Aura Renew Acq Regulatory News (ARA)

19 Dec 2006 07:01

Ardana PLC19 December 2006 Ardana: Interim Results for thesix months ended 30 September 2006 Ardana plc (LSE: ARA) the pharmaceutical company focused on improving humanreproductive health, today announces its Interim Results for the six monthsended 30 September 2006. Highlights in the period • Agreement with Novartis Pharmaceuticals UK Ltd for Ardana to launch and promote Emselex(R) in the UK for the symptomatic treatment of overactive bladder (OAB) • Teverelix Long Acting (LA) - US patent granted - Positive preliminary results in Phase I trial for the treatment of endometriosis • Testosterone Cream - Positive preliminary results in Phase II trial Key Financials • Total cash and cash equivalents at 30 September 2006 of £13.7 million (31 March 2006: £19.1 million) • Loss before tax for the six months ended 30 September 2006 of £5.5 million (six months ended 30 September 2005: £3.6 million) Post period events • Launch of Emselex(R) • Placing and Open Offer in October 2006 raised an additional £9.9 million after expenses Dr Maureen Lindsay, CEO, commented "The last six months have seen us makesignificant progress across all aspects of Ardana's business. Our agreementwith Novartis for Ardana on Emselex(R) is a tremendous endorsement of our salesand marketing capabilities. Our compounds in clinical development, includingour lead compound Teverelix LA and Oral GHS, are progressing well, and we lookforward with confidence to building on the achievements of the first six monthsand reporting on the development of our pipeline and progress in ourcommercialisation activities." Enquiries For more information contact:Maureen Lindsay + 44 (0) 131 226 8550Ardana Julia Phillips/John Gilbert +44 (0)20 7831 3113Financial Dynamics(corporate and financial media relations) About Ardana Ardana plc is a pharmaceutical company focused on the discovery, development andmarketing of innovative products to improve human reproductive health, a $25.5billion market*. Since its foundation, Ardana has maintained a broad and balanced portfolio tomanage risk and actively pursues product and technology in-licensing andout-licensing to maintain a robust pipeline. Ardana's four lead products are summarised below: • Emselex(R), a once a day treatment for the symptoms of overactive bladder which Ardana has exclusive UK marketing and promotion rights and is being distributed in collaboration with Novartis Pharmaceuticals UK Limited; • StriantTM SR, a testosterone replacement therapy that has been launched by Ardana through its own sales force in the UK and through marketing partners in certain European countries, as a treatment for men with confirmed hypogonadism; • Invicorp, an injectable combination drug treatment for erectile dysfunction, for which Ardana has marketing and manufacturing rights in Europe; • Teverelix LA, in development for three initial indications (prostate cancer, BPH and endometriosis); • Testosterone Cream, a transdermal testosterone delivery system in development for the treatment of male hypogonadism, in Phase II trials; and • Oral GHS (EP01572) a oral growth hormone secretagogue in late stage development in the first indication for the diagnosis of growth hormone deficiency and in early stage development in a second indication. In addition, Ardana has a strong portfolio of follow-on products in development. Ardana is listed on the Main Market of the London Stock Exchange. For further information please see www.ardana.co.uk *Source: IMS Retail Drug Monitor November 2005. Statements contained within this press release may contain forward-lookingcomments which involve risks and uncertainties that may cause actual results tovary from those contained in the forward-looking statements. In some cases, youcan identify such forward-looking statements by terminology such as 'may', 'will', 'could', 'forecasts', 'expects', 'plans', 'anticipates', 'believes', 'estimates', 'predicts', 'potential', or 'continue'. Predictions andforward-looking references in this press release are subject to the satisfactoryprogress of research which is, by nature, unpredictable. Forward projectionsreflect management's best estimates based on information available at the timeof issue. CHIEF EXECUTIVE'S STATEMENT Introduction I am pleased to report that during the first half of the financial year we havemade significant progress across all areas of Ardana's business. In September 2006 we reached agreement with Novartis Pharmaceuticals UK Ltd ("Novartis") for Ardana to be granted sole and exclusive rights to launch andpromote Emselex(R) for the symptomatic treatment of overactive bladder (OAB) inthe UK for a 10 year term. Emselex(R) was launched by Ardana in November 2006. In October 2006 we completed a Placing and Open Offer, which raised £9.9 millionafter expenses. The net proceeds will be used to launch and promote Emselex(R)and to invest in the clinical development of Ardana's Oral Growth HormoneSecretagogue (GHS) in its first indication for the diagnosis of growth hormonedeficiency and in the first therapeutic indication. Clinical development progressed satisfactorily across our product pipeline,including our lead compound Teverelix LA. Ardana is in discussions withpotential partners to collaborate on the future development andcommercialisation of Teverelix LA. The Directors intend to have agreements inplace before the start of the first Phase III trials. We are also particularlypleased with the progress of Testosterone Cream, which we expect to be ready forlaunch in 2008. Marketed Products Emselex(R) Ardana will be responsible for the launch and ongoing sales and marketing ofEmselex(R) whilst Novartis will be responsible for distribution, medical andpharmacovigilance activities. Emselex(R) has shown favourable efficacy, a lowincidence of cardiovascular adverse events and in elderly healthy volunteers didnot significantly impair memory function. We believe that Emselex(R) will offerhealth professionals an effective and well tolerated new treatment option forpatients who experience overactive bladder symptoms and is an important additionto Ardana's portfolio. Emselex(R), which Novartis has launched in collaboration with Bayer Vital GmbHin Germany and Procter and Gamble Pharmaceuticals Inc. in the US (where theproduct is known as Enablex(R)), is a product which fits extremely well withArdana's therapeutic focus of human reproductive health. An additional marketedproduct in the UK will leverage the current sales force who are currentlypromoting StriantTM SR to endocrinologists and urologists. Emselex(R) is an oral once-daily muscarinic M3 selective receptor antagonist (M3SRA) for the treatment of OAB. Symptoms of OAB include urinary urgency (a suddenand compelling desire to pass urine) with, or without, urge urinary incontinence(involuntary leakage accompanied or immediately preceded by urgency), usuallywith urinary frequency (voiding the bladder too often), and nocturia (waking atnight one or more times to void the bladder). On 16 November 2006 we commenced the marketing of Emselex(R) in the UK. Part ofthe net proceeds of the Placing and Open Offer will be used to launch andpromote this product. StriantTM SR StriantTM SR is a mucoadhesive buccal (gum surface) testosterone replacementtherapy for confirmed male hypogonadism. StriantTM SR is marketed to urologistsand endocrinologists in the UK by Ardana's own sales force and in Germany, theNordic Region and the Republic of Ireland by our partners. We will continue todevelop our distribution capability around Europe with the appointment offurther strategic partners. Product Pipeline InvicorpTM InvicorpTM is an injectable treatment for erectile dysfunction and is currentlyavailable under a special licence in the UK. The European Mutual Recognition Procedure (MRP) to obtain marketingauthorisation in other European territories is expected to commence during thefirst half of 2007. Marketing Authorisations for InvicorpTM have been grantedin Denmark and Ardana intends to launch there imminently. Testosterone Cream Testosterone Cream is a transdermal testosterone delivery system based on ourBi-Gel technology, which is in development for the treatment of malehypogonadism. In September 2006 we announced preliminary results of a Phase II study inhypogonadal men. The open-label, randomised study involved 16 patientsdiagnosed with male hypogonadism i.e. testosterone deficiency. A preliminaryanalysis of the data confirms that Ardana's Testosterone Cream is effective inrestoring testosterone levels to the normal range in hypogonadal men whenadministered as a single dose of 2.25g or 4.5g on a daily basis. Furthermore,the data suggests that even before dose titration the low dose should meetefficacy criteria set by the United States Food & Drug Administration (FDA). A Phase II long-term dose-titration study in hypogonadal men is currentlyongoing. Also a Phase I study, conducted in the US under an Investigational NewDrug (IND) application, is ongoing, investigating the effect of showering on theabsorption of testosterone. A pivotal Phase III registration study in the US iscurrently being prepared. We are very encouraged by our progress in the development of Ardana's novelTestosterone Cream. The preliminary data from the study announced in Septembermeets our expectations for the product and we look forward to moving into PhaseIII. Oral GHS (EP01572) Proceeds of the Placing and Open Offer will also be used to develop Ardana'sOral Growth Hormone Secretagogue (EP01572). EP01572 (Oral GHS) is an oral formulation of a growth hormone secretagogue(GHS). This is a novel small molecule size peptidomimetic agent (a compound thatmimics the biological action of a peptide). Based on clinical results to date webelieve that Oral GHS can directly stimulate growth hormone secretion from thepituitary gland and/or indirectly via stimulation of growth hormone releasingpeptide (GHRP) from the hypothalamus. The Company considers Oral GHS to be an asset with significant near and longterm potential. Potential applications include the diagnosis and treatment ofgrowth hormone deficiency (GHD) disorders and frailty of the elderly, as well asmetabolic complications associated with critical illness, such as cancer,trauma, uremia and AIDS-associated cachexia and lipodystrophy. The current worldwide market for growth hormone products is worth approximatelyUS$3.1 billion, and forecast to grow to US$3.87 billion by 2010, representing aCompound Annual Growth Rate (CAGR) of 4.1 per cent (Wood Mackenzie Product View,April 2006). The majority of the current sales (approximately 80 per cent) arefor paediatric indications. The market is currently served by injectablerecombinant human growth hormone. We believe our compound has the potential tobe the first oral product in this market. Following a positive pre-IND meeting with the FDA, we are developing Oral GHS ina niche indication with near-term potential in the diagnosis of growth hormonedeficiency. Ardana will invest in a US registration trial for Oral GHS as a diagnostic inthe indication of growth hormone deficiency. Subject to the outcome of the trialand regulatory approval, the launch of the diagnostic indication could be asearly as H1 2008 in the US and H2 2008 in the EU. It is expected that an earlymarket entry of Oral GHS as a diagnostic would provide Ardana with a strongplatform from which to develop Oral GHS as a therapeutic agent and will alsogenerate near term revenues. The Company also intends to undertake further early stage clinical trials for afirst potential therapeutic indication. This would allow Ardana to compete inthis US$3.1 billion therapeutic market once approved. There is a good strategicfit with our current portfolio as patients suffering from growth hormonedeficiency are treated by endocrinologists, a group of physicians alreadytargeted by Ardana's sales and marketing organisation. Teverelix LA - Overview Ardana is developing the long acting formulation of its Gonadotrophin ReleasingHormone (GnRH) antagonist, Teverelix LA, to treat three indications; prostatecancer, benign prostatic hyperplasia (BPH) and endometriosis. On 31 August 2006 we were delighted to announce that we have been granted a USpatent covering the long acting formulation of our GnRH antagonist, Teverelix(Teverelix LA). The patent is subject to a US patent term extension, whichmeans that it is not due to expire in the US until April 2023. Ardana is in discussions with potential partners to collaborate on the futuredevelopment and commercialisation of Teverelix LA. The Directors expect to haveagreements in place before the start of the first Phase III trials. Teverelix LA - Prostate Cancer Ardana has reached agreement with the FDA on the path forward for thedevelopment of Teverelix LA for the treatment of prostate cancer. The IND wasopened in April 2006 and the first study under the IND is ongoing. The use ofTeverelix LA in the treatment of prostate cancer will be the subject of furtherPhase II clinical trials for optimisation of the dose regimen and these areeither ongoing or planned. On completion of the Phase II programme, if theresults are positive, Ardana intends to commence Phase III clinical trials,subject to the appointment of a partner, with an anticipated product launchdate, at the earliest, towards the end of 2009. Teverelix LA - Benign Prostatic Hyperplasia (BPH) Ardana has had a pre-IND application meeting with the FDA at which consensus onthe Company's development plan for the therapy was reached. An IND was submittedin July 2006 and opened in August 2006. Further longer term Phase II studieshave been undertaken during 2006 and data is expected imminently. Ardana expectsto commence Phase III clinical trials around mid-2007, subject to theappointment of a partner, and it is anticipated that this product could nowreach the market as early as 2010, initially in the US. Teverelix LA - Endometriosis On 7 September 2006 we announced preliminary results of a Phase I study of theGnRH antagonist, Teverelix LA in healthy female subjects. Preliminary data from this Phase I, randomised, single-blind, placebo-controlledstudy of a single subcutaneous injection of Teverelix LA, at one of two doses to24 healthy female subjects, indicates that Teverelix LA can reduce oestrogenlevels to a desired level at the lower end of the normal range which should helpto avoid menopausal signs and symptoms including bone loss. The effect of Teverelix LA on certain bone absorption markers were alsoinvestigated in the study. On the basis of the available data these markersappear unaffected by Teverelix LA. Additional data analysis is ongoing. This study provides data to support the further development of Teverelix LA inendometriosis, a condition with an unmet medical need, and a Phase II study iscurrently planned to start shortly. Financial review The unaudited financial information for the six months ended 30 September 2006is prepared in accordance with the group's accounting policies based onInternational Financial Reporting Standards (IFRSs) as adopted by the EuropeanUnion. On 30 September 2006, Ardana had cash and cash equivalents of £13.7 million (31March 2006: £19.1 million). Net cash used by operating activities in the sixmonths ended 30 September 2006 was £5.8 million (six months ended 30 September2005: £5.0 million) due principally to the investment in research anddevelopment during the period. Research and development expenditure for the six months ended 30 September 2006was £4.1 million (six months ended 30 September 2005: £2.4 million). Thisincrease in costs reflects the additional clinical activity undertaken acrossthe portfolio during this period. Total product sales of StriantTM SR for thesix months ended 30 September 2006 were £130,000 (six months ended 30 September2005: £164,000). Sales of StriantTM SR in Europe represent bulk sales topartners. The timing of deliveries to partners are not evenly spaced over eachperiod. Operating loss for the six months ended 30 September 2006 was £5.8million (six months ended 30 September 2005: £4.2 million), which is driven byresearch and development expense activity. Outlook The £9.9 million after expenses, raised on the successful completion of ourPlacing and Open Offer in October 2006, gives us the opportunity to delivervalue for our shareholders in two exciting areas: the launch and promotion ofEmselex(R) and the development of Ardana's Oral GHS, EP01572. We are delighted that Novartis has chosen Ardana to launch Emselex(R) in the UKmarket which we think is a tremendous endorsement of our sales and marketingcapabilities. Furthermore, this agreement presents an opportunity for the Groupto grow its sales and marketing infrastructure in time for the launch ofTestosterone Cream and GHS as a diagnostic, both of which could enter the marketin 2008. We have always believed that the GHS programme represented significant potentialvalue for Ardana. If approved by the relevant authorities GHS has the potentialto be the first oral therapy in the growth hormone market and could capture asignificant share of this $3.1 billion market. We look forward with confidence to building on the achievements of the first sixmonths and reporting on the development of our pipeline and progress in ourcommercialisation activities. Consolidated income statement (unaudited)6 months ended 30 September 2006 Notes 6 months ended 6 months ended Audited 30 September 30 September Year ended 2006 2005 31 March 2006 £'000 £'000 £'000Revenue: continuing operationsProduct revenue 130 164 384Revenue from sale of services - 106 106 _____ _____ _____ Total revenue 4 130 270 490 Operating expensesCost of product sales (34) (66) (142)Research and development (4,094) (2,363) (6,359)Other operating expenses (1,829) (2,026) (4,021) _____ _____ _____ Total operating expenses (5,957) (4,455) (10,522) _____ _____ _____ Operating loss: continuing operations 5 (5,827) (4,185) (10,032) Gain on sale of available-for-sale-investment - - 229Interest received 358 623 1,002 _____ _____ _____ Loss on ordinary activities before taxation (5,469) (3,562) (8,801) Taxation 291 254 633 _____ _____ _____ Loss on ordinary activities after taxation (5,178) (3,308) (8,168)attributable to equity shareholders _____ _____ _____ Basic loss per share 3 (9.3p) (5.9p) (14.7p) _____ _____ _____ Consolidated balance sheet (unaudited)At 30 September 2006 Notes 30 September 30 September Audited 2006 2005 31 March 2006 £'000 £'000 £'000Non-current assetsIntangible assets 2 600 - -Property, plant and equipment 9 26 15 _____ _____ _____ 609 26 15Current assetsInventories 40 38 76Trade and other receivables 1,886 1,522 1,619Available-for-sale investment - 10,118 -Cash and cash equivalents 13,737 14,721 19,051 _____ _____ _____ 15,663 26,399 20,746 _____ _____ _____ Total assets 16,272 26,425 20,761 _____ _____ _____Current liabilitiesTrade and other payables (3,811) (2,750) (3,360) _____ _____ _____Non-current liabilitiesTrade and other payables - (1,363) - _____ _____ _____ Total liabilities (3,811) (4,113) (3,360) _____ _____ _____ Net assets 12,461 22,312 17,401 _____ _____ _____EquityShare capital 557 556 556Other equity 290 173 240Share premium account 27,048 26,949 26,949Merger reserve 34,451 34,451 34,451Own shares (13) (95) (95)Retained earnings (49,872) (39,722) (44,700) _____ _____ _____ Total equity 12,461 22,312 17,401 _____ _____ _____ Group cash flow statement (unaudited)6 months ended 30 September 2006 Notes 6 months 6 months Audited ended 30 ended 30 Year ended September September 31 March 2006 2005 2006 £'000 £'000 £'000Cash flows from operating activitiesCash used by operations 5 (6,258) (5,271) (11,775)Corporation tax received 491 267 418 _____ _____ _____ Net cash used by operating activities (5,767) (5,004) (11,357) _____ _____ _____Investing activitiesInterest received 344 546 1,002Realised gain on available-for-sale investment - - 229Purchases of property, plant and equipment (3) (9) (11)Investment in available-for-sale investment - (10,000) - _____ _____ _____ Net cash from/ (used in) investing activities 341 (9,463) 1,220 _____ _____ _____Financing activitiesIssue of shares 30 - -Sale of own shares 82 6 6 _____ _____ _____ Net cash from financing activities 112 6 6 _____ _____ _____ Net decrease in cash and cash equivalents (5,314) (14,461) (10,131) Cash and cash equivalents at beginning of period 19,051 29,182 29,182 _____ _____ _____ Cash and cash equivalents at end of period 13,737 14,721 19,051 _____ _____ _____ Consolidated statement of changes in equity (unaudited)6 months ended 30 September 2005 Share Other Share Merger Retained Own Total capital equity premium reserve earnings shares £'000 £'000 £'000 £'000 £'000 £'000 £'000Opening balances1 April 2005 556 93 26,949 34,451 (36,532) (101) 25,416 _____ _____ _____ _____ _____ _____ _____ Recognised directly in equityMovement in own shares - - - - - 6 6Share-based payment - 80 - - - - 80 _____ _____ _____ _____ _____ _____ _____ Net change directly in equity - 80 - - - 6 86 _____ _____ _____ _____ _____ _____ _____ Loss for the period - - - - (3,190) - (3,190) _____ _____ _____ _____ _____ _____ _____ Total movements - 80 - - (3,190) 6 (3,104) _____ _____ _____ _____ _____ _____ _____ Equity at the end of the period 556 173 23,949 34,451 (39,722) (95) 22,312 _____ _____ _____ _____ _____ _____ _____ Consolidated statement of changes in equity (unaudited)6 months ended 31 March 2006 Share Other Share Merger Retained Own Total capital equity premium reserve earnings shares £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening balances1 October 2005 556 173 26,949 34,451 (39,722) (95) 22,312 _____ _____ _____ _____ _____ _____ _____Recognised directly in equityShare-based payment - 67 - - - - 67 _____ _____ _____ _____ _____ _____ _____ Net change directly in equity - 67 - - - - 67 _____ _____ _____ _____ _____ _____ _____ Loss for the period - - - - (4,978) - (4,978) _____ _____ _____ _____ _____ _____ _____ Total movements - 67 - - (4,978) - (4,911) _____ _____ _____ _____ _____ _____ _____ Equity at the end of the period 556 240 26,949 34,451 (44,700) (95) 17,401 _____ _____ _____ _____ _____ _____ _____ Consolidated statement of changes in equity (unaudited)6 months ended 30 September 2006 Share Other Share Merger Retained Own Total capital equity premium reserve earnings shares £'000 £'000 £'000 £'000 £'000 £'000 £'000Opening balances1 April 2006 556 240 26,949 34,451 (44,700) (95) 17,401 _____ _____ _____ _____ _____ _____ _____Recognised directly in equityNew share capital subscribed 1 - 99 - - - 100Movement in own shares - - - - - 82 82Gain on sale of EBT shares - - - - 6 - 6Share-based payment - 50 - - - - 50 _____ _____ _____ _____ _____ _____ _____ Net change directly in equity 1 50 99 - 6 82 238 _____ _____ _____ _____ _____ _____ _____ Loss for the period - - - - (5,178) - (5,178) _____ _____ _____ _____ _____ _____ _____ Total movements 1 50 99 - (5,172) 82 (4,940) _____ _____ _____ _____ _____ _____ _____ Equity at the end of the period 557 290 27,048 34,451 (49,872) (13) 12,461 _____ _____ _____ _____ _____ _____ _____ Notes to the Interim Financial Information (unaudited)6 months ended 30 September 2006 1. Basis of Preparation The results for the six months ended 30 September 2006 have been prepared on thebasis of the accounting policies set out in Ardana plc's 2006 Annual Reportwhich were prepared in accordance with International Financial ReportingStandards (IFRSs). The results for the six months ended 30 September 2006 and2005 are unaudited but have been reviewed by the auditor, Deloitte and ToucheLLP. The interim accounts do not constitute statutory accounts as defined insection 240 of the Companies Act 1985. The results for the full year 2006 havebeen taken from the Group's 2006 Annual Report which have been filed with theRegistrar of Companies. The auditor has reported on the 2006 accounts and thereport was unqualified and did not contain a statement under section 237(2) or(3) of the Companies Act 1985. The Group has not applied IAS 34 "Interim financial reporting", which is notmandatory for UK groups, in the preparation of these financial statements. 2. Intangible assets Product rights and other intangible assets are initially recorded at cost andamortised over their useful life on a straight line basis from the date of thecommercial launch. In the current period, £0.6 million has been capitalised inrelation to the acquired product rights for Emselex(R) in the UK. 3. Loss per share Basic loss per share is calculated by dividing the loss for the financial periodafter taxation by the weighted average number of ordinary shares in issue duringthe year. The basic loss per share is calculated as follows:- 6 months 6 months Year ended ended 30 ended 30 31 March September September 2006 2005 2006 £'000 £'000 £'000 Loss after taxation (£'000) (5,178) (3,308) (8,168)Weighted average number of ordinary shares in issue 55,570,020 55,562,806 55,562,806 _____ _____ _____ Basic loss per share (pence) (9.3) (5.9) (14.7) _____ _____ _____ IAS requires presentation of diluted earnings per share when a company could becalled upon to issue shares that would decrease net profit or increase net lossper share. For a loss making company with outstanding share options, net lossper share would only be increased by the exercise of out-of-money options.Since it seems inappropriate to assume that option holders would exerciseout-of-money options, no adjustment has been made to diluted loss per share forout-of-money share options. 4. Business and Geographical Segments Primary reporting format - business segments The Directors consider that the primary reporting format is by business segment.The Group discovers, develops and markets a range of pharmaceutical products.The Directors consider that there is only one business segment, beingpharmaceuticals. A key part of the Company's strategy is to realise the value ofits intellectual property portfolio through co-development and outlicensingopportunities which may generate significant revenue in the future. Secondary reporting market - geographical segments The Group's operations are located in the UK, with commercialisation anddevelopment activities being carried out in the UK and the Rest of Europe. The following table provides an analysis of the Group's revenue by geographicalmarket. Revenue from external customers by geographical market 6 months 6 months Year ended ended 30 ended 30 31 March September September 2006 2006 2005 £'000 £'000 £'000 UK 51 154 207Rest of Europe 79 116 283 _____ _____ _____ 130 270 490 _____ _____ _____ The following table is an analysis of the carrying amount of segment assets. Total assets by geographical market 6 months 6 months Year ended ended 30 ended 30 31 March September September 2006 2006 2005 £'000 £'000 £'000 UK 12,461 22,312 17,401Rest of Europe - - - _____ _____ _____ 12,461 22,312 17,401 _____ _____ _____ 5. Net cash used by operating activities 6 months 6 months Year ended ended 30 ended 30 31 March September September 2006 2006 2005 £'000 £'000 £'000 Operating loss (5,827) (4,185) (10,032)Depreciation 9 16 29Decrease in inventories 36 69 31Increase in trade and other receivables (383) (150) (96)Decrease in trade and other payables (149) (1,101) (1,854)Share-based payments 50 80 147Gain on sale of EBT shares 6 - - _____ _____ _____ Net cash used by operating activities (6,258) (5,271) (11,775) _____ _____ _____ 6. Post balance sheet events On 12 October 2006 the Company announced the successful conclusion of a Placingand Open Offer of 9,585,380 shares with institutional investors and existingshareholders at a price of 115 pence per share, raising £9.9 million afterexpenses. The Placing and Open Offer represents 17.2 per cent. of the Company'sexisting share capital. This information is provided by RNS The company news service from the London Stock Exchange