TIDMGMX
RNS Number : 8057L
Reliance GeneMedix PLC
07 September 2012
FOR IMMEDIATE RELEASE 7 September 2012
Reliance GeneMedix plc
(AIM: GMX)
Results for the 12 month period ended 31 March 2012
Reliance GeneMedix plc ("Reliance GeneMedix" or the "Company"),
the AIM listed biopharmaceutical company, which is a subsidiary of
Reliance Life Sciences Pvt. Ltd. ("Reliance Life Sciences" or
"RLS"), announces its results for the year ended 31 March 2012.
Related party transactions
Note 1 to the results describes the related party transactions
that have occurred during the year. The independent directors of
the Company, namely Dr R. A. Mashelkar, Mr Dileep Choksi and Mr
Atul Dayal consider, having consulted with the Company's Nominated
Adviser, that the terms of these related party transactions are
fair and reasonable insofar as the Company's shareholders are
concerned.
In accordance with AIM Rule 26, a copy of this announcement and
the Annual Report and accounts are available on the Company's
website at www.genemedix.com.
ENQUIRIES:
Reliance GeneMedix plc Tel: +353 57 932 3572
Vinay Ranade, Chief Executive Officer
Deloitte Corporate Finance Tel: 020 7936 3000
Jonathan Hinton, John Ball
Lothbury Financial Services Tel: 020 7868 2567
Michael Padley
Chief Executive Officer's statement
Background
Reliance GeneMedix is a globally-focused biopharmaceutical
company, specialising in the development and manufacture of
high-quality, cost-effective treatments for some of the world's
most serious diseases. Since February 2007, the Company has been
part of the Reliance Life Sciences Group of companies. The Company
is working towards the development, manufacture and marketing of a
portfolio of biosimilar recombinant therapeutic proteins for global
markets.
Business overview
I am pleased to present the results for the financial year 2011
- 2012, during which the Company received scientific advice from
the European Medicines Agency ('EMA') re validatation of its
revised Erythropoietin ('EPO') development programme. Based on this
scientific advice from EMA, the Company has realigned its EPO
development programme and initiated work on the revised programme.
The Company continues to market EPO in India through Reliance Life
Sciences. The Company is also in the process of registering EPO in
other markets through the international marketing group of Reliance
Life Sciences.
As in the past few years, the Company has been able to sustain
its product development programmes based on the financial support
received from Reliance Life Sciences which has also confirmed its
continuing financial support of the Company's development
programme.
Proposed cancellation of admission of ordinary shares to trading
on AIM
The Company announced on 5 September 2012 the proposed
cancellation of admission of its ordinary shares to trading on AIM
and the proposed re-registration of the Company as a private
limited company and the associated adoption of new articles of
association. A circular has been sent to the Company's shareholders
and the Board recommends that they vote in favour of the proposals.
The Company has been informed by Reliance Life Sciences B.V., which
holds 79.6 per cent. of the ordinary shares, that it intends to
vote in favour of the resolutions and, consequently, it is expected
that the resolutions will be passed.
It is anticipated that trading of the ordinary shares on AIM
will cease at the close of business on 5 October 2012 and the
effective date of the de-listing will be 8 October 2012.
Financial review
Operating losses of EUR2.112 million (2011: EUR2.137 million)
for the period are in line with budget and reflect planned
expenditure. The Company continues to exercise strict financial
discipline and cost control in order to run its operations and
development programmes in a cost-effective manner.
The Company has capitalised development expenditure of EUR1.391
million (2011: EUR2.615 million) incurred on the EPO development
programme. The Board has concluded that the capitalisation of EPO
development costs remains appropriate and in accordance with the
criteria of IAS 38 as set out in Note 2.6(c) to the financial
statements despite the need to revise the EPO development programme
as referred to above. Current assets and current liabilities are in
line with the level of operations of the Company.
The expenditure during the year was financed through a loan from
Reliance Life Sciences. The loan from Reliance Life Sciences will
also cover planned 2012 - 2013 funding requirements.
Employee commitment
I would like to thank the staff of the Company for their
dedication and commitment to the development and manufacturing
programmes and look forward to their ongoing commitment for the
coming year. The Board is committed to talent and skill development
through internal and external training initiatives and also to
reward employees for excellent performance.
Corporate governance
The Board has established an Audit Committee, Remuneration
Committee and Nominations Committee with formally delegated duties
and responsibilities.
The Audit Committee consists of all the independent
Non-Executive Directors and is chaired by Mr Dileep Choksi. The
Audit Committee normally meets twice a year and has responsibility
for, among other things, planning and reviewing the annual report
and accounts and interim statements and involving, where
appropriate, the auditors. The Committee also approves auditors'
fees, reviews auditor independence and focuses on compliance with
legal requirements and accounting standards. It is also responsible
for ensuring that an effective system of internal controls is
maintained. The ultimate responsibility for reviewing and approving
the annual accounts and interim statement remains with the
Board.
The Remuneration Committee is made up of all the independent
Non-Executive Directors and is chaired by Dr R. A. Mashelkar. The
Remuneration Committee, which meets as required, but at least once
a year, has responsibility for making recommendations to the Board
on the compensation of senior executives and determining, within
agreed terms of reference, the specific remuneration packages for
each of the Executive Directors.
The Nominations Committee comprises the Chairman and all of the
independent Non-Executive Directors and is chaired by Dr R. A.
Mashelkar. The Nominations Committee has responsibility for
reviewing the size and composition of the Board and the appointment
of replacement and or additional directors and making appropriate
recommendations to the Board.
Vinay Ranade
Chief Executive Officer
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2012
Year Year
ended ended
31 Mar 2012 31 Mar 2011
EUR'000 EUR'000
Continuing operations
Revenue 615 578
Cost of sales (615) (578)
-------------- --------------
Gross profit - -
Research and development costs (31) (34)
Administrative expenses (2,081) (2,103)
-------------- --------------
Operating loss (2,112) (2,137)
Finance costs (830) (591)
Loss before taxation (2,942) (2,728)
Taxation 766 (203)
Loss for the year attributable to equity holders
of the parent (2,176) (2,931)
-------------- --------------
Other comprehensive income
Other comprehensive income for the year, net - -
of tax
-------------- --------------
Total comprehensive income for the year, net
of tax (2,176) (2,931)
-------------- --------------
Loss per ordinary share
Basic (1.1c) (1.5c)
-------------- --------------
Diluted (1.1c) (1.5c)
-------------- --------------
Consolidated Statement of Financial Position
As at 31 March 2012
31 Mar 2012 31 Mar 2011
EUR'000 EUR'000
ASSETS
Non-current assets
Intangible assets 16,622 15,233
Property, plant and equipment 802 1,678
Investment at cost 10 10
Deferred tax asset 3,253 2,487
------------ ------------
20,687 19,408
------------ ------------
Current assets
Inventories 218 299
Trade and other receivables 94 829
Restricted cash 197 186
Cash and cash equivalents 204 5
------------ ------------
713 1,319
------------ ------------
LIABILITIES
Current liabilities
Trade and other payables (1,086) (2,047)
Borrowings (1,152) (4,365)
------------ ------------
(2,238) (6,412)
------------ ------------
Net current liabilities (1,525) (5,093)
------------ ------------
Total assets less current liabilities 19,162 14,315
------------ ------------
Non-current liabilities
Trade and other payables (1,541) (511)
Borrowings (12,549) (6,556)
------------ ------------
(14,090) (7,067)
------------ ------------
Net assets 5,072 7,248
------------ ------------
Shareholders' equity
Share capital 26,412 26,412
Share premium 41,601 41,601
Other reserves (206) 2,941
Retained losses (62,735) (63,706)
------------ ------------
Total equity attributable to equity holders
of the parent 5,072 7,248
------------ ------------
Company Statement of Financial Position
As at 31 March 2012
31 Mar 2012 31 Mar 2011
EUR'000 EUR'000
ASSETS
Non-current assets
Intangible assets 16,622 15,233
Property, plant and equipment 802 1,678
Investment at cost 10 10
Deferred tax assets 3,253 2,487
------------ ------------
20,687 19,408
------------ ------------
Current assets
Inventories 218 299
Trade and other receivables 94 829
Restricted cash 197 186
Cash and cash equivalents 204 5
------------ ------------
713 1,319
------------ ------------
LIABILITIES
Current liabilities
Trade and other payables (1,086) (2,047)
Borrowings (1,152) (4,365)
------------ ------------
(2,238) (6,412)
------------ ------------
Net current liabilities (1,525) (5,093)
------------ ------------
Total assets less current liabilities 19,162 14,315
------------ ------------
Non-current liabilities
Trade and other payables (1,541) (511)
Borrowings (12,549) (6,556)
------------ ------------
(14,090) (7,067)
------------ ------------
Net assets 5,072 7,248
------------ ------------
Shareholders' equity
Share capital 26,412 26,412
Share premium 41,601 41,601
Other reserves (206) 2,941
Retained losses (62,735) (63,706)
------------ ------------
Total equity attributable to equity holders
of the parent 5,072 7,248
------------ ------------
Consolidated Statement of Changes in Equity
For the year ended 31 March 2012
Share Share Other Retained
capital premium reserves losses Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 01 Apr 2010 26,412 41,601 2,941 (60,775) 10,179
Loss for the year - - - (2,931) (2,931)
-------- -------- --------- -------- -------
Balance at 31 Mar 2011 26,412 41,601 2,941 (63,706) 7,248
Loss for the year - - - (2,176) (2,176)
Transfer of Warrant Reserve (3,147) 3,147 -
-------- -------- --------- -------- -------
Balance at 31 Mar 2012 26,412 41,601 (206) (62,735) 5,072
-------- -------- --------- -------- -------
Company Statement of Changes in Equity
For the year ended 31 March 2012
Share Share Other Retained
capital premium reserves losses Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 01 Apr 2010 26,412 41,601 2,941 (60,775) 10,179
Loss for the year - - - (2,931) (2,931)
Balance at 31 Mar 2011 26,412 41,601 2,941 (63,706) 7,248
Loss for the year - - - (2,176) (2,176)
Transfer of Warrant Reserve (3,147) 3,147 -
-------- -------- --------- -------- -------
Balance at 31 Mar 2012 26,412 41,601 (206) (62,735) 5,072
-------- -------- --------- -------- -------
Consolidated Cash Flow Statement
For the year ended 31 March 2012
Year Year
ended ended
31 Mar 2011 31 Mar 2011
EUR'000 EUR'000
Cash flow from operating activities
Cash used in operating activities (1,113) (1,860)
Net cash used in operations (1,113) (1,860)
------------ ------------
Cash flows from investing activities:
Payments for intangible assets (1,391) (2,615)
Increase in restricted cash (11) (2)
Net cash flows used in investing activities (1,402) (2,617)
------------ ------------
Cash flows from financing activities:
Proceeds from borrowings 2,717 4,347
------------ ------------
2,717 4,347
------------ ------------
Net decrease in cash and cash equivalents 202 (130)
Cash and cash equivalents at the beginning
of year 5 134
Net currency translation effect (3) 1
------------ ------------
Cash and cash equivalents 204 5
------------ ------------
Company Cash Flow Statement
For the year ended 31 March 2012
Year Year
ended ended
31 Mar 2011 31 Mar 2011
EUR'000 EUR'000
Cash flow from operating activities
Cash used in operating activities (1,113) (1,860)
Net cash used in operations (1,113) (1,860)
------------ ------------
Cash flows from investing activities:
Payments for intangible assets (1,391) (2,615)
Increase in restricted cash (11) (2)
Net cash flows used in investing activities (1,402) (2,617)
------------ ------------
Cash flows from financing activities:
Proceeds from borrowings 2,717 4,347
------------ ------------
2,717 4,347
------------ ------------
Net decrease in cash and cash equivalents 202 (130)
Cash and cash equivalents at the beginning
of year 5 134
Net currency translation effect (3) 1
------------ ------------
Cash and cash equivalents 204 5
------------ ------------
Note 1: Related party transactions
Trading transactions
During the year, the Company made sales of EPO worth EUR615,049
(2010-11: EUR578,387) to RLS, sold used equipment and others worth
EURNIL (2011: EUR3,000) and provided clinical research services
worth EURNIL (2010-11: EUR89,841) to RLS. RLS made a payment of
EUR1,295,360 during the year. The balance due from RLS as on 31
March 2012 was EUR50,256.91 (2010-11: EUR725,279), which was
received by the Company on 20 May 2012.
During the year, clinical research services worth EUR110,703
(2010-11: EUR361,804) were received from RLS. The balance due to
RLS as on 31 March 2012 was EURNIL (2010-11: EUR770,723).The net
balance due to RLS, including its subsidiary Reliance Clinical
Research Services Pvt Ltd., as on 31 March 2012 was EURNIL
(2010-11: EUR45,443).
During the year, clinical research services worth EUR18,664
(2010-11: EUR8,888) were received from Reliance Clinical Research
Services Sp. z o.o., Poland ("RCRSS"), a subsidiary of RLS. The
Company made a payment of EUR144,801 during the year (2010-11:
EUR12,000). The balance payable to RCRSS as on 31 March 2012 was
EURNIL (2010-11: EUR116,646). The Company has paid advances of
EUR9,490 to adjust against future billing.
During the year, the Company had no transactions with Reliance
Life Sciences Inc., US, ("RLSUS"), a subsidiary of RLS. The balance
due to RLSUS as on 31 March 2012 was EURNIL (2010-11:
EUR59,448).The amount outstanding as on 31 March 2011 was paid
during the year.
Loans from related parties
During the year, the Company received an amount of EUR2,716,820
(2010-11: EUR4,347,000) from RLS BV as a loan. The outstanding
balance, including interest accrued to RLS BV, as on 31 March 2012
was EUR14,090,317 (2010-11:EUR10,598,834). Interest of EUR774,662
was charged on the loan during the year. The terms of this loan
were announced by the Company on 24 December 2009.
The Company announces that it has posted to shareholders a
letter informing them about the Annual General Meeting. The AGM
Circular and Form of Proxy are available on the Company's website
at: www.genemedix.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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