TIDMOBD
RNS Number : 2690D
Oxford BioDynamics PLC
30 January 2018
30 January 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
OXFORD BIODYNAMICS PLC
("OBD" or the "Company" or the "Group")
FINAL RESULTS FOR THE YEARED 30 SEPTEMBER 2017
AND
NOTICE OF ANNUAL GENERAL MEETING
Continued scientific progress and growing commercial momentum
following successful IPO
Oxford BioDynamics Plc (AIM: OBD), a biotechnology company
focused on the discovery and development of epigenetic biomarkers
based on regulatory genome architecture, for use within the
pharmaceutical and biotechnology industry, today announces its
audited results for the year ended 30 September 2017.
CORPORATE AND OPERATIONAL HIGHLIGHTS
-- Successful Initial Public Offering ("IPO") and placing on AIM
raising gross proceeds of GBP20.0m, including gross growth capital
of GBP7.1m.
Commercial collaborations and development agreements
-- Development agreement entered into with two of the top 10
global pharmaceutical companies collaborating to develop an anti
PD-L1 therapy.
-- Collaboration with five other consortium members in the
BIO-FLARE study, using EpiSwitch(TM) to help identify factors that
trigger disease relapses in rheumatoid arthritis.
-- Innovative pilot biomarker discovery project initiated to
analyse the effects of fitness regimes using the EpiSwitch(TM)
platform.
-- Exclusive Asia licence signed for EpiSwitch(TM) to supply its
proprietary products and reagents for the potential use in a
non-invasive blood test to assist in the diagnosis of breast
cancer.
-- Expansion of OBD's Amyotrophic Lateral Sclerosis ("ALS")
biomarker programme in South East Asia, supported by Innovate
UK.
Industry recognition and Intellectual Property
-- Peer reviewed paper of OBD's collaborative work with the
Cancer Science Institute of Singapore published in the journal
Nature (Scientific Reports).
-- EpiSwitch(TM) data presented at several prestigious
conferences including the American Society of Hematology (San
Diego), 2(nd) Biomarker Conference (San Diego), 12(th) Annual
Biomarker Congress (Manchester) and The Lancet Neurology Conference
(London).
-- Two new patents filed covering the use of the EpiSwitch(TM)
technology, adding to the Company's established patent family.
Personnel
-- David Williams and Stephen Diggle joined the Board in October
2016 as Non-Executive Chairman and Non-Executive Director
respectively; Paul Stockdale was appointed as Chief Financial
Officer in September 2017, succeeding Katie Long.
-- Dr Claudio Carini appointed as an adviser to the Company, and
as a member of the Company's Scientific Advisory Panel.
-- OBD and Dr Claudio Carini joined the Foundation for the
National Institutes of Health Biomarkers Consortium Steering
Committees.
FINANCIAL HIGHLIGHTS
-- Revenue of GBP1.2m (FY16: GBP1.1m).
-- Operating loss of GBP4.0m (FY16: GBP2.3m) and adjusted
operating loss of GBP2.5m (FY16: GBP1.9m) before IPO costs of
GBP1.5m (FY16: GBP0.4m).
-- Cash of GBP10.8m as at 30 September 2017 (FY16: GBP7.3m).
-- Net assets of GBP11.6m (FY16: GBP7.7m).
POST-PERIOD
-- Two collaborations with a major US biopharmaceutical company
to identify new targets and biomarkers relating to fibrotic
mechanisms and predictive biomarkers for immuno-oncology
therapeutics.
-- Grant of a key patent covering the EpiSwitch(TM) platform
technology in the US, and two further patents filed shortly after
the year-end.
-- Second fitness-related collaboration, to develop non-invasive
epigenetic biomarkers associated with sports-related
concussions.
-- EpiSwitch(TM) data presented the Annual Northeast ALS
Consortium Conference (Clear Beach, Florida), the NIH Biomarker
Consortium Cancer Steering Committee Annual Symposium (Washington,
DC) and the Diabetes Asia 2017 Conference (Kuala Lumpur).
Commenting on the results, Christian Hoyer Millar, Chief
Executive Officer of Oxford BioDynamics, said:
"The year to 30 September 2017 was a pivotal one for Oxford
BioDynamics. Our successful IPO on AIM has provided additional
resources to further invest in scientific and commercial progress.
We are pleased to have broadened our reach into the US and Asia,
and to have entered into multiple agreements, including with five
of the top 30 global pharmaceutical and biotech companies. The
grant of a US patent covering the EpiSwitch(TM) platform adds
further strength to our global intellectual property position. We
have seen significant progress toward our strategic aim: making
OBD's EpiSwitch(TM) technology the leading industry standard for
epigenetic biomarkers for the pharmaceutical and biotechnology
industry."
Hard copies of the Company's Annual Report and Accounts for the
year ended 30 September 2017, Notice of Annual General Meeting and
Form of Proxy will be posted to shareholders in due course.
Electronic copies of the Annual Report and Accounts (incorporating
the Notice of Annual General Meeting) will be made available on its
website at www.oxfordbiodynamics.com, within the Investor Relations
section, at the same time.
Notice of Annual General Meeting
The Company's Annual General Meeting will be held at The
Fitzhugh Auditorium, Cohen Quadrangle, Exeter College, Oxford OX1
2HE at 11.00 am on Thursday 15 March 2018.
The information included in this announcement is extracted from
the Annual Report, which was approved by the Directors on 29
January 2018. Defined terms used in the announcement refer to terms
as defined in the Annual Report unless the context otherwise
requires. This announcement should be read in conjunction with, and
is not a substitute for, the full Annual Report.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further details please contact:
Oxford BioDynamics Plc +44 (0)1865 518910
Christian Hoyer Millar, CEO
Paul Stockdale, CFO
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Nominated Adviser and Broker
David Arch
Jonathan Senior
Peter Lees
Ben Maddison
Shore Capital +44 (0)20 7408 4090
Joint Broker
Stephane Auton
Edward Mansfield
FTI Consulting +44 (0)20 3727 1000
Financial Public Relations Adviser
Julia Phillips
Brett Pollard
Natalie Garland-Collins
Notes for Editors
About Oxford BioDynamics Plc
Oxford BioDynamics Plc (AIM: OBD) ("Oxford BioDynamics") is a
revenue--generating biotechnology company focused on the discovery
and development of epigenetic biomarkers for use within the
pharmaceutical and biotechnology industry.
The Company's award-winning, proprietary technology platform,
EpiSwitch(TM), aims to accelerate the drug discovery and
development process, improve the success rate of therapeutic
product development and take advantage of the increasing importance
of personalised medicine.
In particular, EpiSwitch(TM) can reduce time to market, failure
rates and the costs at every stage of drug discovery. Additionally,
the technology provides significant insights into disease
mechanisms for drug discovery and product re--positioning
programmes, and enables the personalisation of therapeutics for
patients in the context of challenging pricing environments where
improved clinical outcomes are critical.
Oxford BioDynamics is headquartered in the UK, and listed on the
London Stock Exchange's AIM under the ticker "OBD". For more
information please visit www.oxfordbiodynamics.com.
This announcement includes "forward-looking statements" which
include all statements other than statements of historical facts,
including, without limitation, those regarding the Group's
financial position, business strategy, plans and objectives of
management for future operations, and any statements preceded by,
followed by or that include forward-looking terminology such as the
words "targets", "believes", "estimates", "expects", "aims",
"intends", "will", "can", "may", "anticipates", "would", "should",
"could" or similar expressions or the negative thereof. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Group's
control that could cause the actual results, performance or
achievements of the Group to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Group's present and
future business strategies and the environment in which the Group
will operate in the future. These forward-looking statements speak
only as at the date of this announcement. The Group expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained in this
announcement to reflect any change in the Group's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based. As a result of these
factors, readers are cautioned not to rely on any forward-looking
statement.
CHIEF EXECUTIVE OFFICER'S REVIEW
Chief Executive Officer's review
Introduction
The year ended 30 September 2017 was a pivotal one for Oxford
BioDynamics, with continued scientific progress, growing commercial
momentum and the successful completion of its Initial Public
Offering ("IPO") and listing on the London Stock Exchange's AIM
Market ("AIM"). We have seen significant progress toward our
strategic goal: making OBD's EpiSwitch(TM) technology the leading
industry standard for epigenetic biomarkers for the pharmaceutical
and biotechnology industry.
IPO
The Company listed on AIM in December 2016, successfully raising
GBP20.0m of gross proceeds, from both existing investors and a
number of well known and highly regarded UK-based institutional
investors. Of the GBP20.0m raised, GBP12.9m was provided to selling
shareholders, and GBP7.1m was allocated to growth capital to enable
the Company to accelerate its growth strategy. The Board is focused
on three main areas: increasing the number of proprietary biomarker
projects undertaken; ongoing development of OBD's increasingly
recognised and important IP portfolio; and establishing US
representation to increase the Group's commercial reach within the
US.
Commercial progress
During the year, OBD entered into or completed biomarker
discovery contracts with several customers, including five of the
top 30 global pharmaceutical and biotech companies by revenue
(source: Pharm Exec's Top 50 Companies, 2017), in diverse fields
including cancer, neurodegenerative diseases, immunotherapy,
rheumatoid arthritis, lung fibrosis and breast cancer, as well as
non-clinical applications such as fitness training prognostics. In
Asia, the Group entered into a licensing agreement for the use of
products and reagents provided through the EpiSwitch(TM) platform
for a potential blood test to diagnose breast cancer. Post the
period end, in January 2018; the Company signed a second
collaboration with a major US biopharmaceutical company to extend
its development of predictive biomarkers for immune-oncology ("IO")
therapies, representing OBD's fourth IO collaboration since
2016.
The Company made further excellent progress with its
intellectual property portfolio. Most importantly, post-year end in
October 2017, the Company announced the grant of a key patent
covering its proprietary EpiSwitch(TM) technology in the US.
Several of OBD's ten further patent families advanced during the
period: two patents were filed during the period, two more were
filed shortly after the year end, and the EpiSwitch(TM) trademark
was granted in the US.
Scientific progress
The Company has continued to develop its proprietary
EpiSwitch(TM) technology, adding more advanced, higher capacity
technology to its ISO-certified laboratory in Oxford.
In the wider scientific community, we continue to see
increasingly broad acceptance of the critical importance of
3-dimensional chromatin conformations in integrating external
environmental stimuli and cellular responses, to produce the
phenotypic effects seen in both healthy and diseased states. During
the year, multiple research studies and reviews were published in
the leading peer reviewed journals, including Science and Nature,
providing further evidence of the importance of the links between
changes in chromatin structure and cellular function. Among US
pharma and biotech R&D groups the awareness of the importance
of genomic architecture, related biomarkers and their value has
significantly increased.
OBD has continued to collaborate with respected academic
institutions and other partners and to present its work at several
high-profile conferences, including at the National Institutes for
Health Foundation Biomarker Consortium Cancer Steering Committee
Annual Symposium and the American Society of Hematology Annual
Meeting.
Summary and outlook
The year to 30 September 2017 saw significant development by the
Group: scientifically, commercially and financially. Over the next
year, we will continue to develop our proprietary EpiSwitch(TM)
technology, with plans for increased efficiency and capacity at our
Oxford laboratory. We expect to continue to make commercial
progress: we are seeing a growing acceptance of the importance of
epigenetic biomarkers and the quality of results we can provide
through EpiSwitch(TM), and we are actively involved in contractual
negotiations with a number of significant pharmaceutical and
biotech companies as well as Governmental organisations. A
particular focus for the next year will be continued expansion of
our US representation, enlargement of our operating capacity in the
UK and continued build up of our intellectual property position.
With significant cash resources raised through the IPO, the Group
remains well positioned to execute these strategic aims.
Christian Hoyer Millar
Chief Executive Officer
FINANCIAL REVIEW
Overview
During the year ended 30 September 2017, the Company continued
to focus on developing contracts with global pharmaceutical and
biotechnology companies, investing in proprietary R&D projects,
and strengthening its intellectual property portfolio.
The Company successfully completed its IPO and listing on AIM on
6 December 2016. The Company issued 4.5m new shares at a placing
price of 158p, raising gross proceeds of GBP7.1m, with the
intention of using the funds principally to expand proprietary
biomarker programme activity, enhance the Company's intellectual
property portfolio, and establish representation in the US, all of
which have progressed during the year.
Financial performance
Revenue in the year ended 30 September 2017 was GBP1.18m (2016:
GBP1.09m), comprising services fees received for commercial
biomarker projects with pharmaceutical and biotechnology companies,
services fees generated from collaborations with research
institutions, and services and licence fees from agreements for the
use of biomarkers in clinical diagnostics in Asia.
Operating expenses (excluding share option charges and IPO
costs) were GBP3.55m in the year ended 30 September 2017 (2016:
GBP2.73m). Of the GBP0.82m increase in operating costs, GBP0.41m
was attributable to staff costs, GBP0.45m to general and other
admin, and approximately GBP0.08m to increased depreciation, offset
by a reduction in non-staff R&D costs of GBP0.11m.
Other operating income in the year of GBP0.25m (2016: GBP0.16m)
mainly comprised grant income from Innovate UK, supporting the
Group's ALS biomarker research and development programme.
Operating loss for the Group before IPO-related costs of
GBP1.49m (2016: GBP0.45m) was GBP2.51m (2016: GBP1.88m).
Financial income of GBP0.09m related mainly to interest
receivable (2016: GBP0.25m comprised mainly foreign exchange
gains). Finance costs of GBP0.12m related primarily to foreign
exchange losses.
The taxation credit of GBP0.23m in the year (2016: GBP0.34m)
represents tax relief on research and development expenditure
during the period, net of total adjustments in respect of the last
two years' claims of approximately GBP0.1m. The Group has not
recognised any deferred tax assets in respect of trading losses
arising in the current or prior financial periods.
Net loss for the year was GBP3.80m (2016: GBP1.73m). Loss per
share was 4.5 pence (2016: 2.1 pence) and adjusted loss per share
was 2.7 pence (2016: 1.6 pence) excluding one-off IPO costs of
GBP1.49m (2016: GBP0.45m).
Financial position
Cash and cash equivalents at 30 September 2017 totalled
GBP10.80m (2016: GBP7.28m), reflecting the net cash proceeds of
GBP5.40m raised from the IPO and placing in December 2016.
Total assets at 30 September 2017 were GBP12.68m (2016:
GBP9.02m), reflecting the increased cash balance, investment in
tangible and intangible fixed assets and less significant movements
in working capital.
Total liabilities decreased slightly to GBP1.09m at 30 September
2017 (2016: GBP1.28m) reflecting reductions in accruals for
IPO-related costs at the end of September 2016.
Cash flow
Net cash used in operating activities for the year ended 30
September 2017 was GBP1.53m (2016: GBP1.35m). Net cash used in
investing activities was GBP0.32m (2016: GBP0.16m) and net cash
generated by financing activities was GBP5.40m (2016: net cash used
of GBP0.08m). Overall there was a net cash increase for the year
ended 30 September 2017 of GBP3.51m (2016: net cash outflow of
GBP1.16m) including exchange movements on non-GBP denominated cash
and cash equivalents of GBP0.04m (2016: GBP0.42m).
Paul Stockdale
Chief Financial Officer
CONSOLIDATED INCOME STATEMENT
YEARED 30 SEPTEMBER 2017
2017 2016
GBP000 GBP000
Continuing operations Note
Revenue 3 1,183 1,091
Research & development costs
(excluding staff costs) (407) (516)
Staff costs (1,551) (1,146)
General & other admin costs (1,350) (903)
Share option charges (398) (402)
Depreciation (242) (166)
Other operating income 252 161
-------- --------
Operating loss before IPO costs (2,513) (1,881)
Initial public offering costs (1,490) (447)
Operating loss (4,003) (2,328)
Finance income 88 254
Finance costs (117) -
-------- --------
Loss before tax (4,032) (2,074)
Income tax 228 344
-------- --------
Loss for the year from continuing
operations 5 (3,804) (1,730)
======== ========
Loss attributable to:
Owners of the Company (3,804) (1,730)
Non-controlling interest - -
-------- --------
(3,804) (1,730)
======== ========
Earnings per share
From continuing operations
Basic and diluted (pence per
share) 6 (4.5) (2.1)
======== ========
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEARED 30 SEPTEMBER 2017
2017 2016
GBP000 GBP000
Note
Loss for the year 5 (3,804) (1,730)
Exchange differences on translation
of foreign operations that may
be reclassified to the income
statement 2 29
-------- --------
Total comprehensive income for
the year (3,802) (1,701)
======== ========
Total comprehensive income attributable
to:
Owners of the Company (3,802) (1,706)
Non-controlling interest - 5
-------- --------
(3,802) (1,701)
======== ========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2017
2017 2016
GBP000 GBP000
Assets Note
Non-current assets
Intangible fixed assets 11 -
Property, plant and equipment 754 671
Deferred tax asset - -
------- -------
Total non-current assets 765 671
------- -------
Current assets
Inventories 90 105
Trade and other receivables 1,029 965
Cash and cash equivalents 10,795 7,279
------- -------
Total current assets 11,914 8,349
------- -------
Total assets 12,679 9,020
======= =======
Equity and liabilities
Capital and reserves
Share capital 7 861 816
Share premium 6,533 -
Translation reserves 192 190
Share option reserve 2,928 2,773
Warrant reserve 678 -
Retained earnings 384 3,945
------- -------
Equity attributable to owners
of the Company 11,576 7,724
Non-controlling interest 19 19
------- -------
Total equity 11,595 7,743
======= =======
Current liabilities
Trade and other payables 1,027 1,233
Current tax liabilities - -
------- -------
Total current liabilities 1,027 1,233
------- -------
Non-current liabilities
Provisions 57 44
Deferred tax - -
------- -------
Total non-current liabilities 57 44
------- -------
Total liabilities 1,084 1,277
------- -------
Total equity and liabilities 12,679 9,020
======= =======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 30 September 2017
Attribu-
table
Transla Share to Non-con-
Share Share tion option Warrant Retained share- trolling
capital premium reserve reserve reserve earnings holders interest Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October
2016 816 - 190 2,773 - 3,945 7,724 19 7,743
-------- --------- --------- -------- -------- --------- -------------- --------- --------
Loss for
the year - - - - - (3,804) (3,804) - (3,804)
Other
comprehensive
income for
the period - - 2 - - - 2 - 2
-------- --------- --------- -------- -------- --------- -------------- --------- --------
Total
comprehensive
income for
the period - - 2 - - (3,804) (3,802) - (3,802)
-------- --------- --------- -------- -------- --------- -------------- --------- --------
Issue of
shares 45 7,062 - - - - 7,107 - 7,107
Share issue
costs - (288) - - - - (288) (288)
Issue of
warrants - (241) - - 678 - 437 - 437
Share option
credit - - - 398 - - 398 - 398
Lapse of
vested share
options - - - (243) - 243 - - -
-------- --------- --------- -------- -------- --------- -------------- --------- --------
At 30 September
2017 861 6,533 192 2,928 678 384 11,576 19 11,595
======== ========= ========= ======== ======== ========= ============== ========= ========
Year ended 30 September
2016
Transla- Share Attribu-table Non-con-
Share Share tion option Warrant Retained to trolling
capital premium reserve reserve reserve earnings share-holders interest Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October
2015 2 15,709 166 2,371 - (9,220) 9,028 14 9,042
-------- --------- --------- -------- -------- --------- -------------- --------- --------
Loss for
the year - - - - - (1,730) (1,730) - (1,730)
Other
comprehensive
income for
the period - - 24 - - - 24 5 29
-------- --------- --------- -------- -------- --------- -------------- --------- --------
Total
comprehensive
income for
the period - - 24 - - (1,730) (1,706) 5 (1,701)
-------- --------- --------- -------- -------- --------- -------------- --------- --------
Transactions with owners
of the Company:
Bonus issue
of shares 814 (814) - - - - - - -
Capitalisation
of share
Premium - (14,895) - - - 14,895 - - -
Share option
credit - - - 402 - - 402 - 402
-------- --------- --------- -------- -------- --------- -------------- --------- --------
At 30 September
2016 816 - 190 2,773 - 3,945 7,724 19 7,743
======== ========= ========= ======== ======== ========= ============== ========= ========
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 30 SEPTEMBER 2017
2017 2016
GBP000 GBP000
Note
Loss for the financial year 5 (3,804) (1,730)
Adjustments to reconcile loss
for the year to net operating
cash flows:
R&D tax credit (228) (344)
Net interest (87) (71)
(Profit) on disposal of property, - -
plant and equipment
Depreciation of property, plant
and equipment 242 166
IPO costs 1,490 447
Movement in provisions 13 44
Share based payments charge 398 402
Working capital adjustments:
Decrease/(increase) in trade
and other receivables 147 (214)
Decrease in other financial instruments - -
Decrease/(increase) in inventories 16 (43)
Increase in trade and other payables 243 69
-------- --------
Operating cash flows before interest
and tax paid (1,570) (1,274)
R&D tax credits received - 347
-------- --------
Cash used in operations (1,570) (927)
Net foreign exchange movements 44 (421)
-------- --------
Net cash used in operating activities (1,526) (1,348)
-------- --------
Investing activities
Interest received 105 53
Purchases of property, plant
and equipment (425) (208)
Proceeds from disposal of tangible - -
assets
-------- --------
Net cash used in investing activities (320) (155)
-------- --------
Financing activities
Interest paid - -
Issue of equity shares 7,107 -
Share issue costs (288)
IPO costs (1,419) (81)
Equity dividends paid - -
-------- --------
Net cash generated by/(used in)
financing activities 5,400 (81)
-------- --------
Net increase/(decrease) in cash
and cash equivalents 3,554 (1,584)
Foreign exchange movement on
cash and cash equivalents (38) 428
Cash and cash equivalents at
beginning of year 7,279 8,435
-------- --------
Cash and cash equivalents at
end of year 10,795 7,279
======== ========
NOTES TO THE FINANCIAL INFORMATION
1. Corporate information
Oxford Biodynamics plc is a public limited company incorporated
United Kingdom, whose shares were admitted to trading on the AIM
market of the London Stock Exchange on 6 December 2016. The Company
is domiciled in the United Kingdom and its registered office is 26
Beaumont Street, Oxford OX1 2NP. The registered company number is
06227084 (England & Wales).
The Group is primarily engaged in biomarker research and
development.
2. Basis of the announcement
Basis of preparation
The final results for the year ended 30 September 2017 were
approved by the Board of Directors on 29 January 2018. The final
results do not constitute full accounts within the meaning of
section 434 of the Companies Act 2006 but are derived from audited
accounts for the year ended 30 September 2017 and the year ended 30
September 2016.
This announcement is prepared on the same basis as set out in
the audited statutory accounts for the year ended 30 September
2017. The accounts for the years ended 30 September 2017 and 30
September 2016, upon which the auditors issued unqualified
opinions, also had no statement under section 498(2) or (3) of the
Companies Act 2006.
While the financial information included in this results
announcement has been prepared in accordance with the recognition
and measurement criteria of International Financial Reporting
Standards, as adopted by the European Union (EU) (IFRS), this
announcement does not in itself contain sufficient information to
comply with IFRS.
Reporting currency
The consolidated financial information of Oxford Biodynamics plc
("the Group") is presented in pounds Sterling (GBP), which is also
the Company's functional currency.
Going concern
After making appropriate enquiries, the directors have a
reasonable expectation that the Company and the Group have adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the annual report and consolidated financial
statements. More details are provided in the annual report.
3. Revenue
An analysis of the Group's revenue is as follows:
2017 2016
GBP000 GBP000
Continuing operations
USA 310 795
Rest of World 873 296
------- -------
Consolidated revenue 1,183 1,091
======= =======
All revenue is derived from the Group's principal activity,
biomarker research and development.
4. Business segments
Products and services from which reportable segments derive
their revenues
Information reported to the Group's Chief Executive (who has
been determined to be the Group's Chief Operating Decision Maker)
for the purposes of resource allocation and assessment of segment
performance is focused on the sole service which Oxford BioDynamics
sells. The Group's sole reportable segment under IFRS 8 is
therefore that of biomarker research and development.
The Group's non-current assets, analysed by Geographical
location were as follows:
2017 2016
GBP000 GBP000
Non-current assets
UK 662 576
Malaysia 103 95
------- -------
Total non-current assets 765 671
======= =======
Information about major customers
The Group's revenues for the periods covered by this report are
derived from a small number of customers, many of which represent
more than 10% of the revenue for the period. These are summarised
below:
2017 2016
GBP000 GBP000
Revenue from individual customers each
representing more than 10%
of revenue for the period: 893 1,019
======= =======
5.
5. Loss for the year
Loss for the year has been arrived at after
charging/(crediting):
2017 2016
GBP000 GBP000
Net foreign exchange losses/(gains) 116 (183)
Research and development costs
(excluding staff costs) 407 516
Government grants (193) (141)
Depreciation and impairment of
property, plant and equipment 242 166
(Profit) on disposal of property, - -
plant and equipment
Operating lease rental expense 110 108
Staff costs 1,551 1,146
Initial public offering costs 1,490 447
Share based payments charge to
profit and loss 398 402
======= =======
Research and development costs consist of inventories recognised
as an expense and other costs of materials and services.
6. Earnings per share
From continuing operations
The calculation of the basic and diluted earnings per share is
based on the following data:
2017 2016
GBP000 GBP000
Earnings for the purposes of basic
earnings per share being net loss
attributable to owners of the Company (3,804) (1,730)
----------- -----------
Earnings for the purposes of
diluted earnings per share (3,804) (1,730)
=========== ===========
2017 2016
No No
Number of shares
Weighted average number of ordinary
shares for the purposes of
basic and diluted earnings per share* 85,272,526 81,600,000
=========== ===========
Pence Pence
Earnings per share
Basic and diluted earnings per share (4.5) (2.1)
=========== ===========
7. Share capital of the Company
2017 2017 2016 2016
Number GBP Number GBP
Authorised shares
Ordinary shares of GBP0.01
each (2015: GBP0.0001
each) 86,098,228 860,982 81,600,000 816,000
=========== ======== =========== ========
The Company has one class of ordinary shares which carry no
right to fixed income.
The Company has a number of shares reserved for issue under an
equity-settled share option scheme; further details are included in
the Annual Report.
8. Events after the balance sheet date
On 4 December 2017 689,441 warrants held by Wentworth Limited
were exercised in exchange for the issue of 689,441 ordinary shares
of 1 pence each. The warrant exchange was effected at the nominal
price of 1 pence per Ordinary Share and, in accordance with the
terms of the warrant instrument, Wentworth simultaneously waived
its subscription rights to the balance of 1,032,523 warrant shares
previously held.
On 13 December 2017, the exercise period for options over a
total of 4,038,004 ordinary shares was extended from 31 December
2017 to 31 December 2022.
On 20 December 2017 a total of 692,304 options were exercised at
an exercise price of 34p per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR PGUBWGUPRPUB
(END) Dow Jones Newswires
January 30, 2018 02:00 ET (07:00 GMT)
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