RNS Number:1744Q
CapRegen PLC
17 March 2008
17 March 2008
CapRegen plc
Preliminary Results for the Period Ended 31 December 2007
CapRegen plc ("CapRegen" or "the Group"), the AIM listed anti-ageing and
regenerative medicine investment company, is pleased to announce its preliminary
results for 2007.
Highlights
* Successful listing on AIM in July 2007, raising �3.2 million (before
expenses)
* First investment made in December 2007 in CapRegen Magnum Limited
* Low overheads more than covered by interest income
* Year end net cash of �3.6 million
Douglas Emslie, Chairman of CapRegen, commented:
"CapRegen was successfully admitted to AIM in July 2007, raising �3.2 million
(before expenses) with a remit to make investments in the global anti-ageing and
regenerative medicine market place.
In line with this strategy, in December 2007, we were delighted to announce our
first investment for an initial amount of up to $500,000, approximately
�250,000. This involved the formation in the UK of CapRegen Magnum Ltd which
will invest in medical device marketing initiatives in the aesthetics and sports
medicine industries through a marketing agreement with USA Perfector Arasys Inc.
(Arasys).
Your Board is currently evaluating a number of other opportunities and is
confident of achieving further investments as the current financial year
progresses."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Capregen plc:
Douglas Emslie, Chairman 020 8846 2700
Nominated Adviser:
Blue Oar Securities Plc
William Vandyk 020 7448 4400
CHAIRMAN'S STATEMENT
Introduction
CapRegen was successfully admitted to AIM in July 2007, raising �3.2 million
(before expenses) with a remit to make investments in the global anti-ageing and
regenerative medicine market place. This market is expected to benefit from an
increasing demand for products which deal with the associated physical and
medical problems which result from the ageing process. The anti-ageing market is
now thought to be worth over $50 billion a year in the US alone.
Results
The Group generated interest income of �75,418 in the period and made a loss
before tax of �6,404. The profit before tax and warrant charges was �23,694.
Net assets as at 31 December 2007 were �3,527,827 of which �3,574,588 was cash.
Your directors do not intend to recommend the payment of a dividend at this
time.
Background
Your directors believe that the science underlying anti-ageing medicine is
multi-disciplinary covering not only established sciences like biology and
biochemistry, but also sports medicine, molecular genetics and other emerging
medical technologies.
Two of CapRegen's founding shareholders and directors, Drs. Goldman and Klatz,
are also founder members of Medical Conferences International Inc. which today,
in conjunction with the American Academy of Anti-Ageing Medicine organises,
sponsors or endorses some 27 worldwide scientific events. The doctors have also
co-authored a number of patents in the healthcare sector and published several
books focused on anti-ageing and regenerative medical specialities worldwide.
CapRegen, by utilising the Doctors' extensive personal contacts, intends to
either fund scientific researchers that have early-concept technologies with
short-term commercial viability and/or fund the commercialisation of
early-concept technologies that are ready to go to market.
It is intended that CapRegen builds a portfolio of such investments with the
initial focus on North America.
First Investment
In line with this strategy, in December 2007, we were delighted to announce our
first investment for an initial amount of up to $500,000 (approximately
�250,000). This involved the formation in the UK of CapRegen Magnum Ltd which
will invest in medical device marketing initiatives in the aesthetics and sports
medicine industries through a marketing agreement with USA Perfector Arasys Inc.
("Arasys").
The devices sold by Arasys are used for aesthetic purposes, in particular skin
rejuvenation and also to help build muscle and improve muscle tone as part of an
overall health and fitness programme. They are manufactured in the UK and Arasys
has the worldwide sales and marketing rights to them in the anti-ageing,
aesthetic, spa, medical spa, medical clinic, hospital and preventative medicine
markets.
Arasys will pay CapRegen Magnum a royalty of 50% of net sales income (sales
revenue of Arasys net of VAT or other sales taxes and after deducting only the
unit cost paid by Arasys to the manufacturer for the relevant product) on all
products sold by Arasys worldwide. In turn, CapRegen Magnum will contribute US
$200,000 per annum towards Arasys' sales and administrative costs.
CapRegen Magnum is owned 90% by CapRegen and 10% by Arasys' founder, Dr Xanya
Sofra-Weiss. Dr Weiss has the right to subscribe for up to a further 10 per cent
of the ordinary shares of CapRegen Magnum at par value if certain profit targets
are achieved. These additional shares will be made available as to 2.5 per cent
when CapRegen Magnum's annual profits before tax reach $1 million and a further
2.5 per cent for each additional $1 million of profits before tax per annum
until CapRegen Magnum's total annual profits before tax reach or exceed $4
million.
Outlook
Your Board is currently evaluating a number of other opportunities and is
confident of achieving further investments as the current financial year
progresses.
Douglas Emslie
Chairman
17 March 2008
CONSOLIDATED INCOME STATEMENT
Notes Period to
31 December
2007
�
Operating costs (81,822)
Interest receivable 75,418
Loss before taxation (6,404)
Taxation 3 (46,289)
Loss for the period (52,693)
Loss for the period attributable to equity shareholders of
the parent company (48,971)
Loss for the period attributable to minority interests (3,722)
(52,693)
Loss per share (pence) 4
- basic -
- diluted -
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Period to
31 December
2007
�
Loss for the financial period (52,693)
Total recognised income and expense for the period (52,693)
Attributable to:
Equity holders of the parent (48,971)
Minority interest (3,722)
Total recognised income and expense for the period (52,693)
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2007
Notes
�
NON-CURRENT ASSETS
Intangible assets and goodwill 150,182
150,182
CURRENT ASSETS
Trade and other receivables 46,985
Cash and cash equivalents 3,574,588
3,621,573
TOTAL ASSETS 3,771,755
CURRENT LIABILITIES
Trade and other payables (217,560)
NON CURRENT LIABILITIES
Deferred tax liability (26,368)
TOTAL LIABILITIES (243,928)
NET ASSETS 3,527,827
EQUITY
Share capital 6 890,100
Share premium account 6 2,503,879
Other reserves 6 173,355
Retained earnings 6 (48,971)
Equity shareholders' funds 3,518,363
Minority Interest 6 9,464
TOTAL EQUITY 3,527,827
CONSOLIDATED CASH FLOW STATEMENT
Period to
31 December
2007
�
Cash flows from operating activities
Operating loss before interest (81,822)
Add back:
Warrant charge 29,678
Amortisation 420
Cash flows from operations before changes in working capital (51,724)
Change in trade and other receivables (46,985)
Change in trade and other payables 197,246
Cash generated from operations 98,537
Interest received 75,418
Cash flows from operating activities 173,955
Cash flows from investing activities
Acquisition of subsidiaries (18,346)
Cash flows from financing activities
Issue of shares: Initial subscription 500,000
Flotation 3,200,500
Costs of share issues (281,521)
Net cash flow from financing activities 3,418,979
Cash and cash equivalents at 31 December 2007 3,574,588
1. BASIS OF PREPARATION
The preliminary results for the period ended 31 December 2007 have been prepared
in accordance with International Financial Reporting Standards (IFRS) as adopted
by the EU and are in line with the Group's accounting policies.
The financial information set out above does not constitute the Company's
statutory accounts, within the meaning of section 240 of the Companies Act 1985,
for the period ended 31 December 2007 but is derived from those accounts, on
which the auditors have issued an unqualified report.
2. SEGMENTAL ANALYSIS
As at 31 December 2007, the Group only operates in the area of investing in
early-concept anti-ageing technologies.
3. INCOME TAX EXPENSE
2007
�
Corporation tax:
UK tax on loss for the period 3,643
Overseas tax on profits for the period 16,278
Current tax charge for the period 19,921
Deferred tax:
Origination of temporary differences 26,368
Tax charge for the period 46,289
4. LOSS PER SHARE
2007
pence
Basic loss per share -
Diluted loss per share -
Basic loss per share
Basic loss per share has been calculated on losses after tax attributable to
ordinary shareholders for the period of �48,971 and 70,287,871 being the
weighted average number of shares in issue during the year.
4. EARNINGS PER SHARE (CONT.)
Diluted loss per share
Diluted loss per share has been calculated on losses after tax attributable to
ordinary shareholders for the year of �48,971 and 70,287,871 ordinary shares,
calculated as follows:
Weighted average number of ordinary shares (diluted):
2007
Weighted average number of ordinary shares 70,287,871
Effect of share options -
Weighted average number of ordinary shares (diluted) 70,287,871
Dilutive and anti-dilutive share options were determined using the average
closing price for the period. The average share price used was 5.25 pence.
5. DIVIDENDS
The directors do not propose a dividend for the period to 31 December 2007.
6. RECONCILIATION OF MOVEMENT IN EQUITY
Share Share Other Retained Sub Minority Total
capital premium reserves earnings Total interest
account
� � � � � � �
As at 31 December 2007:
Loss for the period - - - (48,971) (48,971) (3,722) (52,693)
New share capital subscribed 890,100 2,810,400 - - 3,700,500 - 3,700,500
Cost of shares issued - (281,521) - - (281,521) - (281,521)
Movement relating to warrants - (25,000) 54,678 - 29,678 - 29,678
Reserve created on acquisition - - 118,677 - 118,677 13,186 131,863
of marketing rights
890,100 2,503,879 173,355 (48,971) 3,518,363 9,464 3,527,827
7. EVENTS SINCE THE BALANCE SHEET DATE
There have been no significant transactions since the balance sheet date.
The Annual General Meeting will be held at 4th Floor, Metro Building, 1,
Butterwick, Hammersmith, London W6 8DL on Wednesday 7 May 2008 at 11.00 am.
A copy of this report will be available on the Company's website at
www.capregen.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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