REG - Argent Biopharma Ltd - September 2024 Quarterly Report
31/10/2024 07:00
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RNS Number : 3857K Argent Biopharma Limited 31 October 2024
31 October 2024
Argent BioPharma Ltd.
(Argent BioPharma or the Company)
September 2024 Quarter Activity Report and Cash Flow Statement
Argent BioPharma, an innovative multidisciplinary drug discovery company
within the biopharmaceutical sector, is pleased to provide its Quarterly
Activity Report for the three months ending 30(th) September 2024.
Key Company Activities
Collaboration with SINTIF for Advanced Chronic Wound Management
During the Quarter, Argent BioPharma collaborated with SINTEF, one of Europe's
largest independent research organisations, to address the critical and unmet
clinical challenge of chronic wound management, through nano-formulations as
part of the Company's ongoing expansion into new therapeutic areas. The
collaboration is targeting chronic wound infections with an array of various
nano-encapsulated active ingredients. The precise selection and dosing of
these active ingredients are being methodically evaluated. The greater part of
the ingredients have not served previously as designated anti-microbial
agents, thus aligning with antimicrobial stewardship.
A significant aspect of this project is the design of nano-formulations for
the selected agents which are intended to be identified in the initial
screening experiments. Nano-formulation is expected to enhance the
pharmacological characteristics and efficacy of the resulting preparation via
improved drug delivery, increased penetration through biofilms, and sustained
release of active compounds, thereby addressing the challenges posed by
antibiotic resistance and local tissue health deterioration.
Voluntary Delisting From ASX
During the quarter, the Company received formal approval from the ASX and its
shareholders for the Company to delisting from the official list of the ASX
subject to a number of conditions. In conjunction, the Company is actively
working to move its listing category from Equity Shares (International
Commercial Companies Secondary Listing) to Equity Shares (Commercial
Companies) category (ESCC) of the FCA's Official List. The Company is in
advanced discussions with the Financial Conduct Authority (FCA) relating to
the transfer of listing categories and will provide shareholders with an
updated outlook on the delisting as soon as its able to.
Corporate and Commercial News
Completion of Placement
During the quarter, the Company raised US$2,000,000 by ways of a private
placement, issuing 2,500,000 new ordinary shares at an issue price of US$0.80
(~A$1.20) with a 1 for 2 attaching option exercisable at US$1.20 (~A$1.80).
The subscription price of US$0.80 represented approximately a 400% premium to
the 15-day VWAP of the Company's securities.
Funding and Cashflow Reporting
Subsequent to the Quarter, an agreement was reached with Mercer Street Capital
Partners LLC to refinance 300,000 from the 2020 Convertible Notes facility,
resulting in the minimum conversion price being amended to not less than
A$0.30, after which, those the refinanced notes were converted into ordinary
shares.
At the end of the September, the Company has A$311k of cash on hand.
Accompanying this Activity Report is a Cash Flow Report for the Quarter ending
30 September 2024.
In accordance with ASX Listing Rule 4.7C.3 the Company advises that during the
September 2024 quarter, payments to related parties totalled A$107k, which
consisted of fees paid to executive and non-executive directors of the
Company. As detailed in the accompanying Appendix 4C (Quarterly Cashflow
Report), cashflows during the quarter included A$6k in cash outflows
associated with cost of sales and inventory production and A$471k for Research
and development costs.
Activities Post Quarter End
Argent BioPharma successfully raised an additional A$200,000 by ways of a
private placement, issuing 666,667 new ordinary shares at an issue price of
A$0.30. the shares were issued under the Company's existing Placement capacity
in accordance with Listing Rule 7.1.
-ENDS-
Authorised for release by the board of directors, for further information
please contact:
Argent BioPharma Argent BioPharma
Roby Zomer Rowan Harland
CEO & Managing Director Company Secretary
+61 8 6555 2950 +61 8 6555 2950
info@argentbiopharma.com (mailto:info@argentbiopharma.com) info@argentbiopharma.co (mailto:info@argentbiopharma.co.uk) m
About Argent BioPharma
Argent BioPharma Limited (the "Company") (ASX: RGT; LSE: RGT; OTCQB: RGTLF) an
innovative multidisciplinary drug development Company within the
biopharmaceutical sector. The Company focuses on multidisciplinary methods
with Nanotechnology, developing multi-target therapies for comprehensive
disease management, especially concerning the Central nervous system ("CNS")
and Immunology treatments.
Follow us through our social media channels:
LinkedIn: Argent BioPharma
Twitter: @ArgentBioPharma
Facebook: Argent BioPharma
Appendix 4C
Quarterly cash flow report for entities
subject to Listing Rule 4.7B
Name of entity
Argent BioPharma Limited
ABN Quarter ended ("current quarter")
30 116 800 269 30 September 2024
Consolidated statement of cash flows Current quarter $A'000 Year to date (3 months)
$A'000
1. Cash flows from operating activities
1.1 Receipts from customers 99 99
1.2 Payments for
(a) research and development (471) (471)
(b) product manufacturing and operating costs
i) cost of sales / inventory (6) (6)
ii) operating costs (226) (226)
(c) advertising and marketing (55) (55)
(d) leased assets
(e) staff costs (575) (575)
(f) administration and corporate costs (including product (2,098) (2,098)
registrations)
1.3 Dividends received (see note 3) - -
1.4 Interest received 10 10
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (GST/VAT refund) 11 11
1.9 Net cash from / (used in) operating activities (3,311) 3,311)
2. Cash flows from investing activities
2.1 Payments to acquire: - -
(a) entities - -
(b) businesses - -
(c) property, plant and equipment (2) (2)
(d) investments - -
(e) intellectual property - -
(f) other non-current assets - -
2.2 Proceeds from disposal of: - -
(a) entities
(b) businesses - -
(c) property, plant and equipment - -
(d) investments - -
(e) intellectual property - -
- -
(f) other non-current assets
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (cash acquired through assets acquisition) - -
2.6 Net cash from / (used in) investing activities (2) (2)
3. Cash flows from financing activities Current quarter Year to date
$A'000 (3 months)
$SA'000
3.1 Proceeds from issues of equity securities (excluding convertible debt 2,975 2,975
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (49) (49)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (loan entity which where control was gained after quarter-end) - -
3.10 Net cash from / (used in) financing activities 2,926 2,926
4. Net increase / (decrease) in cash and cash equivalents for the period Current quarter Year to date (3 months)
$A'000
$A'000
4.1 Cash and cash equivalents at beginning of period 703 703
4.2 Net cash from / (used in) operating activities (item 1.9 above) (3,311) (3,311)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (2) (2)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 2,926 2,926
4.5 Effect of movement in exchange rates on cash held (4) (4)
4.6 Cash and cash equivalents at end of quarter 311 311
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 285 676
5.2 Call deposits 27 27
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 311 703
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 107
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
The payments in 6.1 are payments to directors of the company for their service
during the quarter .
7. Financing facilities available Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) 14,600 6,948
7.4 Total financing facilities 14,600 6,948
7.5 Unused financing facilities available at quarter - 7,652
end
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
$14.6M Convertible note facility with Mercer Street Opportunity Fund LLC.
Refer to ASX announcement on 29 July 2022 for further information.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (Item 1.9) (3,311)
8.2 Cash and cash equivalents at quarter end (Item 4.6) 311
8.3 Unused finance facilities available at quarter end (Item 7.5) 7,652
8.4 Total available funding (Item 8.2 + Item 8.3) 7,963
8.5 Estimated quarters of funding available (Item 8.4 divided by Item 8.1) 2.4
Note: if the entity has reported positive net operating cash flows in
item 1.9, answer item 8.5 as "N/A". Otherwise, a figure for the estimated
quarters of funding available must be included in item 8.5.
8.6 If Item 8.5 is less than 2 quarters, please provide answers to the following
questions:
1. Does the entity expect that it will continue to have
the current level of net operating cash flows for the time being and, if not,
why not?
Answer: N/A
2. Has the entity taken any steps, or does it propose to
take any steps, to raise further cash to fund its operations and, if so, what
are those steps and how likely does it believe that they will be successful?
Answer: N/A
3. Does the entity expect to be able to continue its
operations and to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2
and 8.6.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with
accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
31 October 2024
Date:
...................................................................................
[lodge
electronically without signature]
Authorised by:
...................................................................................
Roby Zomer - Managing Director
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 107: Statement of Cash Flows apply to this report. If this
quarterly cash flow report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the
corresponding equivalent standard applies to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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