TIDMEVG
RNS Number : 8913Q
Evgen Pharma PLC
05 December 2016
For immediate release 5 December 2016
Evgen Pharma plc
("Evgen Pharma", "the Group" or "the Company")
Interim results for the six months ended 30 September 2016
Lead product SFX-01 successfully enters two Phase II trials
Evgen Pharma plc (AIM: EVG), the clinical stage drug development
company focused on cancer and neurological conditions, announces
its unaudited interim results for the six months ended 30 September
2016.
Highlights in the year to date:
-- First patient dosed (April 2016) in the Company's Phase II
clinical trial SAS (SFX-01 after subarachnoid haemorrhage) and
patient recruitment rates in-line with expectations
-- US Food & Drug Administration ("FDA") granted the Company
orphan drug designation (August 2016) for the use of stabilised
sulforaphane in subarachnoid haemorrhage ("SAH")
-- First clinical site is now open for patient recruitment for
the Company's Phase II clinical trial STEM (SFX-01 in the Treatment
and Evaluation of Metastatic Breast Cancer), with further sites due
to open across Europe in H1 CY 2017
-- Further preclinical data to be presented at the San Antonio
Breast Cancer Symposium (December 2016) entitled SFX-01 targets Wnt
signalling to inhibit stem-like cells in breast cancer
patient-derived xenograft tumours
-- Positive data from preclinical studies of SFX-01 in various
models of the relapsing remitting form of multiple sclerosis ("MS")
presented (September 2016) at leading MS conference
-- Dr Bob Holland and Dr Tom Morris appointed as Medical
Advisers, in neurology and oncology respectively (September
2016)
-- The total comprehensive loss for the period was GBP1.7m (30
September 2015: total comprehensive loss GBP1.2m)
-- The cash position (including short-term deposits) at 30
September 2016 was GBP5.5m (30 September 2015: GBP1.8m); the IPO
placing in October 2015 raised GBP7.0m (gross), fully funding the
Company to complete two Phase II studies and to support further
preclinical work
Stephen Franklin, Chief Executive Officer of Evgen Pharma,
said:
"We are pleased with the significant progress made this year.
The SAS trial is recruiting patients as planned and the STEM trial
has now opened for recruitment at the first site in Europe. Both
trials are projected to report in-line with expectations in the
first half of calendar year 2018. Furthermore, we have secured
orphan designation for our lead product in the treatment of
subarachnoid haemorrhage, a type of stroke for which there has been
no material advance in treatment for over 20 years.
"In addition to the clinical programmes, we were delighted to
present positive preclinical data for SFX-01 at this year's ECTRIMS
(European Committee for Treatment and Research in Multiple
Sclerosis), the largest annual conference dedicated to basic and
clinical research in MS. The data demonstrated that SFX-01 was
superior to the active principle in Biogen's Tecfidera(R),
particularly in the way that it improved neurological recovery in
the chronic stage after relapse. As part of an ongoing strategic
review, the Company continues to assess all options for a potential
third clinical programme."
Analyst meeting
A meeting for analysts will be held at 11am this morning, 5
December 2016, at the offices of Buchanan, 107 Cheapside, London
EC2V 6DN. Please contact Buchanan on 020 7466 5000 for further
information.
Enquiries:
Evgen Pharma plc c/o +44 (0) 20 7466 5000
Dr Stephen Franklin, CEO
John Bradshaw, CFO
Barry Clare, Chairman
www.evgen.com
Buchanan
Mark Court, Sophie Cowles, Stephanie
Watson +44 (0) 20 7466 5000
Northland Capital Partners Limited +44 (0) 20 7382
1100
Matthew Johnson, Gerry Beaney, Margarita Mitropoulou
(Corporate Finance)
John Howes, Rob Rees (Corporate Broking)
Notes for editors:
About Evgen Pharma plc
Evgen Pharma is a clinical stage drug development
company whose lead programmes are in breast cancer
and subarachnoid haemorrhage, a type of stroke.
It also has a clinical interest in multiple sclerosis
and prostate cancer. The Company's core technology
is Sulforadex(R), a method for synthesising and
stabilising the naturally occurring compound sulforaphane
and novel proprietary analogues based on sulforaphane.
The lead product, SFX-01, is a patented composition
of synthetic sulforaphane and alpha-cyclodextrin.
Evgen Pharma commenced operations in January 2008
and is based in Liverpool, UK, at the Liverpool
Science Park. It joined the AIM market of the London
Stock Exchange in October 2015 and trades under
the ticker symbol EVG. For further information please
visit www.evgen.com.
CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT
We are pleased to present the financial results of Evgen Pharma
for the six months ended 30 September 2016 and to provide an update
on the significant progress made by the Company during the
period.
INTRODUCTION
Evgen Pharma's core technology seeks to unlock the therapeutic
potential of sulforaphane, a compound first isolated from the
brassica family of plants. The Company's patent-protected
Sulforadex(R) technology enables the scalable manufacturing of a
stabilised, synthetic sulforaphane. The stabilised composition is a
solid powder, which can easily be formulated into pills and other
medicinal formats. The Sulforadex(R) technology is also applicable
to novel compounds based upon the core sulforaphane structure,
giving the Company the opportunity to develop a broad clinical
pipeline and to become the world leader in sulforaphane and
sulforaphane-like pharmaceuticals.
The initial product to use the Sulforadex(R) technology is
code-named SFX-01, which is a synthetic copy of sulforaphane
stabilised within an alpha-cyclodextrin complex. SFX-01 has been
advanced through preclinical and Phase I clinical trials and is now
in Phase II trials in two separate indications: metastatic breast
cancer and subarachnoid haemorrhage.
PIPELINE
SFX-01 in metastatic breast cancer
Breast cancer is the biggest cause of cancer deaths in women
worldwide. In around 75% of breast cancers, the hormone oestrogen
plays a key part in tumour growth. Such tumours express the
oestrogen receptor (ER+) and, if the cancer is metastatic,
endocrine therapy is the main treatment. It is thought that hormone
independent cancer stem cells are implicated in the development of
resistance to hormone therapy and the spread of the disease by
metastases.
Since 2012, Evgen Pharma has worked with the Cancer Research UK
Manchester Institute and together they have generated promising
data showing SFX-01 reduces the number of cancer stem cells in
patient-derived breast cancer tissue in xenograft models. The
xenograft studies used a combination of hormone therapy and SFX-01,
with the role of SFX-01 being to target the cancer stem cell
population. This data was first presented at the American
Association of Cancer Research annual conference in Philadelphia in
April 2015. We are delighted to be able to announce that this week,
on 7 December 2016, further preclinical data will be presented at
the San Antonio Breast Cancer Symposium entitled SFX-01 targets Wnt
signalling to inhibit stem-like cells in breast cancer
patient-derived xenograft tumours.
STEM (SFX-01 in the Treatment and Evaluation of Metastatic
Breast Cancer) is a multi-centre, Phase IIa clinical trial that is
now open for recruitment at the first European site, in Belgium,
with a minimum of nine further sites due to open in early H1 CY
2017.
The trial, led by Principal Investigator Dr Sacha Howell of the
Christie Hospital in Manchester, will recruit 60 patients from
multiple sites in the UK, Belgium, Spain, France and the Czech
Republic. All patients will have ER+ metastatic breast cancer and
will have been on treatment with either tamoxifen, aromatase
inhibitors (AI) or fulvestrant. These patients will have responded
to their current therapy for at least six months but then present
with documented progressive disease. Patients will be assigned to
one of three arms (20 in each arm) in the study (tamoxifen, AI or
fulvestrant) and will continue to receive their hormone therapy but
in addition to SFX-01. Patients will be dosed for up to 24 weeks
with regular scans. The primary endpoints are safety / tolerability
and clinical benefit rate (CBR) as measured by RECIST (Response
Evaluation Criteria In Solid Tumors). After 24 weeks, for
responding patients, there will be a continued access programme and
a follow-up for safety.
The trial is now registered at ClinicalTrials.gov and can be
viewed at this link:
https://clinicaltrials.gov/ct2/show/NCT02970682?term=SFX-01&rank=2
The trial is projected to report in H1 CY 2018. As the trial is
not blinded, it is likely that there will be sequential read-outs
from the three arms of the study.
SFX-01 in subarachnoid haemorrhage (SAH)
Aneurysmal SAH is a form of stroke, caused by a ruptured
aneurysm which leads to a bleed in the subarachnoid space around
the outside of the brain. It is a relatively rare condition,
accounting for around 5% of all strokes. It is fatal in
approximately 40% of cases with approximately 15% dying before they
reach hospital.
A delayed cerebral ischaemia (DCI), which happens 3-14 days
after the initial haemorrhage, remains the single most important
cause of morbidity and mortality in those patients that survive the
initial bleed. Over 60% of surviving patients suffer some permanent
neurological deficit.
SFX-01 is being aimed at reducing the neurological damage
associated with the DCI via the up-regulation of the Nrf2-ARE
(nuclear factor erythroid 2-related factor 2-antioxidant response
element) pathway. Sulforaphane, the active principle in SFX-01, is
a well-known activator of the Nrf2-ARE pathway which plays a
protective role in many physiological stress processes such as
inflammatory damage, oxidative stress, and the accumulation of
toxic metabolites, which are all involved in the cerebral vasospasm
following SAH.
On 30 April 2016, the first patient was dosed in the Company's
Phase II clinical trial entitled SAS: SFX-01 After Subarachnoid
haemorrhage. The trial is a double-blind, placebo-controlled study
of 90 patients; 45 receiving nimodipine and 45 received nimodipine
with SFX-01. The primary endpoints are Transcranial Doppler
(essentially blood flow as measured by ultrasound through the
brain's blood vessels and a measure of the cerebral vasospasm),
safety and pharmacokinetics.
The trial is registered at ClinicalTrials.gov and can be viewed
at this link:
https://clinicaltrials.gov/ct2/show/NCT02614742?term=evgen&rank=1.
The trial is projected to report in H1 CY 2018.
In August 2016, the US Food & Drug Administration ("FDA")
granted the Company orphan drug designation for the use of
stabilised sulforaphane for the treatment of subarachnoid
haemorrhage.
SFX-01 in multiple sclerosis
The principal mechanism of action of SFX-01 in SAH is via
sulforaphane's ability to upregulate the Nrf2 pathway, resulting in
a wide range of antioxidant and anti-inflammatory effects. It is
this pathway that is implicated in Biogen IDEC's treatment for
multiple sclerosis, Tecfidera(R). In-vitro studies have shown that
sulforaphane is a more potent activator of Nrf2 than dimethyl
fumerate, the active ingredient in Tecfidera(R).
In September 2016, the Company presented a late-breaking
abstract and poster at at the 32(nd) Congress of the European
Committee for Treatment and Research in Multiple Sclerosis
(ECTRIMS) in London. The poster was entitled Efficacy of SFX-01, a
sulforaphane-based drug in experimental autoimmune
encephalomyelitis and its authors were Dr Ian Galea (Associate
Professor in Experimental Neurology, Faculty of Medicine,
University of Southampton), Dr Ian Copple (Lecturer, Institute of
Translational Medicine, University of Liverpool) and Dr David Howat
(Evgen's Chief Development Officer). The study concluded that:
"SFX-01 appears to be superior to BG-12 in the therapeutic EAE
model. SFX-01 appears to exert maximum effects later in the course
of the disease by enabling superior neurological recovery in the
chronic stage after relapse. SFX-01 is a promising drug candidate
in MS, and warrants further investigation."
Early stage pipeline
As mentioned earlier, SFX-01 is a synthetic and stable
sulforaphane, which has been shown to have excellent
pharmacokinetics and a bioavailability of around 80%. When the
synthetic sulforaphane is released from its sugar lattice in the
gastrointestinal tract it has the same half-life in the body as
naturally occurring sulforaphane and has been shown to be
equipotent.
Medicinal chemists at the University of Seville have gone on to
create a range of novel compounds based upon the sulforaphane core
structure. As previously announced, Evgen Pharma has in-licenced
the Seville intellectual property presenting the Company with
multiple new chemical entities based upon sulforaphane. Patent
protection for these compounds is pending in Europe, United States,
China, Japan, Australia, and Canada and is already granted in
Spain.
We are delighted to be able to report that the first batch of
novel analogues have been manufactured in Spain and shipped to the
UK where they will be assayed in due course as part of a research
contract with the University of Liverpool.
PEOPLE
We would like to take this opportunity to welcome to the team Dr
Bob Holland and Dr Tom Morris who became Medical Advisers (in
neurology and oncology respectively) to the Company in September
2016. Dr Bob Holland had a long career at AstraZeneca having been
their VP and Head of Personalised Healthcare & Biomarkers and
prior to that their VP and Head of Neuroscience Therapeutic Area.
Dr Tom Morris has held various medical roles in oncology at
AstraZeneca including Senior Medical Director for Oncology,
Executive Director of Clinical Programs and Medical Science
Director for the Oncology Therapy Area.
Barry Clare became Executive Chairman of the Company at IPO to
help oversee the first year as a public company. With our plans
advancing as expected, Barry will, with immediate effect, revert to
his position of Non-Executive Chairman.
We would like to thank all our shareholders for their
support.
FINANCIAL REVIEW
The financial performance for the six-month period to 30
September 2016 was in line with expectations. The total
comprehensive loss for the period was GBP1.7m (30 September 2015:
GBP1.2m).
The cash position (including short-term deposits) at 30
September 2016 increased to GBP5.5m (30 September 2015: GBP1.8m),
reflecting the admission of the Company to trading on AIM in
October 2015 after raising GBP7.0m (GBP6.3m after expenses) in an
oversubscribed placing.
OUTLOOK
We are pleased with the significant progress made this year.
Both Phase II trials are underway and are projected to report
in-line with expectations in H1 CY 2018. Furthermore, we have
secured orphan designation for our lead product in the treatment of
subarachnoid haemorrhage, a type of stroke for which there has been
no material advance in treatment for over 20 years.
In addition to the clinical programmes, we were delighted to
present positive preclinical data for SFX-01 at this year's
ECTRIMS, the largest annual conference dedicated to basic and
clinical research in multiple sclerosis. The data demonstrated that
SFX-01 was superior to the active principle in Biogen's
Tecfidera(R), particularly in the way that it improved neurological
recovery in the chronic stage after relapse.
As part of an ongoing strategic review, the Company continues to
assess all options (including MS and a number of orphan indications
within neurology) for a potential third clinical programme based on
SFX-01.
Barry Clare Stephen Franklin
Chairman CEO
5 December 2016
Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2016 - unaudited
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2016
2016 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
--------------------------------- -------------- -------------- -----------
Operating expenses
Operating expenses (1,595) (367) (1,232)
Share based compensation (98) (141) (519)
Non-recurring administrative
expenses - - (683)
--------------------------------- -------------- -------------- -----------
Total operating expenses (1,693) (508) (2,434)
Operating loss (1,693) (508) (2,434)
Finance income 12 - 8
Finance expense (3) (682) (791)
--------------------------------- -------------- -------------- -----------
Loss on ordinary activities
before taxation (1,684) (1,190) (3,217)
Taxation 1 - 85
--------------------------------- -------------- -------------- -----------
Loss and total comprehensive
expense attributable to equity
holders for the period (1,683) (1,190) (3,132)
--------------------------------- -------------- -------------- -----------
Loss earnings per share (pence)
--------------------------------- -------------- -------------- -----------
Basic loss per share (2.30) (3.88) (6.29)
Diluted loss per share (2.30) (3.88) (6.29)
--------------------------------- -------------- -------------- -----------
Consolidated Statement of Financial Position
as at 30 September 2016 - unaudited
As at As at As at
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
----------------------------- -------------- -------------- ----------
ASSETS
Non-current assets
Property, plant and
equipment 6 1 6
Intangible assets 135 42 74
------------------------------- -------------- -------------- ----------
Total non-current
assets 141 43 80
Current assets
Trade and other receivables 105 164 79
Current tax receivable 85 30 115
Short-term investments
and cash on deposit 2,006 - 2,006
Cash and cash equivalents 3,542 1,776 5,120
------------------------------- -------------- -------------- ----------
Total current assets 5,738 1,970 7,320
Total assets 5,879 2,013 7,400
------------------------------- -------------- -------------- ----------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 377 722 313
Loans - 3 -
----------------------------- -------------- -------------- ----------
Total current liabilities 377 725 313
Non-current liabilities
Loans - 1,646 -
Total non-current - 1,646 -
liabilities
Equity
Share capital 183 92 183
Share premium 10,495 1,859 10,495
Merger reserve 2,067 2,067 2,067
Shares to be issued - 1,750 -
Share based compensation 1,365 607 1,267
Accumulated losses (8,608) (6,733) (6,925)
------------------------------- -------------- -------------- ----------
Total equity 5,502 (358) 7,087
Total liabilities
and equity 5,879 2,013 7,400
------------------------------- -------------- -------------- ----------
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2016 - unaudited
Share
Share Share Merger based Accumulated
capital premium reserve compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
April 2016 183 10,495 2,067 1,267 (6,925) 7,087
Total comprehensive
expense for
the period - - - - (1,683) (1,683)
Transactions
with owners
Share based
compensation
- share options - - - 98 - 98
Total transactions
with owners - - - 98 (1,683) (1,585)
--------------------- --------- --------- --------- -------------- ------------ --------
Balance at 30
September 2016 183 10,495 2,067 1,365 (8,608) 5,502
--------------------- --------- --------- --------- -------------- ------------ --------
Shares
to Share
Share Share Merger be based Accumulated
capital premium reserve issued compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
April 2015 73 - 2,067 1,750 466 (5,543) (1,187)
Total comprehensive
expense for
the period - - - - - (1,190) (1,190)
Transactions
with owners
Share based
compensation
- share options - - - - 141 - 141
Share issue 19 1,859 - - - - 1,878
Total transactions
with owners 19 1,859 - - 141 (1,190) 829
--------------------- --------- --------- --------- -------- -------------- ------------ --------
Balance at 30
September 2015 92 1,859 2,067 1,750 607 (6,733) (358)
--------------------- --------- --------- --------- -------- -------------- ------------ --------
Shares
to Share
Share Share Merger be based Accumulated
capital premium reserve issued compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
April 2015 73 - 2,067 1,750 466 (5,543) (1,187)
Total comprehensive
expense for
the period - - - - - (3,132) (3,132)
Transactions
with owners
Equity element
of loan note - - - (1,750) - 1,750 -
Share based
compensation
- share options - - - - 519 - 519
Share based
compensation
- warrants - - - - 282 - 282
Share issue
- cash 19 1,840 - - - - 1,859
Share issue
- cash 47 6,645 - - - - 6,692
Share issue
- loan note
conversion 23 2,017 - - - - 2,040
Share issue
- bonus issue 20 (20) - - - - -
Share issue
- options exercised 1 13 - - - - 14
Total transactions
with owners 110 10,495 - (1,750) 801 1,750 11,406
---------------------- --------- --------- --------- -------- -------------- ------------ --------
Balance at 31
March 2016 183 10,495 2,067 - 1,267 (6,925) 7,087
---------------------- --------- --------- --------- -------- -------------- ------------ --------
Consolidated Statement of Cash Flows
for the six months ended 30 September 2016 - unaudited
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2016
2016 2015
GBP'000 GBP'000 GBP'000
unaudited unaudited audited
------------------------------- -------------- -------------- -----------
Cash flows from operating
activities
Loss before taxation for
the period (1,684) (1,190) (3,217)
Finance (income)/expense (9) 682 791
Depreciation and amortisation 9 3 8
Share based compensation 98 141 801
-------------------------------- -------------- -------------- -----------
(1,586) (364) (1,617)
Changes in working capital
Increase in trade and other
receivables (26) (47) (47)
Increase in trade and other
payables 64 146 104
-------------------------------- -------------- -------------- -----------
Cash generated from changes
in working capital 38 99 57
Taxation received 31 - -
------------------------------- -------------- -------------- -----------
Net cash used in operating
activities (1,517) (265) (1,560)
-------------------------------- -------------- -------------- -----------
Cash flows from investing
activities
Acquisition of intangible
assets (67) - (36)
Purchase of property, plant
and equipment (2) - (6)
Short-term investments
and cash on deposit - - (2,006)
Net cash used in investing
activities (69) - (2,048)
-------------------------------- -------------- -------------- -----------
Cash flows from financing
activities
Issue of shares - 2,000 9,014
Cost of share issue - (122) (449)
Interest received 8 - -
Net cash generated from
financing activities 8 1,878 8,565
Movements in cash and cash
equivalents in the period (1,578) 1,613 4,957
-------------------------------- -------------- -------------- -----------
Cash and cash equivalents
at start of period 5,120 163 163
-------------------------------- -------------- -------------- -----------
Cash and cash equivalents
at end of period 3,542 1,776 5,120
-------------------------------- -------------- -------------- -----------
1. GENERAL INFORMATION
EVGEN PHARMA PLC ("Evgen", "the Group" or "the Company") is a
public limited company incorporated in England & Wales and is
admitted to trading on the AIM market of the London Stock Exchange
under the symbol EVG.
The address of its registered office is Liverpool Science Park
Innovation Centre 2, 146 Brownlow Hill, Liverpool, Merseyside L3
5RF. The principal activity of the Company is clinical stage drug
development.
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The Group's half-yearly financial information, which is
unaudited, consolidates the results of Evgen pharma plc and its
subsidiary undertaking up to 30 September 2016. The Group's
accounting reference date is 31 March. Evgen Pharma plc's shares
are quoted on the AIM Market of the London Stock Exchange
(AIM).
The Company is a public limited liability company incorporated
and domiciled in the UK. The consolidated financial information is
presented in round thousands of Pounds Sterling (GBP'000).
The financial information contained in this half-yearly
financial report does not constitute statutory accounts as defined
in section 434 of the Companies Act 2006. It does not therefore
include all of the information and disclosures required in the
annual financial statements. The financial information for the six
months ended 30 September 2015 and 30 September 2016 is
unaudited.
Full audited financial statements of the Group in respect of the
period ended 31 March 2016, which received an unqualified audit
opinion and did not contain a statement under section 498(2) or (3)
of the Companies Act 2006, have been delivered to the Registrar of
Companies.
The accounting policies used in the preparation of the financial
information for the six months ended 30 September 2016 are in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards as adopted by the
European Union ('IFRS') and are consistent with those which will be
adopted in the annual financial statements for the year ending 31
March 2017.
Whilst the financial information included has been prepared in
accordance with the recognition and measurement criteria of IFRS,
the financial information does not contain sufficient information
to comply with IFRS.
The Group has not applied IAS 34, Interim Financial Reporting,
which is not mandatory for UK AIM listed Groups, in the preparation
of this interim financial report.
Going concern
At the time of approving the condensed consolidated interim
financial information, and based on a review of the group's
forecasts and business plan, the directors have a reasonable
expectation that the Group have adequate resources to continue in
operational existence for the foreseeable future. Thus they have
adopted the going concern basis of accounting in preparing the
condensed consolidated interim financial information.
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.
Significant management judgements
The following are significant management judgements in applying
the accounting policies of the Group that have the most significant
effect on the condensed consolidated interim financial
information.
Estimation uncertainty
Information about estimates and assumptions that have the most
significant effect on recognition and measurement of assets,
liabilities, income and expenses is provided below. Actual results
may be substantially different.
Share-based payments
The Group measures the cost of equity-settled transactions with
employees by reference to the fair value of the equity instruments
at the date at which they are granted. The fair value of the
options granted is determined using the Black-Scholes model, taking
into consideration the best estimate of the expected life of the
option and the estimated number of shares that will eventually
vest.
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
2016 2015 2016
GBP'000 GBP'000 GBP'000
Unaudited unaudited audited
---------------------------------- -------------- -------------- -----------
Loss for the period attributable
to equity holders (1,683) (1,190) (3,132)
---------------------------------- -------------- -------------- -----------
As at As at As at
30 September 30 September 31 March
2016 2015 2016
Number Number Number
Unaudited unaudited audited
---------------------------------- -------------- -------------- -----------
Weighted average number of
ordinary shares 73,142,862 30,675,541 49,797,654
Weighted average number of
ordinary shares adjusted
for the effects of dilution 73,142,862 30,675,541 49,797,654
---------------------------------- -------------- -------------- -----------
Pence Pence Pence
Loss per share - basic and
diluted (2.30) (3.88) (6.29)
---------------------------------- -------------- -------------- -----------
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
2016
Number WAEP
----------------------------------- ------------ --------
Outstanding at 1 April 2016 8,473,251 GBP0.03
Granted during the period 53,473 -
Exercised during the period - -
Lapsed/cancelled during the period - -
----------------------------------- ------------ --------
Outstanding at 30 September 2016 8,526,724 GBP0.03
----------------------------------- ------------ --------
During the six month period ended 30 September 2016, a
share-based payment charged of GBP98,000 was expensed to the
consolidated Statement of Comprehensive Income.
The fair values of the options granted have been calculated
using a Black-Scholes model.
Assumptions used were an option life of 5 years, a risk free
rate of 2 per cent., a volatility of 60 per cent. and no dividend
yield.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LFFVFFELSIIR
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December 05, 2016 02:46 ET (07:46 GMT)
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