activities
Subsequent to the period end, we were awarded a GBP1.8 million
grant from Innovate UK to further advance our next generation
commercial cell therapy manufacturing capabilities. The grant will
fund key process development activities relating to up-scaled
commercial manufacture of our cell therapy candidates, including
the development of robust manufacturing processes utilising next
generation technology and techniques that will enable the
production of our therapeutic candidates at a commercial scale. The
work will be undertaken by ReNeuron, as lead participant, and our
collaborators on the grant, the Cell & Gene Therapy
Catapult.
We are also pleased to be an industry participant in the
recently launched Future Targeted Healthcare Manufacturing Hub. The
Hub, led by UCL and funded by the Engineering and Physical Sciences
Research Council, is an industry-academia consortium established to
address the manufacturing, business and regulatory challenges to
ensure that new targeted biological medicines can be developed
quickly and manufactured at a cost affordable to society.
Financial review
Revenues in the year amounted to GBP46k (2016: GBP29k), being
royalties from non-therapeutic licensing activities. Grant income
of GBP0.85 million (2016: GBP0.53 million) was also recognised in
other income.
Research and development costs increased to GBP16.65 million
(2016: GBP10.27 million) and accounted for 80% of net operating
expenses (2016: 72%). This increase is primarily due to the
increased level of clinical trial activity and associated cell
manufacturing and process development costs across the Group's
therapeutic programmes. Pre-clinical research costs also increased
in the period, reflecting the further progression of the Company's
exosome programme.
General and administrative expenses increased slightly to
GBP4.14 million (2016: GBP4.02 million).
Finance income, which represents income received from the
Group's cash and investments and gains from foreign exchange, was
GBP1.72 million in the period (2016: GBP0.88 million). The increase
in finance income reflects the increase in average cash and
investment balances compared with the equivalent prior period, as
well as a favourable movement in exchange rates during the period
on cash and investments held in foreign currency.
The total tax credit for the period was GBP2.59 million,
relating to an accrual for a research and development tax credit
for the period (2016: GBP1.49 million). The increase on the
previous year reflects the increase in applicable costs.
As a result of the above, the total comprehensive loss for the
year increased to GBP15.57 million (2016: GBP11.35 million).
Cash outflow from operating activities was GBP12.64 million
(2016: GBP11.92 million), largely reflecting the operating costs
incurred during the period. Capital expenditure was GBP0.53 million
(2016: GBP0.29 million). The Group had cash, cash equivalents and
bank deposits totalling GBP53.06 million at the year-end (2016:
GBP65.71 million).
Summary and outlook
Our therapeutic development programmes have continued to
progress well during the period, the highlight being positive Phase
II data from the PISCES II clinical trial of our CTX cell therapy
candidate for stroke disability. We are encouraged by the
subsequent feedback we have received from the FDA regarding our
planned US pivotal Phase III clinical trial with CTX for stroke
disability. The unmet medical need in chronic stroke disability is
enormous and we are ever closer to being able to offer a potential
new therapeutic option to these patients.
We have made significant advances with our hRPC cell therapy
candidate, both in terms of progressing the ongoing US Phase I/II
clinical trial in retinitis pigmentosa and obtaining FDA approval
for the cryopreserved formulation of this therapeutic candidate,
enabling us to expand our ophthalmology programmes into new
indications. We have also generated and presented further
encouraging pre-clinical data with our ExoPr0 exosome therapy
candidate targeting cancer.
With our stroke programme moving into Phase III clinical
development over the coming months and our retinal disease
programmes moving into Phase II clinical development later this
year, we expect to achieve significant clinical milestones during
each of the next three years.
John Berriman Olav Hellebø
Chairman Chief Executive Officer
29 June 2017
Group Statement of Comprehensive Income for the year ended 31
March
2017 2016
GBP'000 GBP'000
------------------------------------- --- ---------- ----------
Revenue: royalty income 46 29
Other income: grants 854 534
Research and development costs (16,648) (10,272)
General and administrative costs (4,139) (4,015)
------------------------------------------ ---------- ----------
Operating loss (19,887) (13,724)
Finance income 1,722 878
------------------------------------------ ---------- ----------
Loss before income tax (18,165) (12,846)
Income tax credit 2,592 1,492
------------------------------------------ ---------- ----------
Loss and total comprehensive loss
for the year (15,573) (11,354)
------------------------------------------ ---------- ----------
Loss and total comprehensive loss
attributable to equity owners of
the Company 2
(15,573) (11,354)
----------------------------------------- ---------- ----------
Basic and diluted loss per ordinary
share (0.5p) (0.4p)
------------------------------------------ ---------- ----------
Group Statement of Financial Position as at 31 March
2017 2016
GBP'000 GBP'000
-------------------------------- --------- ---------
Assets
Non-current assets
Property, plant and equipment 724 361
Intangible assets - 1,591
Investments - bank deposit - 5,000
Trade and other receivables - 11
--------------------------------- --------- ---------
724 6,963
-------------------------------- --------- ---------
Current assets
Trade and other receivables 1,060 1,421
Income tax receivable 4,015 2,764
Investments - bank deposit 24,936 43,283
Cash and cash equivalents 28,125 17,426
--------------------------------- --------- ---------
58,136 64,894
-------------------------------- --------- ---------
Total assets 58,860 71,857
--------------------------------- --------- ---------
Equity
Equity attributable to owners
of the Company
Share capital 31,646 31,646
Share premium account 97,704 97,704
Capital redemption reserve 8,964 8,964
Merger reserve 2,223 2,223
Accumulated losses (87,380) (72,879)
--------------------------------- --------- ---------
Total equity 53,157 67,658
--------------------------------- --------- ---------
Liabilities
Non-current liabilities
Financial liabilities: finance 1 -
leases
-------------------------------- --------- ---------
1 -
-------------------------------- --------- ---------
Current liabilities
Trade and other payables 5,701 3,700
Provisions - 498
Financial liabilities: finance
leases 1 1
--------------------------------- --------- ---------
5,702 4,199
-------------------------------- --------- ---------
Total liabilities 5,703 4,199
--------------------------------- --------- ---------
Total equity and liabilities 58,860 71,857
--------------------------------- --------- ---------
Group Statement of Changes in Equity
Share Capital
Share Premium redemption Merger Accumulated Total
capital Account reserve reserve losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2015 17,888 46,267 8,964 2,223 (62,206) 13,136
Issue of Ordinary
shares 13,758 54,696 - - - 68,454
Costs of share issue - (3,259) - - - (3,259)
Credit on share-based
payment - - - - 681 681
Loss for the year
and total comprehensive
loss - - - - (11,354) (11,354)
As at 31 March 2016 31,646 97,704 8,964 2,223 (72,879) 67,658
Credit on share-based
payment - - - - 1,072 1,072
Loss for the year
and total comprehensive
loss - - - - (15,573) (15,573)
As at 31 March 2017 31,646 97,704 8,964 2,223 (87,380) 53,157
-------------------------- -------- -------- ----------- -------- ------------ ---------
Group Statement of Cash Flows for
the year ended 31 March
2017 2016
GBP'000 GBP'000
Cash used in operations (13,976) (11,920)
Income tax credit received 1,340 -
Cash used in operating activities (12,636) (11,920)
Cash flows from investing activities
Capital expenditure - Fixed Assets (532) (293)
Interest received 520 345
Net cash (used)/generated in investing
activities (12) 52
Cash flows from financing activities
Finance lease principal payments
Proceeds from issuance of Ordinary
shares - 68,454
Costs of share issue - (3,259)
Bank deposit matured/(placed) 23,347 (48,283)
Net cash generated from financing
activities 23,347 16,912
----------------------------------------- --------- ---------
Net increase in cash and cash
equivalents 10,699 5,044
Cash and cash equivalents at the
start of year 17,426 12,382
Cash and cash equivalents at the
end of year 28,125 17,426
----------------------------------------- --------- ---------
Notes to the financial information for the year ended 31 March
2017
1. General information
ReNeuron Group plc ("the Company") and its subsidiaries
(together "the Group") are engaged in the research and development
of therapies using stem cells. The Company is a public limited
company incorporated and domiciled in England with registered
number 05474163. Its shares are listed on the Alternative
Investment Market (AIM) of the London Stock Exchange.
2. Basis of preparation
The unaudited financial information included in this preliminary
results announcement for the year ended 31 March 2017 and audited
financial information for the year ended 31 March 2016 does not
comprise statutory accounts within the meaning of section 434 of
the Companies Act 2006. The information has been extracted from the
draft statutory financial statements for the year ended 31 March
2017 which will be delivered to the Registrar of Companies in due
course. Statutory financial statements for the year ended 31 March
2016 were approved by the Board of directors on 22 July 2016 and
have been delivered to the Registrar of Companies. The report of
the auditors on these financial statements was unqualified and did
not include an emphasis of matter paragraph.
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the European Union, the interpretations of International Financial
Reporting Interpretations Committee (IFRIC) and the Companies Act
2006 applicable to companies reporting under IFRS.
Whilst the financial information included in this preliminary
announcement has been prepared in accordance with International
Financial Reporting Standards (IFRS), this announcement does not
contain sufficient information to comply with IFRS. The accounting
policies used in the preparation of these unaudited financial
statements are consistent with those used in the preparation of the
audited financial statements for the year ended 31 March 2016.
3. Going concern
The Group is expected to incur significant further costs as it
continues to develop its therapies and technologies through
clinical development and as it establishes a cell manufacturing
facility in South Wales.
In August 2015, the Company raised GBP68.4 million, before
expenses, by means of a Placing to shareholders. The directors
expect that the Group's current financial resources will be
sufficient to support operations for at least the next 12 months.
Consequently, the going concern basis has been adopted in the
preparation of these financial statements.
4. Research and development costs
All research and development costs incurred in the year have
been charged directly to the Group Statement of Comprehensive
Income.
5. Basic and diluted loss per ordinary share
The basic and diluted loss per share is calculated by dividing
the loss for the financial year of GBP15,573,000 (2016:
GBP11,354,000) by 3,164,618,541 shares (2016: 2,609,315,899
shares), being the weighted average number of 1p Ordinary shares in
issue during the year.
Potential Ordinary shares are not treated as dilutive as the
entity is loss making.
6. Cash used in operating activities for the year ended 31 March
2017 2016
GBP'000 GBP'000
Loss before income tax (18,165) (12,846)
Adjustment for:
Interest received (520) (345)
Depreciation of property, plant
and equipment 170 92
Impairment of intangible assets 1,591 -
Provisions movement (498) (107)
Share-based payment charges 1,072 681
Changes in working capital:
Receivables 372 (751)
Payables 2,002 1,356
Cash used in operating activities (13,976) (11,920)
----------------------------------------- --------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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