TIDMPRX
RNS Number : 6612Y
Proximagen Group PLC
05 March 2012
5 March 2012
PROXIMAGEN GROUP PLC
("Proximagen" or "the Company")
Preliminary Statement of Annual Results for the
Year Ended 30 November 2011
London, UK, 5 March 2012: Proximagen Group plc (AIM: PRX), the
rapidly growing company with a focus on the treatment of disorders
of the central nervous system (CNS) and inflammatory diseases, is
pleased to announce its unaudited preliminary annual results for
the year ended 30 November 2011.
Commercial highlights
-- Strategic Partnership Agreement signed with H. Lundbeck A/S,
with Lundbeck making a GBP10.3m equity investment in Proximagen at
180p per share
-- Acquisition of global rights to two CNS drug candidate
programmes from GSK designed to treat cognitive decline, pain and
Parkinson's disease
-- Collaborative Research and Development Agreement signed with
Altacor for Proximagen's PRX00933 programme, exploring its
potential as a topical treatment for glaucoma
-- 24 further patents granted in 2011, bringing our total granted patents to 285
Research & Development highlights
-- Naluzotan entered a Phase IIa clinical study conducted and
funded by the NIH to assess efficacy in patients with temporal lobe
epilepsy, the most prevalent epilepsy population unresponsive to
current therapies
-- Completion of tonabersat Phase II-enabling studies for
epilepsy with Phase IIa due to start in H2 2012
-- Role of our CXCR4 inhibitor as a potential treatment for
cancer, as part of a GBP1.5m EPSRC-funded collaboration involving
Imperial College and King's College London
-- VAP-1 inhibitors achieved efficacy in a range of
mechanism-related models of disease, including rheumatoid
arthritis, multiple sclerosis and cancer
-- Confirmation of the activity of potent PAR2 inhibitors in
gold standard model of irritable bowel disease
Financial highlights
-- Strong cash balance of GBP51.6m (2010: Cash and other financial assets of GBP48.2m)
-- Investment in R&D of GBP4.8m (2010: GBP6.1m), with a
further $26m investment committed by our pharmaceutical partners in
our programmes
Post-period end highlights
-- Grant awarded under the MJFF's Therapeutics Development
Initiative Fall 2011 Program to fund research of Proximagen's D1
programme in Parkinson's disease
-- Phase I clinical trial of oral VAP-1 antagonist for rheumatoid arthritis initiated
Commenting on this announcement, Kenneth Mulvany, Chief
Executive Officer of Proximagen Group plc, said: "2011 was one of
our most successful years. We advanced several compounds into the
clinic and now have four clinical stage drug candidates within a
pipeline of fifteen programmes. In the past three years, our
pipeline has more than tripled in size and has become more advanced
and diverse. Our commitment to innovation is paying off and in 2012
and 2013 we expect more candidates to enter development than in all
previous years combined. During 2011, we attracted additional
partners, received further grant funding and welcomed Lundbeck as a
strategic equity stakeholder. These activities endorsed our
business model of de-risking the pipeline and applying smart
financial resources to our operations. We strive to make
improvements to healthcare for patients, as well as build value for
our shareholders. We are in as strong a position as ever to be
reaching these goals as we enter 2012."
For further information, please contact:
Proximagen Group plc Tel: +44 (0)20 7400 7700
Kenneth Mulvany, Chief
Executive Officer
James Hunter, Finance
Director
Singer Capital Markets Tel: +44 (0)20 3205 7500
Nominated Adviser and
broker
Shaun Dobson, Claes Spang
M:Communications Tel: +44 (0)20 7920 2330
Mary-Jane Elliott, Hollie
Vile
Chairman's and Chief Executive's statement
2011 was a year of considerable accomplishment and growth for
Proximagen, and the future has never looked more promising. We
remain one of the best-funded companies in the European
biotechnology sector, and our continued strong cash position fuels
the important development efforts at Proximagen. The result is a
diversified and balanced portfolio of clinical and pre-clinical
assets, benefiting from significant partner funding and expertise,
whilst we retain valuable territorial rights.
The achievements in 2011 were accomplished against a backdrop of
very challenging times for the European life sciences industry and
indeed for the wider economy. Throughout last year, difficult
capital markets prevailed for many companies in our sector, and
pharmaceutical companies struggled to develop new products from
internal research and development investment. Whilst we are proud
of all that we achieved during 2011, we are focused on the
challenges and opportunities that this environment has created for
Proximagen and pharmaceutical companies alike.
With challenges come opportunities
With every challenge comes an opportunity. Proximagen has
responded to sector challenges in three ways - by advancing several
programmes into the clinic, as well as broadening our portfolio
across different therapeutic indications, by innovating with our
discovery engine, and by strengthening our financial resources. In
the past three years, Proximagen's pipeline has more than tripled
in size. It has also become more advanced and grown more diverse,
reflecting Proximagen's ability to pursue treatments in various
indications, including CNS, inflammation and oncology.
We continue to invest in innovation and our commitment to
innovation is beginning to pay off. Proximagen is poised to
introduce more drug candidates into development in 2012 and 2013
than in all its previous years combined. Our pipeline now contains
fifteen programmes, four of which are clinical stage, with the
potential for three further programmes to enter the clinic before
the end of 2013. At Proximagen, we have maintained a strong balance
sheet by focusing our investment on programmes with the best
commercial prospects and by leveraging the considerable commitment
in our programmes by our partners Upsher-Smith, Lundbeck and the
NIH, valued at some $26m. We were pleased to welcome Lundbeck, one
of the leading global pharmaceutical companies focused on diseases
of the CNS, as a strategic partner and shareholder. Our partnership
with Lundbeck strengthened our financial resources through their
GBP10.3m equity investment and furthers our stated objective of
building closer ties with industry at a time when "Big Pharma" are
seeking to augment their R&D outputs through
externalization.
The best possible R&D
"Science first" has long been the guiding principle at
Proximagen. Much has been written about innovation in our industry.
We claim no superior insights and we know that innovation in
science is challenging, especially for diseases of the CNS where
the human brain is complex and elegant beyond description. In our
industry, creating and sustaining an environment where innovation
can consistently and successfully happen is a difficult task. While
this challenge is daunting, our commitment to bringing novel drugs
to patients is unwavering and, with this in mind, Proximagen is
focused on innovation.
Our progress in R&D has been truly impressive. Indeed, 2011
proved to be our most productive year to date in our laboratories
with the identification of five development candidates,
complementing the discovery of exciting leads in our earlier stage
programmes. We had 24 patents granted in 2011, bringing the number
of our granted patents up to 285, protecting all aspects of our
R&D efforts. Three of our drug candidates are currently in
active clinical trials: tonabersat, naluzotan and VAP1, which
started its Phase I trial recently. We also announced the signing
of a Collaborative Research and Development Agreement with Altacor
to progress Proximagen's PRX00933 programme for the topical
treatment of glaucoma. Datamonitor values the current glaucoma
market at over $5bn where current therapies have modest effects in
lowering intra-ocular pressure. Thus new drugs, particularly with
modes-of-action that can be used adjunctively to prostaglandins and
beta-blockers, are needed. We received a grant from the prestigious
Michael J Fox Foundation in support of our D1 PAM programme in
Parkinson's disease and cognition. Additionally, Proximagen is
collaborating with Imperial College and King's College, London to
develop theranostic nanoparticles for efficient delivery of our
CXCR4 antagonists to treat cancer. This collaboration complements
and expands Proximagen's cancer franchise, building on the on-going
activities to develop CCR2, VAP-1 and CXCR4 antagonists as
anti-metastatic and tumour-sensitising agents.
Pipeline advancement
In 2011, we saw the advancement of naluzotan (a selective 5-HT1a
agonist) into the clinic for the treatment of refractive epilepsy.
This programme was acquired by Proximagen in 2009 and subsequently
partnered with the US National Institutes of Health, who are fully
funding and running a placebo-controlled, double blind, crossover
study. This proof of concept study will measure reduction in
seizure frequency as the primary end-point and is due to report
results in 2013. Interestingly, research also indicates that 5-HT1a
agonists have antidepressant effects, so we anticipate that
naluzotan will be particularly effective for treating epilepsy
patients with depression, one of the most common epilepsy
co-morbidities. Further clinical investigation of this drug is
planned, looking at age-related macular degeneration and sexual
dysfunction. Despite some encouraging data in Parkinson's disease,
the decision was taken to discontinue development of this programme
for levodopa-induced dyskinesia, as better treatment modalities may
render our drug obsolete for treating dyskinesia by the time it
gains marketing approval.
Tonabersat was advanced considerably during the year. Tonabersat
is a putative gap junction blocker that inhibits intercellular
signalling and cortical spreading depolarisation (CSD), a
phenomenon which is heavily implicated in the pathophysiology of
epilepsy. Through its anti-convulsant screening programme, the NIH
confirmed the efficacy of tonabersat in models of epilepsy where
impressive data was generated showing a potent and differentiated
profile. Clinical efficacy in refractive epilepsy has already been
demonstrated by tonabersat's close analogue, carabersat. CSD, which
manifests itself as a wave of abnormal neuronal activity, is
propagated over the brain by intercellular gap junctions. CSD has
recently been shown in the clinic to underlie the damage seen in
several related neurological disorders which have a high unmet
medical need that could open the potential of this drug to treat a
variety of currently untreatable conditions. The programme is
further de-risked through the extensive safety package, where
tonabersat has been shown to be safe and well tolerated in 1,800
patients.
Proximagen's PRX00933 programme has amassed a considerable
clinical dossier, having been well-characterised as an orally
administered treatment for satiety in over 480 patients. The 5-HT2c
class of receptors is an acknowledged target for weight loss. The
specific nature of PRX00933 gives it the potential to avoid
side-effects associated with some weight loss drugs. Moreover, the
candidate would be following an earlier development candidate,
Arena Pharmaceuticals' lorcaserin, also a 5-HT2c agonist, into the
market. The FDA advisory panel meeting on the anti-obesity drug
candidate Qnexa held in February 2012 has generated considerable
commercial interest in Proximagen's Phase III-ready programme,
especially considering that PRX00933 has already demonstrated
significant weight loss in Phase II clinical trials, whilst
exhibiting an excellent safety and tolerability profile.
Our VAP-1 antagonist is a first in class orally administered
small molecule for rheumatoid arthritis (RA), multiple sclerosis
(MS) and cancer. The drug candidate, which acts by stopping
leukocyte trafficking to inflamed areas, was shown to be highly
efficacious in models of RA that have strong translational
correlation with efficacy in clinical trials. Extensive research
has also been conducted to determine its role in metastatic tumour
infiltration. The lead molecule began Phase I clinical development
earlier this year. This trial is a Single Ascending Dose (SAD)
study in 30-40 patients. Assessment of safety, pharmacokinetics,
and tolerability will occur for 24 hours post-dosing with an
additional measurement of pharmacodynamic markers of VAP-1 activity
also being taken. The SAD study will be followed by a Multiple
Ascending Dose study and we plan to continue clinical development
of PRX167700 through a Proof of Concept trial in RA.
Proximagen acquired a series of <ALPHA>7 receptor positive
allosteric modulators (PAMs) from GSK during the period.
Acetylcholine (ACh) is essential for memory acquisition and
retrieval, and <ALPHA>7 is one of the most abundant nicotinic
ACh receptors in the brain. Since acquisition, <ALPHA>7
receptor agonists have been shown to be pro-cognitive in clinical
trials for schizophrenia and Alzheimer's disease. Although these
agonists have validated the a7 receptor as a target, they run the
risk of receptor desensitization, whereas positive allosteric
modulators offer a potentially novel way of activating
<ALPHA>7 receptors without receptor desensitization. Our
<ALPHA>7 PAM programme has the potential to be first-in-class
for cognition.
In addition to a number of other CNS and inflammation programmes
in development, Proximagen is developing novel approaches to
combating the resistance of tumours to even the most modern of
anti-cancer therapies. In mid-2011, in collaboration with the
University of Oxford, we demonstrated that Proximagen's compounds
can exploit novel mechanisms of inhibiting tumour growth and
metastatic spread. For instance, our CXCR4 antagonists inhibit the
growth of certain aggressive human tumours both in vitro and in
vivo. This programme is being strengthened by an EPSRC
collaboration which will enable us to exploit the targeting
capabilities of the nanoparticles currently under development. Also
in collaboration with the University of Oxford, we demonstrated
that Proximagen's VAP-1 antagonists inhibit the metastatic
colonization of tissues. Since metastases are the major causes of
mortality and morbidity in cancer patients, we are continuing to
investigate this property of our compounds.
Investing in our business
Proximagen seeks to build long-term value for its shareholders
by investing in basic research and pipeline development, whilst
retaining an appropriate cash balance. In 2011, we invested heavily
in R&D with a significant proportion of that investment
accounted for by the costs involved in preparing VAP-1 for its
first-time-in-human studies. We will also be investing in
initiatives centred around enabling novel mechanism drugs to be
targeted to the most suitable indication, the design of in vivo
studies to support development, and the identification of PK-PD
relationships, all of which are designed to support the rapid
achievement of value inflections in pre-clinical and clinical
development.
Lundbeck's investment generated GBP10.3m of net new funds and
Proximagen consequently ended the year with more than GBP51m of
cash, leaving it sufficiently resourced to fund growth for the
foreseeable future. Our large cash balance is made possible by a
number of our programmes benefitting from $26m of development
commitment from our pharmaceutical partners. We also secured other
sources of non-dilutive funding, such as grant funding from the
prestigious Michael J Fox Foundation in support of our D1 PAM
programme and participation in a GBP1.5m EPSRC-funded collaboration
for oncology. We continue to explore ways to de-risk the funding of
our programmes, thereby seeing our programmes progress whilst
maintaining financial strength.
Innovation from outside is just as important
Strategic acquisitions have helped us grow and we will use our
considerable financial strength to acquire or license innovative
programmes that address important unmet medical needs. We also
strongly believe in partnerships with larger companies and the role
they can play in the long-term success of Proximagen.
As our existing programmes progress successfully, so we will be
looking to fortify our pipeline further. We have been active in
looking at new opportunities externally, and in our assessment of
them, we look critically to see whether the key elements of
underlying scientific rationale, intellectual property position,
development data and valuation are all aligned. We have learnt to
be patient and are prepared to wait until the right opportunities
are identified rather than take undue risk with our capital over an
opportunity that fails to meet our demanding selection criteria.
However, we remain confident that suitable assets are
available.
Well-worked partnerships can deliver benefits by way of pooled
expertise and resource, financial support, and risk-sharing. The
company currently has six partnerships in place, covering larger
pharmaceutical companies, strategic partnerships and charitable
organisations. We expect the environment to remain conducive to
strengthening existing partnerships as well as building new ones,
particularly as larger pharmaceutical companies increasingly look
to organisations such as Proximagen for sourcing new therapies
capable of strengthening their portfolio of patent protected
drugs.
Promise for the future
The challenges facing the life sciences sector in Europe,
particularly the UK, are substantial, but our opportunities are far
greater. Proximagen has built an organisation with a broad,
de-risked portfolio spanning various therapeutic areas. We have
innovative scientists, pursuing a number of promising programmes in
new disease areas, from cancer to inflammation to Alzheimer's
disease. If and when these programmes lead to new therapeutic
candidates, we have the ambition to develop and deliver them to
patients in certain key territories.
We have many other assets to draw upon. Proximagen has strong
relationships with leading pharmaceutical companies and scientific
leaders. We also have a unique strength in our values-based
culture. Proximagen's people point to the company's values as the
reason they joined us and the reason they stay. In our research and
clinical trial enrollment and execution, we hold ourselves and our
partners to the highest standards of ethical behavior. We are each
thorough, transparent and principled in governance, communications
and our commitment to patient care.
Over the years, we have had a consistent strategy and we remain
convinced that our strategy will serve us well in 2012 and beyond.
Investing heavily in our pipeline, fostering high performing
employees who share our values, delivering superior value to our
owners, and striving to be a leader in the therapeutic areas we
serve are fundamental. We know that the environment for our
industry is challenging and that there are some factors beyond our
control. Despite these uncertainties, we entered 2012 focused on
what we need to do, prepared for whatever the year brings and
confident that we have the right team, resources and strategy to
succeed.
Peter Allen Kenneth Mulvany
Chairman Chief Executive Officer
5 March 2012
Financial review
We were pleased to welcome Lundbeck onto our register of
shareholders in September after they subscribed for 5.7m new shares
at 180p per share. This issue raised GBP10.3m of net new funds and
the Group consequently ended the year with over GBP51m of cash. A
number of our programmes continued to benefit from our partners'
funding and we were pleased to be awarded a grant of $151,000 in
December 2011 by the prestigious Michael J Fox Foundation in
support of our D1 PAM programme. We continue to explore ways to
de-risk the funding of our programmes, thereby seeing our
programmes progress whilst maintaining financial strength.
Cash and treasury
Cash resources (made up of cash and cash equivalents, and other
financial assets) at the year-end totalled GBP51.6m (2010:
GBP48.2m). Given the economic environment and liquidity issues
generally prevailing in Europe, we reduced the number and duration
of term deposits held by the company during the year. However, the
Group still achieved an effective interest rate of 1.19% (2010:
1.11%), and we continue to actively monitor our treasury policy and
position.
The principal cash flows in the year were as follows:
Outflows
-- Operating cash outflow: GBP7.9m (2010: GBP8.0m)
-- Purchase of assets: GBP0.5m (2010: GBP0.1m)
Inflows
-- Issue of ordinary shares under the Strategic Partnership
Agreement with Lundbeck: GBP10.3m (2010: GBPnil)
-- Income tax received: GBP0.9m (2010: GBP0.5m)
-- Interest received: GBP0.6m (2010: GBP0.5m)
Statement of Comprehensive Income
Research and development expenditure during the year was GBP4.8m
(2010: GBP6.1m). The year on year reduction principally reflects
the variability in the financial requirements of our programmes.
Administrative expenses totalled GBP3.1m (2010: GBP2.8m). The
increase is accounted for in part by inflationary pressures, the
increased costs of supporting our enlarged patent estate and the
increased share option charge recognised in the year. Finance
income of GBP0.5m was broadly comparable with GBP0.6m in 2010,
although as highlighted above the liquidity of our funds was
improved without reducing our effective interest rate. The tax
credit of GBP1.0m (2010: GBP0.9m) represents amounts that are
expected to be received under current legislation on research and
development tax credits. In 2010, our claim for R&D tax credits
were limited to the amount of PAYE and NI each subsidiary had paid
to HMRC during the year. However, in 2011 this PAYE and NI limit
was higher due to increased staff numbers and costs.
Statement of Financial Position
Net assets at the year-end totalled GBP52.6m (2010: GBP48.3m)
and the principal movements in the Statement of Financial Position
during the year were:
-- an increase in intangible assets of GBP0.4m
-- a reduction in trade and other receivables of GBP0.3m
-- an increase in cash resources of GBP3.4m
-- a reduction in trade and other payables of GBP0.8m
The increase in intangible assets relates to the acquisition
during the year of rights to certain drug development assets.
Group reorganisation
The business and assets of Cambridge Biotechnology Limited were
successfully integrated into Proximagen Limited during the year and
all of the Group's research and development activities are now
performed by Proximagen Limited at our Cambridge facility.
James Hunter
Finance Director
5 March 2012
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 November 2011
(Unaudited) (Audited)
Note 2011 2010
GBP'000 GBP'000
Revenue 224 1,027
Cost of sales (29) (27)
Operating costs
Research and development (4,830) (6,144)
Administrative expenses (3,129) (2,814)
------------ ----------
Total operating costs (7,959) (8,958)
Operating loss (7,764) (7,958)
Finance income 540 545
Finance costs (11) -
Loss before tax (7,235) (7,413)
Income tax credit 986 924
------------ ----------
Loss for the financial
year (6,249) (6,489)
------------ ----------
Other comprehensive income
Foreign currency exchange
differences - 63
------------ ----------
Total comprehensive expense
for the year (6,249) (6,426)
------------ ----------
Basic and diluted loss
per share (pence) 2 (10.7) (11.2)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 November 2011
(Unaudited) (Audited)
2011 2010
GBP'000 GBP'000
Non-current assets
Intangible assets 1,293 858
Property, plant and
equipment 143 222
------------ ----------
1,436 1,080
------------ ----------
Current assets
Trade and other receivables 566 831
Current tax receivable 986 933
Other financial assets - 10,000
Cash and cash equivalents 51,587 38,170
------------ ----------
Total current assets 53,139 49,934
------------ ----------
Current liabilities
Trade and other payables (1,939) (2,701)
------------ ----------
Net current assets 51,200 47,233
------------ ----------
Net assets 52,636 48,313
------------ ----------
Equity
Ordinary shares 631 574
Share premium 73,498 63,235
Merger reserve 299 299
Share-based payment
reserve 681 429
Retained losses (22,473) (16,224)
------------ ----------
Total equity attributable
to equity holders of
the parent 52,636 48,313
------------ ----------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 November 2011
Ordinary Share Merger Share- Retained Total
shares premium reserve based earnings
payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance
at 30 November
2009 573 63,228 299 300 (9,798) 54,602
Loss for
the year - - - - (6,489) (6,489)
Other comprehensive
income - - - - 63 63
--------- --------- --------- --------- ---------- --------
Total comprehensive
expense
for the
year - - - - (6,426) (6,426)
Share-based
payments - - - 129 - 129
Issue of
share capital 1 7 - - - 8
--------- --------- --------- --------- ---------- --------
Balance
at 30 November
2010 574 63,235 299 429 (16,224) 48,313
Loss for
the year - - - - (6,249) (6,249)
--------- --------- --------- --------- ---------- --------
Total comprehensive
expense
for the
year - - - - (6,249) (6,249)
Share-based
payments - - - 252 - 252
Issue of
share capital 57 10,263 - - - 10,320
--------- --------- --------- --------- ---------- --------
Balance
at 30 November
2011 631 73,498 299 681 (22,473) 52,636
--------- --------- --------- --------- ---------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 November 2011
(Unaudited) (Audited)
2011 2010
GBP'000 GBP'000
Cash flow from operating activities
Loss before tax (7,235) (7,413)
Adjustments for:
Depreciation 105 196
Gain on sale of assets (4) (151)
Net finance income (529) (545)
Share-based payment 252 129
Movement in deferred income (165) (482)
------------ ----------
Cash flow from operations
before changes in working
capital (7,576) (8,266)
Changes in working capital
Decrease in trade and other
receivables 235 1,596
Decrease in trade and other
payables (597) (1,324)
------------ ----------
Cash used in operations (7,938) (7,994)
------------ ----------
Income taxes received 933 509
------------ ----------
Net cash used in operating
activities (7,005) (7,485)
------------ ----------
Cash flow from investing activities
Acquisition of subsidiaries
- net cash paid - (583)
Financial assets realised 10,000 -
Interest received 570 496
Intellectual property (acquired)/disposed
of (435) 166
Purchase of property, plant
and equipment (26) (103)
Proceeds from sale of property,
plant and equipment 4 31
------------ ----------
Net cash generated from investing
activities 10,113 7
------------ ----------
Cash flows from financing
activities
Net proceeds from the issue
of ordinary shares 10,320 8
------------ ----------
Net cash generated from financing
activities 10,320 8
------------ ----------
Foreign exchange (gain)/loss (11) 63
------------ ----------
Net increase/(decrease) in
cash and cash equivalents 13,417 (7,407)
------------ ----------
Cash and cash equivalents
at the beginning of the year 38,170 45,577
------------ ----------
Cash and cash equivalents
at end of the year 51,587 38,170
------------ ----------
Notes to the preliminary announcement
1. Basis of preparation
The preliminary announcement has been prepared in accordance
with International Financial Reporting Standards ("IFRS") adopted
by the European Union. All IFRS's issued by the International
Accounting Standards Board ("IASB") that were effective at the time
of preparing the preliminary announcement and adopted by the
European Commission for use inside the EU were applied by the
Group.
The preliminary announcement has been prepared in accordance
with IFRS and the interpretations issued by the International
Financial Reporting Interpretations Committee ("IFRIC") and with
those parts of the Companies Act 2006 applicable to companies
reporting under IFRS. In preparing this preliminary announcement
the Group has consistently applied the accounting policies as set
out in the Group's consolidated accounts for the year ended 30
November 2010.
The financial information in this preliminary announcement does
not constitute statutory accounts within the meaning of Section 434
of the Companies Act 2006 for the years ended 30 November 2010 and
2011.
The consolidated statutory financial statements for the year
ended 30 November 2011 will be finalised and signed on the basis of
the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of
Companies following the Company's General Meeting. The consolidated
statutory financial statements for the year ended 30 November 2011
will be prepared applying IFRS and IFRIC interpretations as adopted
by the European Union, with those parts of the Companies Act 2006
applicable to companies reporting under IFRS and using accounting
policies that are consistent with those as stated in the financial
statements for the year ended 30 November 2010.
The financial information for the year ended 30 November 2010
has been extracted from the Group's audited consolidated accounts
for the year ended 30 November 2010. The auditors' report and
opinion on those accounts was unmodified and did not contain a
statement under Section 498 (2) or (3) of the Companies Act 2006.
The audited accounts for the year ended 30 November 2010 have been
delivered to the Registrar of Companies.
The preliminary announcement has been prepared under the
historical cost convention. The preliminary announcement is
presented in Sterling and all values are rounded to the nearest GBP
thousand.
This preliminary announcement was approved by a committee of the
Board of directors on 1 March 2012. Copies of this announcement are
available from the Company's website, www.proximagen.com.
2. Basic and diluted loss per ordinary share
2011 2010
Loss for the year (GBP'000) (6,249) (6,426)
Weighted average number
of shares in issue 58,354,269 57,310,549
Loss per share (basic and
diluted) (pence) 10.7 11.2
The loss attributable to ordinary shareholders and weighted
average number of ordinary shares for the purpose of calculating
the diluted loss per ordinary share are identical to those used for
basic loss per share. This is because the exercise of share options
would have the effect of reducing the loss per ordinary share and
is therefore not dilutive under the terms of IAS 33.
At 30 November 2011 there were 6,578,672 options outstanding (30
November 2010: 6,647,375 options outstanding).
3. Events after the balance sheet date
The Group was awarded with a grant of $151,000 in December 2011
by the Michael J Fox Foundation to develop the D1 programme.
4. Annual General Meeting Notice
The Annual General Meeting will be held at 11.30am on Tuesday 15
May 2012 at the offices of Proximagen Group plc, 91-93 Farringdon
Road, London EC1M 3LN. The Notice of Annual General Meeting and
proxy materials will be posted to shareholders with the 2011 Annual
Report and Accounts in April 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BKPDQABKKPNK
Proximagen Neuroscience (LSE:PRX)
Historical Stock Chart
From Apr 2024 to May 2024
Proximagen Neuroscience (LSE:PRX)
Historical Stock Chart
From May 2023 to May 2024
