Press release 25 September 2008
Curidium Medica Plc
("Curidium" or "the Company")
Interim Results
for the six months ended
30 June 2008
Curidium Medica Plc (AIM : CUR ), a pioneer of diagnostic technology for
personalised medicine, is pleased to announce its interim results for
the six months ended 30 June 2008.
Highlights
- Introduction of PsychINDxTM to major pharmaceutical companies
- Progress with Major Depression Programme in partnership with
Takeda
- Increased business and product development
- Co-founder of the Company, Dr. Barry Porter appointed Chairman
- Operating loss GBP683,000 (2007: GBP553,000)
- Financial assets, cash and cash equivalents GBP3.6 million
(2007:GBP1.3 million)
Commenting on the results, Dr. Barry Porter, Chairman of Curidium
said:"This has been an important period for the Company; we have had
significant interest in our novel diagnostic tool PsychINDxTM from a
number of leading pharmaceutical companies and we look forward
to bringing these discussions to completion in the next year. Our
partnership with Takeda continues to progress well and we expect to
analyse our initial data in the second half of the year. Personalised
medicine is growing in popularity as pharmaceutical companies see an
opportunity to reduce development costs, and Curidium is well placed to
take advantage of this in the field of CNS disorders."
For further information:
Curidium Medica plc
Barry Porter (Chairman) +44 (0)20 7554 5100
Rob Smith (Finance Director) +44 (0)20 7554 5102
http://www.curidium.com/
FinnCap
Charles Cunningham +44 (0) 20 7600 1658
http://www.jmfinncapitalmarkets.com/
Media enquiries:
Abchurch
Heather Salmond / Stephanie Cuthbert/ Simone +44 (0) 20 7398 7700
Alves
stephanie.cuthbert@abchurch-group.com www.abchurch-group.com
Chairman's Statement
During the first half of 2008 Curidium Medica introduced PsychINDxTM,
its diagnostic blood test to sub-classify patients with schizophrenia
or bipolar disorder, to leading pharmaceutical companies in Europe and
the United States. We have received positive feedback and there has
been significant interest in our approach. The timing of revenue
generating contracts will depend on the acceptance of Curidium's
technology by drug developers and the phasing of their drug development
programmes. As we continue to work towards these contracts we have
embarked on a number of product development initiatives to strengthen
PsychINDxTM and enhance its attractiveness to potential customers.
Our work in Major Depressive Disorder, in partnership with Takeda, is
progressing well and we are currently applying our Homomatrix®
technology to brain tissue samples recently sourced by the
Company. The data analysis process will be carried out in the second
half of 2008 with the generation of initial results in early 2009.
During the first half of the year, we increased our business and
product development activities. This has resulted in a widening of our
operating loss, however, we continue to manage cash resources carefully
and the strength of our balance sheet is being deployed to optimise the
Company's potential.
The exciting field of personalised medicine is evolving rapidly and
Curidium is well placed to play a significant part in its developments,
particularly as the regulators and pharmaceutical companies recognise
its growing importance. We are currently reviewing our approach to the
market and are refining our business strategy so that we can capitalise
on the growing opportunities ahead and deliver the best possible return
to share holders.
Dr. Barry Porter
Chairman
25th September 2008
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2008
6 months to 6 months to Year
ended
30 June 30 June 31
December
2008 2007 2007
(unaudited) (unaudited) (audited)
GBP000s GBP000s GBP000s
Research and Development (249) (177) (390)
Administrative expenses (434) (379) (906)
Other operating income - 3 3
(Loss) from operations (683) (553) (1,293)
Interest receivable 114 20 125
Loss on ordinary activities before (569) (533) (1,168)
tax
Tax - - 73
Loss for the period attributable to (569) (533) (1,095)
shareholders
Pence Pence Pence
Loss per share, basic and diluted 3.00 3.13 5.94
The Group's operating losses arise from continuing operations.
There were no recognised gains or losses other than those recognised in
the income statement above.
CONSOLIDATED BALANCE SHEET
As at 30 June 2008
as at as at as at
31
30 June 30 June December
2008 2007 2007
GBP000s GBP000s GBP000s
ASSETS
Non-current assets
Goodwill 1,098 1,098 1,098
Property, plant and equipment 7 7 7
1,105 1,105 1,105
Current assets
Trade and other receivables 260 93 304
Other Financial Assets 1,967 - 2,030
Cash and cash equivalents 1,654 1,291 2,128
3,881 1,384 4,462
Total assets 4,986 2,489 5,567
Current liabilities
Trade and other payables (171) (187) (216)
(171) (187) (216)
Net current assets 3,710 1,197 4,246
Non-current liabilities - - -
Total liabilities (171) (187) (216)
Net assets 4,815 2,302 5,351
EQUITY
Share Capital 7,695 4,050 7,662
Accumulated deficit (2,880) (1,748) (2,311)
Equity attributable to equity holders of the
parent Company 4,815 2,302 5,351
CONSOLIDATED CASH FLOW INFORMATION
Summary Cash Flow Statement
Year
6 months to 6 months to ended
30 June 30 June 31
December
2008 2007 2007
(unaudited) (unaudited) (audited)
GBP000s GBP000s GBP000s
Operating activities
Operating loss (683) (553) (1,292)
Share based payments 34 124 145
Depreciation 2 2 2
Loss on disposal of property, plant - - 1
and equipment
(Increase) / decrease in receivables 44 20 (118)
Increase / (decrease) in payables (45) (42) (14)
Net cash outflow from (648) (449) (1,276)
operating activities
Investing activities
Interest received 114 20 125
Purchases of property, plant and (3) (3) (4)
equipment
Deposits in fixed term bank accounts
with maturity dates greater than 63 - (2,030)
three months
Net cash used in investing activities 174 17 (1,909)
Financing activities
Proceeds from issue of share capital - - 3,590
Net cash from financing activities - - 3,590
Net increase/(decrease) in cash and (474) (432) 406
cash equivalents
Cash and cash equivalents at 2,128 1,723 1,722
beginning of period
Cash and cash equivalents at end of 1,654 1,291 2,128
period
Notes to the interim statements
For the six months ended 30th June 2008
SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS). The financial
statements have been prepared on the historical cost basis. The
principal accounting policies adopted are set out below and are
consistent with those set out in the Company Annual Report and Accounts
for the year ended 31st December 2007.
Basis of Consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company (its
subsidiaries) made up to 30th June and 31st December each year. Control
is achieved where the Company has the power to govern the financial and
operating policies of an investee entity so as to obtain benefits from
its activities.
On acquisition, the assets and liabilities and contingent liabilities
of a subsidiary are measured at their fair values at the date of
acquisition. Any excess of the cost of acquisition over the fair values
of the identifiable net assets acquired is recognised as goodwill. Any
deficiency of the cost of acquisition below the fair values of the
identifiable net assets acquired (i.e. discount on acquisition) is
credited to profit and loss in the period of acquisition. The interest
of minority shareholders is stated at the minority's proportion of the
fair values of the assets and liabilities recognised. Subsequently, any
losses applicable to the minority interest in excess of the minority
interest are allocated against the interests of the parent.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
On 5th July 2006 the shareholders approved the business combination of
the Company and Curidium Limited, under the AIM rules and IFRS this
transaction meets the criteria of a Reverse Takeover.The consolidated
financial statements prepared following the reverse
are issued in the name of Curidium Medica plc, but they are a
continuance of the financial statements of Curidium Limited. Therefore
the assets and liabilities of Curidium Limited have been recognised and
measured in these consolidated financial statements at their
pre-combination carrying values. The retained earnings and other equity
balances recognised in these consolidated financial statements are the
retained earnings and other equity balances of Curidium Limited
immediately before the business combination.
The amount recognised as issued equity instruments in these
consolidated financial statements has been determined by adding the
issued equity of Curidium Limited immediately before the business
combination to the cost of the consideration. However, the equity
structure appearing in these consolidated financial statements (the
number and type of equity instruments issued) reflect the equity
structure of Curidium Medica plc, including equity instruments issued
by the Company to effect the consolidation.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those
used by the Group.
Share-based Payments
The Group has applied the requirements of IFRS 2 Share-based Payments.
In accordance with the transitional provisions, IFRS 2 has been applied
to all grants of equity instruments after 7th November 2002 that were
unvested as of 1st January 2005.
The Group issues equity-settled and cash-settled share-based payments
to certain employees. Equity-settled share-based payments are measured
at fair value at the date of grant. The fair value determined at the
grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the Group's
estimate of shares that will eventually vest.
Fair value is measured by use of a binomial model. The expected life
used in the model has been adjusted, based on management's best
estimate, for the effects of non-transferability, exercise
restrictions, and behavioural considerations.
A liability equal to the portion of the goods or services received is
recognised at the current fair value determined at each balance sheet
date for cash-settled share-based payments.
Share consolidation
On 7th March 2008, at an Extraordinary General Meeting, the members
approved a 1 for 30 consolidation of the Company's ordinary share
capital. Comparative loss per share data has been adjusted to reflect
the revised issued share capital.
The interim report for the six months to 30th June 2008, which complies
with IAS34, was approved by the Board on 25th September 2008.
LOSS PER SHARE
Loss per share data is based on the consolidated loss using reverse
accounting principles and the adjusted weighted average number of
shares in issue of the Parent Company.
6 months to 6 months to Year ended
31
30 June 30 June December
2008 2007 2007
(unaudited) (unaudited) (audited)
GBP GBP GBP
Loss for the purposes of basic and
diluted loss per share being net
loss attributable to equity holders
of the parent (569) (533) (1,095)
Number of shares
6 months to 6 months to Year ended
31
30 June 30 June December
2008 2007 2007
(unaudited) (unaudited) (audited)
Adjusted weighted average number of
ordinary shares for the purposes of
basic and diluted earnings per
share 18,943,439 17,036,125 18,449,457
The share options are anti-dilutive as they decrease the loss per
share.
The denominators for the purposes of calculating both basic and diluted
earnings per share have been adjusted to reflect the share
consolidation completed in March 2008.
SHARE CAPITAL
Share Capital for Curidium Medica plc is set out in the following
table:
as at as at as at
30 June 30 June 31 December
2008 2007 2007
(unaudited) (unaudited) (audited)
Number Number Number
Authorised:
Ordinary shares of 0.1p each - 860,000,000 860,000,000
Ordinary shares of 3p each 28,666,666 - -
Deferred shares of 24p each 40,000,000 40,000,000 40,000,000
Deferred shares of 0.9p each 60,000,000 60,000,000 60,000,000
128,666,666 960,000,000 960,000,000
Alloted, called up and fully paid:
Ordinary shares of 0.1p each - 457,811,392 568,303,195
Ordinary shares of 3p each 18,943,439 - -
Deferred shares of 24p each 17,866,670 17,866,670 17,866,670
Deferred shares of 0.9p each 35,405,696 35,405,696 35,405,696
72,215,805 511,083,758 621,575,561
as at as at as at
30 June 30 June 31 December
2008 2007 2007
(unaudited) (unaudited) (audited)
GBP000s GBP000s GBP000s
Authorised:
Ordinary shares of 0.1p each - 860 860
Ordinary shares of 3p each 860 - -
Deferred shares of 24p each 9,600 9,600 9,600
Deferred shares of 0.9p each 540 540 540
11,000 11,000 11,000
Alloted, called up and fully paid:
Ordinary shares of 0.1p each - 180 568
Ordinary shares of 3p each 568 - -
Deferred shares of 24p each 4,288 4,288 4,288
Deferred shares of 0.9p each 319 319 319
5,175 4,787 5,175
STATEMENT OF CHANGES IN EQUITY
GBP000s
Balance as at 1 January 2007 5,351
Share consolidation adjustment 33
Net loss for the period (569)
Balance at 30 June 2007 4,815
Equity comprises share capital, share premium and retained
earnings.
UNAUDITED RESULTS
The unaudited results for period ended 30 June 2008 do not constitute
statutory accounts within the meaning of Section 240 of the Companies
Act 1985. The comparative figures for the year ended 31 December 2007
are extracted from the statutory financial statements which have been
filed with the Registrar of Companies and which contain an unqualified
audit report and did not contain statements under Section 237(2) or (3)
of the Companies Act 1985.
COPIES OF INTERIM REPORT
The Interim report is available to view and download from the Companies
website at www.curidium.com. If shareholders would like a hard copy of
the interim report they should contact the Company Secretary, Rob
Smith, on 020 7554 5100.
This information is provided by RNS
The company news service from the London Stock Exchange
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