Physiomics Regulatory News (PYC)

16 Mar 2007 11:15

Physiomics PLC16 March 2007 PHYSIOMICS PLC (the "Company") Results for the period ended 31st December 2006 Chairman's Statement The six months to December has been one of re-structuring our business,consolidating the changes, pressing ahead with development of our cell cycletechnology and pursuing a number of commercial opportunities that presentedthemselves before and during this period. Our business development programmehas regained momentum and Physiomics has now come to the attention of globalpharmaceutical industry companies. We have signed new contracts and a major EUresearch collaboration has begun. In addition, we have filed a new patentapplication in respect of new developments in the Company's SystemCell(R)technology under patent application number 0602031.7. The programme with Cyclacel, Inc. continued through this period. The EUsponsored TEMPO grant aided programme began in October and the first tranche offunding has been received. The Company signed a seven month contract with ValiRxplc to use our SystemCell(R) technology to help optimise the process fordiscovery of anti cancer drugs using their proprietary technology. We alsoentered into discussions with a number of global drug companies that have shownan interest in our SystemCell(R) technology as a means of optimising theironcology drug discovery programmes. These discussions are at a very early stageand it is not possible to assess likely outcomes at this point in time. Physiomics has continued to develop its technology to the point where morepowerful computer facilities are required. The Company is currently working withthe University of Swansea Institute of Life Sciences (the Institute") to accesstheir newly installed supercomputer. This will be one of the UKs most powerfulcomputers and is the result of a collaboration between the University andcomputer giant IBM. The Centre is partly funded through the Welsh AssemblyGovernment and EU funding, its purpose is to facilitate innovative research fromthe University's new School of Medicine. The team has already run some pilotstudies using the supercomputer and have demonstrated its potential to reducetasks that would take many weeks to complete, to just a few hours. We are indiscussion with the Institute to establish collaborative programmes. This increased business activity has led to a series of new appointments. DrChristophe Chassagnole now leads the team under the direction of Professor DavidFell. We have recently appointed three new research scientists to the team tohelp develop further the Company's technology platform. Dr Eric Fernandez whotrained in Molecular Biology at Paris University and in Computing Sciences atImperial College. Eric comes to us from the European Bioinformatics Instituteand his particular combination of skills means that he is well suited to work onthe development of our technology platform. Eric is mainly involved in the TEMPOproject. Dr Adam Hardy joins from Bristol University with a strong backgroundin pharmacokinetics and expertise in signal transduction pathways. Adamestablished a company to market the products of his own research prior tojoining Physiomics. Adam, due to his combination of skills, has been assigned tothe Cronos project since his arrival at Physiomics. Dr David Orrell takes up hispost in March. David is an Oxford-trained applied mathematician who hasspecialised in mathematical modelling physical and biological systems andsoftware development. His book, "Apollo's Arrow: the Science of Prediction andthe Future of Everything" was in Amazon Canada's top twenty best-sellers list.David will develop new mathematical algorithms and will coordinate our virtualtumour project. We have now put together the nucleus of a balanced, experienced, and highlycapable team which will be augmented as new contract programmes are introduced.We are now looking forward to a period of growth and development during which wedevelop and exploit our cell cycle technology platform. John Pool Chairman 15th March 2007 Unaudited Profit and Loss Account for the six months ended 31 December 2006 6 Months to 31 6 Months to 31 Year to 30 June December 2006 December 2005 2006 (Audited) £'000s £'000s £'000s Turnover 48 91 113 Administrative Expenses ( 202) ( 279) ( 599) ______ ______ ______ Operating Loss ( 154) ( 188) ( 486) Net Finance income - 4 6 ______ ______ ______ Loss on Ordinary activities beforetaxation ( 154) ( 184) ( 480) Taxation - - - ______ ______ ______ Loss on Ordinary activities after taxation ( 154) ( 184) ( 480) Dividends - - - ______ ______ ______ Retained Loss ( 154) ( 184) ( 480) ===== ===== ===== Earnings(loss)per share in pence (0.04p) (0.08p) (0.21p) ====== ====== ====== Unaudited Balance Sheet as at 31 December 2006 31 December 2006 31 December 2005 30 June 2006 (Audited) £'000s £'000s £'000s FIXED ASSETS Tangible Fixed Assets 10 19 15 Intangible Fixed Assets 46 51 49 56 70 64 _____ _____ _____ CURRENT ASSETS Debtors 56 78 56 Cash at Bank 263 137 26 319 215 82 CURRENT LIABILITIES Creditors falling due within one year (149) ( 56) (212) NET CURRENT ASSETS 170 159 (130) NET ASSETS before long term liabilities 226 229 ( 66) LIABILITIES falling due after one year (100) - - NET ASSETS 126 229 ( 66) ===== ===== ===== CAPITAL AND RESERVES Called up Share Capital 151 93 93 Share Premium Account 1,617 1,329 1,329 Profit and Loss Account (1,642) (1,193) (1,488)TOTAL SHAREHOLDERS'FUNDS/(DEFICIT) 126 229 ( 66) ===== ===== ===== Unaudited Cash Flow Statement for the six months ended 31 December 2006 Six Months ended 31 Six Months ended 31 December 2006 December 2005 £'000s £'000s Net Cash Flow from OperatingActivities ( 210) ( 198) Returns on Investment ServicingFinance Interest Received - 4 Taxation - - 36 40Net Cash Flow from Operating Activities andReturns on Investment and Servicing of Finance ( 210) ( 158) Capital Expenditure Disposal of fixed assets 1 -Net Cash flow from Capital Equipment 1 - Net Cash Flow before financing ( 209) ( 158) Financing Issue of equity share capital 57 - Share premium received on share capital issued 372 - Less Expenses ( 83) - 289 - Long term loan 100 - Net Cash Inflow from financing 446 - Increase/(Decrease) in Cash 237 (158) ===== ===== Unaudited Cash Flow Statement for the six months ended 31 December 2006 continued Reconciliation of Operating Loss to Net Cash Flow from Operating Activities Six Months ended 31 Six Months ended 31 December 2006 December 2005 £'000s £'000s Operating Loss for the period ( 154) ( 188)Depreciation 5 6Amortisation of Intangible Fixed Assets 2 2(Increase)Decrease in debtors - 40Increase(Decrease) in creditors ( 63) ( 58) ______ ______Net Cash (Outflow) from Operating Activities ( 210) ( 198) ===== ===== Notes to the Unaudited Results for the six months ended 31 December 2006 1. Financial Information The results for the six months ended 31 December 2006 are unaudited and do notconstitute statutory accounts within the meaning of section 240 of the CompaniesAct 1985. The 30 June 2006 Annual Report and Accounts are available from thePhysiomics plc web site, www.Physiomics-plc.net. 2. Basis of Accounting They have been drawn up using the same accounting policies and principles as aredetailed in the Company's 30 June 2006 Annual report and Accounts. 3. Taxation No liability arises for Corporation Tax for the period ended 31December 2006. 4. Dividends The directors do not propose the payment of a dividend in respect of the sixmonths ended 31 December 2006. 5. Loss per Share Basic and diluted loss per share 0.04p (2005: 0.08p) The basic loss per ordinary share is based on the Group's loss for the sixmonths of £154,000 (2005: £184,000) divided by the weighted average number ofshares in issue. The weighted average number of shares in issue during theperiod was 374,972,639 (2005: 232,025,599). 6. Deferred Income Deferred income has increased during the half year. Deferred income arises whensales invoices have been issued to clients but the work covered by the invoiceshas not been completed at the end of the accounting period. Deferred income willbe credited to turnover once the invoiced work is complete. 7. Share Issues During the half year 142,947,040 ordinary shares of 0.04 pence were issued inSeptember 2006. This information is provided by RNS The company news service from the London Stock Exchange