Full Year Results
05/05/2022 07:00
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RNS Number : 3350K Clarify Pharma PLC 05 May 2022
Press Release
05 May 2022
Clarify Pharma PLC
("Clarify Pharma" or "The Company")
Full Year Results
Clarify Pharma (AQSE: PSYC), an investment vehicle specialising in biotech and
life sciences companies seeking to prove the safety and efficacy of
psychedelic-based substances, announces its audited financial results for the
twelve months ended 30 November 2021.
Highlights:
• Raised a total of £1.29 million in a pre-IPO funding round
• Successfully completed an IPO on London's AQSE Growth Market (AQSE) on 11
June 2021 with a market capitalisation of approximately £7.43 million raising
£1.96 million in total before expenses via a placing and subscription at 2.5p
per share
• Made a first capital investment in Beckley Psytech Limited ("Beckley
Psytech"), a private company dedicated to addressing neurological and
psychiatric disorders through the novel application of psychedelic medicines
• Net cash of £1.3m as at 30 April 2022
Outlook:
• The deal flow of potential investments remains strong, and the Directors
and Advisers continue to evaluate exciting new opportunities that will
generate long-term value for investors
• The Company is well positioned to take advantage of the growing
psychedelics market as it continues to develop significantly along with the
regulatory environment
Commenting on the results, Jonathan Bixby, Executive Director of Clarify
Pharma, said: "Within the twelve months prior to 30 November 2021, Clarify
Pharma completed a successful flotation on the AQSE Growth Market. We also
made our first capital investment in an exciting company and continue to
explore new opportunities that meet with our investment criteria and offer
significant value for shareholders. We look forward to the continued growth of
confidence among investors in this nascent sector."
The directors of Clarify Pharma plc accept responsibility for this
announcement.
For further information please contact:
Clarify Pharma
Jon Bixby via Tancredi +44 207 887 7633
Executive Chairman
First Sentinel
Corporate Adviser +44 7876 888 011
Brian Stockbridge
Tennyson Securities
Corporate Broker +44 207 186 9030
Peter Krens
Tancredi Intelligent Communication
Media Relations
Catrina Daly +44 7727 153 868
Emma Hodges +44 7861 995 628
Salamander Davoudi +44 7957 549 906
clarifypharma@tancredigroup.com
About Clarify Pharma PLC:
Listed on the Aquis Stock Exchange in London, Clarify Pharma is an investment
vehicle focusing on investing in biotech and life sciences companies seeking
to prove the safety and efficacy of psychedelic based substances. The Company
looks to identify investment opportunities in the life sciences sector within
the UK, Canada and other growing markets, with the objective of generating
long-term capital growth and building investments in an R&D pipeline of
companies which are discovering, developing, or deploying safe and
evidence-based psychedelic inspired medicines and experiential therapies that
alleviate mental health problems and enhance wellbeing. The Company's
Directors have an established track record, experience and networks in the
psychedelic, cannabinoid and media industries, to drive value creation.
www.clarifypharma.com (http://www.clarifypharma.com)
Executive Director's Statement
Introduction
I am pleased to report the Company's first set of full year results following
our debut on the Access Segment of the AQSE Growth Market on 11 June 2021.
The potential benefits of psychedelic drugs have been recognised in both the
UK and the US and the medical use of psychedelics is progressively emerging as
an alternative candidate to conventional therapies for individuals suffering
from elusive maladies like PTSD, addiction, Alzheimer's, and depression.
The Company made a first capital investment in Beckley Psytech, a private
company dedicated to addressing neurological and psychiatric disorders through
the novel application of psychedelic medicines.
There was no revenue during the period as the Company was in start-up phase. A
loss before tax of £1.3m (H1 2021: £0.5m) was incurred in the year,
reflecting costs related to the valuation of warrants issued, the start-up of
the business as well as operational expenses. The Company ended the year with
cash and cash equivalents of £1.5m as at 30 November 2021.
Following our maiden investment, we see opportunities for investing in
companies with the required expertise and potential to become pioneers in the
market.
I would like to take this opportunity to thank our board for their ongoing
commitment and expertise as well as our shareholders for their continued
support.
Jonathan Bixby, Executive Director
Investment strategy
The Company's objective is to generate capital growth over the long term
through a portfolio of businesses concentrating on fast growing biotech and
life science companies that research or produce neuro-pharmaceutical drug
development platforms advancing medicines based on psychedelic substances
through rigorous science and clinical trials.
The Board seeks to build out an R&D pipeline of companies which are
discovering, developing or deploying safe and evidence-based psychedelic
inspired medicines and experiential therapies that alleviate mental health
problems and enhance wellbeing. Through those drug development platforms,
Clarify will invest in companies which seek to prove the safety and efficacy
of psychedelic-based substances as disruptive technologies and solutions for a
continuum of mental illnesses and high unmet medical need.
Clarify seeks to assemble a portfolio of drug development companies with a
compelling pipeline of psychedelic inspired medicines and experiential
therapies for human clinical trials which adhere strictly to the guidelines of
the United Kingdom's MHRA, Canada's Health Canada and similar regulatory
authorities in other jurisdictions where Clarify or its Investee Companies
operate.
Market size
The Company considers that there is a sizable potential market for psychedelic
products as clinical trials into psychedelic-assisted psychotherapy continue
to show promising results for the treatment of the mental health conditions
such as depression, anxiety and addiction. According to analysts at Canaccord,
the global psychedelics industry could soon be worth over US$100 billion.
Outlook
As the field of psychedelic science continues to grow, the Board considers
that psychedelic-assisted psychotherapy will continue to gain acceptance in
the medical community with numerous recent studies highlighting the
contributions of psychotherapy treatments and accredited research
organisations demonstrating its clinical effectiveness. As a result, the Board
looks forward to the future with great confidence.
STATEMENT OF COMPREHENSIVE INCOME
AS AT 30 NOVEMBER 2021
Period ending Period ending
30 November 2021
30 November 2020
Note £ £
Continuing Operations
Gross Profit - -
Administrative expenses 4 (1,255,552) -
Other operating income - -
Operating loss (1,255,552) -
Finance Income 5 59 -
Loss before taxation (1,255,493) -
Taxation on loss of ordinary activities 8 - -
Loss for the year from continuing operations (1,255,493) -
Other comprehensive income 9 23,631 -
Total comprehensive loss for the year attributable to shareholders from (1,231,862)
continuing operations
-
Basic & dilutive earnings per share - pence 10 (0.56) 0.00
The accompanying notes in the Company's Annual Report form an integral part of
these financial statements.
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2021
As at 30 November 2021 As at 30 November 2020
Note £ £
NON-CURRENT ASSETS
Investments 13 528,375 -
TOTAL NON-CURRENT ASSETS 528,375 -
CURRENT ASSETS
Cash and cash equivalents 11 1,523,665 -
Trade and other receivables 12 508,000 1
TOTAL CURRENT ASSETS 2,031,665 1
TOTAL ASSETS 2,560,040 1
EQUITY
Share capital 15 297,195 1
Share premium account 15 2,859,005 -
Share based payment reserve 16 575,024 -
Retained Earnings (1,231,862) -
TOTAL EQUITY 2,499,362 1
CURRENT LIABILITIES
Trade and other payables 14 60,678 -
TOTAL CURRENT LIABILITIES 60,678 -
TOTAL LIABILITIES 60,678 -
TOTAL EQUITY AND LIABILITIES 2,560,040 1
The accompanying notes in the Company's Annual Report form an integral part of
these financial statements.
The financial statements were approved by the Board of Directors on 03 May
2022 and were signed on its behalf by:
Nicholas Lyth
Director
The financial information set out in this announcement does not constitute
statutory accounts. This financial information has been extracted from the
audited full accounts of the Company for the period ended 30 November 2021.
The Company does not declare a dividend for the period.
The full Annual Report of the Company will be available on the Company's
website: www.clarifypharma.com (http://www.clarifypharma.com) .
The Directors of the Company accept responsibility for the contents of this
announcement.
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