TIDMABH
RNS Number : 5824E
Angel Biotechnology Holdings Plc
01 June 2012
1 June 2012
Angel Biotechnology Holdings plc
("Angel" or "the Company")
Angel announces final results for period ended 31 March 2012
Angel Biotechnology Holdings plc, (AIM:ABH), the
biopharmaceutical contract manufacturer, is pleased to announce its
audited final results for the fifteen month period ended 31 March
2012.
Financial highlights for the period include:
-- Revenue of GBP3.456 million (2010: GBP2.945 million*).
-- Gross profit of GBP1.207 million (2010: GBP1.907 million*).
The reduction in gross profit margin is partly as a result of the
expenditure required at Cramlington to ensure the facility is fully
prepared for its initial MHRA inspection.
-- Other costs relating to Cramlington have been included in the
net operating expenses which have increased by GBP0.828
million.
-- Loss before taxation of GBP1.299 million.
-- Seven contracts and contract extensions signed totalling
GBP5.3 million (2010: GBP5.3 million*).
-- Angel has dedicated its Pentlands facility, which is
operating at capacity, to servicing existing clients. As a result
100% of reported revenue related to continuing and repeat
clients.
-- Total assets increased by over GBP1.1 million to GBP2.7
million whilst total liabilities decreased by GBP0.6 million to
GBP0.9 million resulting in a positive net asset value the period
end of GBP1.8 million.
-- The current ratio has improved significantly over the period
and was 2.25 at the end of the period compared to 0.77 at the end
of 2010.
-- Effective financial control and cash management have seen our
debtor days stabilise at an average of 36 days (2010: 18 days) and
creditor days reduce to 36 days (2010: 58 days).
-- Successful placement of ordinary shares raising GBP3.087 million before expenses.
*Previous financial reporting period was 12 months
Business Development and Operational Highlights
-- Four new contracts were signed comprising a mixture of cell
therapy programmes, therapeutic antibodies with seven contracts
also signed for additional work on previously signed contracts.
-- GMP manufacture of ReNeuron Group plc's clinical material for
the PISCES trial at Glasgow's Southern General Hospital continued,
with the number of patients treated within the period reaching
five.
-- Conference attendance by Angel was again significant over the
period, with nine conferences in total attended across USA and
Europe.
-- Continued invitations to make presentations at conferences
demonstrate the Company's standing in the sector enabling Angel to
increase its profile, particularly in relation to stem cell
manufacturing.
-- Business development activities have and will continue to
evolve and move Angel into new territories and markets both for its
core business and its Angel Biomedical Ltd subsidiary.
-- Angel completed a range of both development and
biomanufacturing projects during the period. This includes a
bacteriophage project for the treatment of MRSA and a cell culture
development project for Pathfinder Cell Therapy Inc.
-- The Company has committed significant resource to drive
forward the five current projects which are on-going for OOO "NPF"
Materia Medica in addition to the three further contracts recently
signed.
Post Balance Sheet Events
The Directors believe Angel has had a very successful start to
the new financial year. In April the Company signed a contract with
TransGenRx Inc. for the development of a process to manufacture
recombinant interferon with a value of in excess of GBP800k. This
will be carried out at Cramlington and would not have been won
without this facility. It is clear from discussions with clients
with programmes suitable for the Cramlington facility that they
will not commit to final discussions before granting of an MHRA
licence. These are high value programmes and this is not an
unreasonable position for sponsor companies to take. The Medicines
and Healthcare products Regulatory Agency (MHRA) licensing
inspection for Cramlington is planned for mid-June 2012.
Angel Biomedical Ltd (ABL)
Angel identified an opportunity to acquire the assets of a
manufacturing business in February 2012. Dr Stewart White had
knowledge of this business and the relevant sectors, which
catalysed an early decision to open negotiations. A provisional
business plan showed the potential for a significant and profitable
additional business within the Angel group. Preliminary discussions
indicated that there might be continued interest from the customers
and the Board took the decision to proceed with the asset
purchase.
It was for this reason that the Company decided to take
additional cash in the second phase of the placement, to finance
this activity without impacting on the on-going investment within
Angel. This second phase raised a total of GBP1 million before
expenses including the funding for ABL.
Dr Paul Harper, Executive Chairman said:
"The Company's resources have been at full stretch throughout
this period. The task of re-commissioning Cramlington, opening
business development discussions with new clients who would use the
GMP manufacturing capability of that facility and latterly
integrating a new business whilst maintaining full services to all
our current clients has presented a considerable challenge. Staff
at all levels within the business have shown the highest level of
commitment and professionalism to deliver the required outcomes.
The support of our shareholder base in ensuring that we have had
the funds to complete these tasks has been important as has the
shift towards investment from new institutional investors. We will
now concentrate on consolidating our business and delivering
shareholder value."
For further information:
Angel Biotechnology Holdings plc
Lorna Peers, Finance Director +44 (0) 131 445 6077
Stewart White, Acting CEO/Commercial Director
www.angelbio.com
Grant Thornton, Corporate Finance
Colin Aaronson / Melanie Frean +44 (0) 20 7383 5100
Hybridan LLP (Broker)
Claire Noyce, Deepak Reddy +44 (0) 20 7947 4350
Media enquiries:
The Communications Portfolio Ltd
Ariane Comstive / Caolan Mahon +44 (0) 20 7536 2028 / 2029
ariane.comstive@communications-portfolio.co.uk
Notes to Editors:
Angel Biotechnology Holdings plc is a full service contract
bio-manufacturing partner to biotechnology and pharmaceutical
companies worldwide. Angel specialises in advanced biologics
including biopharmaceutical proteins and cell therapies, such as
cellular vaccines and stem cells. At present, Angel's products are
principally used in pre-clinical studies and clinical trials with a
view to becoming the contract manufacturer of choice on a
continuing basis.
Drug development companies outsource their biopharmaceutical
manufacturing requirements to Angel to reduce their own capital
requirements and enable them to develop products more rapidly. In
addition, Angel provides complete regulatory services and
documentation to its customers while its manufacturing processes
adhere to the most stringent regulatory requirements. Products are
produced to current Good Manufacturing Practice (cGMP) standards as
required by the US Food and Drug Administration (FDA), and in
facilities that are certified to European standards by the
Medicines and Healthcare products Regulatory Agency (MHRA).
Its customers range from early-stage biotechnology companies
including ReNeuron plc and US-based Pathfinder Cell Therapy Inc, to
established pharmaceutical companies such as Russian-based OOO
"NPF" Materia Medica Holdings.
Angel has three facilities: Pentlands Science Park near
Edinburgh where it employs 38 people, a site in Cramlington, near
Newcastle-upon-Tyne, which is expected to employ up to 10 people by
the end of 2012 and Angel Biomedical Ltd facility in Glasgow.
More information is available at www.angelbio.com .
CHAIRMAN AND ACTING CHIEF EXECUTIVE OFFICER'S REPORT
The Company has concentrated its efforts this period on
delivering the goals and targets set out in the last Annual
Report.
-- The key deliverable was to complete the re-commissioning of
the Cramlington facility which has progressed with only minor
delays where we chose to implement upgrades to facilitate extending
our MHRA licences to include this facility, avoiding disruption
later this year.
-- We maximised the revenue generating potential of the
Pentlands facility through careful planning and management of the
work flows and mix of projects to ensure maximum efficiency.
-- Business development activities were boosted to ensure that
both existing and new clients were aware of the new capacity and
resource that the Cramlington facility adds to our existing
offering.
-- The agreement for the proposed joint venture with Materia
Medica Holdings (MMH) which was first announced on 17 October 2011
has made significant progress, and we have identified space in
Cramlington for the new dedicated GMP area with the aim to design,
build and commission by Q1 2013.
-- We took the opportunity to re-structure our senior team to
focus on business generation, improved management of our resources
and to build greater quality and depth in our technical team.
During the period, the Company was able to secure sufficient
contracts to utilise our Pentlands facility. However, without
further capacity at Pentlands it proved a challenge to sign
significant new business. Future growth will be related to the
provision of new capacity at Cramlington providing confidence to
both existing and potential customers that Angel can provide for
the larger capacities required by later stage clinical trials. For
the period ended 31 March 2012, we therefore forecast that revenues
in the period would be similar to that for 2010 (on an annualised
basis) whilst costs would increase to reflect the investment in the
Cramlington facility including the purchase of new equipment and
hiring of essential staff in preparation for licensing. Whilst we
have generated interest from new clients in placing contracts, as
exemplified by the recent announcement concerning TransGenRx, most
are waiting for confirmation that a licence has been granted before
finalising discussions.
Corporate Achievements and Milestones in 2011/12
Angel completed a fundraising in January 2011 raising GBP1.962m
in an oversubscribed placement. The funds were raised to provide
more working capital to support increased business from Materia
Medica (MMH) and to fund the re-commissioning of the new
Cramlington facility.
The lease for Cramlington was signed in March 2011 and WHP
Engineering were contracted to begin the process of reversing the
mothballing of the facility. The new facility will increase our GMP
manufacturing capacity five-fold and allow us to bid for larger and
potentially more profitable contracts that would be too large to
carry out at Pentlands.
In 2011, the Company changed its reporting date from 31 December
to 31 March. This change has resulted in a 15 month period ending
on 31 March 2012 and the Company thereafter will return to a 12
month reporting schedule. In March 2011, Lorna Peers was appointed
Finance Director and joined the Board of the Company.
Despite the fact that we could not increase our manufacturing
capacity in the period, we signed contract extensions with
Pathfinder, MMH and ReNeuron. In addition, we proposed a joint
venture undertaking with MMH in which part of the Cramlington
facility would be developed as an extension to the existing GMP
area, the work to be funded by MMH, and the dedicated facility to
be operated by Angel. This would allow Angel to sign up new MMH
business without interfering with our ability to bring in contracts
from new clients. As a consequence, three new MMH contracts were
signed with a value in excess of GBP4.5m, for completion over a 22
month period. These projects will be initiated in the Angel
manufacturing space at Cramlington, before the new MMH extension is
ready and before an MHRA license is granted as these early phases
can be carried out in a non-GMP environment.
The joint venture will change the contract structure such that
Angel receives regular revenue from each programme rather than
payment on attainment of milestones. The design of the MMH facility
extension has now been agreed and legal agreements are at an
advanced stage.
Towards the end of 2011 the Board decided to take the
opportunity to raise additional capital and a placement was
undertaken in two phases.
The funds were required to:
-- Ensure that the work at Cramlington remained on schedule and
that enhancements to the GMP facility could be implemented to avoid
disruption in activities later this year.
-- Purchase essential new equipment in the absence of cost
effective equipment leasing facilities.
-- Invest in the recruitment needed to manage a much larger manufacturing resource.
-- Invest in the business development activities required to
build the pipeline for Cramlington.
-- Invest in establishing the MMH joint venture facility. Whilst
MMH fund the design and build, Angel will have some costs in
licensing and QA/QC activities.
-- Fund an acquisition opportunity which became available
between the two phases of the placement which led to the
establishment of a new subsidiary, Angel Biomedical Ltd.
The additional capital raised in the period has been used to
invest in the business, in particular, to ensure that the
Cramlington facility is completed on time. We have taken the
opportunity to make significant upgrades to the facility, these
take account of changes in the licencing requirements since the GMP
facility was first designed, improve the operation of the facility
to minimise the operational resource required and will also limit
potential lost time due to unscheduled shut downs. MMH projects
have begun in the development labs at Cramlington while the joint
venture is being finalised. MMH have asked that Angel design a more
sophisticated facility than first envisaged but both parties have
agreed the footprint which leaves the existing capacity for Angel
programmes as originally planned. A design has been agreed and
build should be complete by Q1 2013. The design, build and fit-out
costs will be paid by MMH. Angel has the responsibility for
providing staff, ensuring that the facility is licenced and for
providing the infrastructure and technical support for projects to
be undertaken at the facility. In the meantime, MMH programmes will
continue in the main part of the facility.
Dr Stewart White joined the Board of the Company as Commercial
Director in December 2011. He was recruited as a dedicated and
experienced business development expert with the objective of
boosting and focusing our existing team to meet the challenge of
filling Cramlington with new business. The Board believed that
Stewart had the experience and ability to take on a more senior
role as the Company grows.
Following Gordon Sherriff's decision to leave the Company, the
Board decided to restructure the senior team to maintain our
customer service and quality standards. Part of the restructuring
process included the appointment of Dr Stewart White as Acting CEO
and the formation of an Executive Committee of the Board involving
executive directors and senior management.
Re-commissioning Cramlington, whilst maintaining the effort
required at Pentlands to deliver the maximum revenue possible and
to take over a new manufacturing business as seamlessly as possible
could only be achieved with the support and dedication of
experienced and industrious staff, at all levels within the
business. The Board of Angel thank the team for their hard work and
commitment.
The impact of the current global economic uncertainty directly
affects R&D spend and the availability of investment to fund
new product development. Despite these challenges, Angel has been
able to rely upon its reputation for quality and customer service
coupled by the breadth and depth of our technical resource to
attract new business. Fortunately we have a good level of repeat
business which has provided considerable support in these difficult
times.
Business Development
-- The total value of contracts signed in the period ending 31 March 2012 was GBP5.3m.
-- Four new contracts were signed comprising a mixture of cell
therapy programmes, therapeutic antibodies with seven contracts
also signed for additional work on previously signed contracts.
-- Conference attendance by Angel delegates was again
significant over the period, with nine conferences in total
attended across USA and Europe. The continued invitations to make
presentations demonstrate the company's standing in the sector
enabling Angel to increase its profile, particularly in relation to
stem cell manufacturing.
-- As part of the commercial review towards the end of the
period, the team carried out a pricing review via benchmarking.
This continues our shared risk approach during development stages
of projects, moving revenue recognition and cash generation away
from purely milestone related activities.
-- Angel continued its relationship with BPTC in the USA who act as a commission-based agent.
-- Business development activities have and will continue to
evolve and Angel into new territories and markets both for its core
business and its ABL subsidiary.
-- There will be an increased focus on establishing meaningful
presence in our growth territories.
Operations
-- Our development and GMP operations yielded revenues of
GBP3.456 million in the period resulting in a gross profit of
GBP1.207 million (35%).
-- The Company is committed to continual improvement in our
operations and invested in our Pentlands cleanroom facility, in
preparation for the MHRA inspection mid-year 2012.
-- GMP manufacture of ReNeuron's clinical material for the
PISCES trial at Glasgow's Southern General Hospital continued, with
the number of patients treated in the period reaching five.
-- The Company has committed significant resource to drive
forward the five current projects which are on-going for Materia
Medica in addition to the three further contracts recently
signed.
-- Angel completed a range of both development and
biomanufacturing projects during the period. This includes a
bacteriophage project for the treatment of MRSA and a cell culture
development project for Pathfinder.
Having expanded over an additional site, operational activities
within the group will continue to be managed carefully and will
allow the Company to demonstrate its commitment to providing the
necessary capacity, synchronising any additional expansion with
sustainable revenue generation. The Company has already
demonstrated its ability in this regard by during the period,
re-commissioning Cramlington with only an additional headcount of
five. The operational capabilities of Angel are now fit for purpose
and can provide the necessary expertise at the scale our customers
demand.
Finance
-- Revenue for the fifteen month period to 31 March 2012 of
GBP3.456 million (12 months to December 2010: GBP2.945
million).
-- Gross profit for the fifteen month period to 31 March 2012 of
GBP1.207 million (12 months to December 2010: GBP1.907 million).
The reduction in gross profit margin is partly as a result of the
expenditure required at Cramlington to ensure the facility is fully
prepared for its initial MHRA inspection.
-- Other costs relating to Cramlington have been included in the
net operating expenses which have increased by GBP0.828
million.
-- Seven contracts and contract extensions signed totalling
GBP5.3 million (2010: GBP5.3 million).
-- Successful placement of ordinary shares raising GBP3.087 million before expenses.
-- 58% of the revenue for the period was generated by one
customer, Materia Medica. This percentage has remained static over
both periods. Our aim, with Cramlington coming on-line, is to see
this percentage reduced during the year ending March 2013.
-- Angel has dedicated its Pentlands facility, which is
operating at capacity, to servicing existing clients. As a result
100% of reported revenue related to continuing and repeat clients
and a total of seven contracts were completed during the
period.
-- Total assets increased by over GBP1.1 million whilst total
liabilities decreased by GBP0.6 million to GBP0.9 million resulting
in a positive net asset value at the period end of GBP1.8
million.
-- The current ratio has improved significantly over the period
and was 2.25 at the period end compared to 0.77 at the end of
2010.
-- The convertible loan to EphaG was repaid in full as anticipated by June 2011.
-- Effective financial control and cash management have seen our
receivables days stabilise at an average of 36 days (2010: 18 days)
and payable days reduce to 36 days (2010: 58 days).
Post Balance Sheet Events
The directors believe Angel has had a very successful start to
the new financial year. In April, we signed a contract with
TransGenRx Inc. for the development of a process to manufacture
recombinant interferon with a value of in excess of GBP800k. This
will be carried out in Cramlington and would not have been won
without this facility. It is clear from discussions with clients
with programmes suitable for the Cramlington facility that they
will not commit to final discussions before the granting of a
licence. These are high value programmes and this is not an
unreasonable position for sponsor companies to take. The Medicines
and Healthcare products Regulatory Agency (MHRA) licensing
inspection for Cramlington is planned for mid-June 2012.
Angel Biomedical Ltd (ABL)
Angel identified an opportunity to acquire the assets of a
manufacturing business in February 2012. Dr White had knowledge of
this business and the relevant sectors, which catalysed an early
decision to open negotiations. A provisional business plan showed
the potential for a significant and profitable additional business
within the Angel group. Preliminary discussions indicated that
there might be continued interest from the customers and the Board
took the decision to proceed with the asset purchase. It was for
this reason that the Company decided to take additional cash in the
second phase of the placement, to finance this activity without
impact on the on-going investment within Angel.
ABL comprises 6,500 sq ft of clean room and laboratory space in
a state of the art building on the outskirts of Glasgow. The
facility and processes have been previously accredited to ISO 13485
and ISO 22442 to support the manufacture of collagen-based
products. All necessary assets have been transferred to ABL to
allow continuation of manufacturing, including a small number of
staff. It is, for practical purposes, a going concern.
Collagen has been used in medical applications for decades.
However, the provenance of material is critical with material
procured from countries which can claim to have no incidence of
bovine spongiform encephalitis. Of great importance to ABL is the
fact that the material sourcing, process, facility and a medical
device product have previously been through FDA approval. ABL
manufactures collagen raw materials and can convert this material
into a matrix which can be fashioned and formulated to suit a very
wide range of applications in the medical devices, in-vitro
diagnostics and regenerative medicine industries.
ABL integrates well with the Angel core business in stem cells
and cell therapy products, in that Angel group can now offer an
integrated service by providing a custom collagen matrix, processed
stem cells and assemble a finished product to GMP standards.
Indeed, Angel has carried out similar work previously for Azellon
who produce an autologous meniscal bandage.
The formation of ABL extends Angel's distinctive competencies by
providing a turn-key solution for the development and manufacture
of tissue engineering products by providing not only the biological
component, but also the mechanism of delivery.
In addition to these advanced products, ABL will also develop a
wider customer base providing collagen products which will allow
more rapid revenue generation due to reduced regulatory
requirements. For example, collagen materials are used in-vitro
diagnostics, R&D and cosmetics applications.
Support services for ABL will be provided by Angel and the
corporate overhead will be leveraged over a larger and more diverse
revenue generating operation.
Since acquiring these assets ABL has secured and announced a
supply agreement with Cardium Therapeutics with a value in excess
of GBP400k for the initial twelve month period. The agreement
covers the manufacture of formulated collagen for Cardium's
Excellagen product, which has recently been cleared for marketing
by the US Food and Drug Administration (FDA). Excellagen is a
professional use high molecular weight fibrillar Type 1 collagen
topical gel (2.6%) specifically engineered as an adjunct to
debridement for the management of diabetic foot ulcers and other
dermal wounds.
In addition to this, ABL will assist Cardium in gaining a CE
Mark for Excellagen for marketing and sale in the European Union
and in other countries recognising CE Mark approval. ABL will also
support Cardium in establishing its own Device Master File with the
FDA's Center for Devices and Radiological Health.
Outlook
The business has gone through an intense period of change as we
have built up our manufacturing capacity whilst adding new products
and services in particular, establishing and integrating our new
business, ABL. Our staff have risen to the challenge and have
managed to maintain the target level of revenue generating
activities whilst managing the re-commissioning of Cramlington. We
expect the next period to be one of consolidation with emphasis on
signing new business for both ABH and ABL and driving the synergies
possible through combining the resources of these two
businesses.
ABL allows us to tap into a wholly new market for Angel,
accessing new customers and opportunities that would not formally
have been available. Since we expect this new business to be
self-sustaining the overall impact on the Group should be
positive.
The business environment remains relatively difficult with
development spend under tight control in most businesses and the
available funding to support such activities difficult to come by.
Re-structuring, down-sizing and setting changed priorities in the
healthcare sector continues and shows
no signs of slowing and more consolidation is expected.
Broadening our business offering will allow the business to tap
into more opportunities and this should help mitigate some of these
factors.
The Directors believe that the strategy pursued to build
capacity and functionality remains the right one and positions the
business to take advantage of and to generate new
opportunities.
Dr Paul Harper
Chairman, Angel Biotechnology Holdings Plc
Dr Stewart White
Acting Chief Executive Officer, Angel Biotechnology Holdings
Plc
31 May 2012
Statement of comprehensive income for the PERIOD ended 31 MARCH
2012
Period ended Year ended
Notes 31-Mar-12 31-Dec-10
GBP GBP
Revenue 2 3,455,936 2,945,201
Cost of sales (2,249,141) (1,038,447)
Gross profit 1,206,795 1,906,754
------------- -------------
Net operating expenses (2,473,136) (1,645,006)
Operating (loss)/profit 3 (1,266,341) 261,748
------------- -------------
Finance income 4 2,437 1,239
Finance costs 5 (34,856) (69,696)
(Loss)/Profit before taxation (1,298,760) 193,291
------------- -------------
UK corporation tax 7 - -
(Loss)/Profit for the year and total comprehensive income
attributable to owners of the Company (1,298,760) 193,291
------------- -------------
(Loss)/Profit per share (pence)
Basic 8 (0.047) p 0.01 p
Diluted 8 (0.047) p 0.01 p
BALANCE SHEET AS AT 31 MARCH 2012
Notes 31-Mar-12 31-Dec-10
GBP GBP
Non-current assets
Intangible assets 10 4,360 6,873
Property, plant and equipment 11 988,548 416,155
992,908 423,028
Current assets
Trade and other receivables 13 1,126,634 532,190
Cash and cash equivalents 580,255 613,339
1,706,889 1,145,529
Total assets 2,699,797 1,568,557
------------ ------------
Current liabilities
Trade and other payables 13 (382,957) (377,938)
Finance leases 12 (50,349) -
Loans 14 (14,037) (358,108)
Deferred income (312,432) (757,636)
------------ ------------
(759,775) (1,493,682)
Non-current liabilities
Finance leases 12 (134,706) -
Total liabilities (894,481) (1,493,682)
------------ ------------
Net assets 1,805,316 74,875
------------ ------------
Capital and reserves
Share capital 15 3,273,617 2,110,796
Share premium account 16 523,216 4,384,487
Retained earnings 17 (1,991,517) (6,420,408)
Equity attributable to owners of the Company 1,805,316 74,875
------------ ------------
Statement of Changes in Equity for PERIOD Ended 31 MARCH 2012
Share Total
Share premium Retained shareholders'
capital account earnings funds
GBP GBP GBP GBP
At 31 December 2009 1,490,926 3,574,640 (6,653,699) (1,588,133)
Transactions with owners:
Share issue (net of costs) 619,870 809,847 - 1,429,717
Share based payment - - 40,000 40,000
Total comprehensive income:
Profit for the year - - 193,291 193,291
At 31 December 2010 2,110,796 4,384,487 (6,420,408) 74,875
Transactions with owners:
Share issue (net of costs) 1,162,821 1,822,380 - 2,985,201
Share based payment - - 44,000 44,000
Capital Reduction - (5,683,651) 5,683,651 -
Total comprehensive income:
Loss for the period - - (1,298,760) (1,298,760)
At 31 March 2012 3,273,617 523,216 (1,991,517) 1,805,316
---------- ------------ ------------ --------------
Cash Flow Statement for the PERIOD ended 31 MARCH 2012
Period ended Year ended
31-Mar-12 31-Dec-10
GBP GBP
Cash flows from operating activities:
Operating (loss)/profit (1,266,341) 261,748
Amortisation and depreciation 107,169 54,691
Share based payment expense 44,000 40,000
Increase in receivables (594,444) (292,894)
(Decrease)/increase in payables 5,019 (759,576)
(Decrease)/increase in deferred income (445,203) 229,971
Cash used in operations (2,149,800) (466,060)
Interest paid (34,856) (69,696)
Net cash used in operating activities (2,184,656) (535,756)
Cash flows from investing activities:
Interest received 2,437 1,239
Purchase of non-current assets (490,686) (115,269)
Net cash used by investing activities (488,249) (114,030)
------------- -----------
Cash outflow before financing (2,672,905) (649,786)
Cash flows from financing activities:
Receipt of loans - 40,865
Repayment of loans (344,071) (230,313)
Finance lease payments (1,308) (36,144)
Issue of ordinary share capital 2,985,200 1,429,717
Net cash from financing activities 2,639,821 1,204,125
------------- -----------
Net (decrease)/increase in cash and cash equivalents (33,084) 554,339
Cash and cash equivalents at beginning of year 613,339 59,000
Cash and cash equivalents at end of year 580,255 613,339
------------- -----------
EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is
based on the following data:
2012 2010
GBP GBP
Earnings:
(Loss)/Profit on ordinary activities
after tax (1,298,760) 193,291
============= =============
No. No.
Weighted average no of shares:
For basic 2,755,785,355 2,033,232,751
Effect of dilutive potential ordinary
shares:
Share options - 26,587,990
For diluted 2,755,785,355 2,059,820,741
================ ================
Basic (loss)/profit per share (0.047p) 0.01p
================ ================
Diluted (loss)/profit per share (0.047p) 0.01p
================ ================
Notes
1. Extract from Annual Report and Accounts
The financial information set out above does not constitute the
Company's statutory accounts for the periods ended 31 March 2012 or
31 December 2010 but is derived from those accounts. Statutory
accounts for 2010 have been delivered to the registrar of
companies, and those for 2012 will be delivered in due course. The
auditors have reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to
which the auditors drew attention by way of emphasis without
qualifying their report and (iii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006 in respect of the
accounts for 2010 or 2012.The annual report and accounts for the
period ended 31 March 2012 will be posted to shareholders in
June 2012. The results for the period ended 31 March 2012 were
approved by the Board of Directors on 31 May 2012 and are audited.
The information contained in this preliminary announcement has been
approved by the Board of Directors.
2. Basis of preparation
The preliminary announcement has been prepared under the
historical cost convention on a going concern basis and in
accordance with the recognition and measurement principles of
International Financial Reporting Standards and IFRIC
interpretations as adopted by the EU ("IFRS"). The preliminary
announcement has been prepared on the basis of the same accounting
policies as published in the audited financial statements of the
Company for the period ended 31 March 2010.
3. Report Distribution
Copies of the annual report will be sent to shareholders shortly
and will be available for a period of one month to the public at
the offices of Angel Biotechnology Holdings Plc, Pentlands Science
Park, Penicuik, Edinburgh, UK, EH26 0PZ and at the Company's
website www.angelbio.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BKDDPABKDQPN
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