Physiomics Regulatory News (PYC)

27 Nov 2007 10:33

Physiomics PLC27 November 2007 PHYSIOMICS PLC Results for the year ended 30th June 2007 Physiomics plc ('the Company'), a company principally engaged in providingservices to pharmaceutical companies in the areas of outsourced systems andcomputational biology is pleased to announce its audited preliminary results forthe year ended 30 June 2007. Contact:Physiomics plc 01260 226529John Pool, ChairmanGrant Thornton Corporate Finance 020 7383 5100Philip Secrett/Colin Aaronson Chairman's statement Physiomics has had a very positive year, which after the major Board and seniormanagement changes of the previous year, has been very comforting. After theappointment of myself as Chairman, Edward Oliver as Financial Director, andDuncan Lipscombe as a Non-Executive Director working alongside Dr Paul Harper,we were very pleased to be able to promote Dr Christophe Chassagnole from hisposition of project leader to the position of Chief Operating Officer. Duringthe year he has with the assistance of Professor David Fell recruited Dr's EricFernandez, Adam Hardy and David Orrell to senior scientific roles, to create thenucleus of what we believe to be a balanced and remarkably able team. During the year we have commenced our work on the 3 years European researchprogramme "Tempo" which is co-ordinated by the French main medical researchorganization Inserm (Institut National de la Sante et de la Recherche Medicale).Interim meetings with the co-partners have shown the benefits of our programmeto the project. In fact so much so, that we have been invited to tender to joina similar European multi partner research programme, and the results of ourproposal, if successful will be announced in 2008. We commenced a 7 month project for ValiRx Plc (formally Cronos Therapeutics),in February and after the contract was completed were awarded the testimonial bythe company from George Morris, Chief Development Officer of ValiRx, who said: "Physiomics service and technology is absolutely superb, we (ValiRx) have justhad some work carried out and it has saved us very significant amounts ofdevelopment money and time. This is the first time the research has been donethis way...." Consequently we are very hopeful that ValiRx will be using our services in thefuture. We also satisfactorily completed our contract with Cyclacel and arecurrently negotiating a possible extension to the contract. In September 2007 we cemented a contract with the global pharmaceutical companyEli Lilly to run a pilot scheme to showcase our abilities, prior to entering along term contract with them. We are obviously very excited about thepossibilities of working with such a large and prestigious company as Eli Lilly,and receiving a significant endorsement with them can only be viewed as a hugelypositive step. We have continued to further our relationship with the Universityof Swansea, and access to their High Performance Computers has been of enormousbenefit to us. During the year we have also reached a long term agreement with Bayer TechnicalServices over the use of their ground breaking "MoBi" technology to assist us inthe PK/PD analysis of our work. Physiomics has continued to develop its oncologymodel portfolio, be extending our expertise to the apoptosis processes and weare currently adding supplementary pathways such as the Mitogen-activatedprotein (MAP) kinases pathways. This will broaden our simulation capacities tothe majority of chemotherapeutics agents on the market or under development. With so much happening, it is the belief of both our Board of Directors andmyself that we can look to the future with eager anticipation. John PoolChairman Profit and Loss Account for the year ended 30th June 2007 2007 2006 £ £ Turnover 216,464 113,110 Other operating expenses (468,745) (599,318) __________ __________ Operating loss (252,281) (486,208) Interest receivable 6,562 408 __________ __________ Loss before tax (251,873) (479,646) Tax on loss on ordinary activities 58,922 ( 100) __________ __________ Loss transferred from reserves (£192,951) (479,746) ========== ========== Basic and diluted loss per share (pence) (0.057p) (0.21p) All of the activities of the Company are classed as continuing. The Company has no recognised gains or losses other than the results for theyear as set out above. Balance Sheet as at 30th June 2007 2007 2006 £ £Fixed AssetsIntangible assets 44,176 48,820Tangible assets 9,468 15,081Investments 1 1 ________ ________ 53,645 63,902 ________ ________Current AssetsDebtors 173,835 56,168Cash at bank 74,823 26,336 ________ ________ 248,658 82,504 Creditors: amounts falling due within one year (121,909) (212,652) ________ ________Net current assets / (liabilities) 126,749 (130,148) Creditors: amounts falling due after one year (81,619) - ________ ________ Total assets / (liabilities) £98,775 £(66,246) ======== ========Capital and reservesCalled up share capital 149,989 92,810Share premium account 1,611,436 1,329,022Other reserves 18,381 -Profit and loss account (1,681,031) (1,488,078) ________ ________Shareholders' funds £98,775 (£66,246) ======== ======== Cash Flow Statement for the year ended 30th June 2007 2007 2006 £ £ £ £Net cash flow from operating activities (387,479) (309,204)Returns on investments and servicing offinanceInterest received 408 6,562 _______ _______Net cash inflow from returns on Investments and servicing of finance 408 6,562 Taxation - 36,197 Capital expenditurePurchase of tangible fixed assets ( 4,334) ( 2,127)Sale of tangible fixed assets 299 - _______ _______Net cash flow from capitalexpenditure ( 4,035) ( 2,127) ______ ______ Net cash flow before financing (391,106) (268,572) FinancingIssue of equity share capital 57,179 -Share premium received on share capital issued 371,662 -Less: Expenses ( 89,248) - 282,414 Inflow from related parties 100,000 - Net cash inflow from financing 439,593 - ______ ______Increase/(Decrease) in cash £ 48,487 (£268,572) ======= ======= Notes 1. Financial information The financial information set out in this announcement does not constitute theCompany's statutory accounts for the period ended 30 June 2007 but is derivedfrom those accounts. Statutory accounts for the period will be delivered toCompanies House following the Company's Annual General Meeting. The Group'sauditors have reported on these accounts; their report was unqualified and didnot contain statements under section 237(2) or (3) of the Companies Act 1985. 2. Availability of accounts The full audited accounts of Physiomics plc for the year ended 30 June 2007 andNotice of the Annual General Meeting are today being posted to shareholders andwill be available for a period of one month to the public at the Company'sregistered office, The Magdalen Centre, Robert Robinson Avenue, Oxford SciencePark, Oxford, OX4 4GA and on the Company's website, www.physiomics-plc.com. 3 Going Concern The financial statements have been prepared on a going concern basis, whichcontemplates the realisation of assets and the settlement of liabilities in thenormal course of business. The Company has reported a loss for the year of £192,951 (2006: £479,746). Theability of the Company to continue as a going concern is dependent upon theamounts and timings of cash inflows from the exploitation of the Company'sintellectual property assets. The Directors believe that these assets can beused to generate cash in a sufficiently short period to allow the Company tocontinue to trade. Also, since the year end a short term loan and bank overdraftfacilities are in the process of being negotiated and a further placement ofshares will be organised in the New Year. As, in the opinion of the Directors,adequate funding has been forthcoming, it is appropriate for the financialstatements to be prepared on a going concern basis and therefore no adjustmentshave been made for the valuation of assets on a break up basis, which would benecessary in the event that the Company was no longer a going concern. 4. Earnings per Share The calculation of the basic earnings per share is based on the lossattributable to the ordinary shareholders divided by the weighted average numberof shares in issue during the year. 2007 2006 Loss Weighted Loss per Loss Weighted Loss per Average share average share Number of Number of shares shares £ Pence £ Pence Loss attributable toshareholders (192,951) 339,333,755 (0.057) (479,746) 232,025,599 (0.21) ______ ________ _____ ______ ________ _____ On 29 September 2006, 142,947,040 Ordinary Shares of 0.04 pence were issued. The share options in issue do not have any dilutive effect. 5. Annual General Meeting The Annual general meeting (AGM) of Physiomics plc will be held on the 21stDecember 2007 at 12.00 noon for the following purposes at the offices of BirchamDyson Bell, 50 Broadway, London SW1H 0BL. ORDINARY BUSINESS To consider and, if thought fit, pass the following ordinary resolutions : 1. To receive and adopt the Directors' Report and Financial Statements forthe year ended 30 June 2007. 2. To receive and adopt the Remuneration Committee report for the yearended 30 June 2007. 3. To elect Mr Christophe Chassagnole who was appointed a Director of theCompany since the last meeting and who being eligible, offers himself forelection as Director; 4. (a) To re-elect Mr John Pool who retires by rotation under Section 76and 77 of the Articles of Association, and who being eligible, offers himselffor re-election as Director. (b) To re-elect Mr Duncan Lipscombe who retires who retires byrotation under Section 76 and 77 of the Articles of Association, and who beingeligible, offers himself for re-election as Director. 5. To confirm the appointment of Shipleys LLP as auditors of the Company tohold office until the conclusion of the next AGM at which accounts are laidbefore the Company and to authorize the Directors to fix their remuneration. SPECIAL BUSINESS To consider and, if thought fit, pass the following resolutions: Ordinary resolution - power to allot securities 6. That the Directors be and they are generally and unconditionallyauthorized for the purpose of section 80 of the Companies Act 1985 (the Act) toexercise all the powers of the Company to allot relevant securities (within themeaning of that section) up to an aggregate nominal amount of £100,000 providedthat this authority is for a period expiring at the Company's next AGM but theCompany may before such expiry make an offer or agreement which would or mightrequire relevant securities to be allotted after such expiry and the Directorsmay allot relevant securities in pursuance of such offer or agreementnotwithstanding that the authority conferred by this resolution has expired.This authority is in substitution for all earlier authorities, to the extentunused. Special resolution - disapplication of pre-exemption rights 7. That subject to the passing of the previous resolution the Directors beand they are empowered in accordance with section 95 of the Act to allot equitysecurities (as defined in section 94 of the Act)wholly for cash pursuant to theauthority conferred by the previous resolution as if section 89 (1) of the Actdid not apply to any such allotment, provided that this power shall be limitedto the allotment of equity securities: (a) in connection with an offer of such securities by way of rights to holdersof ordinary shares in proportion (as nearly as may be practicable) to theirrespective holdings of such shares, but subject to such exclusions or otherarrangements as the Directors may deem necessary or expedient in relation tofractional entitlements or any legal or practical problems under the laws of anyterritory, or the requirements of any regulatory body or stock exchange;and (b) otherwise than pursuant to sub-paragraph (a) above up to an aggregate nominal amount of £100,000, and shall expire on the conclusion of the next AGM of the Company after thepassing of this resolution, save that the Company may before such expiry, makean offer or agreement which would or might require equity securities to beallotted after such expiry and the Directors may allot equity securities of anysuch offer or agreement notwithstanding that the power conferred by thisresolution has expired. NOTES 1. Any member entitled to attend and vote at the AGM is entitled to appointone or more proxies (who need not be a member of the Company) to attend and, ona poll, vote instead of the member. Completion and return of a form of proxywill not preclude a member from attending and voting at the meeting in person,should he subsequently decide to do so. 2. In order to be valid, any form of proxy, power of attorney or otherauthority under which it is signed, or a notarially certified or office copy ofsuch power or authority, must reach the Company's Registrars, Capita Registrars(Proxies), PO Box 25, Beckenham, Kent BR3 4BR. 3. As permitted by Regulation 41 of the Uncertificated SecuritiesRegulations 2001, shareholders who hold shares in uncertificated form must beentered on the Company's share register at 10am on 19th November 2007 in orderto be entitled to attend and vote at the AGM. Such shareholders may only castvotes in respect of shares held at such time. Changes to entries on the relevantregister after that time shall be disregarded in determining the rights of anyperson to attend or vote at the meeting. 4. Copies of the service contracts of each of the Directors, and theregister of Director' interests in shares of the Company kept pursuant tosection 325 of the Act will be available for inspection at the registered officeof the Company during usual business hours on any weekday (Saturdays and publicholidays excluded) from the date of this notice until the date of the AGM and atthe place of the AGM from at least 15 minutes prior to and until the conclusionof the AGM. This information is provided by RNS The company news service from the London Stock Exchange