TIDMTRX
RNS Number : 7045M
Tissue Regenix Group PLC
11 May 2015
Tissue Regenix Group plc
Preliminary results for the year ended 31 January 2015
Successful launch of DermaPure(R)
EU approval for start of OrthoPure(TM) XM clinical trial
Continued strong cash position
YORK, 11th May 2015 - Tissue Regenix Group plc (AIM:TRX)
("Tissue Regenix" or "the Group"), the regenerative medical devices
company, today announces its unaudited preliminary results for the
year ended 31 January 2015.
Operational Highlights
During the year, the Group:
-- Launched DermaPure(R) (decellularised human dermis) in June
into the US acute care chronic wound market.
o Outstanding clinical results from DermaPure(R) from initial US
clinical use
o Secured 'Q' code as a preliminary to obtaining Medicare
reimbursement for non-acute care
o Deployed direct salesforce to work alongside distributor
network
o Peer-reviewed paper published showing superior healing
compared to competition in acute (surgical) wounds
o Clinical trials for DermaPure(R) in other geographies continue
to be encouraging
-- Gained approval to start OrthoPure(TM) XM (porcine meniscus) clinical trial in the EU
-- Secured grant of several important patents including meniscus in the US
-- Board and Company structure reflects growing commercial focus
Financial Highlights
-- Strong cash position with a balance of GBP10.3m at the year-end (2014: GBP18.5m)
-- Operating loss for the year of GBP8.4m as expected (2014:
GBP6.6m) reflecting the ramp up of infrastructure to support US
commercial activities and progression of product development
-- Ongoing submission of enhanced research and development tax
claims - expected refund for the year of GBP620k (2014:
GBP710k)
-- GBP19.0m, net of expenses, raised post year-end via share placing
Antony Odell, Tissue Regenix's Chief Executive Officer,
commented:
"The year ended 31 January 2015 was a year of real progress for
Tissue Regenix. We are delighted, not only with the continued drive
towards the commercialisation of DermaPure(R), but also the highly
encouraging early-stage results from our portfolio of other
products.
These developments validate our strong belief that our dCELL(R)
technology has the capacity and capability to address significant
markets and improve the treatment and recovery of millions of
patients per year.
We have continued this strong momentum into the new financial
year, with approval from Novitas for usage and reimbursement of
DermaPure(R) for Medicare patients in the post-acute and outpatient
setting being a significant development in the US. Similarly the
commencement of the UK arm of the EU clinical trial for
OrthoPure(TM) XTrepresents an important step in bringing our tendon
and meniscus products to market.
I look forward to the coming year with real confidence.
DermaPure(R) looks set to repay the considerable financial &
intellectual capital investment that has been made in its
development, and current progress give us confidence that our
pipeline of other products will progress successfully through
clinical trials."
Enquiries
Tissue Regenix Group
plc +44 (0)1904 435 176
Antony Odell, Chief
Executive Officer
Ian Jefferson, Chief
Financial Officer
Jefferies International
Ltd. +44 (0)20 7029 8000
Simon Hardy
Harry Nicholas
Tulchan Communications +44 (0)20 7353 4200
Tom Buchanan
Victoria Huxster
Matt Low
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. The company's patented decellularisation
('dCELL(R)') technology removes DNA and other cellular material
from animal and human tissue leaving an acellular tissue scaffold
which is not rejected by the patient's body and can then be used to
repair diseased or worn out body parts. The potential applications
of this process are diverse and address many diverse critical
clinical needs of which vascular disease, heart valve replacement
and knee repair are only the first.
Tissue Regenix was formed in 2006 when it was spun-out from the
University of Leeds. The company commercialises academic research
conducted by our partners around the World.
In November 2012 Tissue Regenix Group plc set up a subsidiary
company in the United States- 'Tissue Regenix Wound Care Inc.', as
part of its commercialisation strategy for its dCELL(R) technology
platform.
Chairman's Statement
Overview
FY15 was an important year for Tissue Regenix, during which the
Group launched its first product, DermaPure(R), into the US market,
backed by strong results from the UK clinical trial and supported
by an experienced team of dedicated sales & marketing personnel
across the US.
Further products using our proprietary dCELL(R) technology are
in advanced stages of development and are proceeding
through/towards human clinical trials. Our strategy to
commercialise our patented technology by finding multiple clinical
applications for them is on track, and we expect early revenues in
calendar 2016.
In short, FY15 has taken us a step closer to reaching our
ambition to become a world leader in regenerative medicine, with a
range of products addressing existing markets that are already of
very significant scale and which are growing.
More details of our product pipeline, and the markets they
address, are included in the Chief Executive's review below.
dCELL(R) Technology
At the heart of Tissue Regenix lies our patented dCELL(R)
process which removes all DNA and cellular material from animal or
human tissue which is similar or identical to the treatment needed.
Once the dCELL(R) process is completed, we are left with a tissue
'scaffold' which can be used in a variety of ways to repair damage
- sustained through injury or degeneration - to various parts of
the human body. The scaffold we produce allows the patient's body
to heal successfully by attracting the patient's own stem cells to
populate it since it's almost identical to the tissue to be
replaced. Because of the dCELL(R) process the elements of the
source that could cause rejection have been removed before the
tissue is applied. Our products can be stored at room temperature,
have good shelf lives and are developed so the clinician can use
existing methods to apply to their patients.
Board of Directors
Although the composition of the Board of Directors has not
changed during the year, the focus of those on the Board has
shifted from Research and Development towards implementing a
successful commercialisation strategy. Our primary focus is on
DermaPure(R) which is now being aggressively marketed across the
US. A similar strategy for marketing our OrthoPure(TM) products in
Europe, once CE marks have been granted, is also in development
under the stewardship of the Board.
In February we announced the resignation from the Board of Dr
Alison Fielding. I would like to put on record my thanks to Alison
for her contribution to the development of Tissue Regenix over the
past decade, including her two years on the Board. She leaves the
Company with our very best wishes. We are currently actively
seeking a replacement.
Outlook
Since the year end, the company raised net proceeds of GBP19
million in February 2015 from existing and new investors via a
share placing, which represents a significant endorsement of our
products and strategy by our shareholders.
It is intended that the new money we have raised will be used to
allow the development and launch of our human meniscus and ligament
products in the US, the further expansion of our salesforce for
DermaPure(R) in the US and the continued development and
commercialisation of the Group's porcine-derived products in
Europe.
We expect FY16 to be another exciting year for Tissue Regenix in
which the ground work from our commercialisation strategy for
DermaPure(R) begins to be reflected in sales from a diverse range
of customers. In particular, DermaPure(R) will benefit from our
investment in an expanded direct salesforce to work alongside third
party distributors, and we are anticipating seeing customer
relationships convert into orders in the near future.
Our drive to commercialise OrthoPure(TM) based products will
continue. We anticipate applying for a CE mark for OrthoPure(TM) XM
in H1 calendar 2016 to allow the launch in the EU later that
year.
Similarly, the EU trial for our ligament product will commence
shortly with a plan to recruit 40 patients in the UK, Spain and
Germany. The application for a CE mark, which will allow us to
market this product across Europe, will take place soon after the
patients have been recruited. Under this timetable, our plan is to
roll out both the Porcine Meniscus and Ligament products following
approval.
Tissue Regenix benefits from having a range of therapeutic uses
for its core technology. With encouraging initial responses from
customers to our first commercial wound care product and further
strong clinical data coming through for our decellularised human
heart valves in Cardiac, we look forward to the future with
confidence.
John Samuel
Chairman
11 May 2015
Chief Executive's Review
Overview
During the year to 31(st) January 2015 Tissue Regenix made
significant strides in bringing a number of products towards
commercialisation. We are deliberately phasing the trial and
commercial launch of these products in order to ensure that we can
give enough management focus and investment to ensure that they
address their markets successfully.
Financial Review
We ended the financial year in a strong position, with cash
balances of GBP10.3m (2014: GBP18.5m). Post year-end a further cash
injection of GBP19.0m (net of expenses) was received via the
placing of new shares completed during February 2015. Our cash
balances give us sufficient headroom to drive the commercialisation
of our first product, DermaPure(R), in the US, while investing in
additional products across a range of clinical applications in the
US and Europe. As expected we made a loss after tax of GBP7.6m
(2014: GBP5.6m) for the year as we continued to invest heavily in
development as well as into building the necessary infrastructure
to market our products in the US. We continue to anticipate losses
in the coming year as we invest more in our future.
The Group continues to manage its cash resources to maximise
interest income whilst at the same time minimising any risk to
these funds. A balance of working capital and short to medium term
deposits are maintained.
The Group continues to submit enhanced research and development
tax claims and elects to exchange tax losses for a cash refund. The
refund expected for the year to 31 January 2015 is GBP620k (2014:
GBP710k).
DermaPure(R)
Sales Pipeline Progress
As anticipated, we launched our first product of scale -
DermaPure(R) - at the end of June 2014. Although we expect a 6-18
month sales cycle to achieve the hospital approval that will allow
DermaPure(R) into clinical supply chains, initial responses from
hospital groups, driven by the direct sales force in the US, have
been encouraging.
Code + Coverage = Reimbursement
We have also made significant headway with regulatory approvals
and clinical trials for DermaPure(R), which have allowed us to
commercialise it further. We successfully secured a 'Q' code which
is a step that allows us the potential to offer DermaPure(R) to
non-acute wound patients in the US - a far larger pool of potential
beneficiaries than we are addressing currently. The 'Q' code allows
us to apply for coverage for DermaPure(R) for Medicare. This is the
final piece needed for reimbursement, especially in outpatient
facilities, unlocking the largest potential group of US patients
who would be unable to access our products without it.
Excellent US Clinical Outcomes
Clinical results for DermaPure(R) continue to be extremely
encouraging, with very strong clinical results from our KOL's (Key
Opinion Leaders) and a number of individual case studies. We
presented initial data from a clinical trial conducted with the
University Hospital of South Manchester NHS Foundation Trust at the
Symposium on Advanced Wound Care in Las Vegas. This demonstrated
improved healing over control patients in a new application for
acute wounds, which showed DermaPure(R) outperforming the current
market leading approaches. We initiated a US randomised clinical
trial at the end of the year with a focus on patients with diabetic
foot ulcers which we expect, once completed, to give further
evidence of the clinical strength of our product.
Other Products
At a time when the commercialisation of DermaPure(R) has started
to achieve traction, we have continued to develop other therapeutic
applications of our core dCELL(R) technology.
Our OrthoPure(TM) category, which applies the technology into
orthopaedic applications, is in advanced development. OrthoPure(TM)
XM, our porcine meniscus product, which will be used to repair
damage from 'tears' in the meniscus knee cartilage as a result of
acute injury or degeneration, has seen further progress towards our
goal of commercialisation.
The patent portfolio also strengthened over the period with
notices of allowance for the meniscus patent being received from
the People's Republic of China in April 2014 and from the US in
November 2014. In July 2014 we announced that we had received
approval from the Medicines and Healthcare Products Regulatory
Agency to start the UK arm of the EU clinical trial of this
technology. Recruitment for the 60 patients who will make up this
study, which will take place in the UK and Poland, is well
underway. This clinical study represents a significant milestone in
the process towards gaining EU approval (signified by a CE Mark)
which will enable full commercialisation of the product and allow
it to be used by clinics and doctors to address a substantial
clinical need across the EU.
Orthopure(TM) XT, our tendon product, is aimed at the
significant market for anterior cruciate ligament repairs. We have
initiated applications to conduct a clinical study with patients
recruited in the UK, Spain and Germany. We hope that this study
will lead to a CE mark application and commercialisation.
Orthopure(TM) XT and Orthopure(TM) XM are complementary products,
which may well ultimately be used to treat the same patient who is
suffering from complex knee injuries. Once CE Marks have been
obtained we will be able to market them together, providing useful
synergies.
The CardioPure(TM) HV product has also seen significant progress
during the year. This product takes donor heart valves and uses the
dCELL(R) process to remove the donor's DNA to produce an inert
scaffold which can be re-populated by the recipient's own cells. It
provides a more durable repair in heart valve replacement surgery
and brings significantly reduced risk of rejection and
infection.
In September 2014 we presented the findings of a study into the
performance of this product in clinical trials at the 6(th)
Biennial Heart Valve and Tissue Engineering Meeting in London. The
findings of this study showed no reoperations necessary in the
study group, better valve performance, and no calcification. We
presented an update on the trial at the 28(th) Annual Meeting of
the European Association of Cardio Thoracic Surgery in Milan in
October of this year. This showed that after 7 years of the trial's
commencement, freedom from reoperation in the high risk group that
constituted the trial sample was as high as 94% - a dramatic
improvement on the performance of the artificial valves which are
the current preferred route to treat patients in this category.
Although evaluations, conducted with our long-term clinical
collaborator Professor Francisco da Costa are continuing, we
believe these results show great promise for the CardioPure(TM) HV
technology.
Overall we have an extensive programme of commercial development
activities at various stages that will enable the full potential of
the wound care & sports medicine products to be more visible in
the coming months. TR's multiple market approach means we are
addressing significant opportunities with products that redefine
the clinical approach and outcomes for patients.
Current trading and outlook
Tissue Regenix has made progress in several respects in the
period since year-end. In particular we were very pleased to
achieve Local Coverage Determination from the Medicare
Administrative Contractor, Novitas, in March.
The Medicare programme in the United States is administered by
bodies such as Novitas, each one with their own jurisdiction of
states. When coverage is approved it allows the product to be
purchased by medical establishments and to be used to treat
post-acute and outpatients who are beneficiaries of the Medicare
initiative. The Novitas jurisdiction covers the states of Colorado,
New Mexico, Oklahoma, Texas, Louisiana, Mississippi, Arkansas,
Washington DC, Delaware, Maryland, New Jersey and Pennsylvania with
total health care coverage of 8.9 million people. While the
approval process takes some time to complete, being granted Novitas
coverage gives the Board confidence that similar outcomes can be
achieved across the 7 other jurisdictions, covering the
approximately 28 million people across the country who are covered
by Medicare; a significant potential market.
Subsequent to the achievement of the Local Coverage
Determination we signed a new regional distribution agreement for
DermaPure(R). This major new contract has been signed with an
experienced surgical and wound care distribution network; the
contract covers two of the twelve states that comprise the region
covered by the Novitas reimbursement Local Coverage Determination
notice and represents approximately 11% of the Medicare patients
addressed by the notice. The contract is expected to be worth a
minimum of $600k over the next 12 months and provides for
additional areas to be covered by mutual agreement.
In addition, we recently announced approval for the first
clinical trial of our decellularised tendon device, OrthoPure(TM)
XT, for surgical reconstruction of a torn Anterior Cruciate
Ligament in the knee. This is an important step in bringing this
device to a market that affects 900,000 people per year globally
and which is growing at a CAGR of 7%. We were delighted that this
followed so swiftly after our March announcement that, for the
first time, a patient had received a partial knee meniscal
replacement using Tissue Regenix's OrthoPure(TM) XM. Both
achievements are crucial steps towards being granted CE Marks.
This continued progress demonstrates the speed at which our
portfolio is developing and I look forward to updating the market
on further achievements in due course.
Antony Odell
Chief Executive Officer
11 May 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2015
2015 2014
GBP000 GBP000
----------------------------------- -------- --------
OPERATING INCOME 100 6
Administrative expenses (8,469) (6,583)
OPERATING LOSS (8,369) (6,577)
Finance income 168 274
------------------------------------ -------- --------
LOSS BEFORE TAXATION (8,201) (6,303)
Taxation 620 710
------------------------------------ -------- --------
LOSS AFTER TAX ATTRIBUTABLE
TO EQUITY HOLDERS OF THE PARENT (7,581) (5,593)
OTHER COMPREHENSIVE INCOME:
Foreign currency translation
differences - foreign operations (4) 3
------------------------------------ -------- --------
TOTAL COMPREHENSIVE EXPENSE
FOR THE YEAR (7,585) (5,590)
LOSS PER SHARE
Basic and diluted on loss from
continuing operations (1.19)p (0.88)p
The loss for the period arises from the Group's continuing
operations.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR TO 31 JANUARY 2015
Reserve Share
Reverse For Based Retained
Share Share Merger Acquisition Own Payment Earnings
Capital Premium Reserve Reserve Shares Reserve Deficit Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 January
2013 3,264 31,966 10,884 (7,148) (831) 536 (14,205) 24,466
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
Loss for the
year - - - - - - (5,593) (5,593)
Other comprehensive
expense - - - - - - 3 3
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
Total comprehensive
expense for
the year - - - - - - (5,590) (5,590)
Exercise of
share options 3 5 - - - - - 8
Share based
payment expense - - - - - 94 - 94
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
At 31 January
2014 3,267 31,971 10,884 (7,148) (831) 630 (19,795) 18,978
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
Loss for the
year - - - - - - (7,581) (7,581)
Other comprehensive
expense - - - - - - (4) (4)
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
Total comprehensive
expense for
the year - - - - - - (7,585) (7,585)
Exercise of
share options 4 1 - - - - - 5
Share based
payment expense - - - - - 180 - 180
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
At 31 January
2015 3,271 31,972 10,884 (7,148) (831) 810 (27,380) 11,578
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2015
2015 2014
GBP000 GBP000
------------------------------- --------- ---------
ASSETS
Non-current assets
Property, plant and equipment 435 472
-------------------------------- --------- ---------
TOTAL NON-CURRENT ASSETS 435 472
-------------------------------- --------- ---------
Current assets
Inventory 34 -
Trade and other receivables 1,947 1,127
Cash and cash equivalents 10,257 18,483
-------------------------------- --------- ---------
TOTAL CURRENT ASSETS 12,238 19,610
-------------------------------- --------- ---------
TOTAL ASSETS 12,673 20,082
-------------------------------- --------- ---------
LIABILITIES
Current liabilities
Trade and other payables (1,095) (1,104)
TOTAL LIABILITIES (1,095) (1,104)
-------------------------------- --------- ---------
NET ASSETS 11,578 18,978
-------------------------------- --------- ---------
EQUITY
Share capital 3,271 3,267
Share premium 31,972 31,971
Merger reserve 10,884 10,884
Reverse acquisition reserve (7,148) (7,148)
Reserve for own shares (831) (831)
Share based payment reserve 810 630
Retained earnings deficit (27,380) (19,795)
-------------------------------- --------- ---------
TOTAL EQUITY 11,578 18,978
-------------------------------- --------- ---------
Approved by the Board and authorised for issue on 11 May
2015
John Samuel (Chairman) Ian Jefferson (Chief Financial Officer)
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2015
2015 2014
GBP000 GBP000
------------------------------------------------- -------- --------
Operating activities
Operating loss (8,369) (6,577)
Adjustment for non-cash items:
Depreciation of property, plant and equipment 151 124
Share based payment 180 94
Tax refunded - 474
Operating cash outflow (8,038) (5,885)
-------------------------------------------------- -------- --------
Increase in inventory (34) -
Increase in trade and other receivables (200) (184)
(Decrease)/increase in trade and other payables (13) 422
-------------------------------------------------- -------- --------
Net cash outflow from operations (8,285) (5,647)
-------------------------------------------------- -------- --------
INVESTING ACTIVITIES
Interest received 168 274
Purchases of property, plant and equipment (114) (358)
-------------------------------------------------- -------- --------
Net cash outflow from investing activities 54 (84)
-------------------------------------------------- -------- --------
FINANCING ACTIVITIES
Proceeds from issue of share capital 5 8
Net cash inflow from financing activities 5 8
-------------------------------------------------- -------- --------
Decrease in cash and cash equivalents (8,226) (5,723)
Cash and cash equivalents at start of year 18,483 24,206
CASH AND CASH EQUIVALENTS AT END OF YEAR 10,257 18,483
-------------------------------------------------- -------- --------
The Company's annual report and accounts for the year ended 31
January 2015 have been published today and will be posted to
shareholders shortly. The annual report and accounts are also
available in electronic form for download on the Company's website,
www.tissueregenix.com.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2015
1. Basis of preparation
The preliminary results of the year ended 31 January 2015 have
been extracted from audited accounts which have not yet been
delivered to the Registrar of Companies. The Financial Statements
set out in this announcement do not constitute statutory accounts
for the year ended 31 January 2015. The report of the auditors on
the statutory accounts for the year ended 31 January 2015 was
unqualified and did not contain a statement under Section 498 of
the Companies Act 2006. The Financial Statements for the year ended
31 January 2015 included in this announcement were authorised for
issue in accordance with a resolution of the Board of Directors on
11 May 2015.
The Company is a limited liability company incorporated and
domiciled in England & Wales and whose shares are quoted on
AIM, a market operated by The London Stock Exchange.
2. Significant accounting policies
The Group's financial statements have been prepared in
accordance with International Financial Reporting Standards
("IFRS") as adopted by the European Union as they apply to the
financial statements of the Group for the year ended 31 January
2015 and applied in accordance with the Companies Act 2006.
The accounting policies adopted are consistent with those
followed in the preparation of the audited financial statements of
Tissue Regenix Group Plc for the year ended 31 January 2015 and are
disclosed in those statements.
3. Segmental reporting
At 31 January 2015, the Group operated in one business segment,
that of the development and commercialisation of innovative
platform technologies in the field of tissue engineering and
regenerative medicine.
The Group operates in two geographic sectors, the UK and the
USA. A split of the expenses and assets is included below:
31 January 2015
UK USA Total
GBP'000 GBP'000 GBP'000
------------------ --------- --------- ---------
Operating Loss * (8,369) - (8,369)
------------------ --------- --------- ---------
*Expenses of GBP1,725k incurred in USA recharged to UK
parent
31 January 2014
UK USA Total
GBP'000 GBP'000 GBP'000
------------------- --------- --------- ---------
Operating Loss ** (6,577) - (6,577)
------------------- --------- --------- ---------
**Expenses of GBP962k incurred in USA recharged to UK parent
31 January 2015
UK USA Total
GBP'000 GBP'000 GBP'000
------------- --------- --------- ---------
Assets 12,330 343 12,673
------------- --------- --------- ---------
Liabilities (711) (384) (1,095)
------------- --------- --------- ---------
31 January 2014
UK USA Total
GBP'000 GBP'000 GBP'000
------------- --------- --------- ---------
Assets 19,861 221 20,082
------------- --------- --------- ---------
Liabilities (846) (258) (1,104)
------------- --------- --------- ---------
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 31 JANUARY 2015
4. Taxation
Year to Year to
31 January 2015 31 January 2014
GBP000 GBP000
---------------------------------------------------------- ---------------- ----------------
Current tax:
UK corporation tax credit on losses of year (620) (710)
---------------------------------------------------------- ---------------- ----------------
(620) (710)
Deferred tax:
Origination and reversal of temporary timing differences - -
---------------------------------------------------------- ---------------- ----------------
Tax credit on loss on ordinary activities (620) (710)
---------------------------------------------------------- ---------------- ----------------
The Group has accumulated losses available to carry forward
against future trading profits of GBP16,121k (2014: GBP10,226k). No
deferred tax asset has been recognised in respect of tax losses as
their recoverability is uncertain. The unrecognised deferred tax
asset would equate to GBP3,224k (2014: GBP2,045k).
5. Loss per share (basic and diluted)
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the parent by the weighted
average number of ordinary shares in issue during the year
excluding own shares held jointly by the Tissue Regenix Employee
Benefit Trust and certain employees. Diluted loss per share is
calculated by adjusting the weighted average number of ordinary
shares in issue during the year to assume conversion of all
dilutive potential ordinary shares.
Year to 31
Year to 31 January 2015 January 2014
GBP000 GBP000
----------------------------------------------------------------------- ------------------------ --------------
Total loss attributable to the equity holders of the parent (7,581) (5,593)
----------------------------------------------------------------------- ------------------------ --------------
No. No.
Weighted average number of ordinary shares in issue during the period 636,890,061 635,574,603
----------------------------------------------------------------------- ------------------------ --------------
Loss per share
Basic and diluted on loss for the period (1.19)p (0.88)p
----------------------------------------------------------------------- ------------------------ --------------
The Company has issued employee options over 21,956,458 ordinary
shares and there are 16,940,386 jointly owned shares which are
potentially dilutive. There is however, no dilutive effect of these
issued options as there is a loss for each of the years
concerned.
6. Share Capital
Reverse acquisition
Share capital Share premium Merger reserve reserve Total
Number GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- ------------ -------------- -------------- --------------- ---------------------- -------
Total Ordinary shares
of 0.5 p each as at
31 January 2013 652,825,019 3,264 31,966 10,884 (7,148) 38,966
---------------------- ------------ -------------- -------------- --------------- ---------------------- -------
Share options
exercised 662,338 3 5 - - 8
Total Ordinary shares
of 0.5p each as at
31 January 2014 653,487,357 3,267 31,971 10,884 (7,148) 38,974
---------------------- ------------ -------------- -------------- --------------- ---------------------- -------
Share options
exercised 635,674 4 1 - - 5
Total Ordinary shares
of 0.5p each as at
31 January 2015 654,123,031 3,271 31,972 10,884 (7,148) 38,979
---------------------- ------------ -------------- -------------- --------------- ---------------------- -------
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 31 JANUARY 2015
7. Movement in retained earnings and reserve for own shares
Retained Earnings Deficit Reserve For Own Shares
GBP000 GBP000
-------------------------- -----------------------
At 31 January 2013 (14,205) (831)
--------------------- -------------------------- -----------------------
Loss for the year (5,593) -
Exchange movement 3 -
-------------------- -------------------------- -----------------------
At 31 January 2014 (19,795) (831)
--------------------- -------------------------- -----------------------
Loss for the year (7,581) -
Exchange movement (4) -
-------------------- -------------------------- -----------------------
At 31 January 2015 (27,380) (831)
--------------------- -------------------------- -----------------------
8. Annual report and accounts
The Company's annual report and accounts for the year ended 31
January 2015 have been published today and will be posted to
shareholders shortly. The annual report and accounts are also
available in electronic form for download on the Company's website,
www.tissueregenix.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSLFMAFISEDI
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