TIDMINC
RNS Number : 5963U
Incanthera PLC
06 December 2021
6 December 2021
Incanthera plc
("Incanthera" the "Company")
Interim results for the six months ended 30 September 2021
Incanthera plc (AQSE:INC), the company specially focussed on
innovative technologies in dermatology and oncology is pleased to
present its interim results for the six months ended 30 September
2021.
Incanthera is dedicated to improving treatment options with
innovative therapeutics combined with targeted delivery
technologies via its unique platform.
Highlights:
-- Commercialisation discussions for Sol with two previously
mentioned global cosmetic companies continue to progress.
-- The Company has commenced new commercial discussions for the
rights to Sol with an additional two companies.
Financial Highlights:
-- Strong financial control through period, ensuring financial position on budget.
-- Cash balance at 30 September 2021 increased to GBP627k (2020:
GBP433k), providing cash runway to Q3 2022.
-- Operating losses for the period GBP582k (2020: GBP471k).
Tim McCarthy, Chairman, commented:
"We have made excellent progress in our discussions on the
commercial rights for Sol during this period and have recently
initiated commercial discussions with two further companies.
The conclusion of the right deal for commercialisation of Sol is
of paramount importance for the future success of the Company and
the whole team is engaged in delivering this for our
shareholders.
As we approach the end of 2021, I would like to thank our
shareholders for their continuing support and our team for their
hard work and dedication. We look forward to sharing further
progress next year."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
The Directors of Incanthera accept responsibility for this
announcement.
For further information, please contact:
Tim McCarthy, Chairman +44 (0) 7831 675747
tim.mccarthy@incanthera.com
Simon Ward, Chief Executive Officer +44 (0) 7747 625506
simon.ward@incanthera.com
Suzanne Brocks, Head of Communications +44 (0) 7776 234600
suzanne.brocks@incanthera.com
Aquis Exchange Corporate Adviser:
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
Jo Turner/James Lewis
Broker:
Stanford Capital Partners Ltd +44 (0) 20 3650 3650
Patrick Claridge/John Howes/Bob Pountney
Notes to Editors
Incanthera is a specialist oncology company focused on
transformative treatment technologies in oncology and dermatology.
It seeks to identify and develop innovative solutions to current
clinical, commercially relevant unmet needs, utilising new
technology from leading academic institutions and industry,
combined with Incanthera's unique targeting delivery platform.
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. This has achieved
proof of concept and the Company is now focussed upon delivering
Sol to a commercial partner.
The Company originated from the Institute of Cancer Therapeutics
(ICT) at the University of Bradford and has acquired and developed
a portfolio of specific targeting therapeutics through both a
Pipeline Agreement with the ICT and via other corporate
acquisitions and partnerships. Incanthera's strategy is to develop
each candidate in the portfolio from initial acquisition or
discovery to securing its future through commercially valuable
partnerships at the earliest opportunity in its development
pathway.
The Company has developed sophisticated formulation and
targeting technology platforms to address previously unavailable
options across dermatology and oncology. These deliver treatments
specifically to a disease site, reducing side effects whilst
enabling higher doses to reach a target and therefore increase
efficacy.
Incanthera's Board and management possess a broad range of
commercial, scientific and public company experience. In addition,
Incanthera benefits from a diverse, experienced team of advisers
who cover the necessary range of specialities required for all
aspects of the Company's business, and also has a number of
beneficial collaborative relationships with both clinicians and
clinical centres.
For more information on the Company please visit:
www.incanthera.com
Incanthera plc
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2021
Chairman's Statement
I am pleased to present our interim results for 2021.
The six months under review has seen a massive step change in
the world going back out to work, with businesses hard at work
regenerating economies globally and adjusting to new practices,
consistently finding new solutions to our ways of working.
The strength of the human spirit is remarkable and the
determination and will to rebuild is palpable across industry.
The healthcare sector, particularly, remains not only resilient,
but exemplary in showing the world the possibility and genius of
innovation and breakthrough. We continue to be proud of this
industry and Incanthera's role in innovative technologies and
delivery systems to enhance treatment options and outcomes.
This report covering the six months from end March to end
September 2021, has been concentrated on our goal for a commercial
deal for our topical skin cancer technology, Sol.
We are pleased with how commercial discussions on Sol have
progressed with the two global cosmetic companies we have engaged
with. In addition, Sol has attracted the attention of two further
companies and initial discussions in relation to the rights to Sol
have recently commenced.
It is clear that the potential for Sol to be the basis for a
whole product range, incorporating its unique technology and
dermatological qualities, is of great interest to commercial
partners.
Management remains clear that these discussions present a
fantastic opportunity for the Company to negotiate a positive
outcome for the future of our Sol technology for the benefit of our
Shareholders and the Company. I remain confident of the potential
outcomes and of reporting these next year.
I remain proud of the team at Incanthera who work diligently to
protect our existing assets, conserve and tightly control our
financial position and look for every opportunity for new asset
introduction and partnership.
The advice and guidance of our external advisors is a great
asset to our Company and I thank them for their wise counsel and
hard work as we end this calendar year.
Tim McCarthy
Chairman
06 December 2021
Incanthera plc
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2021
Chief Executive's Review
I am pleased to present Incanthera's interim results for
2021.
This past six months have been focussed on the progression of
commercial discussions for Sol. These have continued positively in
the six months, although the first half of the period was slower to
gain further traction, given the ongoing restrictions and fallout
of Covid 19, globally.
Despite this, discussions continued gaining further traction,
and moving to next stages and importantly additional new
introductions with two companies. These new discussions had
positive responses and we look to progress these further.
As we close this period under review there is significant
opportunity across a number of areas for both furthering of
commercial deal negotiations and possibilities for portfolio
expansion.
Publicity and awareness surrounding the increasing rates of skin
cancer continue and the demographics of the rising trend,
specifically amongst the younger population, is a huge oncology
focus and a commercial market where currently no active topical
solution exists.
We are very confident in our discussions with potential partners
and of the credibility of our technology. To have progressed
discussions and entered new talks means the Company is in a strong
position going forward. The interest in our platform of
technologies offers expansive portfolio potential and we look
forward to providing further updates as we progress.
Pipeline
Incanthera's pipeline provides innovative new medicines through
commercial partnerships with assets obtained through our heritage
with the ICT at the University of Bradford and from our
commercialisation history of acquisition and licensing.
Our Company mantra of 'Acquire, Prepare, Commercialise' aims to
seek out innovative and differentiating targeted therapeutics,
utilising the expertise and experience of the Incanthera team,
strategically prepare these and secure the earliest tangible value
and their commercialisation.
Incanthera's range of technologies continue to be evaluated and
protected by our operations and patent experts.
Additionally, we continue to look at any new potential assets
presented to us through our working partnerships with academic
institutions and industry contacts.
Market Support
As ever this year we are grateful for the support and interest
in our Company, from our shareholder base, existing and new. Thank
you for your support.
We have once again received fantastic support from our corporate
advisers and the Aquis Stock Exchange. We were given the honour of
being nominated for the Aquis Company of the Year 2021 award at
this year's Small Cap Awards. This is a fantastic recognition of
the dedication of our team and the support and success of the
Exchange themselves.
Future Opportunities
We have made significant progress in our discussions to
commercialise Sol, against a difficult backdrop. The opportunities
in front of us to progress discussions and expand the opportunities
for our dermatology technologies means we close the year with
confidence and optimism.
The progress of this Company is only achievable through the hard
efforts of our dedicated team who I would like to thank for all
their hard work.
Simon Ward
Chief Executive Officer
06 December 2021
Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2021 - unaudited
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2021
2021 2020
GBP'000 GBP'000 GBP'000
Notes unaudited unaudited audited
-------------------------------------- ------ -------------- -------------- -----------
Operating expenses (557) (452) (979)
Share-based compensation 4 (25) (19) (37)
Total operating expenses (582) (471) (1,016)
Operating loss (582) (471) (1,016)
Loss on ordinary activities before
taxation (582) (471) (1,016)
Taxation - - 111
-------------------------------------- ------ -------------- -------------- -----------
Loss and total comprehensive expense
attributable to equity holders for
the period (582) (471) (905)
-------------------------------------- ------ -------------- -------------- -----------
Loss earnings per share (pence)
-------------------------------------- ------ -------------- -------------- -----------
Basic loss per share 3 (0.79) (0.77) (1.44)
Diluted loss per share 3 (0.79) (0.77) (1.44)
-------------------------------------- ------ -------------- -------------- -----------
Consolidated Statement of Financial Position
as at 30 September 2021 - unaudited
As at As at As at 31
30 September 30 September March
2021 2020 2021
GBP'000 GBP'000 GBP'000
Notes Unaudited unaudited Audited
------------------------------- ------ -------------- -------------- ---------
ASSETS
Non-current assets
Property, plant and equipment - 2 -
Intangible assets 526 685 655
-------------------------------- ------ -------------- -------------- ---------
Total non-current assets 526 687 655
Current assets
Trade and other receivables 220 248 136
Current tax receivable - 95 108
Cash and cash equivalents 627 433 957
-------------------------------- ------ -------------- -------------- ---------
Total current assets 847 776 1,201
Total assets 1,373 1,463 1,856
-------------------------------- ------ -------------- -------------- ---------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 239 351 165
Total current liabilities 239 351 165
Equity
Ordinary shares 5 1,482 1,291 1,482
Share premium 5,055 4,719 5,055
Reorganisation reserve 2,715 2,715 2,715
Warrant reserve 1,054 586 1,054
Share based compensation 62 19 37
Retained deficit (9,234) (8,218) (8,651)
-------------------------------- ------ -------------- -------------- ---------
Total equity 1,134 1,112 1,691
Total liabilities and equity 1,373 1,463 1,856
-------------------------------- ------ -------------- -------------- ---------
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2021 - unaudited
Share Share Merger Warrant Share based Accumulated
capital premium reserve reserve compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2021 1,482 5,055 2,715 1,054 37 (8,651) 1,691
Total comprehensive
expense for the
period - - - - - (582) (582)
Transactions with
owners
Share-based compensation
- share options - - - - 25 - 25
Total transactions
with owners - - - - 25 - 25
-------------------------- --------- --------- --------- --------- -------------- ------------ --------
Balance at 30 September
2021 1,482 5,055 2,715 1,054 62 (9,234) 1,134
-------------------------- --------- --------- --------- --------- -------------- ------------ --------
Share Share Merger Warrant Share based Accumulated
capital premium reserve reserve compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2020 1,217 4,443 2,715 - 586 (7,747) 1,214
Total comprehensive
expense for the
period - - - - - (471) (471)
Transactions with
owners
Warrant reclassification - - - 586 (586) - -
Share issue 74 276 - - - - 350
Share-based compensation
- share options - - - - 19 - 19
-------------------------- --------- --------- --------- --------- -------------- ------------ --------
Total transactions
with owners 74 276 - 586 (567) - 369
-------------------------- --------- --------- --------- --------- -------------- ------------ --------
Balance at 30 September
2020 1,291 4,719 2,715 586 19 (8,218) 1,112
-------------------------- --------- --------- --------- --------- -------------- ------------ --------
Share Share Merger Warrant Share based Accumulated
capital premium reserve reserve compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2020 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 264 612 - 468 - - 1,344
Share-based compensation
- share options - - - - 37 - 37
Total transactions
with owners 264 612 - 1,054 (549) - 1,381
-------------------------- --------- --------- --------- --------- -------------- ------------ --------
Balance at 31 March
2021 1,482 5,055 2,715 1,054 37 (8,651) 1,691
-------------------------- --------- --------- --------- --------- -------------- ------------ --------
The registered number of Incanthera plc is 11026926.
Consolidated Statement of Cash Flows
for the six months ended 30 September 2021 - unaudited
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2021
2021 2020
GBP'000 GBP'000 GBP'000
Unaudited unaudited audited
---------------------------------------- -------------- -------------- -----------
Cash flows from operating activities
Loss before taxation for the period (582) (471) (1,016)
Depreciation and amortisation 129 103 135
Share-based compensation 25 19 37
----------------------------------------- -------------- -------------- -----------
(428) (349) (844)
Changes in working capital
(Increase)/decrease in trade and
other receivables (86) (134) (21)
Increase/(decrease) in trade and
other payables 74 174 (12)
Cash used in operations (12) 40 (34)
Taxation received 110 - 98
----------------------------------------- -------------- -------------- -----------
Net cash used in operating activities (330) (309) (779)
----------------------------------------- -------------- -------------- -----------
Cash flows from investing activities
Purchase of property, plant and - - -
equipment
Net cash used in investing activities - - -
---------------------------------------- -------------- -------------- -----------
Cash flows from financing activities
Proceeds from issue of shares - 350 1,495
Issue costs - - (151)
Net cash generated from financing
activities - 350 1,344
Movements in cash and cash equivalents
in the period (330) 41 565
----------------------------------------- -------------- -------------- -----------
Cash and cash equivalents at start
of period 957 392 392
----------------------------------------- -------------- -------------- -----------
Cash and cash equivalents at end
of period 627 433 957
----------------------------------------- -------------- -------------- -----------
1. GENERAL INFORMATION
Incanthera plc ('the Company') is a public limited company
incorporated in England and Wales and was admitted to trading on
the AQSE Growth Market (formerly NEX Exchange), under the symbol
INC on 28 February 2020.
The address of its registered office is 76 King Street,
Manchester, England, M2 4NH and the registered company number is
11026926. The principal activity of the Company is clinical stage
drug development.
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
('IFRS') as adopted by the United Kingdom, IFRIC interpretations
and the Companies Act 2006 applicable to companies operating under
IFRS.
The consolidated financial statements have been prepared under
the historical cost convention modified by the revaluation of
certain financial instruments.
The consolidated financial statements are presented in Sterling
(GBP) and rounded to the nearest GBP000. This is the predominant
functional currency of the Group and is the currency of the primary
economic environment in which it operates.
The financial statements have been reviewed by the Company's
auditors.
Significant management judgement in applying accounting policies
and estimation uncertainty
When preparing the condensed consolidated interim financial
information, the Directors make a number of judgements, estimates
and assumptions about the recognition and measurement of assets,
liabilities, income and expenses.
The following are significant management judgements and
estimates in applying the accounting policies of the Group that
have the most significant effect on the condensed consolidated
interim financial information. Actual results may be substantially
different.
Research and development expenditure
Careful judgement by the Directors is applied when deciding
whether the recognition requirements for development costs have
been met. This is necessary as the economic success of any product
development is uncertain until such time as technical viability has
been proven and commercial supply agreements are likely to be
achieved. Judgements are based on the information available at each
reporting date which includes the progress with testing and
certification and progress on, for example, establishment of
commercial arrangements with third parties. In addition, all
internal activities related to research and development of new
products are continuously monitored by the Directors.
3. 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 period.
For diluted loss per share, the loss for the period attributable
to equity holders and the weighted average number of ordinary
shares outstanding during the period is adjusted to assume
conversion of all dilutive potential ordinary shares. As the effect
of the share options would be to reduce the loss per share, the
diluted loss per share is the same as the basic loss per share.
The calculation of the Group's basic and diluted loss per share
is based on the following data:
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
Unaudited unaudited audited
------------------------------------- --------------- --------------- -----------
Loss for the period attributable
to equity holders (582) (471) (905)
------------------------------------- --------------- --------------- -----------
As at As at As at
30 September 30 September 31 March
2021 2020 2021
Number Number Number
Unaudited unaudited audited
------------------------------------- --------------- --------------- -----------
Weighted average number of ordinary
shares 74,082,871 60,859,910 62,926,224
Weighted average number of ordinary
shares adjusted for the effects of
dilution 74,082,871 60,859,910 62,926,224
------------------------------------- --------------- --------------- -----------
Pence Pence Pence
Loss per share - basic and diluted (0.79) (0.77) (1.44)
------------------------------------- --------------- --------------- -----------
4. SHARE-BASED PAYMENTS
As at the end of the current period, the reconciliation of share
option scheme movements is as follows:
As at 30 September
2021
Number WAEP
pence
------------------------------------ ------------ --------
Outstanding at 1 April 2021 5,775,000 9.50
Granted during the period 1,575,000 20.00
Exercised during the period - -
Lapsed/cancelled during the period - -
------------------------------------ ------------ --------
Outstanding at 30 September 2021 7,350,000 11.75
------------------------------------ ------------ --------
During the six month period ended 30 September 2021, a
share-based payment charge of GBP24,631 (2020: GBP19,096) was
expensed to the consolidated Statement of Comprehensive Income.
The fair values of the options granted have been calculated
using a Black-Scholes model.
5. ISSUED CAPITAL AND RESERVES
Ordinary shares
Company
Number of Shares Share Capital (GBP'000)
---------------- -----------------------
At 31 March 2021 74,082,871 1,482
---------------- -----------------------
At 30 September 2021 74,082,871 1,482
---------------- -----------------------
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.
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END
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December 06, 2021 02:00 ET (07:00 GMT)
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