RNS Number : 2462E
  Curidium Medica PLC
  25 September 2008
   

 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 PsychINDx* 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 �683,000 (2007: �553,000)
 *   Financial assets, cash and cash equivalents �3.6 million (2007:�1.3
     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 PsychINDx* 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 Alves  +44 (0) 20 7398 7700
 stephanie.cuthbert@abchurch-group.com               www.abchurch-group.com

      Chairman's Statement 
    During the first half of 2008 Curidium Medica introduced PsychINDx*, 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 PsychINDx* 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)
                                               �000s        �000s        �000s

 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 tax        (569)        (533)      (1,168)
 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
                                                 30 June  30 June  31 December
                                                    2008     2007         2007
                                                   �000s    �000s        �000s

 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      4,815    2,302        5,351
 parent Company
      CONSOLIDATED CASH FLOW INFORMATION
    Summary Cash Flow Statement

                                         6 months to  6 months to  Year ended 
                                             30 June      30 June  31 December
                                                2008         2007         2007


                                         (unaudited)  (unaudited)    (audited)
                                               �000s        �000s        �000s

 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 operating               (648)        (449)      (1,276)
 activities 

 Investing activities 
 Interest received                               114           20          125
 Purchases of property, plant and                (3)          (3)          (4)
 equipment 
 Deposits in fixed term bank accounts             63            -      (2,030)
 with maturity dates greater than 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 beginning        2,128        1,723        1,722
 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
                                             30 June      30 June  31 December
                                                2008         2007         2007
                                         (unaudited)  (unaudited)    (audited)
                                                   �            �            �
 Loss for the purposes of basic and            (569)        (533)      (1,095)
 diluted loss per share being net loss
 attributable to equity holders of the
 parent



 Number of shares 
                                         6 months to  6 months to   Year ended
                                             30 June      30 June  31 December
                                                2008         2007         2007
                                         (unaudited)  (unaudited)    (audited)

 Adjusted weighted average number of      18,943,439   17,036,125   18,449,457
 ordinary shares for the purposes of
 basic and diluted earnings per share 

    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)
                                           �000s        �000s        �000s
 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

                                                                                  �000s
 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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