TIDMAGL
RNS Number : 2337N
Angle PLC
28 January 2016
For Immediate Release 28 January 2016
ANGLE plc
("ANGLE" or "the Company")
Interim Results for the six months ended 31 October 2015
PARSORTIX(TM) COMMERCIALISATION ON TRACK
ANGLE plc (AIM: AGL and OTCQX: ANPCY), the specialist medtech
company, today announces its unaudited interim financial results
for the six months ended 31 October 2015. The Company is focused on
commercialising its patented Parsortix(TM) liquid biopsy system
which has the potential to transform a wide range of cancer
treatments by making it possible to capture intact tumour cells
from patient blood for analysis at any stage of the diagnosis and
treatment process.
Key Highlights
-- Significant progress against key commercial objectives
- Sales: pipeline established and first sales for research use
secured post period end
- FDA: active dialogue and progress with FDA authorisation;
three leading US cancer centres selected to complete clinical
validation
- Ovarian cancer clinical application: clinical study protocols
finalised and three leading European cancer centres in the process
of initiating studies
-- Key Opinion Leaders at prominent cancer centres continue to
investigate additional potential clinical applications for
Parsortix notably
- Prostate cancer (Barts Cancer Institute)
- Breast cancer (University of Southern California)
- Lung cancer (Cancer Research UK Manchester)
-- First peer-reviewed paper on the application of Parsortix
published in PLOS ONE Public Library of Science
- Two further peer-reviewed publications released post
period-end adding to the growing body of published evidence
supporting the Parsortix performance
-- Patent portfolio strengthened
- Additional patents granted in Canada, China and Australia to
add to the two existing granted U.S. patents
-- World-leading CTC experts, Jim Reuben (MD Anderson Cancer
Center) and Daniel Danila (Memorial Sloan Kettering Cancer Center),
join Scientific Advisory Board
Financial Highlights
-- Planned product development and commercialisation activities
resulted in a reported loss for the six months ended 31 October
2015 of GBP2.3 million (H1 2015: loss GBP1.6 million)
-- Cash balance at 31 October 2015 of GBP5.8 million (30 April
2015: GBP8.4 million). Cash received of GBP0.7 million post period
end following the release of the full escrow from the sale of
Geomerics
Garth Selvey, Chairman, commented:
"We have made consistent progress in our strategy towards full
commercialisation of the Company's Parsortix liquid biopsy system.
We believe that the unique features of the patented Parsortix
system have the potential to transform cancer treatment and we are
well placed to participate in the global liquid biopsy market
forecast to be US $14 billion per annum in the United States alone
by 2025."
Analyst meeting and webcast details
A meeting for analysts will be held at 10:00am on 28 January
2016 at the offices of FTI Consulting, 200 Aldersgate, Aldersgate
Street, London EC1A 4HD. Please contact FTI Consulting on 020 3727
1000 for details.
To listen to the live webcast of the analyst meeting, please
see
http://www.angleplc.com/investor-information/corporate-presentations/
for details.
For further information:
ANGLE plc 01483 685830
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Cenkos Securities
Stephen Keys, Dr Christopher
Golden (Nominated adviser)
Russell Kerr, Olly Baxendale
(Sales) 020 7397 8900
FTI Consulting
Simon Conway, Mo Noonan 020 3727 1000
Kimberly Ha (US) 001 212 850 5612
These Interim Results may contain forward-looking statements.
These statements reflect the Board's current view, are subject to a
number of material risks and uncertainties and could change in the
future. Factors that could cause or contribute to such changes
include, but are not limited to, the general economic climate and
market conditions, as well as specific factors including the
success of the Group's research and development and
commercialisation strategies, the uncertainties related to
regulatory clearance and the acceptance of the Group's products by
customers.
CHAIRMAN'S STATEMENT
Introduction
ANGLE's patented Parsortix cell separation system is a
potentially disruptive platform technology, which could transform
the treatment of cancer by facilitating precision medicine (the
right treatment to the right patient at the right time). It is a
simple, fast and cost effective non-invasive blood test (liquid
biopsy), which can harvest very rare circulating tumour cells
(CTCs) in a cancer patient's blood - even where there is less than
one CTC in a billion healthy cells. The aim of the resulting liquid
biopsy, where the sample is obtained through a simple blood draw,
is to enable the analysis of the cancer so that the patient can be
offered personalised cancer care.
In the context of the rising incidence of cancer and increasing
pressures on healthcare costs, liquid biopsy is set to enable
precision medicine, reducing healthcare costs and improving patient
outcomes. The fast growing liquid biopsy market is forecast to be
worth US $14 billion by 2025 in the United States alone(1) . ANGLE
is well placed to participate in this market.
In pursuit of this aim, we report below the recent significant
progress ANGLE has made towards key commercial objectives:
-- sales for research use
-- FDA authorisation for clinical use of the system in the United States
-- clinical studies for the first clinical application for Parsortix in ovarian cancer
In line with the Company's successful repositioning to focus
solely on developing and commercialising Parsortix, the FTSE
Industry Classification Benchmark has reclassified ANGLE from
"Support Services" to "Healthcare, sub-sector Biotechnology".
1. Source: The Goldman Sachs Group, Inc. Global Investment
Research "Liquid Biopsy: Could a simple blood test revolutionize
cancer care?" Equity Research 6 October 2015
Results
Planned product development and commercialisation of ANGLE's
liquid biopsy system resulted in a reported loss for the six months
ended 31 October 2015 of GBP2.3 million (H1 2015: loss GBP1.6
million).
The cash balance was GBP5.8 million at 31 October 2015 (30 April
2015: GBP8.4 million). Post period end GBP0.7 million cash was
received with release of the full escrow from the sale of
Geomerics.
System optimisation
Extensive product development and system optimisation has been
successfully completed to address the operational requirements of a
wide range of Key Opinion Leaders and beta customers.
Product development work has been completed to develop, test,
optimise and document key operating protocols that enable customers
to undertake analysis in specific areas of interest. An important
aspect that has recently been finalised are the Parsortix protocols
that enable a single blood sample to be utilised for both CTC and
circulating tumour DNA (ctDNA) analysis.
Analysis of live CTCs from liquid biopsies opens up the full
picture of the cancer and enables the investigation of DNA, RNA and
protein expression as well as the potential to culture cells and
use xenograft cancer models. ctDNA on the other hand is limited to
partial DNA analysis based on fragments of dead cancer cells.
The Parsortix system is reliable, easy to use and produces
robust reproducible results. There are now over 80 Parsortix
instruments in active use and this number is growing rapidly. Over
12,000 blood separations have already been performed on the
Parsortix system and the number of cassettes being used is
approximately doubling every year with some 2,000 separations in
financial year 2014, 4,000 separations in financial year 2015 and
6,000 separations performed in the current financial year to
date.
These experimental data provide a broad body of initial evidence
that demonstrates the system's potential to meet the requirements
of a wide range of cancer types and forms of analysis. The system
consequently has the potential to address a wide range of liquid
biopsy applications in four key market segments:
-- diagnostic screening
-- therapeutic decision-making
-- minimal residual disease monitoring and diagnosis
-- post treatment monitoring
The system has already been demonstrated with ovarian, prostate,
breast, lung, colorectal, pancreatic and renal cancers and multiple
cell analysis techniques.
Research use sales
The product development and system optimisation successfully
completed during the period enabled first sales for research use to
be completed shortly after the period end.
Good progress has been made in building research use sales, with
sales to multiple customers of both Parsortix instruments and the
accompanying single use cassette consumable. Customers include both
new research users and also a number of our existing Key Opinion
Leaders (KOLs) who are transitioning to undertake fully funded
projects.
There is a growing pipeline of potential customers. This
interest is supported by multiple third party cancer centre
publications and notably Cancer Research UK's (CRUK's) publication
of the results of its three year evaluation of the Parsortix system
in the Royal Society of Chemistry's peer-reviewed publication,
Analyst(2) . In that publication, CRUK state that ANGLE's Parsortix
system "... offers a unique combination of features making it
suitable for routine clinical analysis of patient blood
samples".
We estimate that the research use sales market is worth
approximately GBP250 million per annum. Whilst initial revenues are
expected to be modest, we are seeking significant contributions
from sales to this market over time.
(MORE TO FOLLOW) Dow Jones Newswires
January 28, 2016 02:00 ET (07:00 GMT)
ANGLE is initially targeting sales to leading cancer research
centres. In addition to revenues, research use sales broaden the
range of users of the system investigating new clinical
applications in different cancer types and generating additional
posters, publications and clinical evidence of the value of the
Parsortix liquid biopsy.
This work may lead to the Parsortix system being adopted for new
clinical applications and companion diagnostics (diagnostic tests
to determine whether a cancer drug will benefit a patient).
Widespread use of Parsortix in research is thus an important
element in growing the overall market for ANGLE as well as being
economically beneficial in its own right.
2. Clinical evaluation of a novel microfluidic device for
epitope-independent enrichment of circulating tumour cells in
patients with small cell lung cancer: Cancer Research UK Manchester
Institute and Christie NHS Foundation Trust, Manchester UK
published by Royal Society of Chemistry Analyst publication,
November 2015
US Food and Drug Administration (FDA) authorisation
ANGLE is committed to driving acceptance and approval of its
technology worldwide.
ANGLE already has an IVD (In Vitro Diagnostic Medical Device) CE
Mark authorisation for clinical use of the Parsortix system in the
European Union. The Company has been in dialogue with the FDA since
2014 to obtain similar authorisation in the United States.
ANGLE is seeking to become the first company to secure
regulatory authorisation in the United States for a device to
harvest circulating cancer cells from patient blood. Accordingly
this is entailing extensive and detailed work to meet the
requirements of the FDA's standards for authorisation.
ANGLE has appointed a full-time FDA experienced clinical studies
director to manage the FDA authorisation process for the system and
the planned analytical and clinical studies required to complete
the authorisation. Detailed study plans have been developed and
reviewed with the FDA to address the FDA's remaining requirements
for authorisation.
To expedite the process and in response to recommendations by
the FDA, ANGLE has taken the strategic decision to pursue FDA
authorisation of the system first for metastatic breast cancer with
ovarian cancer and other cancer types to follow.
Three world-leading US cancer centres have been selected to
complete the necessary clinical validation work (patient studies)
for metastatic breast cancer. These centres will provide the
clinical evidence needed to secure the FDA authorisation in
metastatic breast cancer and crucially, they may be major customers
in the future and opinion leaders in securing uptake of the
Parsortix system in clinical use once FDA authorisation has been
secured.
The Directors believe that the approach being taken to secure a
base FDA authorisation in metastatic breast cancer and then expand
it to additional cancer types and specific clinical uses and the
highly rigorous approach that is being taken towards FDA
authorisation, allied to the patent protection that ANGLE has over
its Parsortix system, will provide ANGLE with a strong competitive
advantage in the emerging liquid biopsy market.
Ovarian cancer clinical application
The aim of ANGLE's ovarian cancer clinical application is that a
simple blood test will be processed by the Parsortix system and
then RNA analysis undertaken to identify women at high risk of
having malignant ovarian cancer prior to their surgery for abnormal
pelvic mass. This is a large unmet medical need as, without this
knowledge, women with cancer may not receive the specialist care
they require.
During the period, a significant body of work was undertaken to
progress the ovarian cancer clinical application. The successful
pilot study was expanded and further detailed investigation
completed leading to the Medical University of Vienna presenting
results at the leading European cancer conference ESMO in September
2015 of a 65-patient study using Parsortix. The data demonstrated
unprecedented sensitivity and specificity in identifying ovarian
cancer.
ANGLE has developed detailed study plans in conjunction with
Medical University of Vienna and its Scientific Advisers to provide
clinical evidence in support of the proposed clinical application
in ovarian cancer.
Leading researchers at three major European cancer centres have
been selected to undertake clinical studies and the study plans are
in the process of ethics approval with each of these Centres.
Product development work has been completed in relation to the
ovarian clinical application to optimise the methods to maximise
CTC harvest and purity and to optimise PCR-based gene expression
analysis techniques ahead of the studies. This work was undertaken
through collaboration between ANGLE's R&D team and the Medical
University of Vienna.
Once the studies have been successfully completed, ANGLE will be
able to access the European segment of the estimated GBP300m global
liquid biopsy market for ovarian cancer. Parallel studies are
planned for the United States with completion anticipated later in
2017, unlocking the US segment for ovarian cancer. A leading US
cancer centre has been selected, which is currently completing
internal ethics and research board approval with a view to being
the lead institution for the US studies.
Additional potential clinical applications being investigated
with Key Opinion Leaders
Prostate cancer
Barts Cancer Institute (BCI) published a 52-patient study using
Parsortix in prostate cancer in the PLOS ONE Journal from the
Public Library of Science. This demonstrated the capture of cancer
cells from a Parsortix liquid biopsy successfully in 100% of
patients, including 8 early stage patients. It further demonstrated
that the cells harvested by the Parsortix system are clinically
relevant and offer the potential for the Parsortix system to be
used to provide a repeatable, non-invasive liquid biopsy for
prostate cancer patients. BCI are now working to develop clinically
significant outcomes from the liquid biopsy including the selection
of treatments for individual patients based on analysis of their
CTCs.
Breast cancer
The University of Southern California Norris Comprehensive
Cancer Center presented promising early results at the World CDx
Conference in Boston on its use of the Parsortix system for
metastatic breast cancer analysis. The results demonstrated that
cancer cells harvested from the blood by the Parsortix liquid
biopsy had similar patterns of gene expression to the traditional
solid biopsy of cancer tissue from metastatic sites. This generates
the potential to replace a surgically invasive procedure of taking
a solid biopsy from the patient's secondary cancer sites with a
simple blood test. We look forward to the publication of the full
results of their work later in the year.
Lung cancer
After the period end, Cancer Research UK Manchester Institute,
the research arm of the Christie Hospital, Europe's largest cancer
hospital by number of patients, published results of work
undertaken over a three year period using the Parsortix system in
the Royal Society of Chemistry's publication, Analyst. They
concluded that the Parsortix system is suitable for routine
clinical analysis of patient blood samples as liquid biopsies. As
part of their investigation of the system, CRUK completed a test of
lung cancer patients and confirmed the ability of the Parsortix
system to harvest cancer cells for analysis from 100% of the
patients. The Parsortix system out-performed the current gold
standard CTC system both by obtaining cancer cells from patients
where this system failed and by harvesting cells involved in
metastasis that cannot be captured by this gold standard or other
antibody-based systems.
Other
There are a wide range of other clinical applications in
different cancer types which are currently being investigated with
our Key Opinion Leaders. These will be reported once results have
been published by the relevant KOL.
Other important developments
Peer-reviewed publications
The first peer-reviewed publication about the Parsortix system
was published in PLOS ONE Public Library of Science in September
2015 by Barts Cancer Institute in prostate cancer.
Since the period end, two more peer-reviewed publications have
been published on Parsortix in Royal Society of Chemistry Analyst
(Cancer Research UK Manchester in lung cancer) and in the
International Journal of Cancer (The University Medical Center
Hamburg-Eppendorf and ANGLE in multiple cancer types).
This is a significant step forward in third party validation and
adds to the growing body of published evidence supporting
Parsortix's performance. These papers are available from the
Company's website at
www.angleplc.com/the-parsortix-system/download-files/
Intellectual Property
Patents were granted in Canada, China and Australia to add to
the two existing granted U.S. patents. European patent grant is
expected during 2016.
Scientific advisors
During the half year, we further strengthened the Company's
Scientific Advisory Board with the appointment of two world leading
experts in circulating tumour cells and liquid biopsy, Jim Reuben
from MD Anderson Cancer Center and Daniel Danila from Memorial
Sloan Kettering Cancer Center.
Outlook
We have made consistent progress in our strategy towards full
commercialisation of the Company's Parsortix liquid biopsy system.
We believe that the unique features of the patented Parsortix
system have the potential to transform cancer treatment and we are
well placed to participate in the global liquid biopsy market
forecast to be US $14 billion per annum in the United States alone
by 2025.
Garth Selvey
Chairman
27 January 2016
ANGLE plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
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January 28, 2016 02:00 ET (07:00 GMT)
FOR THE SIX MONTHS ENDED 31 OCTOBER 2015
Six months Six months
Note ended ended Year ended
31 October 31 October 30 April
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
(Restated*)
GBP'000 GBP'000 GBP'000
Operating costs (2,399) (1,578) (3,878)
________ ________ ________
Operating profit/(loss)
from continuing operations (2,399) (1,578) (3,878)
Net finance income/(costs) _______12 _______7 9
Profit/(loss) before
tax from continuing
operations (2,387) (1,571) (3,869)
Tax (charge)/credit 3 104 - -
Profit/(loss) for
the period from continuing
operations (2,283) (1,571) (3,869)
Profit/(loss) from
discontinued operations 10 (35) (18)
Profit/(loss) for
the period (2,273) (1,606) (3,887)
Other comprehensive
income
Items that may be
subsequently reclassified
to profit or loss
Exchange differences
on translating foreign
operations (35) _ 49 __ 92
Other comprehensive ____
income/(loss) __ (35) __ _ 49 _ 92
Total comprehensive
income for the period (2,308) (1,557) (3,795)
========= ========= ==========
Profit/(loss) for the
period attributable
to:
Owners of the parent
From continuing operations (2,189) (1,441) (3,576)
From discontinued
operations 10 (35) (18)
Non-controlling interests
From continuing operations (94) (130) (293)
From discontinued
operations - - -
_________ _________ _________
Profit/(loss) for
the period (2,273) (1,606) (3,887)
========= ========= =========
Total comprehensive income for
the period attributable to:
Owners of the parent
From continuing operations (2,231) (1,359) (3,421)
From discontinued
operations 10 (35) (18)
Non-controlling interests
From continuing operations (87) (163) (356)
From discontinued
operations - - -
_________ __________ _________
Total comprehensive
income for the period (2,308) (1,557) (3,795)
========= ========= =========
Earnings/(loss) per
share 4
Basic and Diluted (pence
per share)
From continuing operations (3.88) (3.48) (8.12)
From discontinued operations 0.02 (0.08) (0.04)
From continuing and
discontinued operations (3.86) (3.56) (8.16)
* Comparative figures have been restated to show continuing
operations separately from discontinued operations.
ANGLE plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2015
Note 31 October 31 October 30 April
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Other receivables - 618 -
Property, plant
and equipment 476 338 423
Intangible assets 5 1,168 1,186 1,149
__________ __________ __________
Total non-current
assets 1,644 2,142 1,572
__________ __________ __________
Current assets
Inventories 271 106 197
Trade and other
receivables 786 305 1,008
Taxation 104 - -
Cash and cash equivalents 5,828 2,268 8,443
__________ __________ __________
Total current assets 6,989 2,679 9,648
__________ __________ __________
Total assets 8,633 4,821 11,220
========= ========= =========
EQUITY AND LIABILITIES
Equity
Issued capital 6 5,898 4,524 5,897
Share premium 25,299 18,414 25,299
Share based payments
reserve 493 473 432
Other reserve 2,553 2,553 2,553
Translation reserve (9) (40) 33
Retained earnings (25,398) (21,253) (23,260)
ESOT shares (102) (102) (102)
__________ __________ __________
Equity attributable
to owners of the
parent 8,734 4,569 10,852
__________ __________ __________
Non-controlling
interests (850) (570) (763)
Total equity 7,884 3,999 10,089
============== ============== ==============
Liabilities
Current liabilities
Trade and other
payables 749 822 1,131
_________ _________ _________
Total current liabilities 749 822 1,131
_________ _________ _________
Total liabilities 749 822 1,131
_________ _________ _________
Total equity and
liabilities 8,633 4,821 11,220
============= ============= =============
ANGLE plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 OCTOBER 2015
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
(Restated*)
GBP'000 GBP'000 GBP'000
Operating activities
Profit/(loss) before
tax from continuing
operations (2,387) (1,571) (3,869)
Adjustments for:
Depreciation of property,
plant and equipment 92 43 111
(Profit)/loss on disposal
of property, plant and
equipment - - 1
Amortisation and impairment
of intangible assets 61 46 204
Exchange differences (10) (19) (41)
Net finance (income)/costs (12) (7) (9)
Share based payments _ 102 __ 41 _ 111
Operating cash flows
before movements in
working capital: (2,154) (1,467) (3,492)
(Increase)/decrease
in inventories (165) (148) (191)
(Increase)/decrease
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in trade and other receivables 93 (10) (191)
Increase/(decrease)
in trade and other payables _ __(170) ___273 ___452
Net cash from/(used
in) operating activities (2,396) (1,352) (3,422)
Investing activities
Purchase of property,
plant and equipment (56) (153) (325)
Purchase of intangible
assets (89) (42) (105)
Interest received ______12 ______8 _ ____11
Net cash from/(used
in) investing activities (133) (187) (419)
Financing activities
Net proceeds from issue
of share capital 1 - 8,257
Net cash from/(used
in) financing activities 1 - 8,257
Net increase/(decrease)
in cash and cash equivalents
from continuing operations (2,528) (1,539) 4,416
Discontinued operations
Net cash from/(used
in) operating activities (87) (93) 118
Net cash from/(used
in) investing activities _ - - _ ____8
Net increase/(decrease)
in cash and cash equivalents
from discontinued operations (87) (93) 126
Net increase/(decrease)
in cash and cash equivalents (2,615) (1,632) 4,542
Cash and cash equivalents
at start of period 8,443 3,898 3,898
Effect of exchange rate
fluctuations __ ______- __ ______2 _________3
Cash and cash equivalents
at end of period 5,828 2,268 8,443
========= ========= =========
* Comparative figures have been restated to show continuing
operations separately from discontinued operations.
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 OCTOBER 2015
Equity attributable to owners
of the parent
Share
based
Issued Share payments Other Translation
capital premium reserve reserve reserve
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May
2014 4,524 18,414 432 2,553 (122)
For the period
to 31 October
2014
-------------------------- ------------ ------------ ------------ ------------ ------------
Consolidated
profit/(loss)
Other comprehensive
income
Exchange
differences
in translating
foreign operations 82
-------------------------- ------------ ------------ ------------ ------------ ------------
Total comprehensive
income 82
Share based
payments 41
___ ___ ___
______ ___ _______ ___ ______ ______ ______
At 31 October
2014 4,524 18,414 473 2,553 (40)
For the period
to 30 April
2015
-------------------------- ------------ ------------ ------------ ------------ ------------
Consolidated
profit/(loss)
Other comprehensive
income
Exchange
differences
in translating
foreign operations 73
-------------------------- ------------ ------------ ------------ ------------ ------------
Total comprehensive
income 73
Issue of
shares 1,373 6,885
Share based
payments 70
Released
on forfeiture (1)
Released
on exercise (16)
Impairment
of IP (94)
At 30 April
2015 5,897 25,299 432 2,553 33
For the period
to 31 October
2015
-------------------------- ------------ ------------ ------------ ------------ ------------
Consolidated
profit/(loss)
Other comprehensive
income
Exchange
differences
in translating
foreign operations (42)
-------------------------- ------------ ------------ ------------ ------------ ------------
Total comprehensive
income (42)
Issue of
shares 1 -
Share based
payments 102
Released
on forfeiture (41)
___ ___ ___
______ ___ _______ ___ ______ ______ ______
At 31 October
2015 5,898 25,299 493 2,553 (9)
========== ========== ========== ========== =========
Equity attributable
to owners of the
parent
Total Non-
Retained ESOT Shareholders' controlling Total
earnings shares equity interests equity
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May
2014 (19,777) (102) 5,922 (407) 5,515
For the period
to 31 October
2014
-------------------------- ------------- ------------ -------------- ------------ ------------
Consolidated
profit/(loss) (1,476) (1,476) (130) (1,606)
Other comprehensive
income
Exchange
differences
in translating
foreign operations 82 (33) 49
-------------------------- ------------- ------------ -------------- ------------ ------------
Total comprehensive
income (1,476) (1,394) (163) (1,557)
Share based
payments 41 41
___ ___
___ ________ ___ ______ ___ _______ _______ _______
At 31 October
2014 (21,253) (102) 4,569 (570) 3,999
For the period
to 30 April
2015
-------------------------- ------------- ------------ -------------- ------------ ------------
Consolidated
profit/(loss) (2,118) (2,118) (163) (2,281)
Other comprehensive
income
Exchange
differences
in translating
foreign operations 73 (30) 43
-------------------------- ------------- ------------ -------------- ------------ ------------
Total comprehensive
income (2,118) (2,045) (193) (2,238)
Issue of
shares 8,258 8,258
Share based
payments 70 70
Released
on forfeiture 1 - -
Released
on exercise 16 - -
Impairment
of IP 94 - -
At 30 April
2015 (23,260) (102) 10,852 (763) 10,089
For the period
to 31 October
2015
Consolidated
profit/(loss) (2,179) (2,179) (94) (2,273)
Other comprehensive
income
Exchange
differences
in translating
foreign operations (42) 7 (35)
-------------------------- ------------- ------------ -------------- ------------ ------------
Total comprehensive
income (2,179) (2,221) (87) (2,308)
Issue of
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January 28, 2016 02:00 ET (07:00 GMT)
shares 1 1
Share based
payments 102 102
Released 41
on forfeiture - -
___ ___
___ ________ ___ ______ ___ _______ _______ _______
At 31 October
2015 (25,398) (102) 8,734 (850) 7,884
=========== ========== ========== ========== ==========
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
FOR THE SIX MONTHS ENDED 31 OCTOBER 2015
Share premium
Represents amounts subscribed for share capital in excess of the
nominal value, net of directly attributable share issue costs.
Other reserve
The other reserve is a "merger" reserve arising from the
acquisition of the former holding company.
Translation reserve
The translation reserve account comprises cumulative exchange
differences arising on consolidation from the translation of the
financial statements of international operations. Under IFRS this
is separated from retained earnings.
ESOT shares
This reserve relates to shares held by the ANGLE Employee Share
Ownership Trust (ESOT) and may be used to assist in meeting the
obligations under employee remuneration schemes.
Non-controlling interests
This represents amounts attributed to non-controlling (minority)
interests for profits or losses in the Statement of Comprehensive
Income and assets or liabilities in the Statement of Financial
Position.
Share based payments reserve
The share based payments reserve account is used for the
corresponding entry to the share based payments charged through a)
the Statement of Comprehensive Income for staff incentive
arrangements relating to ANGLE plc equity b) the Statement of
Comprehensive Income for staff incentive arrangements relating to
the investments equity, and c) the Statement of Financial Position
for acquired intangible assets in the investments comprising
intellectual property (IP). These components are separately
identified in the table below.
Transfers are made from this reserve to retained earnings as the
related share options are exercised, cancelled, lapse or expire or
as an investment becomes non-controlled (a deemed disposal).
ANGLE Investments Investments
employees employees IP Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
At 1 May 2014 274 41 117 432
Charge for the period 41 - - 41
_________ _________ _________ _________
At 31 October 2014 315 41 117 473
Charge for the period 70 - - 70
Release on forfeiture (1) - - (1)
Release on exercise (16) - - (16)
Impairment of IP (94) (94)
_________ _________ _________ _________
At 30 April 2015 368 41 23 432
Charge for the period 102 - - 102
Release on forfeiture - (41) - (41)
_________ _________ _________ _________
At 31 October 2015 470 - 23 493
========== ========== ========== ==========
For continuing and discontinued operations.
ANGLE plc
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 31 OCTOBER 2015
1 Basis of preparation and accounting policies
This Condensed Interim Financial Information is the unaudited
interim consolidated financial information (the "Condensed Interim
Financial Information") of ANGLE plc, a company incorporated in
Great Britain and registered in England and Wales, and its
subsidiaries (together referred to as the "Group") for the six
month period ended 31 October 2015 (the "interim period").
The Condensed Interim Financial Information has been prepared in
accordance with International Accounting Standard 34 Interim
Financial Reporting ("IAS 34"), as adopted by the EU, and on the
basis of the accounting policies which are expected to be adopted
in the Report and Accounts for the year ending 30 April 2016. New
and revised International Financial Reporting Standards (IFRS) and
interpretations recently adopted by the EU and that became
effective in the period did not have or are not expected to have a
significant impact on the Group. Where necessary, comparative
information has been reclassified or expanded from the previously
reported Condensed Interim Financial Information to take into
account any presentational changes which were made in the Report
and Accounts 2015 and which may be made in the Report and Accounts
2016.
This Condensed Interim Financial Information does not constitute
statutory financial statements as defined in section 434 of the
Companies Act 2006 and is unaudited. The comparative information
for the six months ended 31 October 2014 is also unaudited. The
comparative figures for the year ended 30 April 2015 have been
extracted from the Group financial statements as filed with the
Registrar of Companies. The report of the auditors on those
accounts was unqualified and did not contain statements under
sections 498(2) or (3) of the Companies Act 2006.
The Condensed Interim Financial Information was approved by the
Board and authorised for issue on 27 January 2016.
Going concern
The Financial Information has been prepared on a going concern
basis which assumes that the Group will be able to continue its
operations for the foreseeable future.
The Directors have prepared and reviewed the financial
projections for the 12 month period from the date of approval of
this Condensed Interim Financial Information. Based on the level of
existing cash and the projected income and expenditure (the timing
of some of which is at the Group's discretion), the Directors have
a reasonable expectation that the Company and Group have adequate
resources to continue in business for the foreseeable future.
Accordingly the going concern basis has been used in preparing the
Condensed Interim Financial Information.
Critical accounting estimates and judgements
The preparation of the Condensed Interim Financial Information
requires the use of estimates, assumptions and judgements that
affect the reported amounts of assets and liabilities at the date
of the Financial Information and the reported amounts of revenues
and expenses during the reporting period. Although these estimates,
assumptions and judgements are based on management's best knowledge
of the amounts, events or actions, and are believed to be
reasonable, actual results ultimately may differ from those
estimates.
The estimates, assumptions and judgements that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities relate to 1) the valuation,
amortisation and impairment of intangible assets and 2) share based
payments.
2 Operating segment and revenue analysis
The Group's principal trading activity is undertaken in relation
to the commercialisation of its Parsortix cell separation
system.
The Group is organised and operates as one business segment. All
significant decisions are made by the Board of Directors with
implementation of those decisions on a Group-wide basis. The Group
manages any overseas R&D and sales and marketing from the UK,
the primary business segment. The Directors believe that these
activities comprise only one operating segment and, consequently,
segmental analysis is not considered necessary as the segment
information is substantially in the form of and on the same basis
as the Group's IFRS information.
As the Group progresses commercialisation, it is expected that
the business reporting will evolve and likely involve a number of
operating segments as well as geographical segmentation.
In the prior year the Group discontinued its Management services
business. The Group also disposed of Geomerics Limited in an
earlier year and the subsequent residual transactions have been
treated as a discontinued operation. In accordance with IFRS 5
Non-current assets held for sale and discontinued operations, these
businesses have been classified as discontinued operations and the
prior half year period has been restated to show these discontinued
operations separately from continuing operations. There is a
retention payment due from the sale of Geomerics in December 2015
(received post period end) and this is held as an Other
receivable.
3 Tax
The Group is eligible for the UK corporation tax substantial
shareholdings exemption. This results in the capital gain from any
disposals of UK investments where the Group has an equity stake
greater than 10%, and subject to certain other tests, being free of
corporation tax.
Loss relief may not absorb the tax in relation to all of the
profits and where this occurs tax is provided on the basis of the
estimated effective tax rate for the full year.
The Group undertakes research and development activities. In the
UK these activities qualify for tax relief and result in tax
credits.
4 Earnings/(loss) per share
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