TIDMONG
RNS Number : 3690E
Oxford Nutrascience Group PLC
06 April 2011
6 April 2011
Oxford Nutrascience Group plc
("Oxford Nutrascience" or "the Company")
Year End results to 31 December 2010
Oxford Nutrascience is a speciality pharmaceutical company using
pharmaceutic and drug delivery science to develop advanced
medicines that add value to generic and soon to be off patent
Active Pharmaceutical Ingredients (API's).
PERIOD HIGHLIGHTS
Successful admission of Oxford Nutrascience to AIM
Validation of platform technology for chewable tablets
(Chewitabs(TM)) and liquid suspensions and initiation of
commercialization activities.
Establishment of manufacturing capability for Chewitabs(TM)
Launch of chewable supplements using proprietary technology.
Development of "no burn" Ibuprofen
Targeting of higher margin pharmaceutical sector
Patent and technology portfolio expanded
CURRENT PERIOD
Exclusive licensing agreement with University of Oxford
Nigel Theobald, Chief Executive, Oxford Nutrascience Group plc
said:
"The successful IPO of Oxford Nutrascience has allowed us to
accelerate the development of our technology portfolio refocusing
on valuable opportunities in the pharmaceutical sector.
"As the drug development companies continue to seek ways to
differentiate their products Oxford Nutrascience provides solutions
to innovate and add value. Our technology platforms in delivery
formats and drug delivery are already attracting significant
attention from major pharma companies, and in particular, the
development of a more pleasant "no burn" Ibuprofen product has been
very well received.
"The pharmaceutical sector offers many exciting opportunities
and Oxford Nutrascience's strategy will now be focused on this
sector."
A copy of the Annual Report and Notice of AGM is being posted to
shareholders shortly and will also be made available on the
Company's website www.oxfordnutrascience.com
Contacts:
Oxford Nutrascience Group Plc
Nigel Theobald, Chief Executive +44 1865 854874
Mark Way, Investor Relations +44 7786 116991
ZAI Corporate Finance (Nominated Adviser)
John Depasquale / Sarang Shah +44 20 7060 2220
CHAIRMAN'S STATEMENT
I would like to welcome all shareholders to Oxford
Nutrascience's first year end results following the IPO of the
Company in February of 2010.
During the year much of the Company's activity was geared
towards initialising the commercialisation of its supplement and
medicine delivery technologies as well as expanding its technology
base to allow the development of high value applications in the
Over the Counter ("OTC") and Prescription ("Rx") markets.
Strategy
The company's strategy has evolved dramatically in the last 12
months as the company has expanded its technology base and
expertise. Oxford Nutrascience is developing a strong portfolio of
pharmaceutical and drug delivery technologies and is using these to
develop novel applications of generic or soon to be off patent
active pharmaceutical ingredients. Specifically, the company
specialises in formulating products that are easier or more
pleasant to take for geriatric or pediatric markets as well as
modified release formulations for various clinical benefits.
The Company's strategy is now primarily focused on the
pharmaceutical sector where a significant number of drugs are now
generic and where it is becoming increasingly difficult and
expensive to bring new drugs to market. As drugs come off patent or
face generic competition, pharmaceutical companies are under
pressure to maximise their return on investment in the drug and to
find ways to extend their lifecycle. This is often achieved through
format differentiation which is where our expertise and
technologies come in.
Oxford Nutrascience with its ability to innovate provides
pharmaceutical companies with solutions to retain differentiation
and add value.
As part of the evolving strategy it is proposed that the name of
the Company be changed to Oxford Pharmascience Group Plc as set out
in Resolution 7 of the notice of Annual General Meeting.
Financial highlights
During the year revenues increased by 128 per cent to GBP0.12
million reflecting the increased sales of the Company's own branded
calcium supplement, particularly in the Middle East. While own
brand supplement sales is not the future direction for the Company,
it has been an important step in validating our technology
platform.
The loss of GBP0.81 million was in line with forecasts and
reflects the technology development and scale up of commercial
activities achieved during the year.
Successful IPO and listing of the Company
The IPO of Oxford Nutrascience has allowed the Company to
accelerate both the development of its technology base and their
commercialisation and also to increase the profile of the company
amongst pharmaceutical companies worldwide.
As a consequence Oxford Nutrascience is in discussions with a
number of major brand owners in the OTC and prescription
pharmaceutical sectors for the possible licensing of our
intellectual property.
The Company raised GBP1.1 million, before expenses, via a
placing of 62,857,148 ordinary shares of 0.1p each at a price of
1.75p per share.
Ibuprofen
Oxford Nutrascience has established proof of concept for the
taste masking of Ibuprofen, a popular pain relief drug that is
available OTC, importantly also removing the typical burning
sensation the drug can cause in the throat.
In February 2011 Oxford Nutrascience signed a worldwide
exclusive licensing agreement with Isis Innovation Limited, the
technology transfer company of the University of Oxford to develop
and commercialise products utilising a novel drug delivery/taste
masking technology developed at Oxford. The University's technology
provides for outstanding taste masking, enhanced drug stability and
potential for tuneable drug release properties.
By combining this technology with Oxford Nutrascience's delivery
formats technologies, the company is proceeding to develop "no
burn" chewable and liquid ibuprofen products which it intends to
commercialise via the OTC and Rx markets. This is a significant
market opportunity for Oxford Nutrascience and the interest being
shown from the major companies currently selling ibuprofen products
confirms this.
Importantly the University's technology is also applicable to a
broad range of pharmaceuticals including major drug categories such
as NSAIDS (Non-steroidal Anti-inflammatory drugs) and statins.
Oxford Nutrascience plans to use the University's technology to
develop and launch additional products in these areas.
Outlook
Oxford Nutrascience has made good progress in the development of
its pharmaceutic and drug delivery techniques during the period and
now has an ability to provide genuine product innovation in this
market.
As part of the next phase of the Company's development we will
look to enter commercial agreements with both pharmaceutical
companies and also other academic institutions from where the
Company may source complimentary novel technologies.
We view the future with confidence and are currently in
discussion stages with a number of potential commercial partners.
The Board expects to be able to announce the signing of one or more
of such commercial agreements in the current year and looks forward
to updating shareholders as these arise.
Marcelo Bravo, Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year to Year to
31 December 31 December
2010 2009
GBP'000 GBP'000
---------------------------------- ------------- -------------
Revenues 123 54
Cost of sales (88) (32)
---------------------------------- -------------
Gross profit 35 22
---------------------------------- ------------- -------------
Administrative expenses (638) (262)
Cost of AIM listing (227) -
---------------------------------- -------------
Total administration costs (865) (262)
---------------------------------- ------------- -------------
Operating loss (830) (240)
Finance income - 11
---------------------------------- ------------- -------------
Loss before tax (830) (229)
Taxation 18 -
---------------------------------- -------------
Loss after tax attributable
to equity holders of the parent (812) (229)
---------------------------------- ------------- -------------
Loss per share
Basic on loss for the period
(pence) (0.18) (0.06)
Diluted on loss for the period
(pence) (0.18) (0.06)
---------------------------------- ------------- -------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 31 December
2010 2009
GBP'000 GBP'000
------------------------------- ------------ ------------
Assets
Non-current assets
Intangible assets 80 7
Property, plant and equipment 5 1
-
------------------------------- ------------
Total non-current assets 85 8
------------------------------- ------------ ------------
Current assets
Inventories 104 39
Trade and other receivables 72 169
Cash and cash equivalents 896 638
-------------------------------
Total current assets 1,072 846
------------------------------- ------------ ------------
Total Assets 1,157 854
------------------------------- ------------ ------------
Liabilities
Current liabilities
Trade and other payables (62) (59)
------------------------------- ------------
Total current liabilities (62) (59)
------------------------------- ------------ ------------
Net Assets 1,095 795
------------------------------- ------------ ------------
Equity
Share capital 464 160
Share premium 1,037 955
Merger reserve 714 -
Share based payment reserve 28 16
Revenue deficit reserve (1,148) (336)
------------------------------- ------------ ------------
Total Equity 1,095 795
------------------------------- ------------ ------------
CONSOLIDATED STATEMENT OF CASH FLOWS
Year to 31 Year to 31
December 2010 December 2009
GBP'000 GBP'000
-------------------------------------------- --------------- ---------------
Operating Activities
Loss before interest and tax (830) (240)
Adjustment for non- cash items:
Depreciation of property, plant and
equipment 2 -
Amortisation of intangible assets 6 1
Share based payment 12 16
Increase in inventories (65) (20)
Decrease/(increase) in trade and other
receivables 97 (129)
Increase in trade and other payables 3 18
-------------------------------------------- ---------------
Operating cash outflow (775) (354)
Taxation refunded 18 -
Net cash outflow from operations (757) (354)
-------------------------------------------- --------------- ---------------
Investing Activities
Interest received - 11
Purchases of property, plant and equipment (6) (1)
Additions of intangible assets (79) (7)
-------------------------------------------- ---------------
Net cash (outflow)/inflow from investing
activities (85) 3
-------------------------------------------- --------------- ---------------
Financing Activities
Proceeds from issue of share capital 1,100 -
-------------------------------------------- ---------------
Net cash inflow from financing activities 1,100 -
-------------------------------------------- --------------- ---------------
Increase/(decrease) in cash and cash
equivalents 258 (351)
Cash and cash equivalents at start of
period 638 989
-------------------------------------------- ---------------
Cash and cash equivalents at end of period 896 638
-------------------------------------------- --------------- ---------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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