RNS Number:1612O
Ardana PLC
19 December 2006
Ardana: Interim Results for the
six months ended 30 September 2006
Ardana plc (LSE: ARA) the pharmaceutical company focused on improving human
reproductive health, today announces its Interim Results for the six months
ended 30 September 2006.
Highlights in the period
* Agreement with Novartis Pharmaceuticals UK Ltd for Ardana to launch and
promote Emselex(R) in the UK for the symptomatic treatment of overactive
bladder (OAB)
* Teverelix Long Acting (LA)
- US patent granted
- Positive preliminary results in Phase I trial for the treatment of
endometriosis
* Testosterone Cream
- Positive preliminary results in Phase II trial
Key Financials
* Total cash and cash equivalents at 30 September 2006 of #13.7 million (31
March 2006: #19.1 million)
* Loss before tax for the six months ended 30 September 2006 of #5.5 million
(six months ended 30 September 2005: #3.6 million)
Post period events
* Launch of Emselex(R)
* Placing and Open Offer in October 2006 raised an additional #9.9 million
after expenses
Dr Maureen Lindsay, CEO, commented "The last six months have seen us make
significant progress across all aspects of Ardana's business. Our agreement
with Novartis for Ardana on Emselex(R) is a tremendous endorsement of our sales
and marketing capabilities. Our compounds in clinical development, including
our lead compound Teverelix LA and Oral GHS, are progressing well, and we look
forward with confidence to building on the achievements of the first six months
and reporting on the development of our pipeline and progress in our
commercialisation activities."
Enquiries
For more information contact:
Maureen Lindsay + 44 (0) 131 226 8550
Ardana
Julia Phillips/John Gilbert +44 (0)20 7831 3113
Financial Dynamics
(corporate and financial media relations)
About Ardana
Ardana plc is a pharmaceutical company focused on the discovery, development and
marketing of innovative products to improve human reproductive health, a $25.5
billion market*.
Since its foundation, Ardana has maintained a broad and balanced portfolio to
manage risk and actively pursues product and technology in-licensing and
out-licensing to maintain a robust pipeline.
Ardana's four lead products are summarised below:
* Emselex(R), a once a day treatment for the symptoms of overactive bladder
which Ardana has exclusive UK marketing and promotion rights and is being
distributed in collaboration with Novartis Pharmaceuticals UK Limited;
* StriantTM SR, a testosterone replacement therapy that has been launched by
Ardana through its own sales force in the UK and through marketing partners
in certain European countries, as a treatment for men with confirmed
hypogonadism;
* Invicorp, an injectable combination drug treatment for erectile
dysfunction, for which Ardana has marketing and manufacturing rights in
Europe;
* Teverelix LA, in development for three initial indications (prostate
cancer, BPH and endometriosis);
* Testosterone Cream, a transdermal testosterone delivery system in
development for the treatment of male hypogonadism, in Phase II trials; and
* Oral GHS (EP01572) a oral growth hormone secretagogue in late stage
development in the first indication for the diagnosis of growth hormone
deficiency and in early stage development in a second indication.
In addition, Ardana has a strong portfolio of follow-on products in development.
Ardana is listed on the Main Market of the London Stock Exchange.
For further information please see www.ardana.co.uk
*Source: IMS Retail Drug Monitor November 2005.
Statements contained within this press release may contain forward-looking
comments which involve risks and uncertainties that may cause actual results to
vary from those contained in the forward-looking statements. In some cases, you
can identify such forward-looking statements by terminology such as 'may', '
will', 'could', 'forecasts', 'expects', 'plans', 'anticipates', 'believes', '
estimates', 'predicts', 'potential', or 'continue'. Predictions and
forward-looking references in this press release are subject to the satisfactory
progress of research which is, by nature, unpredictable. Forward projections
reflect management's best estimates based on information available at the time
of issue.
CHIEF EXECUTIVE'S STATEMENT
Introduction
I am pleased to report that during the first half of the financial year we have
made significant progress across all areas of Ardana's business.
In September 2006 we reached agreement with Novartis Pharmaceuticals UK Ltd ("
Novartis") for Ardana to be granted sole and exclusive rights to launch and
promote Emselex(R) for the symptomatic treatment of overactive bladder (OAB) in
the UK for a 10 year term. Emselex(R) was launched by Ardana in November 2006.
In October 2006 we completed a Placing and Open Offer, which raised #9.9 million
after expenses. The net proceeds will be used to launch and promote Emselex(R)
and to invest in the clinical development of Ardana's Oral Growth Hormone
Secretagogue (GHS) in its first indication for the diagnosis of growth hormone
deficiency and in the first therapeutic indication.
Clinical development progressed satisfactorily across our product pipeline,
including our lead compound Teverelix LA. Ardana is in discussions with
potential partners to collaborate on the future development and
commercialisation of Teverelix LA. The Directors intend to have agreements in
place before the start of the first Phase III trials. We are also particularly
pleased with the progress of Testosterone Cream, which we expect to be ready for
launch in 2008.
Marketed Products
Emselex(R)
Ardana will be responsible for the launch and ongoing sales and marketing of
Emselex(R) whilst Novartis will be responsible for distribution, medical and
pharmacovigilance activities. Emselex(R) has shown favourable efficacy, a low
incidence of cardiovascular adverse events and in elderly healthy volunteers did
not significantly impair memory function. We believe that Emselex(R) will offer
health professionals an effective and well tolerated new treatment option for
patients who experience overactive bladder symptoms and is an important addition
to Ardana's portfolio.
Emselex(R), which Novartis has launched in collaboration with Bayer Vital GmbH
in Germany and Procter and Gamble Pharmaceuticals Inc. in the US (where the
product is known as Enablex(R)), is a product which fits extremely well with
Ardana's therapeutic focus of human reproductive health. An additional marketed
product in the UK will leverage the current sales force who are currently
promoting StriantTM SR to endocrinologists and urologists.
Emselex(R) is an oral once-daily muscarinic M3 selective receptor antagonist (M3
SRA) for the treatment of OAB. Symptoms of OAB include urinary urgency (a sudden
and compelling desire to pass urine) with, or without, urge urinary incontinence
(involuntary leakage accompanied or immediately preceded by urgency), usually
with urinary frequency (voiding the bladder too often), and nocturia (waking at
night one or more times to void the bladder).
On 16 November 2006 we commenced the marketing of Emselex(R) in the UK. Part of
the net proceeds of the Placing and Open Offer will be used to launch and
promote this product.
StriantTM SR
StriantTM SR is a mucoadhesive buccal (gum surface) testosterone replacement
therapy for confirmed male hypogonadism. StriantTM SR is marketed to urologists
and endocrinologists in the UK by Ardana's own sales force and in Germany, the
Nordic Region and the Republic of Ireland by our partners. We will continue to
develop our distribution capability around Europe with the appointment of
further strategic partners.
Product Pipeline
InvicorpTM
InvicorpTM is an injectable treatment for erectile dysfunction and is currently
available under a special licence in the UK.
The European Mutual Recognition Procedure (MRP) to obtain marketing
authorisation in other European territories is expected to commence during the
first half of 2007. Marketing Authorisations for InvicorpTM have been granted
in Denmark and Ardana intends to launch there imminently.
Testosterone Cream
Testosterone Cream is a transdermal testosterone delivery system based on our
Bi-Gel technology, which is in development for the treatment of male
hypogonadism.
In September 2006 we announced preliminary results of a Phase II study in
hypogonadal men. The open-label, randomised study involved 16 patients
diagnosed with male hypogonadism i.e. testosterone deficiency. A preliminary
analysis of the data confirms that Ardana's Testosterone Cream is effective in
restoring testosterone levels to the normal range in hypogonadal men when
administered as a single dose of 2.25g or 4.5g on a daily basis. Furthermore,
the data suggests that even before dose titration the low dose should meet
efficacy criteria set by the United States Food & Drug Administration (FDA).
A Phase II long-term dose-titration study in hypogonadal men is currently
ongoing. Also a Phase I study, conducted in the US under an Investigational New
Drug (IND) application, is ongoing, investigating the effect of showering on the
absorption of testosterone. A pivotal Phase III registration study in the US is
currently being prepared.
We are very encouraged by our progress in the development of Ardana's novel
Testosterone Cream. The preliminary data from the study announced in September
meets our expectations for the product and we look forward to moving into Phase
III.
Oral GHS (EP01572)
Proceeds of the Placing and Open Offer will also be used to develop Ardana's
Oral Growth Hormone Secretagogue (EP01572).
EP01572 (Oral GHS) is an oral formulation of a growth hormone secretagogue
(GHS). This is a novel small molecule size peptidomimetic agent (a compound that
mimics the biological action of a peptide). Based on clinical results to date we
believe that Oral GHS can directly stimulate growth hormone secretion from the
pituitary gland and/or indirectly via stimulation of growth hormone releasing
peptide (GHRP) from the hypothalamus.
The Company considers Oral GHS to be an asset with significant near and long
term potential. Potential applications include the diagnosis and treatment of
growth hormone deficiency (GHD) disorders and frailty of the elderly, as well as
metabolic complications associated with critical illness, such as cancer,
trauma, uremia and AIDS-associated cachexia and lipodystrophy.
The current worldwide market for growth hormone products is worth approximately
US$3.1 billion, and forecast to grow to US$3.87 billion by 2010, representing a
Compound Annual Growth Rate (CAGR) of 4.1 per cent (Wood Mackenzie Product View,
April 2006). The majority of the current sales (approximately 80 per cent) are
for paediatric indications. The market is currently served by injectable
recombinant human growth hormone. We believe our compound has the potential to
be the first oral product in this market.
Following a positive pre-IND meeting with the FDA, we are developing Oral GHS in
a niche indication with near-term potential in the diagnosis of growth hormone
deficiency.
Ardana will invest in a US registration trial for Oral GHS as a diagnostic in
the indication of growth hormone deficiency. Subject to the outcome of the trial
and regulatory approval, the launch of the diagnostic indication could be as
early as H1 2008 in the US and H2 2008 in the EU. It is expected that an early
market entry of Oral GHS as a diagnostic would provide Ardana with a strong
platform from which to develop Oral GHS as a therapeutic agent and will also
generate near term revenues.
The Company also intends to undertake further early stage clinical trials for a
first potential therapeutic indication. This would allow Ardana to compete in
this US$3.1 billion therapeutic market once approved. There is a good strategic
fit with our current portfolio as patients suffering from growth hormone
deficiency are treated by endocrinologists, a group of physicians already
targeted by Ardana's sales and marketing organisation.
Teverelix LA - Overview
Ardana is developing the long acting formulation of its Gonadotrophin Releasing
Hormone (GnRH) antagonist, Teverelix LA, to treat three indications; prostate
cancer, benign prostatic hyperplasia (BPH) and endometriosis.
On 31 August 2006 we were delighted to announce that we have been granted a US
patent covering the long acting formulation of our GnRH antagonist, Teverelix
(Teverelix LA). The patent is subject to a US patent term extension, which
means that it is not due to expire in the US until April 2023.
Ardana is in discussions with potential partners to collaborate on the future
development and commercialisation of Teverelix LA. The Directors expect to have
agreements in place before the start of the first Phase III trials.
Teverelix LA - Prostate Cancer
Ardana has reached agreement with the FDA on the path forward for the
development of Teverelix LA for the treatment of prostate cancer. The IND was
opened in April 2006 and the first study under the IND is ongoing. The use of
Teverelix LA in the treatment of prostate cancer will be the subject of further
Phase II clinical trials for optimisation of the dose regimen and these are
either ongoing or planned. On completion of the Phase II programme, if the
results are positive, Ardana intends to commence Phase III clinical trials,
subject to the appointment of a partner, with an anticipated product launch
date, at the earliest, towards the end of 2009.
Teverelix LA - Benign Prostatic Hyperplasia (BPH)
Ardana has had a pre-IND application meeting with the FDA at which consensus on
the Company's development plan for the therapy was reached. An IND was submitted
in July 2006 and opened in August 2006. Further longer term Phase II studies
have been undertaken during 2006 and data is expected imminently. Ardana expects
to commence Phase III clinical trials around mid-2007, subject to the
appointment of a partner, and it is anticipated that this product could now
reach the market as early as 2010, initially in the US.
Teverelix LA - Endometriosis
On 7 September 2006 we announced preliminary results of a Phase I study of the
GnRH antagonist, Teverelix LA in healthy female subjects.
Preliminary data from this Phase I, randomised, single-blind, placebo-controlled
study of a single subcutaneous injection of Teverelix LA, at one of two doses to
24 healthy female subjects, indicates that Teverelix LA can reduce oestrogen
levels to a desired level at the lower end of the normal range which should help
to avoid menopausal signs and symptoms including bone loss.
The effect of Teverelix LA on certain bone absorption markers were also
investigated in the study. On the basis of the available data these markers
appear unaffected by Teverelix LA. Additional data analysis is ongoing.
This study provides data to support the further development of Teverelix LA in
endometriosis, a condition with an unmet medical need, and a Phase II study is
currently planned to start shortly.
Financial review
The unaudited financial information for the six months ended 30 September 2006
is prepared in accordance with the group's accounting policies based on
International Financial Reporting Standards (IFRSs) as adopted by the European
Union.
On 30 September 2006, Ardana had cash and cash equivalents of #13.7 million (31
March 2006: #19.1 million). Net cash used by operating activities in the six
months ended 30 September 2006 was #5.8 million (six months ended 30 September
2005: #5.0 million) due principally to the investment in research and
development during the period.
Research and development expenditure for the six months ended 30 September 2006
was #4.1 million (six months ended 30 September 2005: #2.4 million). This
increase in costs reflects the additional clinical activity undertaken across
the portfolio during this period. Total product sales of StriantTM SR for the
six months ended 30 September 2006 were #130,000 (six months ended 30 September
2005: #164,000). Sales of StriantTM SR in Europe represent bulk sales to
partners. The timing of deliveries to partners are not evenly spaced over each
period. Operating loss for the six months ended 30 September 2006 was #5.8
million (six months ended 30 September 2005: #4.2 million), which is driven by
research and development expense activity.
Outlook
The #9.9 million after expenses, raised on the successful completion of our
Placing and Open Offer in October 2006, gives us the opportunity to deliver
value for our shareholders in two exciting areas: the launch and promotion of
Emselex(R) and the development of Ardana's Oral GHS, EP01572.
We are delighted that Novartis has chosen Ardana to launch Emselex(R) in the UK
market which we think is a tremendous endorsement of our sales and marketing
capabilities. Furthermore, this agreement presents an opportunity for the Group
to grow its sales and marketing infrastructure in time for the launch of
Testosterone Cream and GHS as a diagnostic, both of which could enter the market
in 2008.
We have always believed that the GHS programme represented significant potential
value for Ardana. If approved by the relevant authorities GHS has the potential
to be the first oral therapy in the growth hormone market and could capture a
significant share of this $3.1 billion market.
We look forward with confidence to building on the achievements of the first six
months and reporting on the development of our pipeline and progress in our
commercialisation activities.
Consolidated income statement (unaudited)
6 months ended 30 September 2006
Notes 6 months ended 6 months ended Audited
30 September 30 September Year ended
2006 2005 31 March
2006
#'000 #'000 #'000
Revenue: continuing operations
Product revenue 130 164 384
Revenue from sale of services - 106 106
_____ _____ _____
Total revenue 4 130 270 490
Operating expenses
Cost of product sales (34) (66) (142)
Research and development (4,094) (2,363) (6,359)
Other operating expenses (1,829) (2,026) (4,021)
_____ _____ _____
Total operating expenses (5,957) (4,455) (10,522)
_____ _____ _____
Operating loss: continuing operations 5 (5,827) (4,185) (10,032)
Gain on sale of available-for-sale-investment - - 229
Interest received 358 623 1,002
_____ _____ _____
Loss on ordinary activities before taxation (5,469) (3,562) (8,801)
Taxation 291 254 633
_____ _____ _____
Loss on ordinary activities after taxation (5,178) (3,308) (8,168)
attributable to equity shareholders
_____ _____ _____
Basic loss per share 3 (9.3p) (5.9p) (14.7p)
_____ _____ _____
Consolidated balance sheet (unaudited)
At 30 September 2006
Notes 30 September 30 September Audited
2006 2005 31 March
2006
#'000 #'000 #'000
Non-current assets
Intangible assets 2 600 - -
Property, plant and equipment 9 26 15
_____ _____ _____
609 26 15
Current assets
Inventories 40 38 76
Trade and other receivables 1,886 1,522 1,619
Available-for-sale investment - 10,118 -
Cash and cash equivalents 13,737 14,721 19,051
_____ _____ _____
15,663 26,399 20,746
_____ _____ _____
Total assets 16,272 26,425 20,761
_____ _____ _____
Current liabilities
Trade and other payables (3,811) (2,750) (3,360)
_____ _____ _____
Non-current liabilities
Trade and other payables - (1,363) -
_____ _____ _____
Total liabilities (3,811) (4,113) (3,360)
_____ _____ _____
Net assets 12,461 22,312 17,401
_____ _____ _____
Equity
Share capital 557 556 556
Other equity 290 173 240
Share premium account 27,048 26,949 26,949
Merger reserve 34,451 34,451 34,451
Own shares (13) (95) (95)
Retained earnings (49,872) (39,722) (44,700)
_____ _____ _____
Total equity 12,461 22,312 17,401
_____ _____ _____
Group cash flow statement (unaudited)
6 months ended 30 September 2006
Notes 6 months 6 months Audited
ended 30 ended 30 Year ended
September September 31 March
2006 2005 2006
#'000 #'000 #'000
Cash flows from operating activities
Cash used by operations 5 (6,258) (5,271) (11,775)
Corporation tax received 491 267 418
_____ _____ _____
Net cash used by operating activities (5,767) (5,004) (11,357)
_____ _____ _____
Investing activities
Interest received 344 546 1,002
Realised gain on available-for-sale investment - - 229
Purchases of property, plant and equipment (3) (9) (11)
Investment in available-for-sale investment - (10,000) -
_____ _____ _____
Net cash from/ (used in) investing activities 341 (9,463) 1,220
_____ _____ _____
Financing activities
Issue of shares 30 - -
Sale of own shares 82 6 6
_____ _____ _____
Net cash from financing activities 112 6 6
_____ _____ _____
Net decrease in cash and cash equivalents (5,314) (14,461) (10,131)
Cash and cash equivalents at beginning of period 19,051 29,182 29,182
_____ _____ _____
Cash and cash equivalents at end of period 13,737 14,721 19,051
_____ _____ _____
Consolidated statement of changes in equity (unaudited)
6 months ended 30 September 2005
Share Other Share Merger Retained Own Total
capital equity premium reserve earnings shares #'000
#'000 #'000 #'000 #'000 #'000 #'000
Opening balances
1 April 2005 556 93 26,949 34,451 (36,532) (101) 25,416
_____ _____ _____ _____ _____ _____ _____
Recognised directly in equity
Movement in own shares - - - - - 6 6
Share-based payment - 80 - - - - 80
_____ _____ _____ _____ _____ _____ _____
Net change directly in equity - 80 - - - 6 86
_____ _____ _____ _____ _____ _____ _____
Loss for the period - - - - (3,190) - (3,190)
_____ _____ _____ _____ _____ _____ _____
Total movements - 80 - - (3,190) 6 (3,104)
_____ _____ _____ _____ _____ _____ _____
Equity at the end of the period 556 173 23,949 34,451 (39,722) (95) 22,312
_____ _____ _____ _____ _____ _____ _____
Consolidated statement of changes in equity (unaudited)
6 months ended 31 March 2006
Share Other Share Merger Retained Own Total
capital equity premium reserve earnings shares
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Opening balances
1 October 2005 556 173 26,949 34,451 (39,722) (95) 22,312
_____ _____ _____ _____ _____ _____ _____
Recognised directly in equity
Share-based payment - 67 - - - - 67
_____ _____ _____ _____ _____ _____ _____
Net change directly in equity - 67 - - - - 67
_____ _____ _____ _____ _____ _____ _____
Loss for the period - - - - (4,978) - (4,978)
_____ _____ _____ _____ _____ _____ _____
Total movements - 67 - - (4,978) - (4,911)
_____ _____ _____ _____ _____ _____ _____
Equity at the end of the period 556 240 26,949 34,451 (44,700) (95) 17,401
_____ _____ _____ _____ _____ _____ _____
Consolidated statement of changes in equity (unaudited)
6 months ended 30 September 2006
Share Other Share Merger Retained Own Total
capital equity premium reserve earnings shares #'000
#'000 #'000 #'000 #'000 #'000 #'000
Opening balances
1 April 2006 556 240 26,949 34,451 (44,700) (95) 17,401
_____ _____ _____ _____ _____ _____ _____
Recognised directly in equity
New share capital subscribed 1 - 99 - - - 100
Movement in own shares - - - - - 82 82
Gain on sale of EBT shares - - - - 6 - 6
Share-based payment - 50 - - - - 50
_____ _____ _____ _____ _____ _____ _____
Net change directly in equity 1 50 99 - 6 82 238
_____ _____ _____ _____ _____ _____ _____
Loss for the period - - - - (5,178) - (5,178)
_____ _____ _____ _____ _____ _____ _____
Total movements 1 50 99 - (5,172) 82 (4,940)
_____ _____ _____ _____ _____ _____ _____
Equity at the end of the period 557 290 27,048 34,451 (49,872) (13) 12,461
_____ _____ _____ _____ _____ _____ _____
Notes to the Interim Financial Information (unaudited)
6 months ended 30 September 2006
1. Basis of Preparation
The results for the six months ended 30 September 2006 have been prepared on the
basis of the accounting policies set out in Ardana plc's 2006 Annual Report
which were prepared in accordance with International Financial Reporting
Standards (IFRSs). The results for the six months ended 30 September 2006 and
2005 are unaudited but have been reviewed by the auditor, Deloitte and Touche
LLP. The interim accounts do not constitute statutory accounts as defined in
section 240 of the Companies Act 1985. The results for the full year 2006 have
been taken from the Group's 2006 Annual Report which have been filed with the
Registrar of Companies. The auditor has reported on the 2006 accounts and the
report was unqualified and did not contain a statement under section 237(2) or
(3) of the Companies Act 1985.
The Group has not applied IAS 34 "Interim financial reporting", which is not
mandatory for UK groups, in the preparation of these financial statements.
2. Intangible assets
Product rights and other intangible assets are initially recorded at cost and
amortised over their useful life on a straight line basis from the date of the
commercial launch. In the current period, #0.6 million has been capitalised in
relation to the acquired product rights for Emselex(R) in the UK.
3. Loss per share
Basic loss per share is calculated by dividing the loss for the financial period
after taxation by the weighted average number of ordinary shares in issue during
the year.
The basic loss per share is calculated as follows:-
6 months 6 months Year ended
ended 30 ended 30 31 March
September September
2006 2005 2006
#'000 #'000 #'000
Loss after taxation (#'000) (5,178) (3,308) (8,168)
Weighted average number of ordinary shares in issue 55,570,020 55,562,806 55,562,806
_____ _____ _____
Basic loss per share (pence) (9.3) (5.9) (14.7)
_____ _____ _____
IAS requires presentation of diluted earnings per share when a company could be
called upon to issue shares that would decrease net profit or increase net loss
per share. For a loss making company with outstanding share options, net loss
per share would only be increased by the exercise of out-of-money options.
Since it seems inappropriate to assume that option holders would exercise
out-of-money options, no adjustment has been made to diluted loss per share for
out-of-money share options.
4. Business and Geographical Segments
Primary reporting format - business segments
The Directors consider that the primary reporting format is by business segment.
The Group discovers, develops and markets a range of pharmaceutical products.
The Directors consider that there is only one business segment, being
pharmaceuticals. A key part of the Company's strategy is to realise the value of
its intellectual property portfolio through co-development and outlicensing
opportunities which may generate significant revenue in the future.
Secondary reporting market - geographical segments
The Group's operations are located in the UK, with commercialisation and
development activities being carried out in the UK and the Rest of Europe.
The following table provides an analysis of the Group's revenue by geographical
market.
Revenue from external customers by geographical market 6 months 6 months Year ended
ended 30 ended 30 31 March
September September 2006
2006 2005
#'000 #'000 #'000
UK 51 154 207
Rest of Europe 79 116 283
_____ _____ _____
130 270 490
_____ _____ _____
The following table is an analysis of the carrying amount of segment assets.
Total assets by geographical market 6 months 6 months Year ended
ended 30 ended 30 31 March
September September 2006
2006 2005
#'000 #'000 #'000
UK 12,461 22,312 17,401
Rest of Europe - - -
_____ _____ _____
12,461 22,312 17,401
_____ _____ _____
5. Net cash used by operating activities
6 months 6 months Year ended
ended 30 ended 30 31 March
September September 2006
2006 2005
#'000 #'000 #'000
Operating loss (5,827) (4,185) (10,032)
Depreciation 9 16 29
Decrease in inventories 36 69 31
Increase in trade and other receivables (383) (150) (96)
Decrease in trade and other payables (149) (1,101) (1,854)
Share-based payments 50 80 147
Gain on sale of EBT shares 6 - -
_____ _____ _____
Net cash used by operating activities (6,258) (5,271) (11,775)
_____ _____ _____
6. Post balance sheet events
On 12 October 2006 the Company announced the successful conclusion of a Placing
and Open Offer of 9,585,380 shares with institutional investors and existing
shareholders at a price of 115 pence per share, raising #9.9 million after
expenses. The Placing and Open Offer represents 17.2 per cent. of the Company's
existing share capital.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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