TIDMAGL
RNS Number : 3610B
Angle PLC
30 January 2020
For Immediate Release 30 January 2020
ANGLE plc
("ANGLE" or "the Company")
Interim Results for the six months ended 31 October 2019
SUCCESSFUL COMPLETION OF CLINICAL AND ANALYTICAL STUDIES IN
SUPPORT OF FDA CLEARANCE OF PARSORTIX SYSTEM
OVARIAN CANCER CLINICAL VERIFICATION STUDY IN PROGRESS
ANGLE plc (AIM: AGL OTCQX: ANPCY), a world leading liquid biopsy
company, today announces its unaudited interim financial results
for the six months ended 31 October 2019.
Operational Highlights
-- Multi-year comprehensive clinical and analytical studies
successfully completed in support of FDA clearance of the
Parsortix(R) system for capturing and harvesting circulating tumour
cells from metastatic breast cancer patients
- Q-Submission process completed and full De Novo FDA submission
in preparation, targeting Q1 CY20 submission
-- Ovarian cancer clinical verification study established with
leading US cancer centre. Pre-study phase completed successfully
and 200 subject study initiated patient enrolment
-- Over 16,000 samples processed during the period (H1 2019:
13,000) and a further six peer reviewed publications from
internationally recognised cancer centres (H1 2019: two) with key
developments in breast, lung, prostate, melanoma and head and neck
cancers
Financial Highlights
-- Revenue GBP0.4 million (H1 2019: GBP0.3 million)
-- Loss for the half-year GBP5.3 million (H1 2019: loss GBP4.2
million) reflecting planned investment
-- Successful fundraising from institutional investors,
including significant new US institutional investors, raising gross
proceeds of GBP18.0 million (GBP16.9 million net of expenses)
-- Cash balance at 31 October 2019 of GBP20.4 million (30 April 2019: GBP11.0 million)
-- As also announced today, ANGLE's accounting reference date to be changed to 31 December
Garth Selvey, Non-Executive Chairman of ANGLE plc,
commented:
"Major progress was made during the period in the completion of
the clinical and analytical studies to support FDA clearance of the
Company's Parsortix system in metastatic breast cancer. Following
the Q-Submission meeting earlier this month with FDA, we are now
progressing a full De Novo FDA Submission in Q1 CY20 with the
prospect of FDA clearance in Q3 CY20, albeit the outcome and timing
of the FDA regulatory decision is entirely dependent on the FDA's
review and response to the Company's submission.
We continue to make progress in other indications with the
Company's ovarian cancer clinical verification study in progress
and patient enrolment expected to be completed by the end of Q1
CY20. The aim is to have a clinically verified assay to detect
ovarian cancer available for deployment as a laboratory developed
test (LDT) in a clinical laboratory in CY20.
During the period, we successfully raised further growth
capital, expanding our existing UK shareholder base and adding key
new US investors. We have a strong platform of support to drive
value and grow the business substantially in the future."
Details of webcast
Please see
https://angleplc.com/investor-relations/regulatory-news/ for
details.
For further information:
ANGLE plc +44 (0) 1483 343434
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
finnCap Ltd (NOMAD and Joint Broker)
Corporate Finance - Carl Holmes, Simon Hicks,
Max Bullen-Smith +44 (0)20 7220
ECM - Alice Lane, Sunila de Silva 0500
WG Partners (Joint Broker)
Nigel Barnes, Nigel Birks, Andrew Craig, Chris +44 (0) 203 705
Lee 9330
FTI Consulting +44 (0) 203 727
Simon Conway, Ciara Martin 1000
Matthew Ventimiglia (US) +1 212 850 5624
For Frequently Used Terms, please see the Company's website on
http://www.angleplc.com/the-parsortix-system/glossary/
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the EU Market Abuse Regulation (596/2014). Upon the publication of
this announcement via a regulatory information service, this
information is considered to be in the public domain.
These Interim Results may contain forward-looking statements.
These statements reflect the Board's current view, are subject to a
number of material risks and uncertainties and could change in the
future. Factors that could cause or contribute to such changes
include, but are not limited to, the general economic climate and
market conditions, as well as specific factors including the
success of the Group's research and development and
commercialisation strategies, the uncertainties related to
regulatory clearance and the acceptance of the Group's products by
customers.
CHAIRMAN'S STATEMENT
Introduction
During the period ANGLE completed clinical and analytical
studies to support a De Novo FDA submission for its Parsortix(R)
system for capturing and harvesting circulating tumour cells from
metastatic breast cancer patients.
Strong progress was also made with the Company's ovarian cancer
assay and a clinical verification study initiated patient enrolment
during the period.
Meanwhile ANGLE's collaborators and customers continued to
demonstrate Parsortix's versatility in cancer translational
research developing important new applications. This work generated
six new publications during the period increasing the body of
peer-reviewed evidence supporting the platform.
Overview of Financial Results
Revenue of GBP0.4 million (H1 2019: GBP0.3 million) came mainly
from research use of the Parsortix system. Planned investment in
studies to develop and validate the clinical application and
commercial use of the Parsortix system increased, resulting in
operating costs of GBP6.7 million (H1 2019: GBP5.3 million). Thus,
the loss for the period increased, in line with expectations, to
GBP5.3 million (H1 2019: GBP4.2 million).
The cash balance was GBP20.4 million at 31 October 2019 (30
April 2019: GBP11.0 million) and there was an R&D Tax Credit
due to the Company at 31 October 2019 of GBP3.0 million (30 April
2019: GBP1.9 million). The cash position was strengthened during
the period with a successful placing of new shares with
institutional investors including significant new US investors in
July 2019, which raised gross proceeds of GBP18.0 million. Proceeds
net of expenses were GBP16.9 million.
Strategy
ANGLE has continued with its sustained focus on its four-pronged
strategy for achieving widespread adoption of its Parsortix system
in the emerging multi-billion dollar liquid biopsy market:
1) Completion of rigorous large-scale clinical studies run by
leading cancer centres, demonstrating the effectiveness of
different applications of the system in cancer patient care
2) Securing regulatory approval of the system with the emphasis
on FDA clearance as the de facto global gold standard. ANGLE is
seeking to be the first company ever to gain FDA clearance for a
system which harvests circulating tumour cells (CTCs) from the
blood of patients (initially metastatic breast cancer patients) for
subsequent analysis
3) Establishing a body of published evidence from leading cancer
centres showing the utility of the system through peer reviewed
publications, scientific data and clinical research evidence,
highlighting a wide range of potential applications
4) Establishing partnerships with large healthcare companies for
market deployment and development of multiple other clinical
applications incorporating the Parsortix system.
Following the successful fundraise during the period, ANGLE
intends to establish an independent accredited clinical laboratory
that will have the capability of offering validated clinical tests.
This clinical laboratory will be used as an accelerator and
demonstrator in support of the Company's established plan for
product sales of Parsortix instruments and cassettes.
Progress towards FDA clearance
ANGLE is seeking to become the first ever company to receive FDA
clearance for a medical device that harvests intact circulating
tumour cells from the blood of metastatic breast cancer patients
for subsequent analysis.
During the period, clinical and analytical studies demonstrating
the performance of the Parsortix system for the capture and
harvesting of circulating tumour cells in metastatic breast cancer
were completed. These studies have been technically and
logistically extremely challenging, requiring over 10,000 samples
to be processed with Parsortix.
The FDA clinical studies were undertaken by four of the leading
US cancer centres (University of Texas MD Anderson Cancer Center,
University of Rochester Wilmot Cancer Center, University of
Southern California Norris Comprehensive Cancer Center, and Robert
H Lurie Comprehensive Cancer Center Northwestern University).
The analytical studies demonstrated the performance of the
Parsortix system in key aspects including precision and
reproducibility, limits of quantification and detection, accuracy
and linearity, and interferents and carryover. These studies have
required resolution of numerous technical challenges to meet FDA
requirements, giving ANGLE a thoroughly characterised platform and
consequent competitive advantage.
On 29 October 2019, ANGLE made a substantial Q-Submission (a
"pre-submission" used to request formal comment from FDA on key
questions) to FDA. The Q-Submission responded to a number of
questions and suggestions previously made by FDA on ANGLE's study
plans and set out headline data from both the clinical and
analytical studies. ANGLE also requested FDA formally respond to a
series of questions, including whether our responses to specific
questions which FDA had previously raised, were acceptable. ANGLE's
intention in making this Q-Submission was to reduce the risk that
the full FDA De Novo Submission might be rejected.
FDA provided a written response to the Q-Submission and held a
formal face-to-face meeting with ANGLE in January to discuss their
response, as announced on 22 January 2020. As a result of this
meeting, ANGLE will prepare and submit a full De Novo Submission to
FDA requesting clearance for the Parsortix PC1 system for capturing
and harvesting circulating tumour cells from metastatic breast
cancer patients.
The intention is to file with FDA in Q1 CY20 with the prospect
of FDA clearance in Q3 CY20 (unchanged). The outcome and timing of
the FDA regulatory decision is entirely dependent on the FDA's
review and response to the Company's submission. US regulatory
clearance by FDA is considered the global standard for approval of
medical devices and diagnostics.
Large scale clinical studies
Ovarian cancer clinical application: triaging abnormal pelvic
mass
During the period, following further successful optimisation of
the combination of ANGLE's Parsortix CTC system with its
proprietary HyCEAD(TM) Ziplex(R) downstream molecular analysis
process, an ovarian cancer clinical verification study was
established with University of Rochester Wilmot Cancer Center.
Following the successful completion of the initial testing
phase, the blinded, independently controlled 200 subject
verification study of the targeted population of pelvic mass
patients prior to surgery initiated patient enrolment on 29 August
2019. The study has been designed to evaluate performance of the
predictive ovarian cancer detection assay developed using the
results from the previous 200 subject study in a new patient cohort
and is expected to complete patient enrolment in Q1 CY20 with
reporting mid-year CY20.
Once the new performance data is available and, assuming
comparable results to the previous study, ANGLE intends to
establish this test as a laboratory developed test (LDT) in an
accredited clinical laboratory setting. The test has the potential
to significantly improve patient outcomes whilst at the same time
reducing overall healthcare costs.
Establishing a body of published evidence
The Company's strategy to secure research use adoption of the
Parsortix system by leading cancer research centres, in order to
get independent third parties driving development of new clinical
applications, is working very well.
Over 90,000 samples have now been processed using the Parsortix
system, with over 16,000 samples in the period (H1 2019: 13,000).
There are now 26 peer-reviewed publications with six new
publications announced during the period (see
https://angleplc.com/library/publications/) including:
-- the University Medical Centre Hamburg-Eppendorf (UKE),
demonstrating the use of Parsortix as a liquid biopsy to
investigate a key immunotherapy target in lung cancer
-- the Disseminated Cancer Cell Network (DCCNet), Duesseldorf,
developing a single cell analysis workflow for breast cancer
-- the Medical University of Vienna demonstrating the use of
Parsortix for neuroendocrine analysis (corresponding to poor
overall survival) in small cell lung cancer
-- Queen Mary University of London's Barts Cancer Institute
demonstrating the potential for Parsortix to be used to avoid
unnecessary biopsies in prostate cancer without missing clinically
significant prostate cancer
-- the University of Birmingham publishing a review showing key
benefits of Parsortix in head and neck cancer
-- the University Medical Centre Hamburg-Eppendorf (UKE),
demonstrating Parsortix use in prediction and monitoring of therapy
responses for melanoma patients
To date, 23 separate cancer centres from around the world have
published uniformly positive reports on their use of the Parsortix
system. Leading independent cancer centres throughout Europe and
North America using ANGLE's Parsortix system are working on
developments in 23 different cancer types.
Progressing partnerships with large healthcare companies
Large scale deployment of the Parsortix system across numerous
cancer types and application areas requires ANGLE to partner with
large, global healthcare companies to take advantage of their
distribution and sales channels and economic resources. Discussions
are ongoing with companies in relevant fields: medtech companies,
pharma companies, contract research organisations and reference
laboratories (laboratories offering clinical tests). We expect to
see our partnership programme accelerate once FDA clearance for the
system has been achieved.
During the period, ANGLE has progressed its three key
partnerships with the large healthcare companies Abbott, QIAGEN and
Philips, and is continuing to seek a corporate partner to progress
the use of Parsortix in non-invasive prenatal testing (NIPT).
Outlook
Major progress was made during the period in the completion of
the clinical and analytical studies to support FDA clearance of the
Company's Parsortix system in metastatic breast cancer. Following
the Q-Submission meeting earlier this month with FDA, we are now
progressing a full De Novo FDA Submission with the prospect of FDA
clearance in Q3 CY20, albeit the outcome and timing of the FDA
regulatory decision is entirely dependent on the FDA's review and
response to the Company's submission.
We continue to make progress in other indications with the
Company's ovarian cancer clinical verification study in progress
and patient enrolment expected to be completed by the end of Q1
CY20. The aim is to have a clinically verified assay to detect
ovarian cancer available for deployment as a laboratory developed
test (LDT) in a clinical laboratory in CY20.
During the period, we successfully raised further growth
capital, expanding our existing UK shareholder base and adding new
US investors. We have a strong platform of support to drive value
and grow the business substantially in the future.
Garth Selvey
Chairman
29 January 2020
ANGLE plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 OCTOBER 2019
Six months Six months
Note ended ended Year ended
31 October 31 October 30 April
2019 2018 2019
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Revenue 401 273 678
Cost of sales (101) (69) (155)
Gross profit 300 204 523
Other operating income 37 97 175
Operating costs (6,727) (5,340) (11,597)
__ ______ ________ ________
Operating profit/(loss) (6,390) (5,039) (10,899)
Net finance income/(costs) 14 10 28
Profit/(loss) before tax (6,376) (5,029) (10,871)
Tax (charge)/credit 3 1,033 781 1,939
Profit/(loss) for the
period (5,343) (4,248) (8,932)
Other comprehensive income/(loss)
Items that may be subsequently
reclassified to profit
or loss
Exchange differences on
translating foreign operations - 104 72
Other comprehensive income/(loss) - 104 72
Total comprehensive income/(loss)
for the period (5,343) (4,144) (8,860)
======== ======== ========
Profit/(loss) for the period
attributable to:
Owners of the parent (5,343) (4,258) (8,942)
Non-controlling interests - 10 10
________ ________ ________
Profit/(loss) for the
period (5,343) (4,248) (8,932)
======== ======== ========
Total comprehensive income/(loss) for the
period attributable to:
Owners of the parent (5,343) (4,068) (8,822)
Non-controlling interests - (76) (38)
________ ________ ________
Total comprehensive income/(loss)
for the period (5,343) (4,144) (8,860)
======== ======== ========
Earnings/(loss) per share attributable to owners of the parent
Basic and Diluted (pence
per share) 4 (3.33) (3.29) (6.56)
All activity arose from continuing operations
ANGLE plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2019
Note 31 October 31 October 30 April
2019 2018 2019
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Assets
Intangible assets 5 6,765 5,797 6,833
Property, plant and equipment 3,101 1,403 1,347
Inventories 847 880 988
Trade and other receivables 657 673 942
Taxation 2,961 1,918 1,900
Cash and cash equivalents 20,408 14,874 11,010
_________ _________ _________
Total assets 34,739 25,545 23,020
_________ _________ _________
Liabilities
Lease liabilities 1 (1,497) - -
Trade and other payables (2,088) (1,684) (3,684)
_________ _________ _________
Total liabilities (3,585) (1,684) (3,684)
_________ _________ _________
Net assets 31,154 23,861 19,336
============ ============ ============
Equity
Share capital 6 17,276 14,249 14,349
Share premium 67,267 52,905 53,273
Share-based payments reserve 1,495 1,182 1,266
Other reserve 2,553 2,553 2,553
Translation reserve 106 176 106
Retained earnings (57,441) (46,372) (52,109)
ESOT shares (102) (102) (102)
_________ _________ _________
Equity attributable to owners
of the parent 31,154 24,591 19,336
Non-controlling interests - (730) -
_________ _________ _________
Total equity 31,154 23,861 19,336
============ ============ ============
ANGLE plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 OCTOBER 2019
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2019 2018 2019
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Operating activities
Profit/(loss) before tax from
continuing operations (6,376) (5,029) (10,871)
Adjustments for:
Depreciation of property, plant
and equipment 492 295 622
(Profit)/loss on disposal of
property, plant and equipment 13 8 8
Amortisation and impairment
of intangible assets 1,028 318 452
Share-based payments 240 125 332
Exchange differences (7) (2) (14)
Net finance (income)/costs (24) (10) (28)
Operating cash flows before
movements in working capital: (4,634) (4,295) (9,499)
(Increase)/decrease in inventories 31 (254) (583)
(Increase)/decrease in trade
and other receivables 269 160 (91)
Increase/(decrease) in trade
and other payables (1,285) (835) 608
Operating cash flows (5,619) (5,224) (9,565)
Research and development tax
credits received - 1,070 2,251
Overseas corporation tax payments (60) - -
Net cash from/(used in) operating
activities (5,679) (4,154) (7,314)
Investing activities
Purchase of property, plant
and equipment (410) (185) (219)
Purchase of intangible assets (1,293) (454) (1,133)
Interest received 24 10 28
Net cash from/(used in) investing
activities (1,679) (629) (1,324)
Financing activities
Net proceeds from issue of share
capital 16,921 11,996 11,996
Principal elements of lease
payments (180) - -
Interest elements of lease payments 10 - -
Net cash from/(used in) financing
activities 16,751 11,996 11,996
Net increase/(decrease) in cash
and cash equivalents 9,393 7,213 3,358
Cash and cash equivalents at
start of period 11,010 7,645 7,645
Effect of exchange rate fluctuations 5 16 7
Cash and cash equivalents at
end of period 20,408 14,874 11,010
======= ======= =======
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 OCTOBER 2019
---------------------------------------
Equity attributable to owners of the parent
-------------------------------------
Share-based
Share Share payments Other Translation
capital premium reserve reserve reserve
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May 2018
(Audited) 11,709 43,449 1,072 2,553 (14)
For the period
to 31 October
2018
--------------------------- ------------ ------------ ------------ ------------ ------------
Consolidated
profit/(loss)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations 190
--------------------------- ------------ ------------ ------------ ------------ ------------
Total comprehensive
income/(loss) 190
Issue of shares
(net of costs) 2,540 9,456
Share-based
payments 125
Released on
forfeiture (15)
___ ______ ___ _______ ___ ______ ___ ______ ___ ______
At 31 October
2018 (Unaudited) 14,249 52,905 1,182 2,553 176
For the period
to 30 April
2019
--------------------------- ------------ ------------ ------------ ------------ ------------
Consolidated
profit/(loss)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations (70)
--------------------------- ------------ ------------ ------------ ------------ ------------
Total comprehensive
income/(loss) (70)
Share-based
payments 207
Released on
forfeiture (123)
Acquisition
of non-controlling
interest 100 368
___ _______ ___ _______ ___ _______ ___ _______ ___ _______
At 30 April
2019 (Audited) 14,349 53,273 1,266 2,553 106
For the period
to 31 October
2019
------------
Consolidated
profit/(loss)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations -
--------------------------- ------------ ------------ ------------ ------------ ------------
Total comprehensive
income/(loss) -
Issue of shares
(net of costs) 2,927 13,994
Share-based
payments 240
Released on
forfeiture (11)
___ ______ ___ _______ ___ ______ ___ ______ ___ ______
At 31 October
2019 (Unaudited) 17,276 67,267 1,495 2,553 106
========== ========== ========== ========== =========
--------------Equity attributable
to owners of the parent -------------
Total Non-
Retained ESOT Shareholders' controlling Total
earnings shares equity interests equity
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 May 2018
(Audited) (42,129) (102) 16,538 (654) 15,884
For the period
to 31 October
2018
--------------------------- ------------- ------------ -------------- ------------ ------------
Consolidated
profit/(loss) (4,258) (4,258) 10 (4,248)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations 190 (86) 104
--------------------------- ------------- ------------ -------------- ------------ ------------
Total comprehensive
income/(loss) (4,258) (4,068) (76) (4,144)
Issue of shares
(net of costs) 11,996 11,996
Share-based
payments 125 125
Released on 15
forfeiture - -
___ ________ ___ ______ ___ _______ ___ _______ ___ _______
At 31 October
2018 (Unaudited) (46,372) (102) 24,591 (730) 23,861
For the period
to 30 April
2019
--------------------------- ------------- ------------ -------------- ------------ ------------
Consolidated
profit/(loss) (4,684) (4,684) - (4,684)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations (70) 38 (32)
--------------------------- ------------- ------------ -------------- ------------ ------------
Total comprehensive
income/(loss) (4,684) (4,754) 38 (4,716)
Share-based
payments 207 207
Released on
forfeiture 123 - -
Acquisition
of non-controlling
interest (1,176) (708) 692 (16)
___ _______ ___ _______ ___ _______ ___ _______ ___ _______
At 30 April
2019 (Audited) (52,109) (102) 19,336 - 19,336
For the period
to 31 October
2019
Consolidated
profit/(loss) (5,343) (5,343) - (5,343)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations - - -
--------------------------- ------------- ------------ -------------- ------------ ------------
Total comprehensive
income/(loss) (5,343) (5,343) - (5,343)
Issue of shares
(net of costs) 16,921 16,921
Share-based
payments 240 240
Released on 11
forfeiture - -
___ ________ ___ ______ ___ _______ ___ _______ ___ _______
At 31 October
2019 (Unaudited) (57,441) (102) 31,154 - 31,154
=========== ========== ========== ========== ==========
ANGLE plc
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHSED 31 OCTOBER 2019
1 Basis of preparation and accounting policies
This Condensed Interim Financial Information is the unaudited
interim consolidated financial information (the "Condensed Interim
Financial Information") of ANGLE plc, a company incorporated in
Great Britain and registered in England and Wales, and its
subsidiaries (together referred to as the "Group") for the six
month period ended 31 October 2019 (the "interim period").
The Condensed Interim Financial Information should be read in
conjunction with the Financial Statements of the Group for the year
ended 30 April 2019, which have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union (EU). New and revised IFRS and interpretations
recently adopted by the EU and that became effective in the period
did not have or are not expected to have a significant impact on
the Group, with the exception of IFRS 16 Leases, the impact of
which is described below. Where necessary, comparative information
has been reclassified or expanded from the previously reported
Condensed Interim Financial Information to take into account any
presentational changes which were made in the Annual Report and
Accounts to 30 April 2019 and which may be made in the Annual
Report and Accounts to 31 December 2019.
The accounting policies used in the preparation of the Condensed
Interim Financial Information for the six months ended 31 October
2019 are in accordance with the recognition and measurement
criteria of IFRS, as adopted by the EU, and are consistent with
those which will be adopted in the Financial Statements for the
period ended 31 December 2019. While the Condensed Interim
Financial Information has been prepared in accordance with the
recognition and measurement criteria of IFRS, as adopted by the EU,
these Financial Statements do not contain sufficient information to
comply with IFRS.
This Condensed Interim Financial Information does not constitute
statutory financial statements as defined in section 434 of the
Companies Act 2006 and is unaudited and has not been reviewed. The
comparative information for the six months ended 31 October 2018 is
also unaudited. The comparative figures for the year ended 30 April
2019 have been extracted from the Group Financial Statements as
filed with the Registrar of Companies. The report of the auditors
on those accounts was unqualified and did not contain statements
under sections 498(2) or (3) of the Companies Act 2006.
The Condensed Interim Financial Information was approved by the
Board and authorised for issue on 30 January 2020.
Adoption of new and revised standards
IFRS 16 Leases came into effect for accounting periods
commencing on or after 1 January 2019. The Group has adopted the
standard and included relevant transactions in these Interim
Financial Statements. The Group has not restated comparatives for
the previous reporting period, as permitted under the specific
transitional provisions in the standard.
The Group has recognised right-of-use assets representing its
occupation rights under various property leases, and the
corresponding lease liabilities representing its obligations to
make lease payments over the remaining lease terms.
The effect of IFRS 16 was to recognise right-of-use assets and
corresponding lease liabilities of GBP1.7 million at 1 May 2019
(the date of initial application). The right-of-use assets are
included in Property, plant and equipment and the corresponding
Lease liabilities are shown separately on the Statement of
Financial Position. There is no impact on reserves as at 1 May
2019.
The impact on the Consolidated Statement of Comprehensive Income
in the reporting period has been to increase the depreciation
charge and reduce the leasing cost by GBP0.2 million, both
presented within 'Operating costs'.
Going concern
The Financial Information has been prepared on a going concern
basis which assumes that the Group will be able to continue its
operations for the foreseeable future.
The Directors have prepared and reviewed financial projections
for the 12 month period from the date of approval of this Condensed
Interim Financial Information. Based on the level of existing cash
and the projected income and expenditure (the timing of some of
which is at the Group's discretion), the Directors have a
reasonable expectation that the Company and Group have adequate
resources to continue in business for the foreseeable future.
Accordingly the going concern basis has been used in preparing the
Condensed Interim Financial Information.
Critical accounting estimates and judgements
The preparation of the Condensed Interim Financial Information
requires the use of estimates, assumptions and judgements that
affect the reported amounts of assets and liabilities at the date
of the Financial Information and the reported amounts of revenues
and expenses during the reporting period. Although these estimates,
assumptions and judgements are based on the Directors' best
knowledge of the amounts, events or actions, and are believed to be
reasonable, actual results ultimately may differ from those
estimates.
The estimates, assumptions and judgements that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities relate to 1) the valuation and
amortisation of internally generated intangible assets 2)
impairment of intangible assets 3) share-based payments 4) research
and development tax credit and 5) IFRS 16 recognition of
right-of-use asset and lease liabilities.
2 Operating segment and revenue analysis
The Group's principal trading activity is undertaken in relation
to the commercialisation of its Parsortix cell separation system
and its HyCEAD Ziplex multiplex analysis system. There are separate
work streams on the Parsortix and HyCEAD Ziplex systems however the
HyCEAD Ziplex system is used primarily in combination with
Parsortix in the Ovarian cancer clinical application. There is
significant overlap of work between the teams involved in R&D
and commercial activities and as a result the Directors believe
that these activities are best shown as one operating segment. All
significant decisions are made by the Board of Directors with
implementation of those decisions on a Group-wide basis. The Group
manages all overseas R&D and commercial activities from the
UK.
3 Tax
The Group undertakes research and development activities. In the
UK these activities qualify for tax relief resulting in research
and development tax credits.
4 Earnings/(loss) per share
The basic and diluted earnings/(loss) per share is calculated by
dividing the after tax loss for the period attributable to the
owners of the parent of GBP5.3 million (six months to 31 October
2018: loss GBP4.3 million, year to 30 April 2019: loss GBP8.9
million) by the weighted average number of shares in the
period.
In accordance with IAS 33 Earnings per share 1) the "basic"
weighted average number of Ordinary shares calculation excludes
shares held by the Employee Share Ownership Trust (ESOT) as these
are treated as treasury shares and 2) the "diluted" weighted
average number of Ordinary shares calculation considers potentially
dilutive Ordinary shares from instruments that could be converted.
Share options are potentially dilutive where the exercise price is
less than the average market price during the period. Due to the
losses in the periods, share options are non-dilutive for the
respective periods as adding them would have the effect of reducing
the loss per share and therefore the diluted loss per share is
equal to the basic loss per share.
The basic and diluted earnings/(loss) per share are based on
160,552,479 weighted average Ordinary GBP0.10 shares (six months to
31 October 2018: 129,580,872; year to 30 April 2019:
136,398,468).
5 Intangible assets
Acquired
intangible Intellectual Product
Goodwill assets property development Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 May 2018 (Audited) 2,207 1,213 809 2,385 6,614
Additions - - 43 428 471
Exchange movements - 6 17 111 134
_________ _________ _________ _________ _________
At 31 October 2018 (Unaudited) 2,207 1,219 869 2,924 7,219
Additions - - 52 1,130 1,182
Disposals - - - (3) (3)
Exchange movements - (5) (5) (32) (42)
_________ _________ _________ _________ _________
At 30 April 2019 (Audited) 2,207 1,214 916 4,019 8,356
Additions - - 34 917 951
Exchange movements - 3 2 9 14
_________ _________ _________ _________ _________
At 31 October 2019 (Unaudited) 2,207 1,217 952 4,945 9,321
======= ======= ======= ======= =======
Amortisation and impairment
At 1 May 2018 (Audited) - 87 181 758 1,026
Charge for the period - 71 13 234 318
Exchange movements - 2 10 66 78
_________ _________ _________ _________ _________
At 31 October 2018 (Unaudited) - 160 204 1,058 1,422
Charge for the period - 72 29 (14) 87
Disposals - - - (3) (3)
Impairment - - 47 - 47
Exchange movements - (2) (4) (24) (30)
_________ _________ _________ _________ _________
At 30 April 2019 (Audited) - 230 276 1,017 1,523
Charge for the period - 72 19 101 192
Impairment - - - 836 836
Exchange movements - 1 1 3 5
_________ _________ _________ _________ _________
At 31 October 2019 (Unaudited) - 303 296 1,957 2,556
======= ======= ======= ======= =======
Net book value
At 31 October 2019 (Unaudited) 2,207 914 656 2,988 6,765
At 30 April 2019 (Audited) 2,207 984 640 3,002 6,833
At 31 October 2018 (Unaudited) 2,207 1,059 665 1,866 5,797
"Goodwill" relates to the acquisition of the assets of Axela
Inc. on 1 November 2017. Goodwill is deemed to have an indefinite
useful life, is carried at fair value and is reviewed for
impairment annually or more frequently if events or changes in
circumstances indicate a potential impairment.
6 Share capital
The Company has one class of Ordinary shares which carry no
right to fixed income and at 31 October 2019 had 172,754,816
Ordinary shares of GBP0.10 each allotted, called up and fully
paid.
During the period the Company issued 29,268,294 new Ordinary
shares with a nominal value of GBP0.10 at an issue price of
GBP0.615 per share in a subscription of shares realising gross
proceeds of GBP18.0 million. Shares were admitted to trading on AIM
in July 2019.
7 Post reporting date events
As explained in the Chairman's Statement, subsequent to the
reporting date the Company has made continued strong progress with
Parsortix and made further announcements in relation to FDA
clearance studies progress.
Shareholder communications
The announcement is being sent to all shareholders on the
register at 30 January 2020. Copies of this announcement are posted
on the Company's website www.ANGLEplc.com and are available from
the Company's registered office: 10 Nugent Road, Surrey Research
Park, Guildford, Surrey, GU2 7AF.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FFFELLFIAFII
(END) Dow Jones Newswires
January 30, 2020 02:01 ET (07:01 GMT)
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