RNS Number:4398L
VASTox plc
25 April 2005
For immediate release 25 April 2005
VASTox plc
("VASTox" or "the Company")
Preliminary results for the year ended 31 January 2005
Oxford, UK, 25 April 2005 - VASTox plc (AIM: VOX), the drug discovery and
chemical genomics company, today announces its audited preliminary results for
the year ended 31 January 2005.
Highlights:
* Significant progress with proprietary programmes in Duchenne Muscular
Dystrophy and Tuberculosis
* A number of new technology service deals signed during the year
* Successful placing on AIM in October 2004, raising #14.1m after expenses
* Net cash as at 31 January 2005 of #14.2m
Post year end highlights:
* Strengthening of the Scientific Advisory Board in key areas of technology
and drug development
* Relocation to state-of-the-art facilities in Milton Park, Oxfordshire
underway.
Commenting on the Group's preliminary results, Dr Steven Lee, Chief Executive
Officer of VASTox plc, said: "Since our flotation on AIM in October 2004, we
have continued to sign service deals and progress our development programmes.
This summer we are consolidating our research laboratories in London and Oxford
into a single facility in Milton Park, Oxfordshire. The synergies created by
having our chemists and biologists in the same laboratories will be reflected in
accelerated technology development, higher value service deals and proprietary
programme successes.
"With a strong balance sheet, excellent technology, high calibre staff and
state-of-the art facilities, we look forward to building further value in 2005."
For more information please contact:
VASTox plc (www.vastox.com)
Dr Steven Lee, Chief Executive Officer On the day: 07766 913 898
Afterwards: 01865 316917
Buchanan Communications 020 7466 5000
Tim Anderson, Mark Court, Mary-Jane Johnson
VASTox plc
CHAIRMAN'S STATEMENT
This year has been one in which VASTox has taken tremendous strides towards its
objective of becoming the world's leading chemical genomics technology company.
As Chairman, I set out at the beginning of the year with the core objective of
accelerating the growth of the business, having spent the past four years
building the science and technology. I wanted to recruit the appropriate Chief
Executive who would build the business, validate the technology with profitable
commercial deals, and strengthen the balance sheet with both revenues and a
fundraising. I am pleased that we have achieved and indeed surpassed all the
objectives that I had set.
OUR APPROACH
VASTox uses innovative technology to address the problems associated with the
current drug discovery process. For practical reasons, drugs are only trialled
on significant numbers of animals at the late stages of development and with
this paradigm, over the past few years, the pharmaceutical industry has suffered
productivity issues. Over the past twelve months even for marketed drugs, there
has been a number of high profile recalls due to dangerous side effects.
VASTox's chemical genomics technology tests potential drugs on statistically
significant numbers of fruitfly and zebrafish embryos at an early stage of
research, thereby deriving far more information on the effect of the drug in
whole animals. Fruitflies and zebrafish are extensively studied by scientists
because they show a striking genetic similarity to humans. By using these
organisms at an early stage of drug discovery we can improve the chances of
drugs making it through the human stages of trials and being successful in the
market. This process also has the potential to reduce the number of higher
animals used in testing.
The company's business model is to use this technology to both provide services
to other pharmaceutical companies and for proprietary drug programmes. The
services business gained profitable new contracts with both a top-tier
pharmaceutical company and a number of biotech companies, giving industry third
party validation of the company's approach.
Our current focus on proprietary programmes is on areas where we have
leveraged-off the leading positions of our academic scientific founders.
Professor Kay Davies FRS, CBE, is an expert on Duchenne Muscular Dystrophy (DMD)
with more than 20 years' experience in the field. DMD is VASTox's lead
programme and we have secured patents from both the University of Oxford and the
Medical Research Council this year. Professor Edith Sim has discovered a
potentially new therapeutic target for tuberculosis called N-acetyl transferase
(NAT). During the year, there have been considerable scientific and technical
achievements on these programmes. Additionally, the company has engaged with
some the biggest charitable research organisations globally and progressed
discussions around collaborations and alliances to tackle these diseases.
FINANCING
In October, VASTox completed the placing of shares and admission to the London
Stock Exchange's AiM Market raising #14.1m of new money net of costs. The
flotation finances a step-change in the company's operations, and strategically
facilitates VASTox to secure better deals by providing balance sheet strength,
and improved status.
PERSONNEL
During the year we welcomed the appointment of Dr Steven Lee as the full-time
Chief Executive, who left the main board of IP2IPO Group plc where he was
executive director of Life Sciences. Steven brings a wealth of industry
experience having worked in Business Development for Celltech and Vernalis, and
as an industry management consultant with PA Consulting Group's Pharmaceutical
and Bioindustries Team.
The board recognises that a key strength of VASTox is its people. Throughout
the year all the employees have worked through the change that has occurred
through the corporate progression of the business and shown skill, expertise,
enthusiasm and a desire to succeed. The scientific founders are firmly engaged
in the business as both shareholders and consultants. On behalf of the board we
thank them all.
LOOKING FORWARD
In our first full year as a public company, we will strengthen our business and
build value for our shareholders. In March we announced a deal to provide
carbohydrate chemistry expertise to a UK biotech company. In April we added
three prestigious scientists to our Scientific Advisory Board, giving your
company access to an enviable range of skills. Later in April we signed a lease
on state-of-art new facilities at Milton Science Park, Oxford. We look forward
to continuing this progress throughout the year.
Professor Stephen Davies
Chairman
25 April 2005
VASTox plc
Consolidated profit and loss account
For the year ended 31 January 2005
Year ended Period ended
31 January 31 January
2005 2004*
Note # #
Turnover 112,718 1,440
Cost of sales (279,221) (740)
_____________________________
Gross loss (166,503) 700
Administrative expenses (572,221) (24,099)
_____________________________
Operating loss (738,724) (23,399)
Interest receivable 215,368 1,008
_____________________________
Loss on ordinary activities before taxation (523,356) (22,391)
Tax on loss on ordinary activities 24,321 -
_____________________________
Retained loss for the year (499,035) (22,391)
_____________________________
Loss per share
Basic 3 2.69p 0.12p
_____________________________
Fully diluted 3 2.49p 0.12p
_____________________________
* Comparative figures are for the 11 and a half month period ending
31 January 2004.
VASTox plc
Consolidated balance sheet
As at 31 January 2005
31 January 31 January
2005 2004
# # # #
Note
Fixed assets
Intangible fixed assets 20,000 -
Tangible fixed assets 1,353 -
Investments 2,020,198 -
____________ ____________
2,041,551 -
Current assets
Debtors 93,140 202
Cash at bank 361,252 79,591
Cash on short term deposits 13,800,000
____________ ____________
14,254,392 79,793
Creditors: amounts falling
due within one year (185,849) (2,184)
____________ ____________
Net current assets 14,068,543 77,609
____________ ____________
Total assets less current 16,110,094 77,609
____________ ____________
Capital and reserves
Called up share capital 3,131,311 1,000
Share premium account 12,946,848 99,000
Other reserves 4 530,970 -
Profit and loss account 4 (499,035) (22,391)
____________ ____________
Equity shareholders' funds 16,110,094 26,234
____________ ____________
VASTox plc
Consolidated cash flow statement
For the year ended 31 January 2005
31 January 31 January
2005 2004*
# #
Net cash flow from operating activities (184,863) (21,215)
____________ ____________
Returns on investments and servicing of finance
Interest 215,368 1,008
____________ ____________
Net cash inflow from returns on investments and
servicing of finance 215,368 1,008
____________ ____________
Taxation received - (202)
UK Corporation Tax
Capital expenditure and financial investment
Purchase of fixed assets (1,803) -
Purchase of intangible assets (5,000) -
____________ ____________
Net cash outflow for capital expenditure (6,803) -
____________ ____________
Cash inflow before use of liquid resources and
financing 23,702 (20,409)
____________ ____________
Management of liquid resources
Increase in cash held on short term deposit (13,800,000) -
____________ ____________
Financing
Proceeds from the issue of shares 15,000,000 100,000
Expenses of issue of share capital (942,041) -
____________ ____________
Net inflow from financing 14,057,959 100,000
____________ ____________
Increase in cash in the year 281,661 79,591
____________ ____________
VASTox plc
Notes
1. The financial information set out in this preliminary announcement does not
constitute the company's statutory accounts, but has been extracted from
the company's statutory accounts for the years ended 31 January 2004 and
2005. The auditors' reports on the statutory accounts for the years ended
31 January 2004 and 2005 were unqualified and did not contain a statement
under section 237(2) or (3) of the Companies Act 1985. The statutory
accounts for the year ended 31 January 2004 have been delivered to the
registrar, while the statutory accounts for the year ended 31 January 2005
will be delivered to the registrar following the company's annual general
meeting. This financial information has been prepared on the basis of the
accounting policies set out in the annual financial statements for the year
ended 31 January 2004.
2. Availability of statutory accounts
Copies of this announcement and the full statutory accounts will be
available from the registered office at 91 Milton Park, Abingdon,
Oxfordshire, OX14 4RY and from the offices of the Group's nominated
advisor, KBC Peel Hunt, 111 Old Broad Street, London, EC2N 1PH.
3. Basic and diluted loss per ordinary share
The basic and diluted loss per ordinary share is based on losses
attributable to ordinary shareholders for the year of #499,035 (2004: loss
of #22,391). The basic loss per share is based on the weighted average
number of ordinary shares of 19,023,556 in issue during the year (2004:
19,023,556). The diluted loss per ordinary share in 2005 is based on the
weighted average number of ordinary shares plus the potentially dilutive
options over ordinary shares of 1,010,189.
4. Reconciliation of shareholders' funds
2005 2004
Group # #
Loss for the year (499,035) (22,391)
Shares issued during the year 3,131,311 1,000
Share premium on shares issued (net of expenses) 12,946,848 99,000
Shares to be issued 453,361 -
Merger reserve 77,609 -
_________________________
Closing shareholders' funds 16,110,094 77,609
_________________________
2005
Company #
Loss for the year (275,604)
Shares issued during the year 3,131,311
Share premium on shares issued (net of expenses) 12,946,848
Shares to be issued 453,361
_____________
Closing shareholders' funds 16,255,916
_____________
5. Notice of AGM
The Annual General Meeting will be held at 10am on 3 June 2005 at VASTox
plc, 91 Milton Park, Abingdon, Oxfordshire, OX14 4RY.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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