Half Yearly Report

ANTISOMA PLC

RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

Antisoma plc ("Antisoma" or the "Company) announces its unaudited results for the six months ended 31 December 2011.

Highlights:

·; Cash and short term deposits at 31 December 2011 of £13.6 million (2010: £14.7 million)

·; Administration costs substantially reduced

·; Move to AIM approved and implemented

·; Ongoing strategy as an Investment Company

Michael Pappas, Chairman, said:

"Antisoma benefits from a solid balance sheet and cash position and will continue to run a low cost base. This places the Company in a good position to exploit opportunities as they emerge with a view to developing a diversified portfolio of business investments. I believe that this will build value for shareholders going forward."

Enquiries:

NON-EXECUTIVE CHAIRMAN'S STATEMENT

Overview

Following the discontinuation of key clinical trials in early 2011, the Board took action to cease investment in the Group's clinical development programmes and reduce central overheads to a minimum in order to preserve cash resources.

The continuing Board subsequently reviewed a range of alternative strategies and opportunities in order to generate value for shareholders. During that process, the Board developed and agreed a strategy to identify and invest in a number of businesses with significant potential for value creation rather than commit the whole of Antisoma's cash resource to a single investment. It also became clear to the Board that the AIM market rather than the Official List, would be more appropriate for the trading of the Company's shares given its current strategy and size. In particular, a move to AIM would mean that corporate transactions can be executed more quickly and cost effectively.

On 7 December 2011, the Company's shareholders approved proposals to cancel Antisoma's listing on the Official List and to seek admission to trading of its shares on AIM. It was also felt appropriate for certain changes to be made to the Board at that time and, therefore, Grahame Cook and Michael Lewis did not seek re-appointment at the AGM on 7 December 2011, at which time I took on the role of Non-Executive Chairman. In addition, Ross Hollyman was appointed as an additional Non-Executive Director at the AGM.

Antisoma was subsequently admitted to AIM on 11 January 2012 as an Investing Company with an investing strategy under which the Board intends to identify investment opportunities offering the potential to deliver a favourable return to shareholders over the medium term, primarily in the form of a capital gain. A particular consideration will be to identify businesses which, in the opinion of the Board, are under-performing and present opportunities for value creation. The Company's equity interest in a potential investment may range from a minority position to 100 per cent. ownership and the interest may be either quoted or unquoted.

The Board intends the Company to be an active investor and to assist in the strategic development and growth of any significant acquisitions and/or investments it makes. The acquisitions or investments may be funded from existing cash resources, by the issue of new shares or with debt, or a combination thereof, as the Board deems appropriate.

Financial highlights

The Group reported a loss of £0.26m for the six months to 31 December 2011 (2010: loss of £15.38m) with administrative costs reduced to £0.19m inclusive of the cost of moving to AIM (2010: £1.79m). At 31 December 2011 the Group had cash balances of £13.56m and net assets of £12.27m.

Outlook

Antisoma benefits from a solid balance sheet and cash position and will continue to run a low cost base. This places the Company in a good position to exploit opportunities as they emerge with a view to developing a diversified portfolio of business investments. I believe that this will build value for shareholders going forward.

CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

The loss for the period arises from the Group's continuing operations.

Consolidated Statement of Comprehensive Income

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2011

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

1) BASIS OF PREPARATION

The interim financial statements of Antisoma Plc are unaudited condensed consolidated financial statements for the six months ended 31 December 2011. These include unaudited comparatives for the six months ended 31 December 2010 together with audited comparatives for the year ended 30 June 2011.

The condensed consolidated financial statements do not constitute statutory accounts. The statutory accounts for the year ended 30 June 2011 have been reported on by the auditors to Antisoma Plc and have been filed with the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 498 of the Companies Act 2006.

2) SIGNIFICANT ACCOUNTING POLICIES

The condensed consolidated financial statements have been prepared under the historical cost convention in accordance with International Financial Reporting Standards as adopted by the European Union.

The accounting policies adopted are consistent with those followed in the preparation of the annual financial statements of Antisoma Plc for the year ended 30 June 2011.

3) TAXATION

The Group has accumulated losses available to carry forward against future trading profits. No deferred tax asset has been recognised in respect of tax losses since it is uncertain at the balance sheet date as to whether future profits will be available against which the unused tax losses can beutilised.

4) LOSS PER SHARE (BASIC AND DILUTED)

Basic loss per share is calculated by dividing the loss attributable to equity holders of the parent by the weighted average number of ordinary shares in issue during the period. Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. The company has previously had potentially dilutive shares in issue but there is no dilutive earnings effect as there is a loss for each of the periods concerned.

At 31 December 2011, there are no employee options in issue and the company has no shares held in treasury.

5) SHARE CAPITAL

The zero coupon convertible redeemable preference shares of £1 each have the following principal terms attached:

·; No rights to receive dividends;

·; On a winding up, the preference shareholders rank above ordinary shareholders in payment of a sum equal to the nominal capital paid up but have no rights to participate further in the assets of the Company;

·; No rights to receive notice of or attend or vote at any general meeting of shareholders

·; No longer convertible as the conversion periods have expired; and

·; Redeemable at the option of the Company at any time at par

6) RELATED PARTY TRANSACTIONS

During the period the Company entered into the following transactions with ORA Capital Limited (a wholly owned subsidiary of a significant corporate shareholder which as at 31 December 2011 held 28.7% of the Company's issued share capital).

During the six month period ended 31 December 2011, the Company entered into numerous transactions with its subsidiary companies which net off on consolidation - these have not been shown.

In addition, during the period the Company paid remuneration to the Directors' in accordance with their service contracts and letters of appointment.

7) HALF YEAR FINANCIAL REPORT

A copy of the half year report will be distributed to shareholders and will also be available on the Company's website at www.antisoma.com