YGEN.L Regulatory News (YGEN)

1 Dec 2006 11:28

ViaLogy PLC01 December 2006 ViaLogy Plc (Formerly Original Investments Plc) "ViaLogy" or "the Company" Interim Results for the 6 months ended 30 September 2006 These interim results cover the six month period ended on September 30th 2006.During this period Original Investments focused mainly on key activitiesessential to the merger: due diligence on ViaLogy, ensuring compliance of AIMtransactional requirements, and planning our strategic transformation from aninvestment company to an operating global company. Those of you who have been shareholders from the early days will know that yourcompany made its AIM debut in 2002 as BioProjects International, investing inearly-stage biotechnology companies. One of our first investments was inViaLogy, a US-based company that satisfied all the BioProjects' investmentcriteria. ViaLogy was founded by a group of senior scientists and managers insupercomputing and ultra-computing technologies at the Caltech/NASA JetPropulsion Laboratory (JPL) in Pasadena, California. Using their expertisegained at JPL in remote sensing and signal processing, ViaLogy scientistsdeveloped a technology to separate the background 'noise' that envelops weaksignals. This technology, Quantum Resonance Interferometry (QRI), has thepotential to be adapted to a wide range of measurement, instrumentation andother applications. The initial test results on QRI, undertaken in themicroarray industry, indicated that the technology was able to detect anddiscriminate signals with an intensity 1,000 times lower than RMS (root meansquare) background noise. The directors of OI readily saw the potential ofadapting such a ground-breaking technology to commercial applications.Throughout ViaLogy's development years, when it concentrated on proving itstechnology first in the field of micro-arrays and then in mass spectrometry, OIand later Aeris Holdings AG, provided on-going financial support. Now ViaLogy's expertise and patents in signal processing technology andnetworked sensor systems are being considered by global corporations for use ina number of critical applications. Contracts have already been signed withprestigious companies such as Cisco Systems and Boeing. Today the company iscommercialising its technologies to address applications that include lifesciences, public safety and security, surveillance and geoseismology. It is against this background that the merger took place and the company changedits name to ViaLogy. The emphasis is now almost entirely concentrated onrealising the commercial potential of ViaLogy and its exciting technologies. Isay 'almost' because we have decided to maintain our investment and our interestin Acrobot, a spin-out company from Imperial College, London, which developsprecision surgical systems for minimally invasive, bone conserving orthopaedicsurgery. We believe Acrobot has a bright future and will prove to be aworthwhile investment. Finally, I want to thank three of the directors of your Company who retired fromthe Board at the AGM. Jim Slater, Dr. Richard Dixey and Julian Viggars providedinvaluable advice during the early stages of OI's development and considerablehelp in ensuring a successful merger process. The new directors of ViaLogy PLC, together with the management and the staff,are looking forward to a productive future, working hard to maximize thecommercial potential of the newly structured company. Terry BondExecutive ChairmanViaLogy PLC 24 November 2006 DirectorsTerry Bond - Executive ChairmanMichael Kelly - Chief Executive OfficerDr Sandeep Gulati - Chief Technical OfficerGeorge Rehm - Non- Executive DirectorDr Robert Dean - Non-Executive Director ViaLogy plc(Formerly Original Investments PLC)Unaudited Profit and Loss Account for the six months ended 30 September 2006 Unaudited Unaudited 6 months to 6 months to Note 30-Sep-06 30-Sep-05 Turnover 3,204 3,404Administration expenses 170,190 118,095 --------- --------- Operating loss (166,986) (114,691) Provision for diminution in value of -investmentsProfit on disposal of investments - - --------- ---------Profit/(Loss) on ordinaryactivities before interestand other income (166,986) (114,691) Other interest receivable andsimilar income 65,834 127,457 --------- --------- Profit/(Loss) on ordinaryactivities before taxation (101,152) 12,766 Taxation on profit/(loss) on ordinary - -activities --------- ---------Retained profit/(loss) onordinary activities aftertaxation for the period/year (101,152) 12,766 ========= ========= Profit/(Loss) per ordinary share Basic 2 (0.033p) 0.004p Diluted 2 (0.032p) 0.004p ViaLogy plc(Formerly OriginalInvestments PLC)Unaudited Balance Sheet as at 30 September 2006 Unaudited Unaudited Unaudited Unaudited 30-Sep 30-Sep 30-Sep 30-Sep Note 2006 2006 2005 2005 £ £ £ £Fixed assetsTangibleassets 2,795 3,428Fixed assetinvestments 4,782,284 3,535,056 --------- --------- 4,785,079 3,538,484 Current assetsDebtors andprepayments 638,777 1,051,772Cash at bankand in hand 2,252,359 3,115,232 --------- --------- 2,891,136 4,167,004 Creditors :amountsfalling duewithin oneyear 192,583 36,492 --------- --------- Net currentassets 2,698,553 4,130,512 --------- ---------Total assetsless currentliabilities 7,483,632 7,668,996 ========= ========= Capital andreservesCalled upshare capital 3,112,222 3,112,222 Share premiumaccount 7,639,013 7,639,013 Share scheme - -reserve Warrants - -reserveProfit andloss account (3,267,603) (3,082,239) --------- ---------Equityshareholders'funds 3 7,483,632 7,668,996 ========= ========= ViaLogy plc(Formerly OriginalInvestments PLC)Unaudited Cash Flow Statement for the six months ended 30th September 2006 Unaudited Unaudited Unaudited Unaudited 30-Sep 30-Sep 30-Sep 30-Sep Note 2006 2006 2005 2005 £ £ £ £ --------- --------- --------- --------- Net cashoutflow fromoperatingactivities 4 (164,308) (179,572) Returns on investments andservicing of finance Interest 65,834 127,457 received 65,834 127,457Capital expenditure andfinancial investment Increase in Loans to (462,875) (239,563) investee company Payments to acquire (240) (54) tangible fixed assets (463,115) (239,617) Management of liquidresources Cash (outflow)/inflow from (increase)/decrease in liquid resources (24) 480 --------- --------- Cash outflowbeforefinancing (561,613) (291,252) Financing Cash inflow from - issue of shares Issue costs - 230,000 --------- Increase/(decrease) in cash (561,613) (61,252) ========= ========= ViaLogy plc NOTES TO THE INTERIMREPORT 1 Basis of preparation These unaudited interim accounts, which were approved by the Board on the 24 November 2006, do not constitute the company's statutory accounts. The comparatives for the full year ended 31 March 2006 are not the Company's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Registar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under section 237(2)- (3) of the Companies Act 1985. 2 Profit/(Loss) per ordinary share Profit/(Loss) per share is calculated as follows: Six months to 30 Sep 05 Six months to 30 Sep 05 Basic Diluted Basic Diluted £ £ £ £ Profit/(Loss) (101,152) (101,152) 12,766 12,766 attributable to --------- --------- --------- --------- shareholders Number Number Number Number Weighted average of 311,222,223 313,722,223 307,378,387 310,628,387 ordinary shares in issue --------- --------- --------- --------- Profit/(Loss) per (0.033p) (0.032p) 0.004p 0.004p ordinary share ========== ========== ========== ========== 3 Fixed asset investment Total - Unlisted Investments £ Cost At 1 April 2006 5,186,784 Disposals ---------- At 30 September 2006 5,186,784 ---------- Provisions At 1 April 2006 404,500 Disposals ---------- At 30 September 2006 404,500 ---------- Net book value ---------- At 30 September 2006 4,782,284 ========== At 31 March 2006 4,782,284 ========== 4 Reconciliation of movement in shareholders funds Unaudited Unaudited 30-Sep 30-Sep 2006 2005 £ £ Profit/(Loss) for the (101,152) 12,766 period / year New share capital 0 230,000 subscribed ---------- ---------- Net additions to (101,152) 242,766 shareholders' funds Opening shareholders' 7,584,785 7,426,230 funds ---------- ---------- Closing shareholders' 7,483,633 7,668,996 funds ========== ========== 5 Reconciliation of operating loss to net cash outflow from operating activities Unaudited Unaudited 30-Sep-06 30-Sep-05 £ £ Operating loss (166,986) (114,691) Depreciation of tangible 311 435 fixed assets Increase in (153,379) (63,144) debtors Increase/(Decrease) in 156,137 (1,692) creditors Foreign exchange (391) (480) movements ---------- ---------- Net cash outflow from (164,308) (179,572) operating activities ========== ========== 6 Analysis of net funds At 1/4/06 Foreign Cash Flow At 30/9/06 Exchange Movements Cash at bank and in 2,808,033 0 (560,832) 2,247,201 hand Liquid 5,525 (391) 24 5,158 resources --------- --------- --------- -------- 2,813,558 (391) (560,809) 2,252,359 ========= ========= ========= ======== Enquiries ViaLogy Terry Bond, Executive Chairman of ViaLogy Tel: 01235 834734 This information is provided by RNS The company news service from the London Stock Exchange