TIDMNFX
RNS Number : 0483L
Nuformix PLC
20 December 2018
Nuformix plc
("Nuformix" or "the Company"),
Unaudited Half Year Results
for the six months ended 30 September 2018
Significant Progress in Lead Programmes
Cambridge, UK, 20th December 2018: Nuformix (LSE: NFX), the
pharmaceutical development company using cocrystal technology to
unlock the therapeutic potential of approved small molecule drugs,
announces the Company's unaudited results for the six months ended
30 September 2018.
KEY HIGHLIGHTS
-- Pipeline Update:
-- Key development milestone achieved for NXP001 in Oncology
Supportive Care triggering payment of GBP500,000
-- Additional patent filing broadening NXP002 applications in fibrotic conditions
-- Continued growth of pre-clinical portfolio following the development of new drug cocrystals
-- Strengthening Board:
-- Dr Chris Blackwell appointed to the Nuformix Board as a Non-Executive Director
-- Financial Highlights:
-- Reported net loss for the period was GBP642,633 (2017: GBP127,546 loss)
-- Operating profit before exceptional items for the reported
period was positive at GBP114,020 (2017: GBP170,725 loss)
POST PERIOD HIGHLIGHTS
-- Key milestone achieved for NXP002 programme in treating fibrosis:
-- Preclinical multi-patient tissue studies were completed in
partnership with Newcastle University, UK in Q4 2018
-- Resulting data demonstrated NXP002 candidates strongly
inhibit fibrosis ex-vivo, even in very severely fibrotic human lung
tissue taken from patients at end stage with idiopathic lung
fibrosis (IPF)
-- In addition, a very specific action was observed against key inflammatory targets
Commenting on the outlook, Dr Dan Gooding, CEO, Nuformix plc
said: "We have achieved significant progress during the period,
both operationally and within our lead programmes. The results
strongly validate the Company's strategy of combining a 'lean burn'
model and low operational costs with early revenues from both
out-licensing and collaborative development. We have continued to
progress our two lead programmes during the second half of 2018,
reaching significant milestones for our oncology drug NXP001 and
our fibrosis drug NXP002. We can look forward to achieving further
clinical and commercial progress for both programmes in the first
half of 2019 whilst maintaining low operating costs."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Nuformix plc
Dr Dan Gooding, Chief Executive
Officer +44 (0)1223 423667
Optimum Strategic Communications
Supriya Mathur, Mary Clark +44 (0) 203 950
Email: nuformix@optimumcomms.com 9144
About Nuformix plc
Nuformix is a pharmaceutical development company using cocrystal
technology to unlock the therapeutic potential of approved small
molecule drugs. Nuformix's risk-mitigated development strategy has
resulted in a pipeline of discoveries through which it has
developed and patented novel cocrystal forms of approved small
molecules.
Nuformix has created an IP portfolio of granted patents covering
cocrystal forms of five small molecule drugs. Nuformix is targeting
high-value unmet needs with its lead programmes in:
-- NXP001: Oncology supportive care
-- NXP002: Treating fibrosis
Nuformix was established in Cambridge in 2009 and has invested
in pharmaceutical cocrystal R&D, establishing world-class
capability and know-how in cocrystal discovery and development,
yielding multiple product opportunities.
Nuformix plc shares are traded on the London Stock Exchange's
Official List under the ticker: NFX.L.
For further information, please visit www.nuformix.com.
Half Year Report
The Company is pleased to update shareholders regarding the
Company's developments during the first half of the year ending 30
September 2018 and subsequent events to date in the second
half.
Half Year Overview
The Company conducts pharmaceutical development activities,
minimising risk in clinical development by creating innovative new
therapies based on known drugs with proven safety. The Company's
innovative therapies are made possible via cocrystal technology,
which provides new intellectual property (IP) plus performance and
commercial advantages to enable the development of new
products.
Nuformix seeks to maximise the value of its existing IP
portfolio by conducting clinical proof-of-concept studies for a
small number of compelling assets prior to generating revenues from
out-licensing.
The Company has achieved significant progress during the period,
both operationally and within its lead programmes. The results
strongly validate the Company's strategy of combining a 'lean burn'
model and low operational costs with early revenues from both
out-licensing and collaborative development.
As a result, the Company is able to report an operating profit
before exceptional items for the period of GBP114,020 (2017:
GBP170,657 loss). The net results for the period are impacted by
share option charges, which are not cash reducing, of GBP765,667.
Overall, the reported net loss for the period is GBP642,633 (2017:
GBP127,546 loss).
Earlier this year the Company completed a full strategic review
of the Nuformix lead programmes, NXP001 in oncology supportive care
and NXP002 in the treatment of fibrosis and included both
commercial and operational aspects. The review also looked at the
Company's broader portfolio, including early-stage pipeline and
potential additional projects. The review provided the Board and
the Advisory Panel with a refreshed perspective on the overall
commercial and development potential across the pipeline and the
associated objectives for each work stream.
As a result of the strategic review, the management team
identified development targets for its two lead programmes
opportunities and has made significant progress during the year as
follows:
NXP001 Programme: Oncology Supportive Care
-- On track to deliver its first human pharmacokinetic data in H1 2019
-- MHRA clearance expected in February 2019 and patients scheduled for dosing in March 2019
-- All clinical materials generated and ready for study commencement
-- Demonstration of bioequivalence to the reference product will
trigger a GBP2 million milestone payment
-- First milestone was achieved and the first NSB payment of
GBP500,000 was received in Q4 2018
-- In November, announced an expanded licensing agreement with NSB for the China market
-- Rest of the World discussions for NXP001 commenced
Following the expanded agreement announced in November with NSB,
Nuformix will be carrying out an additional pre-clinical study for
NXP001 in parallel to its on-going clinical studies, to further
validate additional differentiated product opportunities.
Completion of the additional study will result in a milestone
payment of GBP500,000 from NSB.
Total milestone payments from NSB will therefore increase from
GBP2.5 million to GBP3 million, following the addition of this
second pre-clinical milestone, which Nuformix expects to achieve in
Q1 2019. The resulting data will support regulatory submissions in
China to facilitate market approval of multiple NXP001-derived
products.
NXP002 Programme: Treating Fibrosis
* Preclinical multi-patient tissue studies were
conducted in partnership with Newcastle University,
UK
* Resulting data demonstrated NXP002 candidates
strongly inhibit fibrosis ex-vivo, even in very
severely fibrotic human lung tissue taken from
patients at end stage with IPF
* In addition, a very specific action was observed
against key inflammatory targets
* NXP002 candidates out-performed current treatment
standard of care (Pirfenidone, Esbriet (R))
* Leading edge human tissue trial model closely
replicates real-life patient disease
* First results of their kind to be released in
partnership with Newcastle University, UK. Positive
trial results achieved against a high challenging
model (end-stage patients)
* These data provide strong support for wider
applications in other fibrotic lung conditions
* Additional patent filing made to broaden NXP002
applications in fibrotic conditions
The Company is highly encouraged by the first results from its
partnership with Newcastle University (UK) and using cutting-edge
human tissue disease models, Nuformix has demonstrated the
potential for NXP002 candidates to attenuate progression in
established lung fibrosis.
Life expectancy has not changed for patients diagnosed with IPF.
Few patients respond to the two currently approved treatments and
have to tolerate severe side effects that dramatically impact
quality of life - severe vomiting on one therapy or severe
diarrhoea on the other. The promising data from the NXP002 study
gives us confidence in its ability to both inhibit fibrosis and
address inflammation in patients without these side effects.
Nuformix announced in September an additional patent filing,
which provides further strength and breadth to the existing NXP002
patent portfolio. The additional patent filing allows Nuformix to
consider a wider range of options in the treatment of fibrosis,
delivering wider benefit for patients whilst maximising value for
investors.
Fibrotic disease is typically associated with high patient
mortality, increasing prevalence and a lack of safe and effective
treatments. Whilst, fibrosis treatments are in their infancy the
emerging lung fibrosis market demonstrates their blockbuster
potential. Markets for other fibrotic conditions are
under-developed, with large and growing patient populations (e.g.
the global liver disease market is predicted to reach $12.1 billion
by 2022).
Strategy
The Company is focussed on building value for shareholders
through its activities in drug development and out-licensing.
Nuformix uses cocrystal technology to re-engineer the crystalline
form of known small molecule drugs. The resulting novel drug
cocrystals have new and improved physical properties that can
enable advantageous new products, in addition to strategic
benefits. Furthermore, the resulting drug cocrystals are protected
with new 'substance of matter' IP protection.
Nuformix's cocrystal technology expertise generates value and
revenue by developing new cocrystal-based therapies using known
drugs and licensing them to pharmaceutical companies post
proof-of-concept. The initial product development focus is in the
fields of oncology supportive care and fibrosis. However, the
Company is building a pipeline of additional products behind its
lead programmes, which it will continue to develop both in-house
and in collaboration with external partners.
Strengthening Company Board
During the period, the Company has strengthened the Board of
Directors with Dr Chris Blackwell's appointment to the Nuformix
Board as a Non-Executive Director. His addition brings a wealth of
proven expertise in life sciences value creation and broadens the
Company's network.
Outlook
The Company will continue to progress its two lead programmes
during the second half of the financial year ending 31st March
2019, with the commencement of clinical studies during Q1 of the
calendar year for its NXP001 programme in oncology supportive care,
which is on track to achieve significant development and commercial
milestones during the period.
The Company will also continue to execute its commercial
strategy as it seeks to out-license Rest of World marketing rights
for NXP001, in addition to entering new collaborative development
partnerships.
In fibrosis, the Company will seek to optimise delivery of
candidates within its NXP002 programme, focussing on the treatment
of unmet needs within idiopathic fibrosis.
In addition, the Company will continue to execute its product
development strategy of using cocrystal technology to enable the
redevelopment of small molecule drugs with therapeutic promise,
adding value to its IP portfolio and pipeline, whilst maintaining
low operating costs.
Dr Dan Gooding, Dr David Tapolczay, Chairman
CEO
20 December 2018
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Nuformix plc
(Registration number: 09632100)
Unaudited Interim Results
Consolidated Income Statement and Statement of Comprehensive
Income for the
Half Year Ended 30 September 2018
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Note GBP GBP GBP
Revenue 610,000 5,000 15,000
Cost of sales (79,433) (12,682) (203,868)
------------- ------------- ------------
Gross profit/(loss) 530,567 (7,682) (188,868)
---------------------------------- ----- ------------- ------------- ------------
Administrative expenses before
exceptional items (419,410) (170,725) (729,016)
Exceptional Items 4 (765,667) - (1,062,142)
---------------------------------- ----- ------------- ------------- ------------
Total administrative expenses (1,185,077) (170,725) (1,791,158)
Other operating income 2,863 7,750 18,520
---------------------------------- ----- ------------- ------------- ------------
Operating profit/(loss) before
exceptional items 114,020 (170,657) (899,364)
Operating loss after exceptional
items (651,647) (170,657) (1,961,506)
---------------------------------- ----- ------------- ------------- ------------
Finance (costs)/income (10,986) 7,384 (3,547)
------------- ------------- ------------
Loss before tax (662,633) (163,273) (1,965,053)
Income tax receipt 20,000 35,727 126,790
------------- ------------- ------------
Loss for the year and total
comprehensive income for the
period (642,633) (127,546) (1,838,263)
============= ============= ============
Loss per share - basic and
diluted 5 (0.14)p (127.5)p (0.49)p
Nuformix plc
(Registration number: 09632100)
Unaudited Interim Results
Consolidated Statement of Financial Position as at 30 September
2018
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Note GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 6 32,904 10,014 37,494
Intangible assets 7 4,272,257 247,487 4,275,920
------------ ------------ -----------
4,305,161 257,501 4,313,414
------------ ------------ -----------
Current assets
Trade and other receivables 702,640 27,605 180,322
Income tax asset 146,796 103,072 195,236
Cash and cash equivalents 32,660 - 338,167
------------ ------------ -----------
882,096 130,677 713,725
------------ ------------ -----------
Total assets 5,187,257 388,178 5,027,139
============ ============ ===========
Equity and liabilities
Equity
Share capital 8 460,750 100 460,750
Share premium 2,932,590 509,965 2,932,590
Merger relief reserve 10,950,000 - 10,950,000
Reverse acquisition reserve (8,005,195) - (8,005,195)
Share option reserve 1,490,504 - 724,837
Retained earnings (3,212,473) (859,122) (2,569,840)
------------ ------------ -----------
Total equity 4,616,176 (349,057) 4,493,142
------------ ------------ -----------
Current liabilities
Trade and other payables 530,394 493,033 511,041
Loans and borrowings 40,687 204,600 22,956
Bank overdraft - 39,602 -
------------ ------------ -----------
571,081 737,235 533,997
Total equity and liabilities 5,187,257 388,178 5,027,139
============ ============ ===========
Nuformix plc
(Registration number: 09632100)
Unaudited Interim Results
Consolidated Statement of Changes in Equity for the Half Year
Ended 30 September 2018 - Unaudited
Share Share Merger Reverse Share option Retained Total
capital premium Relief acquisition reserve earnings GBP
GBP GBP Reserve reserve GBP
GBP GBP
At 31 March
2017 100 509,965 - - - (731,576) (221,511)
Loss for the
half year - - - - - (127,546) (127,546)
At 30
September
2017 100 509,965 - - - (859,122) (349,057)
Arising on
reverse
acquisition 95,650 227,475 - (345,820) 22,695 - -
Loss for the
half year
and total
comprehensive
loss - - - - - (1,710,718) (1,710,718)
Issue of
shares as
consideration 300,000 - 10,950,000 - - - 11,250,000
Share issue
costs - (339,850) - - - - (339,850)
Arising on
reverse
acquisition - - - (7,659,375) - - (7,659,375)
Issue of share
capital 57,500 2,242,500 - - - - 2,300,000
Share based
payment 7,500 292,500 - - 702,142 - 1,002,142
------------- ------------- ------------- ------------ ------------- ------------- ------------
At 31 March
2018 460,750 2,932,590 10,950,000 (8,005,195) 724,837 (2,569,840) 4,493,142
Loss for the
half year - - - - - (642,633) (642,633)
Share Based
Payment - - - - 765,667 - 765,667
As at 30
September
2018 460,750 2,932,590 10,950,000 (8,005,195) 1,490,504 (3,212,473) 4,616,176
============= ============= ============= ============ ============= ============= ============
Nuformix plc
(Registration number: 09632100)
Unaudited Interim Results
Consolidated Statement of Cash Flows for the Half Year Ended 30
September 2018
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Note GBP GBP GBP
Cash flows from operating activities
Loss for the year (642,633) (127,546) (1,838,263)
Adjustments to cash flows from
non-cash items
Depreciation and amortisation 26,376 18,372 47,433
Finance (costs)/ income (10,986) (7,384) 3,547
Income tax expense (20,000) (35,727) (126,790)
Share based payment and acquisition
costs 765,667 - 1,002,142
------------ ------------ -----------
118,425 (152,285) (911,992)
Working capital adjustments
Increase in trade and other receivables 360,650 66,819 80,434
Increase in trade and other payables (785,020) 34,034 (631,321)
------------ ------------ -----------
Cash generated from operations (305,945) (51,432) (1,462,819)
Income taxes (paid)/received - - (68,445)
------------ ------------ -----------
Net cash flow from operating activities (305,945) (51,432) (1,531,264)
------------ ------------ -----------
Cash flows from investing activities
Cash acquired on reverse acquisition - - 678
Acquisitions of property plant
and equipment - - (44,094)
Acquisition of intangible assets - - (57,202)
------------ ------------ -----------
Net cash flows from investing activities (305,945) (51,432) (100,618)
------------ ------------ -----------
Cash flows from financing activities
Proceeds of share issue - - 1,960,150
Interest paid (774) (717) (2,061)
Foreign exchange (gains) / losses 1,212 8,101 7,514
------------ ------------ -----------
Net cash flows from financing activities 438 7,384 1,965,603
------------ ------------ -----------
Net increase in cash and cash equivalents (305,507) (44,048) 333,721
Cash and cash equivalents at start
of period 338,167 4,446 4,446
------------ ------------ -----------
Cash and cash equivalents at end
of period 32,660 (39,602) 338,167
============ ============ ===========
Nuformix plc
(Registration number: 09632100)
Unaudited Interim Results
Notes to the Consolidated Financial Statements for the Half Year
Ended
30 September 2018
1 Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared
in accordance with the recognition and measurement principles of
International Financial Reporting Standards as endorsed by the
European Union ("IFRS") and expected to be effective at the
year-end of 31 March 2018.
Accounting policies remain unchanged from the financial
statements for the year ended 31 March 2018.
The interim financial statements are unaudited and do not
constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31
March 2018, prepared in accordance with IFRS, have been filed with
the Registrar of Companies. The Auditors' Report on these accounts
was unqualified, did not include any matters to which the Auditors
drew attention by way of emphasis without qualifying their report
and did not contain any statements under section 498 of the
Companies Act 2006.
The consolidated interim financial statements are for the 6
months to 30 September 2018.
The interim consolidated financial information do not include
all the information and disclosures required in the annual
financial statements, and should be read in conjunction with the
group's annual financial statements for the year ended 31 March
2018, which were prepared in accordance with IFRS's as adopted by
the European Union.
2 Basis of consolidation
On 16 October 2017 the Company acquired the entire issued
ordinary share capital of Nuformix Technologies Limited and became
the legal parent of Nuformix Technologies Limited. The accounting
policy adopted by the Directors applies the principles of IFRS 3
(Revised) "Business Combinations" in identifying the accounting
parent as Nuformix Technologies Limited and the presentation of the
Group consolidated statements of the Company (the legal parent) as
a continuation of financial statements of the accounting parent or
legal subsidiary (Nuformix Technologies Limited).
The interim consolidated financial statements cover the six
months ended 30 September 2018. The interim financial statements
for the comparative period ended 30 September 2017 represent the
substance of the reverse acquisition and are those of Nuformix
Technologies Limited.
3 Going concern
The financial statements have been prepared on the going concern
basis of preparation which, inter alia, is based on the directors'
reasonable expectation that the Group has adequate resources to
continue to operate as a going concern for at least twelve months
from the date of their approval. In forming this assessment, the
directors have prepared cashflow forecasts covering the period
ending 30 November 2019 which take into account the likely run rate
on overheads and research expenditure and the prudent expectations
of income from its lead programmes.
Whilst there can be no guarantee of the successful outcome of
future trials, in compiling the cashflow forecasts the directors
have made cautious estimates of the likely outcome of such trials,
when income might be generated and have considered alternative
strategies should projected income be delayed or fails to
materialise. These strategies include postponing non-committed
research expenditure, securing alternative licensing arrangements
from those currently planned and using the Group's established
network of licensed brokers for fundraising.
After careful consideration, the directors consider that they
have reasonable grounds to believe that the Group can be regarded
as a going concern and, for this reason, they continue to adopt the
going concern basis in preparing the Group's financial
statements.
4 Exceptional Item
As part of the reverse acquisition the Group issued a number of
options and warrants to existing directors, new directors and for
the provision of professional services in relation to the
successful completion of the transaction and in respect of the new
directors' future service. Details of the share based payments can
be found in note 9.
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP GBP GBP
Share option charge 765,667 - 702,142
Acquisition costs - - 360,000
------------ ------------ ---------
765,667 - 1,062,142
============ ============ =========
5 Loss per Share
Loss per share is calculated by dividing the loss after tax
attributable to the equity holders of the Group by the weighted
average number of shares in issue during the year. As no new shares
were issued during the time period, the weighted average is the
same as the total shares as at the start of the year.
The basic earnings per share for each comparative period shall
be calculated by dividing the profit of the legal entity in each of
those period by the legal entities historical weighted average
number of shares outstanding multiplied by the exchange ratio.
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP GBP GBP
Loss before tax (642,633) (127,546) (1,838,263)
Weighted average number of
shares - basic and diluted 460,750,000 1,000 373,548,630
Basic and diluted loss per
share (0.14)p (127.5)p (0.49)p
6 Property, Plant and Equipment
Leasehold
improvements Computer equipment Lab equipment Total
GBP GBP GBP GBP
Cost or valuation
At 31 March 2017 - 12,858 7,568 20,426
Additions 14,650 750 - 15,400
Disposals - (250) - (250)
------------- ------------------ ------------- --------
At 30 September 2017 14,650 13,358 7,568 35,576
------------- ------------------ ------------- --------
Additions 17,554 9,949 1,194 28,697
Disposals (5,959) - (5,959)
------------- ------------------ ------------- --------
At 31 March 2018 32,204 17,348 8,762 58,314
Additions - - 966 966
Disposals - - - -
------------- ------------------ ------------- --------
At 30 September 2018 32,204 17,348 9,732 59,280
------------- ------------------ ------------- --------
Depreciation
At 31 March 2017 - 11,971 6,722 18,693
Charge 5,367 1,213 539 7,119
Eliminated on disposal - (250) - (250)
------------- ------------------ ------------- --------
At 30 September 2017 5,367 12,934 7,261 25,562
Charge - 1,214 - 1,214
Eliminated on disposal - (5,959) - (5,959)
------------- ------------------ ------------- --------
At 31 March 2018 5,367 8,189 7,261 20,817
Charge 3,220 1,930 409 5,559
Eliminated on disposal - - - -
------------- ------------------ ------------- --------
At 30 September 2018 8,587 10,119 7,670 26,376
------------- ------------------ ------------- --------
Carrying amount
At 30 September 2017 9,283 424 307 10,014
============= ================== ============= ========
At 31 March 2018 26,837 9,159 1,501 37,497
============= ================== ============= ========
At 30 September 2018 23,617 7,229 2,062 32,904
============= ================== ============= ========
7 Intangible Assets
Goodwill Patents Total
GBP GBP GBP
Cost
At 31 March 2017 - 333,791 333,791
Additions - 30,727 30,727
--------- ------- ---------
At 30 September 2017 364,518 364,518
Additions 4,023,484 26,474 4,049,958
--------- ------- ---------
At 31 March 2018 4,023,484 390,993 4,414,476
Additions - 16,448 16,448
--------- ------- ---------
At 30 September 2018 4,023,484 407,440 4,430,924
--------- ------- ---------
Amortisation
At 31 March 2017 - 99,457 99,457
Amortisation charge - 17,574 17,574
--------- ------- ---------
At 30 September 2017 - 117,031 117,031
Amortisation charge - 21,525 21,525
--------- ------- ---------
At 31 March 2018 - 138,556 138,556
Amortisation charge - 20,111 20,111
--------- ------- ---------
At 30 September 2018 - 158,667 158,667
Net book value
At 30 September 2017 - 247,487 247,487
========= ======= =========
At 31 March 2018 4,023,484 252,436 4,275,920
========= ======= =========
At 30 September 2018 4,023,484 248,773 4,272,257
========= ======= =========
For impairment testing purposes, management consider the
operations of the Group to represent a single CGU focused on the
research and development. Consequently, the goodwill is effectively
allocated and considered for impairment against the business as a
whole being the single CGU.
8 Share Capital
Allotted, called up and fully paid shares
30 September 30 September 31 March 2018
2018 2017 Audited
Unaudited Unaudited
No. GBP No. GBP No. GBP
------------ ------- ----- --- ----------- -------
Ordinary shares of
GBP0.001 each
(Sep 17: GBP0.10) 460,750,000 460,750 1,000 100 460,750,000 460,750
------------ ------- ----- --- ----------- -------
9 Share Options
The Group operates share-based payments arrangements to
remunerate directors and key employees in the form of a share
option scheme. Equity-based share-based payments are measured at
fair value (excluding the effect of non-market based vesting
conditions) at the date of grant. The fair value is determined at
the grant date of the equity-settled share-based payments is
expensed on a straight line basis over the vesting period, based on
the Group's estimate of shares that will eventually vest and
adjusted for the effect of non-market based vesting conditions.
As part of the reverse acquisition of Nuformix Technologies
Limited the following share-based payments were made in the half
year:
-- 79,650,050 unapproved share options were issued on 16 October
2017. The options have a 1 year vesting period, an exercise price
of 4p per share and a 4 year exercise period from vesting. The fair
value of the options was determined as 1.7p per share and a charge
of GBP638,946 has been recognised in the current period.
-- 12,499,950 options under an EMI share options scheme were
issued on 16 October 2017. The options have a 1 year vesting
period, an exercise price of 4p per share and a 4 year exercise
period from vesting. The fair value of the options was determined
as 1.6p per share and a charge of GBP106,541 has been recognised in
the current period.
-- 1,625,000 Existing director warrants were issued on 15
September 2017. The warrants have a 1 year vesting period, an
exercise price of 4p per share and a 2 year exercise period from
vesting. The fair value of the warrants was determined as 1.4p per
share and a charge of GBP11,406 has been recognised in the current
period.
-- 1,250,000 Shakespeare Martineau warrants were issued on 15
September 2017. The warrants have a 1 year vesting period, an
exercise price of 4p per share and a 2 year exercise period from
vesting. The fair value of the options was determined as 1.4p per
share and a charge of GBP8,774 has been recognised in the current
period.
The fair value of the options and warrants was determined using
the Black-Scholes option pricing model and was an average of 1.61p
per option (2017: 1.25p per option). The significant inputs into
the model in respect of the options and warrants granted in the
year ended 31 March 2018 were as follows:
2018 2018 2018 2018 2017
Unapproved EMI options Existing Shakespeare Howard Whitman
options director Martineau warrants
warrants warrants
Grant date share
price 4p 4p 4p 4p 4p
Exercise price 4p 4p 4p 4p 4p
No. of share options 79,650,050 12,499,950 1,625,000 1,250,000 250,000
Risk free rate 0.5% 0.5% 0.5% 0.5% 0.5%
Expected volatility 50% 50% 50% 50% 50%
Expected option 5 years 5 years 3 years 3 years 2 years
life
Statement of Directors Responsibilities
We confirm that to the best of our knowledge:
1. the interim condensed set of financial statements has been
prepared in accordance with IAS 34 'Interim Financial Reporting' as
issued by the IASB and adopted by the EU;
2. the interim management report includes a fair review of the information required by:
2.1. DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact
on the condensed set of financial statements; and a description of
the principal risks and uncertainties for the remaining six months
of the year; and
2.2. DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have
materially affected the financial position or performance of the
entity during that period; and any changes in the related party
transactions described in the last annual report that could do
so.
The directors of Nuformix PLC are listed in the Group's 2018
Annual Report and Accounts.
D Gooding
Chief Executive
Further copies of this document are available from the company's
registered address and will be available on the company's website
later today.
Nuformix plc
(Registration number: 09632100)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR EAAANFSDPFAF
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December 20, 2018 02:00 ET (07:00 GMT)
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