TIDMINC
RNS Number : 0294Y
Incanthera PLC
02 September 2022
2 September 2022
Incanthera plc
("Incanthera" the "Company")
RESULTS FOR THE YEARED 31 MARCH 2022
Incanthera plc (AQSE: INC), the specialist oncology company
focused on innovative technologies in dermatology and oncology is
pleased to announce its audited final results for the year ended 31
March 2022.
Incanthera is dedicated to identifying and commercialising
inspirational therapeutics, combined with uniquely targeted
delivery technologies that show the potential to transform the
future of healthcare.
Highlights:
-- Progression on commercial deals for skin cancer asset Sol
-- Commercial discussions have identified increasing potential for a full Sol product range
-- Investment in infrastructure in preparation for the next steps of Sol's commercialisation:
o Laboratory facilities established at Sheffield University for
developing wider range of Sol formulations
o Commercial samples manufactured for deal discussions &
technical due diligence
o Key formulation scientists added to team
-- Endorsement of Sol's technical capabilities by panel of UK's leading dermatologists
-- Registration of trademark Actino-Pro
o Preparing path for branding and marketing
-- Protection of valuable IP across global territories
Financial Highlights:
-- Total group loss for the year: GBP1,008k (2021: GBP905k)
-- Operating expenses: GBP937k (2021: GBP979k)
-- Year-end cash position: GBP295k (2021: GBP957k)
Post year end events:
In light of the current difficult financial markets, on 24
August 2022, Simon Ward and Tim McCarthy, directors of the Company,
agreed to provide an interest free, unsecured financing facility
for the Company of up to GBP190,000 ("Directors' Loan Facility")
rather than seeking to raise additional funding through an issue of
new equity. Following the agreement of the Directors' Loan
Facility, GBP50,000 has been advanced to the Company. The board has
further agreed a programme of cost restructuring with certain
creditors to extend the Company's cash runway.
On 31 August 2022, the Company entered into a Variation and
Deferred Payment Agreement with the UOB whereby amounts due (from
June 2022 to 31 December 2023) under the UOB Pipeline Agreement
amounting to approximately GBP300,000 were deferred by the UOB.
These deferred payments may be repaid by the Company at any time up
to 31 December 2023 or the UOB may elect to convert any amounts
outstanding during the same period to ordinary shares of the
Company (at the prevailing share price on the conversion date).
To further support the company, directors have also agreed to
waive directors' remuneration until the Company is in a more
positive financial position to reinstate these .
These actions to support the Company extend the Company's cash
runway (including the directors' loan facility) to support its
operations until Q4 2023, enabling the Company to further progress
Sol towards a commercial deal.
Pursuant to rule 4.6 of the AQSE Growth Market Rules, both the
Directors' Loan Agreement and the Variation and Deferred Payment
Agreement with UOB, a substantial shareholder of the Company, are
related party transactions.
Simon Ward, Chief Executive Officer, commented:
"This has been a very important year in Incanthera's
progression.
While commercial discussions continue for our skin cancer asset,
Sol, we have invested in infrastructure and market positioning, in
readiness for next steps.
This includes manufacturing and laboratory facilities in
Sheffield, staffed by our expert formulation team and contracting
additional resource with the Skin Sciences team at the University
of Bradford.
We registered the trademark, Actino-Pro , for Sol, to create a
valuable brand and market asset, ready for commercial use with
global protection for the potential treatment of actinic keratosis
and prevention of skin cancer.
To enhance Sol's commercial offering, we also sought and
received excellent independent endorsement through the UK's ten
leading dermatologists, further enhancing our commercial
offering.
The team and I remain devoted to progressing the right
commercial deal for Sol, towards successful conclusion for our
Company and our Shareholders.
We also continue to work closely with the Institute of Cancer
Therapeutics at the University of Bradford, whose dedication to
discover and develop targeted therapeutics and delivery systems,
continue to inspire.
I thank our team, advisors and our Shareholders for their
support and loyalty to our Company. We look forward to advising
further on our progression."
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018 ).
The directors of the Company take responsibility for this
announcement.
For further enquiries:
Incanthera plc:
+44 (0) 7831
675747
www.incanthera.com
Tim McCarthy, Chairman +44 (0) 7747
tim.mccarthy@incanthera.com 625506
Simon Ward, Chief Executive Officer simon.ward@incanthera.com
+44 (0) 7776
Suzanne Brocks, Head of Communications suzanne.brocks@incanthera.com 234600
Aquis Exchange Corporate Adviser:
Cairn Financial Advisers LLP +44 (0) 20 7213
Jo Turner/James Lewis 0880
Broker:
Stanford Capital Partners Ltd
Patrick Claridge/Tom Price/John Howes/Bob +44 (0) 20 3815
Pountney 8880
Notes to Editors
Incanthera is dedicated to innovative technologies in
dermatology and oncology. It seeks to identify and commercialise
inspirational therapeutics combined with uniquely targeted delivery
systems, for innovative solutions to clinical, commercially
relevant unmet needs.
The Company's current lead product and focus is Sol, a
potentially innovative topical product for the treatment of solar
keratosis and the prevention of skin cancers. The Company is
currently focussed upon delivering Sol to a commercial partner.
Originating from the Institute of Cancer Therapeutics ("ICT") at
the University of Bradford, the Company has acquired and developed
a portfolio of specific cancer-targeting therapeutics, with a
strategy to develop each candidate from initial
acquisition/discovery to commercially valuable partnerships at the
earliest opportunity in its development pathway.
For more information on the Company please visit: www.incanthera.com
@incantheraplc
Chairman's Statement
The year under review has seen the world emerge from the
majority of restrictions under the pandemic, to our lifestyles,
businesses and relationships resuming functionality and greater
freedom of movement and engagement.
Incanthera reflects that in its enthusiasm to build and progress
towards the goals set out at flotation in 2020 and beyond.
Progression of our lead asset, Sol, towards a commercial deal
has remained the core focus of our team. We have achieved some
significant milestones on that road, as announced throughout the
year, primarily: proof of technology in our study results, filing
of patents, with recent award, in readiness of IP protection and
marketing/branding; and the ongoing progression of commercial
discussions.
As engagement with global parties continues to evolve and
intensify, valuable further introductions and commercial
opportunities have added to those previously achieved, and we are
excited at what now lies ahead of us to conclude, explore and
develop.
Our Business
Incanthera's mission and purpose is to provide ever better
options for more targeted, holistic care utilising its portfolio of
targeted technologies and delivery systems that now transcends
across oncology and dermatology.
The primary focus of our team in the year under review has
remained the progression of our lead asset, Sol,
towards a commercial deal.
We understand that the timescale to conclude discussions in a
commercial deal have been delayed from initial estimations.
However, as the majority of companies have found, inevitable
backlogs and availability of appropriate teams have had an effect
throughout industry. We recognise the frustration; We continue
apace and we thank our Shareholders for their patience.
The team is constantly engaged in progressing our discussions
towards the conclusion of the right deal for our Sol technology.
Specifically, in recent weeks, talks have continued on the many
potential directions and scope for product opportunities and
commercial benefits in dermatology, in line with our onward
outlook, beyond a Sol deal, to capture and maximise the continuing
promise for expansion.
We are committed to bringing the right deal to Shareholders and
whilst there is always the possibility of not concluding a deal on
current discussions, we feel confident of the current status.
To underline our commercial offering, we recently invited and
consulted with ten of the UK's leading dermatologists, to introduce
Sol's technology and formulation. We received not only excellent
independent endorsement for the capabilities of this product, but
importantly, valuable insight through unanimous enthusiasm over
market demand for a formulation and technology of this quality and
potential.
Essentially, this year, we have also worked on the support
infrastructure in preparation for next steps. This has been
established, in laboratory facilities for sample production,
contractual security of key formulators, and protection of our
valuable intellectual property across global territories, which
continues to be expertly applied and reviewed.
We believe these steps demonstrate the expertise and skills of
the team that is poised for the next exciting stages.
We continue to work with the Institute of Cancer Therapeutics
('ICT') at the University of Bradford, whose excellence in
discovering innovative oncology IP continues to introduce exciting
new developmental technologies in the global fight towards treating
and defeating cancer.
The PhD Doctoral Programme under the Company's Pipeline
Agreement with the ICT means we continue to support and award
students' work, and to receive first sight of potentially
life-changing therapeutics for Incanthera's oncology portfolio,
which we consistently review and evaluate for commercial
opportunity and partnerships. This reflects and honours both our
heritage and our future.
Our advisers continue to provide invaluable support and we thank
them for their continued contribution and enhancement to our team's
work. Our team has performed with loyalty, dedication and
proactivity throughout this period, continuously resourceful and
dedicated to the goals and ethos of our Company.
In the period we are delighted to have welcomed a new
Non-Executive Director, Mrs Caroline Murray, who brings a wealth of
expertise, specifically in branding, marketing, dermatology and
commercial experience. We are thrilled she is on board and we
welcome you Caroline.
We also sadly said goodbye to a long-standing member of our
team, Dr. Alan Warrander, who has retired following an incredible
contribution to this industry and to our Company, from the very
beginning. Congratulations Alan and thank you. You will be very
much missed.
Outlook
In all, Incanthera has grown enormously from a newly floated
company, plunged into a pandemic, into a team that has ensured not
only the survival through the last two years, but progression,
evolution and new horizons for our technologies and expertise.
I would like to thank the entire team. It has not, as with many
companies, been an easy journey at time, but their strength and
resourcefulness has allowed our progression towards success.
It has been an important, progressive year for Incanthera, in
which we have established new relationships and expertise, evolved
existing opportunities and key relationships and grown as a team to
seek, resolve and progress our core business and the opportunities
in front of us.
We very much hope to conclude a deal for Sol and announce new
avenues for progression and expansion.
I would like to thank our Shareholders for their loyalty,
support and belief in our Company.
I wish everyone well for the next period and we very much look
forward to meeting as many of you as possible at our first
face-to-face AGM this month.
Tim McCarthy
Chairman
1 September 2022
Chief Executive's Review
Overview of Progression
The team and I have been devoted to progressing the right
commercial deal for our skin cancer asset, Sol, towards successful
conclusion for our Company and our Shareholders.
We are pleased with the continuously evolving level of
discussions and introductions on the table with various parties,
which show ever-increasing potential for expansion and commercial
benefit.
There have been some inevitable delays as we navigate backlogs
and return to full functionality with teams involved in next stage
discussions, but across the commercial landscape the strive to
reclaim lost ground and return to a thriving environment is
apparent and we look forward to a successful conclusion.
The Year in Review
Alongside the progression of discussions, we have essentially
worked on the support infrastructure in preparation for next
steps.
This has been established, via laboratory facilities for sample
production, contractual security of key formulators and protection
of our valuable intellectual property across global territories,
which continues to be expertly applied and reviewed.
During the period, we were pleased to announce the filing of two
trademark names for the commercial use of Sol.
We are pleased to have received the registration of the
trademark Actino-Pro in April 2022. This prepares the path for
branding and marketing, creating a valuable asset, ready for
commercial use with global protection for the potential treatment
of actinic keratosis and prevention of skin cancer.
Additionally, to underline Sol's unique commercial offering, we
recently invited and consulted with ten of the UK's leading
dermatologists, to introduce Sol's technology and formulation. We
received not only excellent independent endorsement for the
capabilities of this product, but importantly, valuable insight
through unanimous enthusiasm over market demand for a formulation
and technology of this quality and potential. This is both
rewarding and valuable as we progress.
Our Business
Incanthera's business is focused on innovative technologies in
oncology and dermatology.
We continue to work closely with the Institute of Cancer
Therapeutics (ICT), at The University of Bradford. We are fortunate
to be introduced to potentially ground-breaking new technologies in
oncology from the talented students and academics through our
Pipeline Agreement with the University. The fields and
methodologies originating from the ICT continue to inspire, with a
dedication to discover and develop targeted therapeutics and
delivery systems to change the future of oncology treatments. We
work closely to identify and evaluate potential future candidates
for our oncology portfolio that may be progressed for commercial
partnership.
We recently attended a very successful partnering event on the
University's campus, which highlighted the incredible diversity and
talent alongside the investment and awareness surrounding this
valuable industry.
The Team
Our team has continued to work with dedication and earnest
across every aspect of our Company. Whilst the front-facing work of
deal discussions, future opportunities and public duty is obvious,
the work behind the scenes is the strength within our Company. Our
intellectual property portfolio, its protection, the financing and
management controls and communications brings combined expertise
from a small team, following all best practice and standards that
means the Company has continued to strengthen and grow, poised for
all the potential future opportunities we have worked towards.
I would like to thank the team for their continued drive and
ambition, proactivity and loyalty as we have navigated the past
period and I join their excitement for the opportunities ahead of
us.
We were also pleased to add to our team with the announcement of
the appointment of Caroline Murray this year as a Non-executive
Director.
Caroline brings extensive product management and marketing
experience to the Board, having held senior positions in both
Novartis and Bristol Myers Squibb ("BMS"). The Board believes
Caroline's experience and skillset is perfectly suited to the
Company's near-term goals and ambitions as we look to commercialise
our lead product Sol.
Sadly, we also said goodbye to a long-standing member of our
team, Non-executive Director, Dr. Alan Warrander, who retired at
the end of February to enjoy leisure and family time. Alan has been
integral in Incanthera's path to date, having joined the team in
2012, bringing 30 years' experience within global pharma and drug
development processes. We owe a great debt to Alan's contribution
and he will be missed.
As ever, we are indebted to the wise counsel from our advisory
teams whose support and encouragement is essential to our
progress.
Summary
We have achieved a great deal of work on our goals and vital
framework towards next steps during this period, and I thank our
Shareholders for their support and loyalty to our Company. We look
forward to advising further news on our progression.
Simon Ward
Chief Executive Officer
1 September 2022
Financial Review
The financial performance for the year ended 31 March 2022 was
in line with expectations.
Losses
The total Group loss for the year was GBP1,008k (31 March 2021:
GBP905k) including a charge for share-based compensation of GBP148k
(2021: GBP37k). Operating expenses excluding share-based
compensation reduced slightly to GBP937k (2021: GBP979k).
Share-based compensation
Accounting standards require a charge to be made against the
grant of share options and recognised in the Consolidated Statement
of Comprehensive Income. This amounted to GBP148k (2021: GBP37k)
and has no impact on cash flows.
Headcount
Average headcount of the Group for the year was six (2021:
six).
Taxation
The Group has elected to claim research and development tax
credits under the small or medium enterprise research and
development scheme of GBP77k (2021: GBP111k).
Whilst the global pandemic continues to have implications for us
all, the impact on the Group and the continued development of Sol
has been minimal. It has, however, brought some frustrating delays
to the conclusion of a commercial licensing deal, which remains our
primary focus.
Share Price
Over the course of this period, the share price has seen some
downward pressure. This is mostly the result of sell-off of some of
our stock, as many companies consolidate and assess financial
positions, as well as some individual position adjustments. We
acknowledge the position and reaffirm our commitment to working for
value to Shareholders.
Cash flows and financial position
The cash position at 31 March 2022 decreased to GBP295k (31
March 2021: GBP957k). Expenditure on development of the Sol
programme, and recurring general and administrative costs were
offset to some extent by the receipt of the 2021 tax credit
(GBP110k). There was no further investment income during the year
and the Group remains in a pre-revenue phase.
Dividends
No dividend is recommended (2021: nil) due to the early stage of
the development of the Group.
Loss Per Share
The basic and diluted loss per share was 1.36p (2020:
1.44p).
Key performance indicators
Key performance indicators include a range of financial and
non-financial measures (such as clinical trial progress). Details
about the progress of our development programmes (non-financial
measures) and the other indicators (financial measures) considered
pertinent to the business can be found in the Strategic Report
within our Annual Report and Accounts.
Laura Brogden
Chief Financial Officer
1 September 2022
Consolidated Statement of Comprehensive Income
for the year ended 31 March 2022
Operating expenses Year ended Year ended
31 March 2022 31 March 2021
GBP'000 GBP'000
Operating expenses (937) (979)
Share-based compensation (148) (37)
Total operating expenses (1,085) (1,016)
Operating loss (1,085) (1,016)
Loss on ordinary activities before taxation (1,085) (1,016)
Taxation 77 111
Loss and total comprehensive expense attributable to equity holders of the parent for
the
year (1,008) (905)
Loss per share attributable to equity holders of the parent (pence)
Basic loss per share (pence) (1.36) (1.44)
Diluted loss per share (pence) (1.36) (1.44)
Consolidated and Company Statements of Financial Position
as at 31 March 2022
Assets Group Company
As As at As As at
at at
31 31 March 31 31 March
March 2021 March 2021
2022 2022
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets 2 - - -
Property, plant and equipment
Intangible assets 538 655 - -
Intercompany loan - - 1,640 1,156
Investments in subsidiary undertaking - - 4,614 4,614
Total non-current assets 540 655 6,254 5,770
Current assets
Trade and other receivables 118 136 31 34
Current tax receivable 75 108 - -
Cash and cash equivalents 295 957 212 910
Total current assets 488 1,201 243 944
Total assets 1,028 1,856 6,497 6,714
Liabilities and equity
Current liabilities
Trade and other payables 196 165 34 60
Total current liabilities 196 165 34 60
Equity
Ordinary shares 1,482 1,482 1,482 1,482
Share premium 5,055 5,055 5,055 5,055
Reorganisation reserve 2,715 2,715 - -
Warrant reserve 1,054 1,054 468 468
Share-based compensation 185 37 185 37
Retained (deficit)/profit (9,659) (8,651) (727) (388)
Total equity attributable to equity
holders of the parent 832 1,691 6,463 6,654
Total liabilities and equity 1,028 1,856 6,497 6,714
No Statement of Comprehensive Income is presented in these
financial statements for the Parent Company as provided by Section
408 of the Companies Act 2006. The loss for the financial year
dealt with in the financial statements of the Parent Company was
GBP339k (2021: GBP369k).
Consolidated Statement of Changes in Equity
for the year ended 31 March 2022
Balance at 31 March 2020 Ordinary Share Reorganisation Warrant Share-based Retained Total
shares premium reserve reserve compensation deficit
GBP'000 GBP'000 GBP'000 GBP'000s GBP'000 GBP'000 GBP'000
1,217 4,443 2,715 - 586 (7,747) 1,214
Total comprehensive expense for the
period - - - - - (905) (905)
Transactions with owners
Warrant reclassification - - - 586 (586) - -
Share issue - cash 265 612 - 468 - - 1,345
Share-based compensation
- share options - - - - 37 - 37
Total transactions with owners 265 612 - 1,054 (549) - 1,381
Balance at 31 March 2021 1,482 5,055 2,715 1,054 37 (8,651) 1,691
Total comprehensive expense for the
period - - - - - (1,008) (1,008)
Transactions with owners
Share-based compensation
- share options - - - - 148 - 148
Total transactions with owners - - - - 148 - 148
Balance at 31 March 2022 1,482 5,055 2,715 1,054 185 (9,659) 832
Consolidated and Company Statements of Cash Flows
For the year ended 31 March 2022
Cash flows from operating activities Group Company
Year ended Year ended Year ended Year ended
31 March 2022 31 March 2021 31 March 2022 31 March 2021
GBP'000 GBP'000 GBP'000 GBP'000
Loss before taxation (1,085) (1,016) (339) (369)
Depreciation and amortization 118 135 - -
Share-based compensation 148 37 148 37
Changes in working capital (819) (844) (191) (332)
(Increase)/decrease in trade and other receivables 18 (21) (481) (504)
Increase/(decrease) in trade and other payables 31 (12) (26) 56
Cash used in operations 49 (34) (507) (448)
Taxation received 110 98 - -
Net cash used in operating activities (660) (779) (698) (780)
Cash flows (used in)/generated from investing activities
Acquisition of tangible fixed assets (2) - - -
Net cash (used in)/generated from investing activities (2) - - -
Cash flows from financing activities
Proceeds from issue of shares - 1,495 - 1,495
Issue costs - (151) - (151)
Net cash generated from financing activities - 1,344 - 1,344
Movements in cash and cash equivalents in the period (662) 565 (698) 564
Cash and cash equivalents at start of period 957 392 910 346
Cash and cash equivalents at end of period 295 957 212 910
Notes to the Financial Statements
1. Basis of Preparation
The consolidated financial statements have been prepared in
accordance with UK adopted International Accounting Standards
('IFRS'), IFRIC interpretations and the Companies Act 2006
applicable to companies preparing accounts under IFRS.
These are the first financial statements prepared under UK
adopted international accounting standards. On 31 December 2020,
IFRS as adopted by the European Union, at the date, was brought
into UK law and became UK adopted international accounting
standards, with future changes being subject to endorsement by the
UK Endorsement Board. Incanthera plc transitioned to UK-adopted
International Accounting Standards in its consolidated and parent
company financial statements on 1 January 2021. This change
constitutes a change in accounting framework. However, there is no
change on recognition, measurement or disclosure in the financial
year reported as a result of the change in framework.
The consolidated financial statements are presented in Sterling
(GBP) and rounded to the nearest GBP'000. This is the predominant
functional currency of the Group and is the currency of the primary
economic environment in which it operates.
2. Loss Per Share
Basic loss per share is calculated by dividing the loss for the
period attributable to equity holders by the weighted average
number of ordinary shares outstanding during the year.
For diluted loss per share, the loss for the year attributable
to equity holders and the weighted average number of ordinary
shares outstanding during the year is adjusted to assume conversion
of all dilutive potential ordinary shares.
As at 31 March 2022, the Group had 25,966,380 (2021: 15,359,417)
share options, warrants and subscriptions outstanding which are
potentially dilutive.
The calculation of the Group's basic and diluted loss per share
is based on the following
As at As at
Year ended Year ended
31 March 31 March
2022 2021
GBP'000 GBP'000
Loss for the year attributable to equity holders
for basic loss and adjusted for the effects
of dilution (1,006) (905)
As at As at
Year ended Year ended
31 March 31 March
2022 2021
GBP'000 GBP'000
Weighted average number of ordinary shares
for basic loss per share 74,082,871 62,926,224
Effects of dilution:
Share options - -
Weighted average number of ordinary shares
adjusted for the effects of dilution 74,082,871 62,926,224
As at As at
Year ended Year ended
31 March 31 March
2022 2021
Pence Pence
Loss per share - basic and diluted (1.36) (1.44)
The loss and the weighted average number of ordinary shares for
the years ended 31 March 2021 and 2022 used for calculating the
diluted loss per share are identical to those for the basic loss
per share. This is because the outstanding share options would have
the effect of reducing the loss per ordinary share and would
therefore not be dilutive under the terms of International
Accounting Standard ('IAS') No 33.
3. Dividend
No dividend is recommended (2021: nil) due to the early stage of
the development of the business.
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END
NEXUPUACBUPPPGG
(END) Dow Jones Newswires
September 02, 2022 02:01 ET (06:01 GMT)
Incanthera (AQSE:INC)
過去 株価チャート
から 5 2024 まで 6 2024
Incanthera (AQSE:INC)
過去 株価チャート
から 6 2023 まで 6 2024
