RNS Number:5583P
Henderson Morley PLC
16 January 2007
16 JANUARY 2007
HENDERSON MORLEY PLC
(AIM:HML)
INTERIM RESULTS FOR THE SIX MONTHS TO 31 OCTOBER 2006
The Board of Henderson Morley plc ("Henderson Morley" or "the Company"), the AIM
listed drug discovery company, announces its interim results for the six months
to 31 October 2006.
HIGHLIGHTS
* Signed exclusive American, Mexican and Canadian wide licence to bring
Ionic Contra Viral Therapy (ICVT) products to the market;
* Granted ICVT licence in respect of ICVT with Amistad Pharma to bring
products to market through a programme of pre-clinical and clinical
development;
* Successfully raised #1.65m via two placings for further commercialisation
and development purposes; and
* Commenced collaboration to start field trials of a vaccine against Koi
Carp Herpes virus.
Executive Chairman Andrew Knight said: "This has been a busy period for the
company as we work towards the anticipated commercialisation of our patent
portfolio and to develop ICVT. We will continue to seek new opportunities to
grow revenues both in the near and long term by focusing on both human and
animal health."
---ENDS---
ENQUIRIES:
HENDERSON MORLEY PLC 0121 442 4600
Andrew Knight, Chairman
BISHOPSGATE COMMUNICATIONS LTD 0207 562 3350
Maxine Barnes
Nick Rome
BREWIN DOLPHIN SECURITIES LTD 0113 241 2016
Neil Baldwin
Notes to Editors:
Henderson Morley was founded in 1996 with the objective of developing its anti -
viral application (Ionic Contra Viral Therapy (ICVT). ICVT is the Lead Platform
and has been developed in-house and HML wholly owns the patent IPR.
Further information on Henderson Morley plc can be accessed through the
Company's website at www.henderson-morley.com
CHAIRMAN'S STATEMENT
Financial Summary
Turnover for the period under review was #838 (2005:#1,081) which after expenses
and R&D costs showed a pre tax loss of #468,572 (2005:#382,976). Cash at Bank as
at 31 October 2006 was #1,363,338. During the period the Company successfully
raised #1.65m via two placings. The total number of shares in issue is now
461,928,632.
Overview
During the period the Company granted a licence in respect of ICVT to Cutanea
Life Sciences Inc ("Cutanea"), a specialist US based dermatology drug
development company. It also granted a licence in respect of ICVT to Amistad
Pharma, a company whose focus is mainly on women's health care.
The Cutanea Licence Agreement is for new applications of ICVT for the treatment
of dermatological conditions in humans, including but not limited to skin warts,
verrucae and molluscum contagiosum. The Licence is an exclusive American,
Mexican and Canadian wide licence to bring products to market through a
programme of pre-clinical and clinical development of treatments either by
Cutanea or through a sub-licence. Under the terms of the Agreement, Henderson
Morley will receive up to $6.675m in development and commercialisation milestone
payments up to the point at which the application receives regulatory approval,
and will receive royalties on net sales thereafter.
The Amistad License Agreement is for a new application of ICVT for the topical
treatment of genital and labial herpes and certain other dysplasias. The
licence will be an exclusive worldwide licence to bring the products to market
through a programme of pre-clinical and clinical development of the treatment
either by Amistad or through a sub-licence.
The Company also announced collaboration with Hagerman Aquaculture Research
Institute to work on a vaccine against Koi Carp Herpes virus. The discovery of
treatments for animals has a far shorter lead time than treatments for humans,
which brings the prospects of nearer term revenue.
Issue of Equity
During the period the Company successfully raised #1.65m via two placings. The
purpose of this placing was to provide the Company with working capital to
continue with its investment and the anticipated commercialisation of its patent
portfolio and the ongoing development of ICVT.
Outlook
This has been an exciting period in the development of Henderson Morley as we
work towards the anticipated commercialisation of our patent portfolio and to
develop ICVT. We will continue to seek new opportunities to grow revenues both
in the near and long term by focusing on both human and animal health. I look
forward to reporting to shareholders as we make further progress.
ANDREW KNIGHT
Executive Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
6 months to 6 months to Year
Ended
31 October 31 October 30 April
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
# # #
TURNOVER 838 1,081 2,991
Cost of sales (568) (763) (2,059)
--------- --------- --------
GROSS PROFIT 270 318 932
Administrative expenses (253,692) (200,903) (513,655)
Research and development (214,749) (186,375) (269,301)
Amortisation of goodwill (7,370) (7,370) (14,740)
--------- --------- --------
OPERATING LOSS (475,541) (394,330) (796,764)
Net Interest received/(paid) 6,969 11,354 20,753
--------- --------- --------
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (468,572) (382,976) (776,011)
Tax on loss on ordinary activities 34,334 30,772 64,632
--------- --------- --------
RETAINED LOSS FOR THE PERIOD (434,238) (352,204) (711,379)
========= ========= ========
Loss per Ordinary Share
Basic and Diluted (0.11)p (0.11)p (0.20)p
HENDERSON MORLEY PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2006
CONSOLIDATED BALANCE SHEET
As at As at As At
31 October 31 October 30 April
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
# # #
FIXED ASSETS
Intangible assets 91,434 111,486 101,460
Tangible assets 52,393 45,381 38,645
143,827 156,864 140,105
CURRENT ASSETS
Stocks 1,228 2,532 1,708
Debtors 130,573 88,459 118,059
Called up Share Capital not paid - 242,500 -
Cash at bank 1,363,338 355,271 261,256
1,495,139 688,762 381,023
CREDITORS:Amounts falling due within
one year (76,378) (75,629) (110,303)
--------- ---------- ---------
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,562,588 770,000 410,825
========= ========== =========
CAPITAL AND RESERVES
Called up Share Capital 577,411 479,911 479,911
Share Premium Account 5,402,142 3,913,641 3,913,641
Profit and Loss Account (4,416,965) (3,623,552) (3,982,727)
--------- ---------- ---------
EQUITY SHAREHOLDERS' FUNDS 1,562,588 770,000 410,825
========= ========== =========
HENDERSON MORLEY PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2006
SUMMARISED CONSOLIDATED CASH FLOW
STATEMENT
6 months 6 months Year
to to Ended
31 October 31 October 30 April
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
# # #
Net cash outflow from operating
activities (456,128) (400,001) (753,358)
(Note 1)
Returns on investments and servicing
of finance 6,696 11,354 20,753
Taxation - 67,487 67,487
Capital expenditure (21,128) (8,784) (11,775)
Financing
Issue of ordinary share capital 1,586,000 - 242,500
Loans and Hire Purchase 710 - (7,417)
--------- --------- --------
Increase/(Decrease) in cash 1,116,423 (329,944) (441,810)
========= ========= ========
Reconciliation of net cash flow to
movement in net debt
Increase/(Decrease) in cash 1,116,423 (329,944) (441,810)
Cash outflow from finance leases - - 3,510
-------- ------- -------
Movement in net debt in the period 1,116,423 (329,944) (438,300)
Net funds at beginning of period 246,915 685,215 685,215
--------- --------- --------
Net funds at end of period 1,363,338 355,271 246,915
========= ========= ========
Note1 Reconciliation of operating
loss to cash outflow from operating
activities.
Operating Loss (475,541) (394,330) (796,764)
Depreciation and amortisation charges 17,406 15,939 31,590
Loss on sale of fixed assets - - 4,102
Decrease in stocks 480 299 1,123
(Increase)/decrease in debtors 21,820 2,999 7,259
Increase/(decrease) in creditors (20,293) (24,908) (668)
--------- --------- --------
Net cash outflow from operating
activities (456,128) (400,001) (753,358)
========= ========= ========
NOTES TO THE INTERIM RESULTS
1. The interim financial statements have been prepared on the basis of the
accounting policies set out in the audited statutory accounts for the year
ended 30 April 2006
2. The calculation of loss per share is based on the loss after tax for the
period and on 411,515,588 (30 April 2006- 359,281,098 and 31 October 2005-
335,025,589) ordinary shares, being the weighted average number of shares in
issue during the period.
3. On 3 May 2006 the company issued 18,000,000 ordinary shares of 0.125p at 2.5p
per share for cash.
On 2 October 2006 the company issued 60,000,000 ordinary shares of 0.125p at
2p per share for cash.
4. This statement does not constitute statutory accounts as defined in Section
240 of the Companies Act 1985. The statutory accounts for the period to 30
April 2006, upon which the auditors issued an unqualified report, have been
filed with the Registrar of Companies.
5. This interim report is being sent to all shareholders and is available to the
public from the company's registered office at Metropolitan House, 2
Salisbury Road, Moseley, Birmingham B13 8JS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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