REG - Nuformix PLC - Unaudited Interim Report
22/05/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230522:nRSV1115Aa&default-theme=true
RNS Number : 1115A Nuformix PLC 22 May 2023
Nuformix plc
("Nuformix", the "Company" or the "Group")
Unaudited Interim Report
22 May 2023: Nuformix plc (LSE: NFX), a pharmaceutical development company
targeting unmet medical needs in fibrosis and oncology via drug repurposing,
announces its unaudited results for the twelve months ended 31 March 2023
following the change in the Company's accounting reference date from 31 March
to 30 September.
Operational highlights
· The Company successfully conducted studies in state-of-the-art 3D
human Idiopathic Pulmonary Fibrosis ("IPF") lung tissue, using a disease and
species relevant model, which initially focused on the anti-fibrotic action of
NXP002 in combination with current standards-of-care ("SoC"). The results
indicated:
o NXP002 alone delivered a strong, consistent anti-fibrotic effect as
demonstrated by modulation of the release of multiple biomarkers of fibrosis;
and
o Both high and low concentrations of NXP002 showed an additive
anti-fibrotic effect to SoC.
· The anti-inflammatory action of NXP002 was subsequently investigated,
post period end, in the same model and the results indicated:
o NXP002 alone delivered a strong, consistent anti-inflammatory effect as
demonstrated by modulation of the release of multiple biomarkers of
inflammation; and
o NXP002 increased the performance of SoCs in modulating the release of a
panel of inflammation biomarkers associated with the progression of fibrotic
lung disease.
· The Company additionally successfully conducted duration of action
studies using an exploratory 3D human lung tissue model offering species
relevance and NXP002 dosage control. This allowed investigation of NXP002's
anti-inflammatory action at various timepoints following challenge with
lipopolysaccharide ("LPS"), a stimulant that induces measurable endpoints and
pathways relevant to IPF progression. The results indicated:
o NXP002 suppresses the release of inflammatory cytokines by healthy human
lung tissue following LPS challenge; and
o A strong anti-inflammatory effect remains at 12 hours post drug dosing
demonstrated by continued suppression of the release of inflammatory cytokines
following LPS challenge, confirming NXP002 has a suitable duration of action
to support its Target Product Profile of twice daily dosing.
· In vitro dissolution comparisons of NXP004 co-crystals to Lynparza®
(commercially available olaparib) demonstrated that the two lead NXP004
cocrystals selected out-perform Lynparza®, in terms of rate and extent of
dissolution and release of olaparib.
Financial Highlights for the twelve months ended 31 March 2023
· Loss before tax £761,299 (31 March 2022: loss of £1,270,273).
· Loss on ordinary activities (after tax credit) of £760,136 (31 March
2022: loss of £1,108,994).
· Loss per share 0.11p (31 March 2022: loss per share 0.19p).
· Net assets of £4,228,204 (31 March 2022: £4,737,961) including
£259,259 of cash and cash equivalents at 31 March 2023 (31 March 2022:
£464,095).
· The Company's accounting reference date and financial year end was
changed from 31 March to 30 September.
· Post period end, on 13 April 2023, a subscription for 35,000,000
new ordinary shares at a price of 0.20 pence per share raised gross proceeds
of £70,000. The subscription was undertaken with a single UK-based FCA
regulated institutional investor. In addition, the participant in the
subscription was issued with one warrant for every one new ordinary share
subscribed for with an exercise price of 0.25 pence per warrant. These
warrants could result in the issue of an additional 35,000,000 new ordinary
shares raising a further £87,500 for progression of the Company's business
activities.
Dr Dan Gooding, Executive Director of Nuformix, said: "Our interim report
demonstrates the Company is continuing to generate value-adding data for its
lead programmes whilst further optimising its operational costs. For NXP002,
our pre-clinical strategy has delivered consistently positive results that
allow us to tell a complete pre-clinical story to potential licensing partners
for the first time and demonstrate that inhaled treatment of IPF via NXP002 is
a viable concept. Our near-term goals focus on our NXP002 programme, as we
continue to generate robust data to support our out-licensing objectives, all
achievable using existing funds thanks to our lean operational model which
will continue to operate. We are greatly encouraged by our recent work in
close-to-patient human tissue models, in particular the new data supporting
NXP002's duration of action and Target Product Profile. I am excited by our
prospects for the remainder of the year as we formally commence partnering
activities and look forward to sharing results as they emerge."
Enquiries:
Nuformix plc
Dr Dan Gooding, Executive Director Via IFC Advisory
Stanford Capital Partners Limited
Tom Price / Patrick Claridge (Corporate Finance) +44 (0) 20 3650 3650
John Howes (Corporate Broking) +44 (0) 20 3650 3652
IFC Advisory Limited
Tim Metcalfe +44 (0) 20 3934 6630
Zach Cohen nuformix@investor-focus.co.uk
About Nuformix
Nuformix is a pharmaceutical development company targeting unmet medical needs
in fibrosis and oncology via drug repurposing. The Company aims to use its
expertise in discovering, developing and patenting novel drug forms, with
improved physical properties, to develop new products in new indications that
are, importantly, differentiated from the original (by way of dosage, delivery
route or presentation), thus creating new and attractive commercial
opportunities. Nuformix has a pipeline of pre-clinical assets with potential
for significant value and early licensing opportunities.
Nuformix plc shares are traded on the London Stock Exchange's Official List
under the ticker: NFX. For more information, please visit www.nuformix.com
(http://www.nuformix.com/) .
Chairman's statement
Following the change of the Company's accounting reference date from 31 March
to 30 September these interim results cover the 12 month period to 31 March
2023. The Company's interim results for the six month period ended 30
September 2022 were announced on 13 December 2022 and the operational review
below covers the subsequent period from 30 September 2022 to 31 March 2023, a
period of further progress for the Company's assets NXP002 and NXP004.
Operational review
NXP002 (new form of tranilast) - Idiopathic Pulmonary Fibrosis (IPF)
NXP002 is the Group's pre-clinical lead asset and a potential novel inhaled
treatment for IPF and possibly other fibrosing interstitial lung diseases
("ILDs"). It is a proprietary, new form of the drug tranilast, to be delivered
in an inhaled formulation.
IPF is a devastating lung disease associated with a higher mortality rate than
many cancers. Thus, IPF represents a high unmet medical need such that the
requirement for improved treatment options represents a significant commercial
opportunity. IPF is classified as a rare disease and presents a global
commercial market that is forecast to grow to US$8.8bn by 2027. Sales of
standard-of-care therapies OFEV and Esbriet achieved US$2.5bn and US$1bn
respectively in 2021.
Tranilast has a long history of safe use as an oral drug for asthma, keloids
and hypertrophic scarring, but there is growing evidence that supports its
potential in other fibrotic conditions, including IPF. NXP002 is
differentiated as it is a patent protected new form of tranilast that has been
enabled for formulation and delivery direct to the lungs by inhalation, a new
route of administration for this drug. The inhalation route is a well-known
strategy for treatment of lung diseases to yield greater efficacy and reduce
systemic side-effects compared to oral treatment. Discontinuation rates for
standard-of-care IPF therapies can be as high as 80% in certain patient groups
due to systemic side-effects. Effective inhalation therapies offer the
potential to overcome these limitations of oral therapies. Nuformix has two
patent families protecting new forms of tranilast, both of which have already
been granted in major pharmaceutical territories, with patent prosecution
progressing in additional territories of interest. In addition, in March 2022,
a method of use patent application was filed specific to IPF treatment.
As a potential treatment for IPF, which is a rare disease, NXP002 is a likely
candidate for Orphan Drug Designation, which could provide additional product
protection against potential competitors. The positioning of NXP002 as an
inhaled treatment for IPF could be either as added to SoC's or administered as
a monotherapy for patients non-responsive to SoCs and those declining these
therapies due to side effects which impact quality of life.
The pre-clinical inhalation strategy, initiated by the Company has
significantly progressed NXP002 demonstrating:
· it can be delivered in-vivo by a range of nebulisers at the
optimum particle size for delivery to the deep lung;
· very high doses appear to be well-tolerated; and
· an in-vivo inhalation dose response was observed for inflammatory
and fibrotic biomarkers that is consistent with all ex-vivo human IPF tissue
studies to date.
The Company conducted studies in a new iteration of a 3D human IPF lung tissue
using a disease and species relevant model that has been advanced to
significantly reduce output variability. The results from these studies of
NXP002 alone and in combination with current standards of care ("SoC"), can be
summarised as follows:
· NXP002 is well tolerated in ex-vivo human lung tissue with no signs
of toxicity events;
· NXP002 alone delivers a strong, consistent anti-fibrotic and
anti-inflammatory effect as demonstrated by modulation of the release of
multiple biomarkers of fibrosis and inflammation;
· both high and low concentrations of NXP002 show an additive
anti-fibrotic and anti-inflammatory effect to SoC;
· in particular, the higher concentrations of NXP002 with SoC's deliver
a near complete ablation of fibrosis biomarker release, yet at lower
concentrations than have been seen in other pre-clinical models to date; and
· the clear, pronounced additive benefit of NXP002 on top of SoCs
observed suggests that NXP002 will provide additional efficacy, even in
patients responding to SoC therapy. This raises the possibility that NXP002
targets additional disease pathways to SoC's when increasing the combined
anti-fibrotic and anti-inflammatory response.
As announced on 18 May 2023, following success in suppressing biomarkers of
fibrotic disease progression in human IPF lung tissue, the same samples were
analysed to assess additional mechanistic and anti-inflammatory benefits on
top of SoC's and the results are summarised as follows:
· NXP002 alone delivers a strong, consistent anti-inflammatory
effect as demonstrated by suppression of the release of inflammatory cytokines
by over 90% for all cytokines studied; and
· the results further suggests that NXP002 will provide additional
efficacy in combination with SoC's, even in patients responding to SoC therapy
alone.
Nuformix has developed a Target Product Profile that is consistent with twice
daily inhalation administration. To assess NXP002's duration of action in
relation to the Target Product Profile, the Company initiated work in an
exploratory model in healthy human lung tissue. The model also bridges the
Company's successful pre-clinical work across a variety of LPS-challenge
studies. The results are summarised as follows:
· NXP002 suppresses the release of inflammatory cytokines by
healthy human lung tissue following LPS challenge; and
· a strong anti-inflammatory effect remains at 12 hours post drug
dosing demonstrated by continued suppression of the release of inflammatory
cytokines following LPS challenge, confirming NXP002 has a suitable duration
of action to support its Target Product Profile of twice daily dosing.
Overall, the results further strengthen NXP002's potential for development as
a new inhaled treatment for IPF either in addition to existing therapies or as
a monotherapy. The Board continues to be encouraged by the progress of the
studies and the positive data generated to date, in particular the recent
duration of action study results and is focused on next steps which include:
· expansion of the current studies to include further human IPF tissue
donors to demonstrate the robustness of NXP002's anti-fibrotic response alone
and in SoC combinations; and
· formally commencing the NXP002 partnering process.
NXP004 (novel forms of olaparib) - Oncology
The Group discovered novel forms of olaparib, a drug currently marketed by
AstraZeneca, a Lynparza®. Lynparza® was first approved in December 2014 for
the treatment of adults with advanced ovarian cancer and deleterious or
suspected deleterious germline BRCA mutation. Since then, it has secured
similar approvals in breast, pancreatic and prostate cancers with further
trials on-going. These approvals have propelled Lynparza® sales to US$2.7bn
in 2021 with industry analysts forecasting annual sales of US$9.7bn by 2028.
The Group has filed two patent applications on its novel forms of olaparib
with the potential for patent life to 2040/2041.
The Company demonstrated enhanced performance of NXP004 cocrystals compared to
olaparib. Subsequently, further preformulation studies allowed the Company to
identify lead cocrystals to be progressed for further development.
Results from in vitro dissolution studies demonstrated that the two lead
NXP004 cocrystals out-performed Lynparza®, both in terms of rate and extent
of dissolution and release of olaparib.
Enhancement of dissolution in the currently marketed formulation of Lynparza®
resulted in improved bioavailability versus the initial marketed product.
Therefore, the NXP004 programme may offer potential to further increase
olaparib bioavailability. In addition, the potential simplicity of
NXP004-based formulations may offer improvements in product cost-of-goods
versus the currently marketed product, which requires complex manufacturing
methods.
These attributes position NXP004 for applications in line-extensions for the
currently marketed product, or for possible development in future
first-to-generic products.
The Company will now consider the design and execution of suitable
pre-clinical pharmacokinetic models to further investigate and validate
NXP004's potential for enhancing the oral absorption of olaparib. Securing
these data will enable commencement of discussions with multiple potential
commercialisation partners.
This work will direct and support future out-licensing discussions for NXP004.
NXP001 (new form of aprepitant) - Oncology
NXP001 is a proprietary new form of the drug aprepitant that is currently
marketed as a product in the oncology supportive care setting (chemotherapy
induced nausea and vomiting). Nuformix granted an exclusive license to Oxilio
Ltd ("Oxilio"), a privately held pharmaceutical development company, to
license NXP001 globally for oncology indications on terms previously
disclosed. A programme of formulation development was defined. Significant
progress has been made exploring numerous formulation adaptations. This work
is detailed, time consuming and ongoing. Despite Covid related supply chain
issues Oxilio have generated more cocrystal supplies to allow this work to
continue.
Fundraising
Post period end, on 13 April 2023, the Company completed a subscription to
raise gross proceeds of £70,000 through a subscription for 35,000,000 new
ordinary shares of 0.1 pence in the capital of the Company (the "New Ordinary
Shares") at a price of 0.20 pence per share (the "Subscription"). The
Subscription was undertaken with a single UK-based FCA regulated
institutional investor. The New Ordinary Shares represent approximately 4.7
per cent. of the Company's enlarged issued share capital.
In addition, the participant in the Subscription was issued with one warrant
for every one New Ordinary Share subscribed for with an exercise price of 0.25
pence per warrant. These warrants will be exercisable for two years from
Admission ("Warrants"). If the Warrants are exercised in full, it would result
in the issue of an additional 35,000,000 new ordinary shares raising a further
£87,500 for progression of the Company's business activities. The New
Ordinary Shares and Warrants were issued pursuant to the Company's existing
share issuance authorities.
The net proceeds of the Subscription will be used by the Company primarily to
further advance its NXP002 programme for the inhaled treatment of IPF.
Outlook
The Company to continues to advance and exploit the current assets within the
portfolio through the R&D and business development activities as set out
above. The sharing agreement with Lanstead provides cash on a monthly basis
until October 2023 to the Company to fund its lean operations and together
with the funds raised in the April 2023 Subscription will provide the Company
with sufficient financial resources until any such time that the Group's
R&D and targeted partnering activities require further resource.
The strategy of the Group is to continue to increase the value of its existing
assets while maintaining tight control of costs, including conducting business
development/licensing activities using a structured and data-driven approach,
with the goal of seeking global licensing deals.
Financial Review
In the period, the Board has continued to focus expenditure on R&D
activities that add value to the current assets while optimising the operation
to minimise administrative expenditure and the operational cost-base.
Dr Julian Gilbert
Non-Executive Chairman
22 May 2023
Statement of Directors' Responsibilities
We confirm that to the best of our knowledge:
1. this interim condensed set of financial statements has been prepared
in accordance with UK adopted IAS 34 'Interim Financial Reporting';
2. the condensed set of financial statements has been prepared in
accordance with ASB's 2007 Statement Half-Yearly Reports;
3. the condensed set of financial statements give a true and fair view
of the asset, liabilities, financial position and profit or loss of the group
and the undertakings included in the consolidation as a whole as required by
DTR 4.2.4R; and
4. the interim management report includes a fair review of the
information required by:
4.1. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
4.2. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
The directors of Nuformix plc are listed in the Group's 2022 Annual Report and
Accounts and the current board are set out on the Investors Information
section of Nuformix's website at: Investors Information - Nuformix
(https://nuformix.com/investors/investors-information/)
Dr Julian Gilbert
Non-Executive Chairman
22 May 2023
Further copies of this document are available from the company's registered
address and will be available on the company's website later today.
Nuformix plc
Registration number: 09632100
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Income Statement
and Statement of Comprehensive Income for the twelve months ended 31 March
2023
12 months ending 31 March 12 months ending 31 March
2023 2022
Unaudited Audited
Note £ £
Revenue - 50,000
Cost of sales - (1,695)
Gross profit - 48,305
Total administrative expenses (761,299) (1,318,577)
Other operating income - -
Operating loss (761,299) (1,270,272)
Finance costs - -
Loss before tax (761,299) (1,270,272)
Income tax receipt 1,163 161,279
Loss for the period and total comprehensive income for the period (760,136) (1,108,993)
Loss per share - basic and diluted 4 0.11p 0.19p
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Statement of Financial Position as at 31 March 2023
31 March 31 March
2023 2022
Note Unaudited Audited
£ £
Assets
Non-current assets
Property, plant and equipment 5 - 438
Intangible assets 6 4,113,953 4,150,411
4,113,953 4,150,849
Current assets
Trade and other receivables 128,547 199,600
Income tax asset - 161,279
Cash and cash equivalents 259,259 464,095
387,806 824,974
Total assets 4,501,759 4,975,823
Equity and liabilities
Equity
Share capital 7 709,309 615,609
Share premium 6,635,378 6,500,817
Merger relief reserve 10,950,000 10,950,000
Reverse acquisition reserve (8,005,195) (8,005,195)
Share option reserve 2,048,781 2,026,664
Retained earnings (8,110,069) (7,349,933)
Total equity 4,228,204 4,737,962
Current liabilities
Trade and other payables 273,555 237,861
273,555 237,861
Total equity and liabilities 4,501,759 4,975,823
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Changes in Equity for the twelve months ended 31
March 2023
Share capital Share premium Merger Relief Reverse acquisition Share option Retained earnings Total
£ £ Reserve reserve reserve £ £
£
At 31 March 2021 591,609 6,384,835 10,950,000 (8,005,195) 2,005,952 (6,240,940) 5,686,261
Loss for the half-year and total comprehensive loss - - - - - (1,108,993) (1,108,993)
Issue of share capital 24,000 145,982 - - - - 169,982
Share issue costs - (30,000) - - - - (30,000)
Share and warrant based payment - - - - 20,712 - 20,712
At 31 March 2022 615,609 6,500,817 10,950,000 (8,005,195) 2,026,664 (7,349,933) 4,737,962
Loss for the half-year and total comprehensive income
- - - - - (760,136) (760,136)
Issue of share capital - 134,561 - - - - 134,561
Share and warrant based payment - - - - 22,117 - 22,117
As at 31 March 2023 709,309 6,635,378 10,950,000 (8,005,195) 2,048,781 (8,110,069) 4,228,204
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Cash Flows for the twelve months ended 31 March 2023
12 months ending 31 March Year Ended
31 March
2023 2022
Unaudited Audited
£ £
Cash flows from operating activities
Loss for the year (760,136) (1,108,993)
Adjustments to cash flows from non-cash items
Depreciation and amortisation 36,895 36,976
Income tax expense - (161,279)
Share and warrant based payment 22,117 20,712
(701,124) (1,212,584)
Working capital adjustments
(Increase) decrease in trade and other receivables 69,891 (167,340)
Increase (decrease) in trade and other payables 35,694 (86,763)
Cash generated from operations 105,585 (254,103)
Income taxes (paid)/received 162,442 121,020
Net cash flow from operating activities (433,097) (1,345,667)
Cash flows from investing activities
Net cash flows from investing activities - -
Cash flows from financing activities
Proceeds of share issue 228,261
139,982
Net cash flows from financing activities 228,261 139,982
Net (decrease)/increase in cash and cash equivalents (204,836) (1,205,685)
Cash and cash equivalents at start of period 464,095 1,669,780
Cash and cash equivalents at end of period 259,259 464,095
Nuformix plc
Unaudited Interim Results
Notes to the Consolidated Financial Statements for the twelve months ended 31
March 2023
1. Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared in accordance
with the recognition and measurement principles of International Accounting
Standards as endorsed by the UK Endorsement Board ("IAS"), and are compliant
with IAS34 "Interim Financial Reporting".
The Group prepares its accounts in accordance with applicable UK Adopted
International Accounting Standards.
The accounting policies and methods of computation followed in the condensed
consolidated interim financial statements are the same as those applied in the
most recent annual report.
The consolidated interim financial statements are unaudited and do not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006. Statutory accounts for the year ended 31 March 2022,
prepared in accordance with IAS, have been filed with the Registrar of
Companies. The Auditors' Report on these accounts was unqualified and included
a reference to which the Auditors drew attention by way of an emphasis of
matter, without qualifying their report, that a material uncertainty existed
that might cast significant doubt on the Group's ability to continue as a
going concern at that time. The Auditors' Report did not contain any
statements under section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements are for the 12 months
to 31 March 2023.
The condensed consolidated interim financial information does not include all
the information and disclosures required in the annual financial statements,
and should be read in conjunction with the group's annual financial statements
for the year ended 31 March 2022, which were prepared in accordance with UK
adopted International Accounting Standards ("IFRSs"). As explained above,
although this was a different accounting framework, there is no impact on
recognition, measurement or disclosure.
2. Basis of consolidation
On 16 October 2017 the Company acquired the entire issued ordinary share
capital of Nuformix Technologies Limited and became the legal parent of
Nuformix Technologies Limited. The accounting policy adopted by the Directors
applies the principles of IFRS 3 (Revised) "Business Combinations" in
identifying the accounting parent as Nuformix Technologies Limited and the
presentation of the Group consolidated statements of the Company (the legal
parent) as a continuation of financial statements of the accounting parent or
legal subsidiary (Nuformix Technologies Limited).
3. Going concern
The consolidated interim financial statements have been prepared on the going
concern basis of preparation which, inter alia, is based on the directors'
reasonable expectation that the Group has adequate resources to continue to
operate as a going concern for at least twelve months from the date of their
approval. In forming this assessment, the directors have prepared cashflow
forecasts covering the period ending 31 March 2024 which take into account the
likely run rate on overheads and planned research expenditure.
Whilst there can be no guarantee of the successful outcome of future studies,
in compiling the cashflow forecasts the directors have made cautious estimates
of the likely outcome of such studies, when a fundraise may complete and have
considered alternative strategies should projected funding be delayed or fail
to materialise. These strategies include postponing non-committed research
expenditure, securing alternative licensing arrangements from those currently
planned and additional corporate activity to support the business.
These circumstances indicate the existence of a material uncertainty which may
cast significant doubt on the Group's ability to continue as a going
concern. The consolidated interim financial statements do not include any
adjustments that would result if the company or Group was unable to continue
as a going concern.
After careful consideration, the directors consider that they have reasonable
grounds to believe that the Group can be regarded as a going concern and, for
this reason, they continue to adopt the going concern basis in preparing the
consolidated interim financial statements.
4 Loss per Share
Loss per share is calculated by dividing the loss after tax attributable to
the equity holders of the Group by the weighted average number of shares in
issue during the period.
The basic earnings per share for each comparative period is calculated by
dividing the loss in each of those periods by the legal entity's historical
weighted average number of shares outstanding.
31 March 31 March
2023 2022
Unaudited Audited
£ £
Loss after tax (760,136) (1,108,993)
Weighted average number of shares 708,282,519 598,447,724
Basic and diluted loss per share 0.11p 0.19p
5 Property, Plant and Equipment
Computer equipment
Total
£ £
Cost or valuation
At 31 March 2021 1,561 1,561
At 31 March 2022 1,561 1,561
At 31 March 2023 1,561 1,561
Depreciation
At 31 March 2021 604 604
Charge 519 519
At 31 March 2022 1,123 1,123
Charge 438 438
At 31 March 2023 1,561 1,561
Carrying amount
At 31 March 2021 957 957
At 31 March 2022 438 438
At 31 March 2023 - -
6 Intangible Assets
Goodwill Patents Total
£ £ £
Cost
At 31 March 2021 4,023,484 449,611 4,473,095
Written Off - (85,035) (85,035)
At 31 March 2022 4,023,484 364,576 4,388,060
At 31 March 2023 4,023,484 364,576 4,388,060
Amortisation
At 31 March 2021 - 286,227 286,227
Charge - 36,457 36,457
On Written Off - (85,035) (85,035)
At 31 March 2022 - 237,649 237,649
Charge - 36,458 36,458
At 31 March 2023 - 274,107 274,107
At 31 March 2021 4,023,484 163,384 4,186,868
At 31 March 2022 4,023,484 126,927 4,150,411
At 31 March 2023 4,023,484 90,469 4,113,953
For impairment testing purposes, management consider the operations of the
Group to represent a single cash-generating unit ("CGU") focused on research
and development. Consequently, the goodwill is effectively allocated and
considered for impairment against the business as a whole being the single
CGU.
7 Share Capital
Allotted, called up and fully paid shares
31 March 31 March
2023 2022
Unaudited Audited
No. £ No. £
Ordinary shares of £0.001 each 709,309,368 709,309 615,609,368 615,609
In December 2021 the Company entered into a Sharing Agreement with Lanstead,
split into two tranches of new shares issued with payments to be received over
a 20-month period from March 2022 to October 2023.
The agreement is structured in such a way that the proceeds received by the
Company are linked to the market price for the Company's shares. The proceeds
are calculated based on the volume-weighted average share price in the month
preceding the payment from Lanstead, compared to a benchmark price of 2p per
share. Based on historic share prices, and a valuation as at the latest
available price the total proceeds from Tranche 2 (issued in April 2022) are
expected to be £228,261 (including Share Premium of £34,561), of which
£87,087 has been recognised in debtors.
8 Share Options and Warrants
The Group operates share-based payments arrangements to remunerate directors
and key employees in the form of a share option scheme. Equity-settled
share-based payments are measured at fair value (excluding the effect of
non-market-based vesting conditions) at the date of grant. The fair value
determined at the grant date of the equity-settled, share-based payments and
is expensed on a straight-line basis over the vesting period, based on the
Group's estimate of shares that will eventually vest and adjusted for the
effect of non-market based vesting conditions.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR BRGDULXDDGXBRecent news on Nuformix
See all newsREG - Nuformix PLC - Result of AGM
AnnouncementREG - Stock Exch Notice - Admission to Trading - 06/03/2024
AnnouncementREG - Official List - Official List Notice
AnnouncementREG - Nuformix PLC - Subscription to raise £150,000
AnnouncementREG - Nuformix PLC - Posting of Annual Report and Notice of AGM
Announcement