27th Sep 2007 07:02
Henderson Morley PLC27 September 2007 27 SEPTEMBER 2007 HENDERSON MORLEY PLC (AIM) FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2007 The Board of Henderson Morley plc ("Henderson Morley" or "the Company")announces its audited Final Results for the year to 30 April 2007. KEY POINTS • Turnover for the period under review was £19,251 (2006: £2,991) • The Company now has 45 granted patents in respect of its ICVT technology • During the period the Company successfully raised £2.16m via placings • The scientific pipeline is progressing well CHAIRMAN'S STATEMENT Financial Summary Turnover for the period under review was £19,251 (2006: £2,991) which related tothe sale of nutraceuticals from the Company's website and other licensingincome. Research, development and administrative expenses for the year amountedto £995,599 (2006: £797,696), which resulted in a pre-tax loss of £942,804(2006: £776,011). Basic and diluted loss per share was 0.20p per share (2006:loss - 0.20p). Cash at bank at 30 April 2007 was £1,478,460 (2006: £261,256). Review of Operations ICVT Close collaboration between Croma Pharma and the Company continues and we arecurrently considering a number of options to bring the Phase II studies forward. Development work on the injectable formulation is on schedule and we stillenvisage that the final formulation will be ready for Pre-IND discussions by theend of 2007. The therapeutic studies against feline herpes have now been granted EthicsCommittee approval and the study is due to start within the next two months andthe results should be available by the end of Q2 2008. Koi Herpes Vaccine The antigenicity studies of the Koi herpes vaccine candidate have now beencompleted. The data has been analysed and 100% of the vaccine recipients testedhave produced a significant immune response. This level of immunity is a very good indicator of a successful vaccine beingdeveloped and late stage discussions with a potential partner continue. Patents The Company now has 45 granted patents in respect of its ICVT technologyplatform with a further 28 patents filed and under examination by the patentauthorities. Laboratory Expansion As a result of the recent laboratory expansion, Dr Pardoe and his scientificteam have been working on a number of projects including: • Production and purification of large quantities of PREPS and L-particles from several strains of virus; • Investigation of novel purification technologies for viruses; • Preparation of new patent applications in new disease areas; • Investigation of novel vaccine production methods; and • Investigation of new applications for PREPS and L-particles. Issue of Equity During the period the Company successfully raised £2.16m via placings. Thepurpose of these placings was to provide the Company with working capital tocontinue with its investment and the anticipated commercialisation of its patentportfolio and the ongoing development of ICVT. The total number of shares nowin issue stands at 491,928,631. Website We are pleased to announce that we have redesigned our corporate website atwww.henderson-morley.com and that it is fully compliant with AIM Rule 26. Strategic Review As previously announced, the Company is continuing to explore strategic optionsin order to maximise shareholder value. One of these options is the sale ofsome or all of the business, and the Board has engaged advisers to assist withthis process. The Company is in an "offer period" under the City Code onTakeovers and Mergers. As this process may or may not lead to an offer beingmade for the Company we will keep shareholders updated as and when there are anydevelopments. Your Board stresses that during this process, the scientific developmentprogramme and out-licensing strategy continues unaffected. Outlook The scientific pipeline is progressing well and we continue to make excellentstrides forwards across all areas of the pipeline. Recently, Chief Medical Director, Dr Ian Pardoe has presented the role of PREPSand L-particles as cancer vaccine candidates to an International audience at theCambridge, Mass., USA Healthtech Institute Conference on Advances in CancerImmunotherapeutics, where the technology created much interest. Your Board is very encouraged with the level of patents granted and pending andwe believe that this will assist us in our endeavours to secure partners tooutlicence our technologies. ANDREW KNIGHTExecutive Chairman --ENDS-- Copies of this announcement will be available free of charge to the public atthe Company's registered office at Metropolitan House, 2 Salisbury Road,Moseley, Birmingham, B13 8JS and at the offices of Brewin Dolphin SecuritiesLtd, 34 Lisbon Street, Leeds LS1 4LX for 14 days. Enquiries: HENDERSON MORLEY PLC Tel: 0121 442 4600 Andrew Knight, Chairman BREWIN DOLPHIN SECURITIES LTD Tel: 0113 241 0126 Neil Baldwin H-B CORPORATE Tel: 020 7510 8654 Jon Levinson BISHOPSGATE COMMUNICATIONS LTD Tel: 020 7562 3350 Maxine BarnesJenni Herbert HENDERSON MORLEY PLC AND SUBSIDIARY UNDERTAKINGS Profit and Loss Account for the Year Ended 30 April 2007 30.4.07 30.4.06 £ £ £ £ TURNOVER 19,251 2,991 Cost of sales 1,905 2,059 17,346 932GROSS PROFIT Administrative expenses 667,925 528,395Research and development 327,674 269,301 Total administrative expenses 995,599 797,696 (978,253) (796,764)Operating lossInterest receivable and similar income 36,053 21,521 (942,200) (775,243)Interest payable and similar charges 604 768 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (942,804) (776,011)Tax on loss on ordinary activities 45,364 64,364 LOSS FOR THE FINANCIAL YEAR AFTER TAXATION (897,440) (711,379) DEFICIT FOR THE YEAR (897,440) (711,379) Basic and Diluted Loss per Ordinary Share (0.20p) (0.20p) CONTINUING OPERATIONS None of the company's activities were acquired or discontinued during thecurrent year or previous year. TOTAL RECOGNISED GAINS AND LOSSES The company has no recognised gains or losses other than the losses for thecurrent year or previous year. HENDERSON MORLEY PLC AND SUBSIDIARY UNDERTAKINGS Consolidated Balance Sheet 30 April 2007 30.4.07 30.4.06 £ £ £ £ FIXED ASSETSIntangible assets 81,408 101,460Tangible assets 74,500 38,645 155,908 140,105 CURRENT ASSETSStocks 400 1,708Debtors 138,340 118,059Cash at bank 1,478,460 261,256 1,617,200 381,023 CREDITORSAmounts falling due within one year 97,723 110,303 NET CURRENT ASSETS 1,519,477 270,720 1,675,385 410,825 TOTAL ASSETS LESS CURRENT LIABILITIES CAPITAL AND RESERVESCalled up share capital 614,911 479,911Share premium 5,940,641 3,913,641Profit and loss account (4,880,167) (3,982,727) EQUITY SHAREHOLDERS' FUNDS 1,675,385 410,825 HENDERSON MORLEY PLC AND SUBSIDIARY UNDERTAKINGS Cash Flow Statement for the Year Ended 30 April 2007 30.4.07 30.4.06 £ £ Net cash outflowfrom operating activities (929,750) (753,358) Returns on investments andservicing of finance 35,449 20,753 Taxation 32,317 67,487 Capital expenditure (62,261) (11,775) (924,245) (676,893) Financing 2,147,479 235,083 Increase/(Decrease) in cash in the period 1,223,234 (441,810) Reconciliation of net cash flowto movement in net funds Increase/(Decrease)in cash in the period 1,223,234 (441,810)Cash outflow from decrease in debt - 3,510 Change in net funds resultingfrom cash flows 1,223,234 (438,300) Movement in net funds in the period 1,223,234 (438,300)Net funds at 1 May 246,915 685,215 Net funds at 30 April 1,470,149 246,915 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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