RNS Number:1898G
Henderson Morley PLC
14 July 2006
FOR IMMEDIATE RELEASE 14 JULY 2006
HENDERSON MORLEY PLC
(AIM)
FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2006
The Board of Henderson Morley plc ("Henderson Morley" or "the Company")
announces its audited Final Results for the year to 30 April 2006.
Key Points
* The Company is in advanced negotiations with two dermatological
companies based in North America and Europe for licensing agreements
for ICVT;
* Henderson Morley wins 'Best Performing AIM Life Science Share'; and
* Company is fully committed to negotiation of further licences.
CHAIRMAN'S STATEMENT
Financial Summary
Turnover for the period under review was #2,991 (2005: #5,735) which related to
the sale of nutraceuticals from the Company's websites. Research, development
and administrative expenses for the year amounted to #797,696 (2005: #844,428),
which resulted in a reduced pre-tax loss of #776,011 (2005: #848,845). Cash at
bank at 30 April 2006 was #261,256 (2005: #688,725). During the year, the
Company raised #250,000 and since the year end, a further #450,000 was raised
for additional working capital. The total number of shares in issue is now
401,928,632.
Review of Operations
Overview
In March 2006, we announced that the Company had signed a term sheet for a
potential ICVT licensing deal with an un-named dermatological pharmaceutical
company based in the United States. This potential licence would be for a
topical patch formulation for the treatment of all non-genital warts, including
plantar warts or verrucae, and seborrhoeic keratoses in humans; a wart-like skin
condition common in the elderly. These contract negotiations are still ongoing
as a 30-day extension to 17 August 2006 was announced on 13 July.
Following on from this news, we announced that the Company had entered into
negotiations with a second potential licensee. This licence would be for a new
application of ICVT for the topical treatment of genital and labial herpes and
certain other dysplasias. These negotiations are with a European dermatological
company and relates to a worldwide licence, and we expect to conclude this
licence by the end of July.
These negotiations follow months of discussions with numerous potential
partners, and are testimony to the dedication of the business development team
in pursuing our stated objective of securing licensing agreements with partners
who can take our technology forwards through all the necessary regulatory
approvals.
We are continuing to develop further applications of ICVT. In addition, we have
a strong and varied pipeline of potential products in areas where there is
clearly an unmet clinical need. We will continue our strategy of seeking
partners for these applications.
In June of this year, the Company was awarded the Best Performing AIM Life
Science Share at the techMARK Mediscience Awards, held in London.
Patents
The Company now has 25 granted patents in respect of its ICVT technology
platform with a significant number of other patents filed and under examination
by the patent authorities.
Issue of Equity
During the year, the Company raised #250,000, followed by a further #450,000
after the year end and therefore the Company has issued and allotted a total of
68 million new Ordinary shares through placings. The total number of shares in
issue now stands at 401,928,632.
The purpose of these placings is to provide the Company with working capital to
continue to invest in its patent portfolio and the ongoing development of ICVT.
Outlook
This has been an exciting period in the development of Henderson Morley and we
are confident of being able to deliver licensing agreements for ICVT which will
bring milestone and royalty payments to the Company.
We will continue to explore other strategic options for Henderson Morley within
the drug discovery/biotechnology arena and I look forward to reporting to
shareholders as we make further progress.
ANDREW KNIGHT
Executive Chairman
--ENDS--
Copies of this announcement will be available free of charge to the public at
the Company's registered office at Metropolitan House, 2 Salisbury Road,
Moseley, Birmingham, B13 8JS and at the offices of Brewin Dolphin Securities
Ltd, 34 Lisbon Street, Leeds LS1 4LX for 14 days.
Enquiries:
HENDERSON MORLEY PLC Tel: 0121 442 4600
Andrew Knight, Chairman
BREWIN DOLPHIN SECURITIES LTD Tel: 0113 241 0126
Neil Baldwin
H-B CORPORATE Tel: 020 7538 1166
Jon Levinson
BISHOPSGATE COMMUNICATIONS LTD Tel: 020 7430 1600
Dominic Barretto Mobile 07930 450 156
Scott Robertson
Henderson Morley plc and Subsidiary Undertakings
Consolidated Profit and Loss Account for the Year Ended 30 April 2006
30.4.06 30.4.05
# # # #
TURNOVER 2,991 5,735
Cost of sales 2,059 17,385
________ ________
GROSS PROFIT/(LOSS) 932 (11,650)
Administrative expenses 528,395 563,233
Research and development 269,301 281,195
________ ________
Total administrative expenses 797,696 844,428
________ ________
OPERATING LOSS (796,764) (856,078)
Interest receivable and similar
income 21,521 9,820
________ ________
(775,243) (846,258)
Interest payable and similar
charges (768) (2,587)
________ ________
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (776,011) (848,845)
Tax on loss on ordinary activities 64,632 67,487
________ ________
LOSS FOR THE FINANCIAL YEAR
AFTER TAXATION (711,379) (781,358)
________ ________
DEFICIT FOR THE YEAR (711,379) (781,358)
________ ________
Basic and Diluted Loss per
Ordinary Share (0.20p) (0.27p)
CONTINUING OPERATIONS
None of the Company's activities were acquired or discontinued during the
current year or previous year.
TOTAL RECOGNISED GAINS AND LOSSES
The company has no recognised gains or losses other than the losses for the
current year or previous year.
Henderson Morley plc and Subsidiary Undertakings
Consolidated Balance Sheet 30 April 2006
30.4.06 30.4.05
# # # #
FIXED ASSETS
Intangible assets 101,460 121,512
Tangible assets 38,645 42,510
________ ________
140,105 164,022
CURRENT ASSETS
Stocks 1,708 2,831
Debtors 118,059 128,173
Cash at bank 261,256 688,725
________ ________
381,023 819,729
CREDITORS
Amounts falling due within one
year 110,303 104,047
________ ________
NET CURRENT ASSETS 270,720 715,682
________ ________
TOTAL ASSETS LESS CURRENT
LIABILITIES 410,825 879,704
________ ________
CAPITAL AND RESERVES
Called up share capital 479,911 417,411
Share premium 3,913,641 3,733,641
Profit and loss account (3,982,727) (3,271,348)
________ ________
SHAREHOLDERS' FUNDS 410,825 879,704
________ ________
Henderson Morley plc and Subsidiary Undertakings
Consolidated Cash Flow Statement for the Year Ended 30 April 2006
30.4.06 30.4.05
# # # #
Net cash outflow
from operating activities (753,358) (797,420)
Returns on investments and
servicing of finance 20,753 7,233
Taxation 67,487 60,280
Capital expenditure (11,775) 15,394
________ ________
(676,893) (714,513)
Financing 235,083 1,334,676
________ ________
(Decrease)/Increase in cash in
the period (441,810) 620,163
________ ________
________________________________________________________________________________
Reconciliation of net cash flow to movement in net funds
(Decrease)/Increase
in cash in the period (441,810) 620,163
Cash outflow
from decrease in debt and lease
financing 3,510 19,638
________ ________
Change in net funds resulting
from cash flows (438,300) 639,801
________ ________
Movement in net funds in the
period (438,300) 639,801
Net funds at 1 May 685,215 45,414
________ ________
Net funds at 30 April 246,915 685,215
________ ________
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Henderson Mrly. (LSE:HML)
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