Interim Results -6-


Officer on pages 2 to 4, in light of continued uncertainty as to whether an 
offer will be made for Neuropharm and the costs associated with maintaining the 
quotation of the Company's securities on AIM and the continued operation of the 
business, the Board has resolved to explore a return of cash to shareholders. 
This could be achieved by way of a proposal to shareholders for a Members' 
Voluntary Liquidation of the AIM quoted company, Neuropharm Group plc, within 
the next two months and the potential realisation of value from the sale of 
Neuropharm Limited, the operating company, or the programmes in its portfolio. 
In anticipation of either a sale of the Company or Neuropharm Limited or its 
programmes, or a Members' Voluntary Liquidation, the Board has also decided to 
give notice to all employees including the three Executive Directors. 
Whilst there are inherent uncertainties regarding the discussions with third 
parties, alternatives for funding and/ or consideration of a potential return of 
cash to shareholders from proposal for a Members' Voluntary Liquidation of 
Neuropharm Group plc, together with sale of Neuropharm Limited or its 
programmes, the Directors are satisfied that there is sufficient discretion and 
control as to the timing and quantum of cash outflows to ensure that the Group 
is able to meet its liabilities as they fall due for at least the next 12 
months. 
Therefore, having made relevant and appropriate enquiries, including 
consideration of the Group's current cash resources and the cash flow forecasts, 
the Board has a reasonable expectation that, at the time of approving the 
financial statements, the Group has adequate resources to continue in 
operational existence for at least the next 12 months. Accordingly, the Board 
continues to adopt the going concern basis in preparing the financial 
statements. 
 
3.       BUSINESS AND GEOGRAPHICAL SEGMENTS 
The Directors consider there to be one business segment for reporting purposes 
as the Group conducts one business activity and operates primarily from the 
United Kingdom, where the majority of net assets are located.    The loss on 
ordinary activities before taxation derives from the Group's principal activity 
in the United Kingdom, being the discovery, development and commercialisation of 
medicines for the treatment and management of neurodevelopmental disorders. 
 
4.       OTHER GAINS AND LOSSES 
+---------------------------------------------+---------+---------+---------+ 
|                                             |     Six |     Six |    Year | 
|                                             |  months |  months |   ended | 
|                                             |   ended |   ended |      30 | 
|                                             |  31 Dec |  31 Dec |    June | 
|                                             |    2009 |    2008 |    2009 | 
|                                             | GBP'000 | GBP'000 | GBP'000 | 
+---------------------------------------------+---------+---------+---------+ 
|                                             |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
| Gain / (loss) on foreign exchange           |    (11) |     530 |     514 | 
| transactions and balances                   |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
| Gain on forward foreign currency contracts  |       - |     189 |     179 | 
+---------------------------------------------+---------+---------+---------+ 
|                                             |    (11) |     719 |     693 | 
+---------------------------------------------+---------+---------+---------+ 
5.       LOSS PER SHARE 
Basic loss per share is calculated by dividing the earnings attributable to 
ordinary shareholders by the weighted average number of ordinary shares 
outstanding during the half-year. 
As at the period end there were outstanding options over 4,484,948 ordinary 
shares (six months ended 31 December 2008: 4,831,485 ordinary shares; year ended 
30 June 2009: 4,784,948 ordinary shares) in the Company. 
IAS 33 "Earnings per Share" requires presentation of diluted earnings per share 
when a company could be called upon to issue shares that would decrease net 
profit or increase net loss per share.  Only options that are 'in the money' are 
treated as dilutive and net loss per share would not be increased by the 
exercise of these options.  Therefore no adjustment has been made to dilute loss 
per share for any outstanding share options. 
The calculation of the basic and diluted loss per share is based on the 
following data: 
+---------------------------------------------+------------+------------+------------+ 
|                                             |        Six |        Six |       Year | 
|                                             |     months |     months |      ended | 
|                                             |      ended |      ended |         30 | 
|                                             |     31 Dec |     31 Dec |       June | 
|                                             |       2009 |       2008 |       2009 | 
|                                             |    GBP'000 |    GBP'000 |    GBP'000 | 
+---------------------------------------------+------------+------------+------------+ 
| Loss                                        |            |            |            | 
+---------------------------------------------+------------+------------+------------+ 
| Loss for the purposes of basic and diluted  |      1,225 |      3,458 |      5,884 | 
| loss per share being net loss attributable  |            |            |            | 
| to equity holders of the parent             |            |            |            | 
+---------------------------------------------+------------+------------+------------+ 
|                                             |     Number |     Number |     Number | 
+---------------------------------------------+------------+------------+------------+ 
| Number of shares                            |            |            |            | 
+---------------------------------------------+------------+------------+------------+ 
| Weighted average number of ordinary shares  | 31,536,697 | 31,536,697 | 31,536,697 | 
| for the purposes of the basic and diluted   |            |            |            | 
| loss per share                              |            |            |            | 
+---------------------------------------------+------------+------------+------------+ 
 
 
6.       INTANGIBLE ASSETS 
+------------------------------------------------------+---------------+ 
|                                                      |      Acquired | 
|                                                      |  intellectual | 
|                                                      |      property | 
|                                                      |        rights | 
|                                                      |       GBP'000 | 
+------------------------------------------------------+---------------+ 
| Cost or valuation                                    |               | 
+------------------------------------------------------+---------------+ 
| Balance as at 1 July 2008                            |            50 | 
+------------------------------------------------------+---------------+ 
| Additions                                            |             - | 
+------------------------------------------------------+---------------+ 
|                                                      |               | 
+------------------------------------------------------+---------------+ 
| Balance as at 31 December 2008                       |            50 | 
+------------------------------------------------------+---------------+ 
| Additions                                            |             - | 
+------------------------------------------------------+---------------+ 
|                                                      |               | 
+------------------------------------------------------+---------------+ 
| Balance as at 30 June 2009                           |            50 | 
+------------------------------------------------------+---------------+ 
| Additions                                            |             - | 
+------------------------------------------------------+---------------+ 
|                                                      |               | 
+------------------------------------------------------+---------------+ 
| Balance as at 31 December 2009                       |            50 | 
+------------------------------------------------------+---------------+ 
|                                                      |               | 
+------------------------------------------------------+---------------+ 
| Accumulated amortisation and impairment              |               | 
+------------------------------------------------------+---------------+ 
| Balance as at 1 July 2008                            |             8 | 
+------------------------------------------------------+---------------+ 
| Amortisation expense for the period                  |             2 | 
+------------------------------------------------------+---------------+ 
| Impairment loss charged to income statement          |            40 | 
+------------------------------------------------------+---------------+ 
| Balance as at 31 December 2008                       |            50 | 
+------------------------------------------------------+---------------+ 
|                                                      |               | 
+------------------------------------------------------+---------------+ 
| Amortisation expense for the period                  |             - | 
+------------------------------------------------------+---------------+ 
| Balance as at 30 June 2009                           |            50 | 
+------------------------------------------------------+---------------+
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