Intersting Interim results2 Dec 2022 11:32
A very interesting set of Interim results which need to be read very carefully without concentrating on the forward looking statement:
As noted previously, it has not been possible to complete an equity raise at this current time. The Board will continue to explore alternative funding mechanisms and note that in the absence of any further financing, the Group's current financial resources will be sufficient to support operations until at least the start of the fourth calendar quarter 2023. The Board therefore considers it appropriate to continue to adopt the going concern basis in the preparation of these interim financial statements. However, there is no guarantee that future attempts to secure adequate additional revenues/funding on a timely basis will be successful and, therefore, this represents a material uncertainty, which may cast significant doubt about the Group's ability to continue as a going concern. These interim financial statements do not include the adjustments that would result if the Group were unable to continue as a going concern.
Set this against another forward looking statement;
Fosun Pharma
· In July 2022, a Supplemental Terms Agreement was signed with Fosun Pharma for the Technology Transfer of CTX into China, highlighting continued progress with the collaboration
· The Group expects to receive approximately £1 million over the 24 month period from signing the agreement, of which £320,000 has been received. In addition there is potential under the Technology Transfer agreement for the Group to receive up to £5 million over the medium to long term, with further potential milestone payments of up to £74 million linked to the main agreement signed in 2019.
... and the financials that don't look bad enough to warrant today's drop to 16p (as I write).
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