REG - BiVictriX Therapcts. - BiVictriX Interim Results
12/09/2022 07:00
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RNS Number : 0209Z BiVictriX Therapeutics PLC 12 September 2022
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BIVICTRIX THERAPEUTICS PLC
("BiVictriX" or "the Company" or "the Group")
Interim results for the six months ended 30 June 2022
Alderley Park, 12 September 2022 - BiVictriX Therapeutics plc (AIM: BVX), an
emerging biotechnology company applying a novel approach to develop next
generation cancer therapies using insights derived from frontline clinical
experience, today announces its unaudited interim results for the six months
ended 30 June 2022.
Highlights
· Focused on delivering value proposition built on unrivalled knowledge
and expertise
· Progress towards development of lead candidate nomination for BVX001
· Broadened pipeline with BVX002 and BVX003
· Strengthened IP with further patent applications
· Established a highly experienced scientific team, significantly
increasing the Company's internal capabilities and platform know-how
· Fast tracked the development of our novel "twin antigen pair"
discovery engine, providing further opportunities to move the Company into
higher value areas across a broad range of solid tumour indications
· ADC sector remains a 'hot area' of commercial interest, evidenced by
continual and encouraging commercial activity across both preclinical
and clinical stage assets and technologies
· Cash and cash equivalents of £4.5 million at 30 June 2022 providing
BiVictriX with a robust cash position to execute its immediate plans over the
next 12 months
· R&D investment of £1.2 million (H1 2021: £0.0 million)
Tiffany Thorn, Chief Executive Officer of BiVictriX Therapeutics plc,
commented: "This year has seen significant progress across our pipeline, as we
remain focused on optimising BVX001 and establishing ourselves as leaders in
the development of highly selective, next generation cancer therapeutics. Our
focus continues to be on finding the best treatments for targeting the cancer,
not the patient, and I am proud of the advancements we have made and continue
to make. I am particularly proud of the quality and excellence demonstrated by
our internal scientific team as we continue to forge our path forward to reach
key value inflection points and to drive value as pioneers of this approach."
For more information, please contact:
BiVictriX Therapeutics plc
Tiffany Thorn, Chief Executive Officer
Iain Ross, Chairman Email: info@bivictrix.com (mailto:info@bivictrix.com)
SP Angel Corporate Finance LLP (NOMAD and Broker) Tel: +44 (0) 20 3470 0470
David Hignell, Caroline Rowe (Corporate Finance)
Vadim Alexandre, Rob Rees (Sales and Broking)
Consilium Strategic Communications
Mary-Jane Elliott, Genevieve Wilson, Alex Gunter Tel: +44 (0) 20 3709 5700
Email: Bivictrix@consilium-comms.com (mailto:Bivictrix@consilium-comms.com)
About BiVictriX Therapeutics plc
BiVictriX is a UK-based drug discovery and development company which is
focused on leveraging clinical experience to develop a new class of highly
selective, next generation cancer therapeutics which exhibit superior potency,
whilst significantly reducing treatment-related harmful side effects. This
provides the opportunity for clinicians to give much higher, more effective
doses of treatment to patients without significantly harming the patient in
the process.
The Company utilises a first-in-class approach to generate a proprietary
pipeline of Bi-Cygni® therapeutics which are designed to selectively target
cancer-specific antigen pairs, or "twin antigens fingerprints", on tumour
cells, which are largely absent from healthy cells. Whereas this concept has
been validated in a clinical diagnostic setting to support the diagnosis and
monitoring of haematological cancers, it has not yet been widely used in a
therapeutic setting, where it offers the opportunity to be a game-changing
approach to cancer care.
BiVictriX has identified a diverse panel of novel cancer-specific "twin
antigens fingerprints" across a broad range of cancer indications. The Company
is using these novel twin antigens to develop more effective and safer
therapeutics to target cancers that are expected to constitute orphan
indications and areas of high unmet medical need.
Find out more about BiVictriX online at www.bivictrix.com
(http://www.bivictrix.com) .
Chairman's Statement
When the BiVictriX Board decided to take the Company public in 2021, we did so
because we believed that, with targeted investment, we could further protect,
enhance, build value, and monetise the Company's highly innovative proprietary
Bi-Cygni® platform. By applying state of the art techniques to identify
combinations of cancer-specific "twin antigen fingerprints" we believe we can
build a diverse pipeline of first-in-class therapeutics across the wider
spectrum of immunotherapeutic platforms and make a difference to patients'
lives. The rationale being, by targeting cancerous cells over healthy cells,
we can create more effective medicines with a safer side effect profile,
thereby enabling doctors to give much higher doses to patients to effectively
treat their cancer, without harming the patient in the process. We remain
focused on delivering upon our value proposition across both our unique
platform, expanding our unrivalled knowledge and highly sought-after expertise
for this concept, together with the development of our novel therapeutics,
effectively validating our approach.
I am pleased to say that we have made significant progress during the period
across all facets of the business and, in my opinion, the science and team
remains outstanding. We have surpassed our own expectations through developing
an efficient and cost-effective discovery engine, providing the opportunity to
rapidly expand our proprietary library of cancer-specific "twin antigen
fingerprints" and enabling us to move to higher value areas. This has been
achieved faster than was originally anticipated. Development and expansion of
our internal expertise within the business has also surpassed our initial
expectations. The business is now better equipped to support the efficient
development of new leads with less reliance on external contractors, reducing
future costs and rapidly expanding our specialist know-how to feed into our
proprietary platform.
As with all rapidly emerging organisations, our growth phase has not been
without its challenges. Our approach to explore complex and cutting-edge
science will inevitably require us to navigate multiple hurdles along the way.
This journey will be felt most strongly with our lead molecule, BVX001, as we
effectively use this lead to pave the way forward for this novel approach. In
turn, this will help us to identify the most streamlined path forward for
Bi-Cygni® therapeutics, benefiting our wider pipeline and adding to our
already expanding specialist knowledge.
As originally planned, and as per advice received from regulatory advisors, we
have completed a screening programme for BVX001, our lead molecule. This
programme has helped devise the most appropriate toxicology species for
Investigational New Drug ("IND") submission, as well as identify the optimum
binding affinities for the molecules. The results of this work, which has at
times been challenging, have helped to clear the path forward to IND, and we
now look to finalise the selections with the new information in hand.
Notwithstanding this, we remain confident we can accelerate the lead
optimisation of BVX001 to reach key preclinical milestones on efficacy and
safety in a timely manner and, having achieved this, will further expand
BiVictriX's early-stage pipeline and attract partners as appropriate. We have
and will continue to expand BiVictriX's intellectual property portfolio, in
particular to add further protection around our lead programme, BVX001.
During the period, we further strengthened the Board with the appointment of
Dr Michael Kauffman as an Independent Non-Executive Director. Michael brings
significant expertise in preclinical research and development from a range of
senior international roles. The Board has continued to work closely with the
management team and specifically our CEO, Tiffany Thorn, who is a regional
finalist for EY's UK "Entrepreneur of the Year™". We anticipate making
significant progress in the second half of the year and wish to thank all of
our shareholders, staff and collaborators for their input and look forward to
working together in the future.
Iain Ross
Chairman of BiVictriX Therapeutics plc
Chief Executive Officer's Report
Just over a year since our Initial Public Offering ("IPO"), we are pleased to
report on behalf of BiVictriX that significant progress has been made in our
efforts to revolutionise cancer therapy across all parts of the business. We
are ambitious, and remain confident, working closely with our executive team
and board of directors, of achieving key value-enhancing milestones over both
the next 12 months and in the longer term.
In the period ended 30 June 2022, our focus has been on advancing our lead
therapeutic asset, BVX001, towards lead candidate nomination and expanding our
pipeline of Bi-Cygni® Antibody Drug Conjugate ("ADC") therapeutics - with the
addition of two drug discovery programmes, BVX002 and BVX003 - to provide
validation for the broad clinical utility of our Bi-Cygni® approach. In
addition, we have worked to strengthen our intellectual property portfolio
through the filing of new patents.
As planned, our asset portfolio has been expanding steadily, via the
initiation of discovery activities for the two new programmes during the
period, with promising headway made in advancing BVX001.
Scientific progress - pipeline and IP
Since our IPO in August 2021, we have focused on creating and executing a
development plan for our lead asset, BVX001, with an aim to reach lead
candidate nomination for its lead indication in Acute Myeloid Leukaemia
("AML") during Q4 of this year.
Through advances made in our understanding of BVX001 during the period, we
have been able to more accurately define the development path to IND status,
ensuring we are working towards the most expedient development plan for this
candidate.
We have now a greater understanding of the optimum range of target binding
affinities for lead declaration, an important focus and value inflection
point. In conjunction with our academic collaborators, we have utilised state
of the art techniques to profile cancer cells from a broad range of AML
patients, strengthening our existing dataset to support the presence and
relevance of our targeted cancer-specific antigen pair in our lead clinical
indication. Significant progress has also been made in determining the most
relevant animal species for toxicology assessment, following the completion of
a set of cross-species antibody discovery and screening programmes, conducted
on the recommendation of our regulatory advisors.
Demonstrating the broad utility of the Bi-Cygni® approach across a wide range
of solid tumour and haematological cancer types, we have expanded our pipeline
to include two additional therapeutic programmes: BVX002 and BVX003. These two
assets target novel cancer-specific twin antigen fingerprints, incorporating
our proprietary Bi-Cygni® technology, alongside the established and validated
ADC mechanism-of-action, to form the next-generation of Bi-Cygni® ADCs with
superior cancer selectivity. Whilst we are committed to expanding our pipeline
via the initiation of early discovery activities, our focus remains on our
lead candidate and forging the most expedient route towards the clinic, which
will ultimately benefit our wider pipeline of assets and help to drive value.
We continue to progress as planned with the identification of further
cancer-specific antigen fingerprints across a broad range of tumour
indications which constitute areas of significant unmet medical need. Aligned
with this objective, we are pleased to report that we have been successful in
establishing a novel, bioinformatics-based "twin antigen fingerprint"
discovery engine during the period. This was completed faster than expected
and with less expenditure. The model will offer the ability to identify a
broader library of high-value cancer-specific fingerprints across a wide
spectrum of oncology indications. We are now working on establishing a wet lab
validation capability to provide key data to help prioritise the selection of
the new twin antigen pairs. We expect that this model will help build further
long-term value in the Company and will provide the possibility to expand the
Bi-Cygni® therapeutic concept into higher value areas.
In addition to expanding our target library, we continue to work towards the
expansion of our internal IP portfolio, with an additional patent application
filed in the UK during June 2022 to further strengthen our patent estate
around our lead asset, BVX001.
Strengthened team
Our executive team and board of directors comprise highly experienced
individuals and experts in their fields whose expertise complements our
strategy laid out at the time of our listing. In the six-month period, we
further strengthened our team with the appointment of our Chief Financial
Officer.
In addition to our senior hires, we are finalising recruitment within our
highly talented internal scientific team, having established a fully
functional technical capability within our laboratories at Alderley Park to
further progress the development of our pipeline.
We have continued to successfully grow our internal scientific team during the
period, enabling us to rapidly expand our internal capabilities and specialist
expertise in the development of Bi-Cygni® therapeutics. I am extremely proud
of the scientific excellence demonstrated by our internal team as we continue
to drive ways to increase the rate and efficiency of screening new leads, to
align with the scale of big pharma, while expanding our platform-specific
know-how.
Our ongoing search for a new Chief Scientific Officer is progressing well, and
the high calibre of candidates with direct expertise in this field is an
indicator of the external interest in our exciting new approach to
revolutionise the treatment of cancer.
We will continue to review the effectiveness of our team and will actively
recruit new hires where required to help drive forward our strategy in the
most expedient manner.
Commercial approach and industry reputation
In our view the ADC sector remains a hot area of commercial interest, which is
evident from activity that spans both preclinical and clinical stage assets
and technologies.
The nomination of a lead for BVX001 will mark a key value inflection point for
the business and will support validation of the wider pipeline and platform.
Following achievement of this milestone, we will seek to increase our
commercial activities to drive value through building a potential partner
network with a view to out-licensing. This will be achieved through dedicating
further resource to our ongoing business development efforts, together with
increasing our external focus and visibility to explore potential partnership
opportunities across both our lead asset and wider pipeline.
In the past six months, we have attended major international conferences to
broaden our network and showcase our unique approach and first-in-class
therapeutics to potentially interested third parties. Notably, we presented at
the 2022 Immuno-Oncology Summit Europe and OBN's BioTuesday event and
participated in the 12(th) Annual World ADC London conference. Further, we
will be presenting at the 14(th) Annual PEGS Europe event in November 2022, a
prestigious scientific congress well attended by the life sciences industry
and investment spectrum.
We continue to be endorsed by a range of prestigious industry awards for our
successful IPO, our strong management team, and our scientific excellence.
Notably, we are proud to have won the strongly contested "Investment Deal of
the Year Award" at BioNow's 20(th) Annual Awards in recognition of our AIM
listing and, most recently, were included in this year's BusinessCloud MedTech
50, an annual ranking of the UK's most innovative medical technology creators
as chosen by independent judges and a public vote. I also feel very honoured
to be named as a regional finalist for EY's prestigious "UK Entrepreneur of
the Year™" award, an announcement which occurred earlier this year.
Financial
The Groups's loss after tax for the period was £1.3 million (H1 2021: £0.5
million). This reflected investment in R&D of £1.2 million (H1 2021: £0
million) and administrative expenses of £0.3 million (H1 2021: £0.4
million).
The Group closed the period with a strong cash balance of £4.5 million (H1
2021: £0.4 million).
Summary and outlook
It has been a positive six months for BiVictriX, with significant pipeline
progression and a strengthening of our IP position. The expansion of our
pipeline and progression of our lead asset, BVX001, moves us closer towards
key milestones of value creation.
We are currently focusing our resources on fast-tracking our lead asset to
reach key preclinical inflection points to support further progression of this
asset towards the clinic and towards driving commercial value through the
potential to secure out-licensing and partnership opportunities. This will in
turn further validate the broad utility of the Bi-Cygni® approach and the
wider pipeline, bringing us closer to our aim of developing and delivering
upon a potentially high value, multi-partnership commercial opportunity.
I would like to thank the whole team at BiVictriX, the Board and our
shareholders to whom we are very grateful for their continued support. I
remain confident in BiVictriX's future as a leader in developing
highly-selective, novel cancer therapeutics to revolutionise the treatment
landscape across areas of significant unmet need and in our ability to drive
potential future value through our products and platform.
Tiffany Thorn, Chief Executive Officer of BiVictriX Therapeutics plc
BiVictriX Therapeutics plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
Statement of Comprehensive Income
6 Months Ended 6 Months Ended Year Ended
30 Jun 2022 30 Jun 2021 31 Dec 2021
£'000 £'000 £'000
Notes
Unaudited Unaudited Audited
Research and development (1,209) - (711)
General and Administrative (277) (417) (567)
Share based compensation 4 (64) (2) (224)
Total operating expenses before non-recurring costs (1,550) (419) (1,502)
Non-recurring costs - - (389)
Operating loss (1,550) (419) (1,891)
Finance costs - (32) (641)
Loss before tax (1,550) (451) (2,532)
Taxation 210 - 192
Loss for the period (1,340) (451) (2,340)
Basic loss per share (pence) 3 (2.03) (1.97) (6.02)
Diluted loss per share (pence) 3 (2.03) (1.97) (6.02)
BiVictriX Therapeutics plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
Statement of Financial Position
30 June 2022 30 June 2021 31 Dec 2021
£'000 £'000 £'000
Unaudited Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 510 87 339
Total non-current assets 510 87 339
Current assets
Trade and other receivables 291 114 287
Current tax receivable 402 83 192
Cash and cash equivalents 4,548 376 6,063
Total current assets 5,241 573 6,542
Total assets 5,751 660 6,881
Liabilities and equity
Current liabilities
Trade and other payables 454 339 308
Lease liabilities 246 - 71
Total current liabilities 700 339 379
Non-current Liabilities - 669 175
Total Liabilities 700 1,008 554
Equity
Ordinary shares 661 1 661
Share premium 12,052 1,428 12,052
Share based compensation 288 12 224
Warrant reserve 73 73
Merger reserve (2,834) (2,834)
Other reserves - 181 -
Retained (deficit)/profit (5,189) (1,970) (3,849)
Total equity attributable to equity holders of the parent 5,051 (348) 6,327
Total liabilities and equity 5,751 660 6,881
BiVictriX Therapeutics plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
Consolidated Statement of Changes in Equity
Ordinary shares Share Premium Merger reserve Share based compensation Warrant reserve £'000s Fair Value Reserve Retained deficit
£'000 £'000 £'000 £'000 £'000 £'000 Total
£'000
Balance at 31 December 2020 1 1,428 - 10 - 147 (1,519) 67
Total comprehensive expense for the period (451) (451)
Transactions with owners
Share based payments - - - 2 - - - 2
Other reserves 34 - 34
Total transactions with owners - - - 2 - 34 - -
Balance at 30 June 2021 1 1,428 - 12 - 181 (1,970) (348)
Total comprehensive expense for the period - - - - - - (1,889) (1,889)
Transactions with owners -
Acquisition of BiVictriX Limited 212 2,622 (2,834) - - - - -
Share issue - convertible loan notes 73 1,387 - - - (181) - 1,279
Share issue - cash 375 7,125 - - - - - 7,500
Expense of share issue - (437) - - - - - (437)
Share based compensation - share options - - - 222 - - - 222
Issue of warrants - (73) - - 73 - - -
Share based compensation -lapsed options - - - (10) - - 10 -
Total transactions with owners 660 10,624 (2,834) 212 73 (181) 10 8,564
Balance at 31 December 2021 661 12,052 (2,834) 224 73 - (3,849) 6,327
Total comprehensive expense for the period - - - - - - (1,340) (1,340)
Transactions with owners -
Share based compensation - share options - - - 64 - - - 64
Total transactions with owners - - - 64 - - - 64
Balance at 30 June 2022 661 12,052 (2,834) 288 73 - (5,189) 5,051
BiVictriX Therapeutics plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
Statement of Cash Flows
Period ended 30 Jun 2022 £'000 Period ended 30 Jun 2021 £'000 Year ended 31 Dec 2021 £'000
Unaudited Unaudited Audited
Cash flows from operating activities
Loss before taxation (1,550) (419) (2,532)
Depreciation and amortisation 23 8 46
Share based compensation 64 2 224
Finance costs - 641
(1,463) (409) (1,621)
Changes in working capital
(Increase)/decrease in trade and other receivables (4) (54) (227)
Increase/(decrease) in trade and other payables 146 7 (21)
Cash used in operations 142 (47) (248)
Taxation received - - 84
Net cash used in operating activities (1,321) (456) (1,785)
Cash flows (used in)/generated from investing activities
Acquisition of tangible fixed assets (194) (30) (46)
Net cash (used in)/generated from investing activities (194) (30) (46)
Cash flows from financing activities
Proceeds from issue of shares - - 7,500
Issue costs - - (437)
Repayment of lease liabilities - - (31)
Net cash generated from financing activities - - 7,032
Movements in cash and cash equivalents in the period (1,515) (486) 5,201
Cash and cash equivalents at start of period 6,063 862 862
Cash and cash equivalents at end of period 4,548 376 6,063
BiVictriX Therapeutics plc
Notes to the financial information
1. Company Information
BiVictriX Therapeutics plc (BiVictriX' or 'the Company') is a public limited
company incorporated in England and Wales and was admitted to trading on the
AIM market of the London Stock Exchange under the symbol "BVX" on 11 August
2021. The address of its registered office is Mereside, Alderley Park,
Alderley Edge, Macclesfield, England, SK10 4TG and the registered company
number is 13470690.
The principal activity of the Company is research and experimental development
in biotechnology.
2. Significant Accounting Policies and Basis of Preparation
The consolidated financial statements have been prepared in accordance with
United Kingdom International Financial Reporting Standards ('IFRS') as adopted
by the UK, IFRIC interpretations and the Companies Act 2006 applicable to
companies operating under IFRS.
These interim financial statements do not include all of the information
required for a complete set of financial statements prepared in accordance
with IFRS Standards. However, selected explanatory notes are included to
explain events and transactions that are significant to an understanding of
the changes in the Group's financial position and performance since the last
annual consolidated financial statements.
The financial information provided for the six-month period ended 30 June 2022
is unaudited, however, the same accounting policies, presentation and methods
of computation have been followed in these interim financial statements as
those which were applied in the preparation of the Group's annual consolidated
financial statements for the year ended 31 December 2021.
These interim financial statements were authorised for issue by the Company's
board of directors on 11 September 2022.
The financial statements are presented in Sterling (£) and rounded to the
nearest £000. This is the predominant functional currency of the Group and is
the currency of the primary economic environment in which it operates. Foreign
transactions are accounted in accordance with the policies set out below.
The nature of the Group's operations mean that recorded financial performance
is not seasonal or cyclical in nature.
Going concern
As part of their going concern review the Directors have followed the
guidelines published by the Financial Reporting Council entitled ''Guidance on
Risk Management and Internal Control and Related Financial and Business
Reporting''. The Directors have prepared detailed financial forecasts and cash
flows looking beyond 12 months from the date of the approval of these
financial statements. In developing these forecasts, the Directors have made
assumptions based upon their view of the current and future economic
conditions that will prevail over the forecast period.
The forecasts contain certain assumptions about the performance of the
business including the growth model and the cost model.
The directors are aware of the risks and uncertainties facing the business,
but the assumptions used are the Directors' best estimate of the future
development of the business.
After considering the forecasts and risks, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. For these reasons, they continue to
adopt the going concern basis of accounting in preparing the annual financial
statements. The financial statements do not include any adjustments that would
result from the going concern basis of preparation being inappropriate.
At 30 June 2022, the Group had cash and cash equivalents, including short-term
investments and cash on deposit, of £4,548,048.
The Directors estimate that the cash held by the Group together with known
receivables will be sufficient to support the current level of activities.
Standards, interpretations and amendments to published standards not yet
effective
The Directors have considered those standards and interpretations, which have
not been applied in these financial statements but which are relevant to the
group's operations, that are in issue but not yet effective and do not
consider that they will have a material effect on the future results of the
Group.
Research and development expenditure
Development costs and expenditure on pure and applied research are charged to
the profit and loss account in the year in which they are incurred.
Expenditure incurred on the development of internally generated products will
be capitalised from when Phase III trials are completed and regulatory
approval is obtained.
Share-based compensation
The Group issues share based payments to certain employees and Directors and
warrants have been issued to certain suppliers. Equity- settled share-based
payments are measured at fair value at the date of grant and expensed on a
straight-line basis over the vesting period, along with a corresponding
increase in equity.
At each reporting date, the Group revises its estimate of the number of equity
instruments expected to vest as a result of the effect of non-market based
vesting conditions. The impact of any revision is recognised in the
Consolidated Statement of Comprehensive Income, with a corresponding
adjustment to equity reserves.
The fair value of share options and warrants are determined using a
Black-Scholes model, taking into consideration the best estimate of the
expected life of the option or warrant and the estimated number of shares that
will eventually vest.
Share based payment charge
In the period, share options were issued to certain employees and a
Black-Scholes model was used to calculate the share-based payment charge.
The calculation involves estimates and judgements to establish the appropriate
inputs to be entered into the model, including interest rate, dividend rate,
exercise restrictions and behavioural considerations.
The total charge in the period was £64k (H1 2021: £2k).
3. Loss per Share
Basic loss per share is calculated by dividing the loss for the period
attributable to equity holders by the weighted average number of ordinary
shares outstanding during the year.
For diluted loss per share, the loss for the period attributable to equity
holders and the weighted average number of ordinary shares outstanding during
the period is adjusted to assume conversion of all dilutive potential ordinary
shares.
At 30 June 2022, the Group had 8,644,184 (30 June 2021: 365,295) share
options, warrants and subscriptions outstanding
The calculation of the Group's basic and diluted loss per share is based on
the following data:
Period ended Period ended Year ended
30 Jun 30 Jun 31 Dec
2022 2021 2021
£'000 £'000 £'000
Loss for the period attributable to equity holders for basic loss and adjusted (1,340) (451) (2,340)
for the effects of dilution
Period ended Period ended Year ended
30 Jun 30 Jun 31 Dec
2022 2021 2021
£'000
Weighted average number of ordinary shares for basic loss per share 66,115,171 22,913,901 38,865,782
Effects of dilution:
Share options - - -
Weighted average number of ordinary shares adjusted for the effects of 66,115,171 22,913,901 38,865,782
dilution
Period ended Period ended Year ended
30 Jun 30 Jun 31 Dec
2022 2021 2021
£'000 £'000 £'000
Loss per share - basic and diluted (2.03) (1.97) (6.02)
The loss and the weighted average number of ordinary shares for the period
ended 30 June 2022 and 30 June 2021 used for calculating the diluted loss per
share are identical to those for the basic loss per share. This is because the
outstanding share options would have the effect of reducing the loss per
ordinary share and would therefore not be dilutive under the terms of
International Accounting Standard ('IAS') No 33.
4. Share-based Payments
Certain Directors and employees of the Group hold options to subscribe for
shares in the Group under share option schemes. The number of shares subject
to options, the periods in which they were granted and the period in which
they may be exercised are given below.
The Group operates one share option scheme, in addition share options have
been granted under standalone unapproved share option agreements. Options are
currently granted for £nil consideration and are exercisable at a price
determined on the date of the grant.
At 30 June 2022 the Company had 8,634,184 (30 June 2021: 365,295) unissued
ordinary shares of 1p under the Company's share option schemes, details of
which are as follows:
Movements on share options during the period were as follows:
Exercise price At 31 Dec 2021 Granted Lapsed/ Cancelled At 30 Jun Date from which exercisable Expiry date
2022
0.117 365,295 - - 365,295 11 Aug 2021 8 Apr 2031
0.200 3,290,875 - - 3,290,875 11 Aug 2021 8 Apr 2031
0.200 1,632,680 - - 1,632,680 11 Aug 2023 8 Apr 2031
0.200 2,449,000 - - 2,449,000 11 Aug 2024 8 Apr 2031
0.250 876,334 - - 876,334 13 Dec 2024 13 Dec 2031
0.250 - 30,000 - 30,000 3 May 2025 2 May 2032
8,614,184 30,000 - 8,634,184
5. Copies of the interim report
Copies of the interim report are available on the Company's website at
www.bivictrix.com (http://www.bivictrix.com)
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. END IR BCGDCDXBDGDBRecent news on Bivictrix Therapeutics
See all newsREG - AIM BiVictriX Therapcts. - Cancellation - BiVictriX Therapeutics plc
AnnouncementREG - BiVictriX Therapcts. - Holding(s) in Company
AnnouncementREG - BiVictriX Therapcts. - Last Day of Dealings
AnnouncementREG - BiVictriX Therapcts. - Positive In Vivo Data from BVX002 Programme
AnnouncementREG - BiVictriX Therapcts. - Holding(s) in Company
Announcement