REG - RUA Life Sciences - Half-year Report
16/12/2021 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:20211216:nRSP8096Va&default-theme=true
RNS Number : 8096V RUA Life Sciences PLC 16 December 2021
RUA Life Sciences plc
("RUA", the "Company" or the "Group")
Unaudited Interim Results
RUA Life Sciences, the holding company of a group of medical device businesses
focused on the exploitation of the world's leading long-term implantable
biostable polymer (Elast-Eon(TM)), today announces its unaudited interim
results for the six months ended 30 September 2021.
Highlights:
· 12% increase in Revenues to £708,000 (H1 2020: £631,000)
· Continued investment in R&D activities
· Strong cash position at £4.8 million (30 September 2020: £1.0
million, 31 March 2021: £6.3 million)
· Investment in capital equipment for business expansion
· Strengthened senior management team
· Delay in regulatory process of graft approval (as previously
announced)
· Continued progress on heart valve project
Bill Brown, Chairman of RUA Life Sciences, commented:
"The change to the regulatory process for the vascular graft range is clearly
a major disappointment for both the Company and its shareholders. We remain
confident that approval remains a question of "when" and not "if". Progress in
the other parts of the business remains on track."
For further information contact:
RUA Life Sciences
Bill Brown, Chairman
Tel: +44 (0)1294 317073
David Richmond, CEO
Tel: +44 (0)1294 317073
Shore Capital (Nominated Adviser and Joint Broker) Tel: +44
(0)20 7408 4080
Tom Griffiths/David Coaten
Cenkos Securities plc (Joint Broker)
Tel: +44 (0)20 7397 8900
Max Gould (Corporate Finance)
Michael Johnson (Sales)
About RUA Life Sciences
The RUA Life Sciences group was created in April 2020 when RUA Life
Sciences Plc (formerly known as AorTech International Plc) acquired RUA
Medical Devices Limited to create a fully formed medical device business. RUA
Life Sciences is the holding company of the Group's four trading businesses,
each exploiting the Group's patented polymer technology.
Our vision is to improve the lives of millions of patients by enabling medical
devices with Elast-Eon(TM), the world's leading long-term implantable
polyurethane.
Whether it is licensing Elast-Eon(TM), manufacturing a device or component, or
developing next generation medical devices, a RUA Life Sciences business is
pursuing our vision.
Elast-Eon™'s biostability is comparable to silicone while exhibiting
excellent mechanical, blood contacting and flex-fatigue properties. These
polymers can be processed using conventional thermoplastic extrusion and
moulding techniques. With over 7 million implants and 14 years of successful
clinical use, RUA's polymers are proven in long-term life enabling
applications.
The Group's four business units are:
RUA Medical: End-to-end contract developer and manufacturer of medical devices and
implantable fabric specialist.
RUA Biomaterials: Licensor of Elast-Eon(TM) polymers to the medical device industry.
RUA Vascular: Development of large bore polymer sealed grafts and soft tissue patches.
RUA Structural Heart: Development of tri leaflet polymeric heart valves.
A copy of this announcement will be available shortly at
www.rualifesciences.com/investor-relations/regulatory-news-alerts
(http://www.rualifesciences.com/investor-relations/regulatory-news-alerts) .
CHAIRMAN'S STATEMENT
I set out below an overview of the unaudited consolidated interim results of
RUA Life Sciences Plc for the six months to 30 September 2021 together with an
update on more recent progress and events. The period has been one of
continued investment in the business and the new product pipeline in
particular.
Unaudited interim results for the six months to 30 September 2021
The results set out below have consolidated the results of RUA Medical Devices
Limited with the polymer licensing business and the R&D pipeline
activities of the group. Total revenues reported of £708,000 represents an
increase of 12% over the same period in the previous year. Third party
contract manufacturing revenues increased 33% year on year to £552,000
reflecting bounce back in elective surgeries, particularly in the US. Polymer
license and royalty fees represented the balance of group revenues of
£156,000. This figure is around £60,000 down on the previous year but
disguises a growth in the underlying volumes of Elast-Eon™ being shipped by
our manufacturing licensee, and is masked by an adverse exchange movement and
a timing difference in the periods in which, as previously announced,
royalties from a major licensee will be recognised in this financial year. We
anticipate this timing difference to reverse during the second half of the
current finncial year. The reduction in other income from £239,000 to
£37,000 is represented by a Covid support grant of £150,000 received last
year together with some employees having been furloughed in that year.
RUA continued to expense all R&D investment through its profit and loss
account rather than capitalise the investment. R&D costs are included in
administrative expenses which amounted to £1,658,000 during the period, an
increase of £149,000 over the preceding six month period which in turn was
£328,000 higher than the first half of last year. R&D expenditure during
the half year amounted to some £515,000, a doubling of the run rate last
year.
Overall, the increased loss before tax for the period of £1,315,000 (2020:
£622,000) is attributed to a combination of increased R&D activities,
further investment in the infrastructure to support growth and the reduction
in Covid grant support.
The Group retains a cash balance at the period end of £4,763,000 (2020:
£1,009,000) having invested further in capital equipment and made the final
payment of the deferred consideration payable for the acquisition of RUA
Medical.
RUA Vascular - Regulatory Strategy
The focus over the period was concluding a not inconsiderable amount of work
required in preparation for the recent 510(k) regulatory submission to the FDA
for the range of Elast-Eon™ sealed vascular grafts.
The regulatory strategy and testing protocols were set in September 2020 under
advice from third party consultants. Much was asked of the RUA team to achieve
the demanding timelines for each of product design, development and regulatory
testing and these activities were carried out in only 18 months from the
acquisition of RUA Medical.
The Company announced in early November 2021 that the 510(k) for the vascular
graft range had been submitted to the FDA, but was disappointed to have to
announce on 13 December 2021 a delay to the regulatory process. The initial
document review has been concluded by the FDA and a lead reviewer appointed. A
call was held with the FDA to discuss the Company's submission.
The 510(k) strategy sought approval based on the Company's claim that its
device is substantially equivalent to existing products on the market.
Having provisionally reviewed the Company's application, the FDA has
highlighted that the Company's products introduce novel technology which is
unproven in this application, i.e. the incorporation of Elast-Eon™ on the
outside of the graft to ensure that it is sealed. The standard of data
required to support the 510(k) is therefore higher than if the Company was
producing a true like-for-like product. The FDA has indicated that it will
require human clinical data in order to approve the Company's product. Rather
than withdraw the 510(k), the Company has mutually agreed with the FDA to
convert its 510(k) submission to a pre-submission or Q-sub. This Q-sub is an
interactive discussion between RUA and the FDA to determine the regulatory
pathway to approval in the US and allows the Company to negotiate with the FDA
over the data required to support a future 510(k) clearance. Through this
route, the Company will receive a full written response from the FDA in
January 2022, which will allow detailed discussions to take place thereafter
with the FDA.
Until the written response is received from the FDA, and the additional data
requirements understood, it is not currently possible to provide accurate
guidance on the revised regulatory pathway.
It is however clear that human clinical data will be required for FDA
clearance to enable the Company to market the grafts. It had always been in
our plans to undertake a trial or study once 510(k) clearance had been
received. This was planned for marketing and regulatory reasons. From a
marketing perspective, US based surgeons and hospitals, other than the Key
Opinion Leaders, would wish to see clinical data to support the acceptance
cascade of the new device. Additionally, the second target market after the US
was planned to be Europe and the regulatory requirements for CE Mark approval
necessitates a clinical study.
The revised process will result in an acceleration of the Company's clinical
study plans that will serve us well in the long run, by enabling an earlier
entry into European and other global markets and providing Sales and Marketing
teams with the required clinical data at US market launch to accelerate and
drive acceptance and take up of the products.
RUA Vascular - Market Drivers and Production Capacity
Production capacity was being developed to be capable of meeting the market
needs of initial marketing samples and provision of clinical devices for the
clinical studies, with the scale up production equipment being verified for
manufacture to meet the growing demand as study results became available.
Additionally, the initial launch would target straight grafts with the aortic
root graft to follow.
Over the last few months, the Company has been actively engaged with the
surgical and medical device community in both Europe and the USA. This has
involved a number of potential substantial OEM companies, carefully chosen
European distribution partners plus a lead US importer with experienced US
distribution partners. In all cases, the Company has been able to provide
product samples and the feedback is now resulting in positive changes to
launch plans.
It has become clear that there is an acceptance in the medical and device
community of an inevitable switch away from animal sourced products once a
surgical fully synthetic graft is available. The opportunity open to RUA is
now much more than being just another graft manufacturer with an interesting
sealing technology, but to become a very significant player in the surgical
graft market. The market has seen little innovation in new surgical graft
technology, with most companies focussing on endovascular products whilst
continuing to enjoy attractive margins from surgical grafts. RUA has the
potential to disrupt this market.
The structural shift towards non-biogenically sealed grafts will happen in
Europe too and the Company has observed substantial interest in the product
range from surgeons, OEM manufacturers and distribution partnerships. The
Company therefore needs to accelerate its work on obtaining regulatory
approval for the RUA grafts in Europe where a clinical trial will be required.
There is growing OEM interest in the RUA graft range and the unique one-piece
aortic root graft in particular. Not only does the RUA product offer several
potential benefits to surgeons, but it provides clear advantages in both
manufacturing and sterilising valved conduits. Such are the surgical benefits
of combining a graft with a valve, the selling prices of the combined product
can be almost double the selling prices of the individual components. Asking a
medical device company to change supplier of a key device component is not a
simple task due to the regulatory process it will need to go through. With the
growing recognition of supply chain risk, the manufacturing benefits of a
polymer sealed graft and surgeon impetus, the Board believes that the RUA
graft has a significant opportunity for valved conduits.
Aortic root grafts are of much greater added value than the standard straight
grafts and as such retail at two to three times the value of a corresponding
straight graft.
The anticipated requirement to undertake a clinical study for 510(k) clearance
to market not only accelerates the timeframe for a European market launch, but
also provides the marketing data to help drive faster market acceptance in the
US once approved. The market feedback on the aortic root grafts also helps the
Company's manufacturing and production plans to ensure that the higher value
products are prioritised for sale once the vascular graft range has received
regulatory approval.
RUA Medical
A recent review of the resources available to RUA Medical and competing
demands for those resources from group wide development plans has resulted in
a slight change to RUA Medical's business model to ensure that priority is
given to long term strategic opportunities that can add a minimum of 10 per
cent. to RUA Medical revenues together with Group projects.
In line with this revised strategy, RUA Medical has been involved in a long
running development project for a global medical device company. The time
invested in this project has resulted in a new income stream from
manufacturing medical textile components, which is expected to commence in the
second half of this financial year and once fully on stream should meet the
incremental revenue requirements under the revised strategy.
Sales to the major customer of RUA Medical continue to recover from Covid
related elective surgery deferment. Order intake is currently displaying an
unusual level of variability making forecasting the level of growth
difficult.
RUA Biomaterials
The Company's manufacturing partner, Biomerics, is currently undertaking an
expansion of its Elast-Eon™ manufacturing capacity and is further increasing
marketing activities relating to its polymer offering. Deliveries of polymer
to Biomerics customers have seen continued growth over the last few months. It
is also pleasing to report that RUA's Intellectual Property portfolio has been
enhanced with the granting of a new European patent titled: "Process for the
preparation of polyurethane solutions based on silicon-polycarbonate diols."
RUA Structural Heart
The heart valve projects have continued to make good progress with recent
manufacturing trials of the 100% polymeric leaflet demonstrating a step change
in quality of manufacture and durability potential. The results from those
manufacturing trials have confirmed the predictive modelling undertaken prior
to the trial thus giving additional confidence that further design and process
improvements should again be achieved in manufacture. This valve leaflet low
stress design has been replicated utilising a composite material and given the
promising results in hydro dynamic testing of the early proof of concept
devices, equipment is now being commissioned to manufacture composite valves
in a controlled environment. Polymers and non-biogenic valve options are now
being openly discussed at influential global cardiothoracic surgical meetings
as being the future of heart valves and RUA is being mentioned in those
discussions. The Company's strategy is to develop the two technology platforms
in parallel to the point of determining the most clinically viable.
Planning for Growth
A little over 18 months ago, the Group acquired RUA Medical which, at the
time, was a third-party medical device manufacturer with a focus on new
product innovation. While the Group has benefitted from this innovative
culture, it must also continue to develop the scale and expertise to meet the
needs of a device manufacturer in its own right. The Company recently acquired
the industrial unit next door to the Irvine facility and plans are being drawn
up to develop a further range of clean room suites required to meet the likely
demand for the Company's grafts.
The Board also recognises the need to build the team and I am delighted that
the senior executive team at RUA Life Sciences has been further strengthened
by two key appointments. Iain Anthony has joined as Director of Clinical and
Regulatory Affairs, a non-Board position, and brings a wealth of relevant
cardiovascular device experience. In addition, Lachlan Smith has joined as CFO
with expertise in implementing the financial and management systems required
to control high growth businesses. Subject to the completion of satisfactory
due diligence, expected to be completed in January 2022, the Company intends
to appoint Lachlan to the Board and will make a further announcement in due
course. Both Iain and Lachlan have key roles to play in the business in
providing the expertise to lead the revised regulatory strategy and the
detailed financial planning to maximise contribution from the vascular range
by prioritising both manufacturing efforts and sales focus.
Outlook
It is clearly a disappointment that the 510(k) regulatory path was not as
simple as we had hoped and been advised. It is however a relief that the
issues relate to substantive equivalence rather than the market need or
benefits of the graft range. Rather than obtain US marketing clearance and
undertake a soft launch as clinical data is gathered, the clinical data will
now be gathered ahead of regulatory approval allowing a fuller launch into
both the US and Europe supported with greater clinical evidence available
for OEM partners.
The Company will continue to update on its plans as discussions progress with
the FDA and it has a clearer view on the likely work packages required and
timeframes.
Bill Brown, Chairman
15 December 2021
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
Six months ended 30 September 2021
Unaudited Unaudited Audited
Note Six months to 30 Sep 2021 Six months to 30 Sep 2020 Twelve months to 31 Mar 2021
GB£000 GB£000 GB£000
Revenue 3 708 631 1,528
Cost of sales (180) (134) (276)
Gross profit 528 497 1,252
Other income 37 239 279
Administrative expenses (1,658) (1,181) (2,690)
Other expenses:
Share-based payments (68) - (128)
Bad debts written back - - 8
Depreciation & amortisation (145) (175) (272)
Total adimistrative expenses (1,871) (1,356) (3,082)
Operating loss (1,306) (620) (1,551)
Finance income/(expense) (9) (2) (43)
Loss before taxation (1,315) (622) (1,594)
Taxation 4 13 143
Loss attributable to equity holders of the parent company (1,311) (609) (1,451)
Loss per share (basic and diluted) - GB Pence 1 (5.91) (3.76) (8.20)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
Note 30 Sep 2021 30 Sep 2020 31 Mar 2021
GB£000 GB£000 GB£000
Assets
Non-current assets
Goodwill 4 301 - 301
Other intangible assets 5 547 1,013 574
Property, plant and equipment 6 2,231 1,630 1,952
Total non-currents assets 3,079 2,643 2,827
Current assets
Inventories 177 114 85
Trade and other receivables 866 278 949
Cash and cash equivalents 4,763 1,009 6,294
Total current assets 5,806 1,401 7,328
Total assets 8,885 4,044 10,155
Equity
Issued capital 7 1,109 12,650 12,949
Share premium 11,729 5,554 11,729
Capital redemption reserve 7 11,840 - -
Other reserve (1,629) (1,825) (1,697)
Profit and loss account (15,786) (13,633) (14,475)
Total equity attributable to equity holders of the parent company 7,263 2,746 8,506
Liabilities
Non-current liabilities
Borrowings 305 270 223
Lease liabilities 5 20 124
Deferred tax 159 118 163
Other Liabilities 204 50 40
Total non-current liabilities 673 458 550
Current liabilities
Borrowings 60 10 23
Lease liabilities 8 8 40
Trade and other payables 847 802 1,016
Other liabilities 34 20 20
Total current liabilities 949 840 1,099
Total liabilities 1,622 1,298 1,649
Total equity and liabilities 8,885 4,044 10,155
At 30 September 2021
Unaudited Unaudited Audited
Six months to 30 Sep 2021 Six months to 30 Sep 2020 Twelve months to 31 Mar 2021
GB£000 GB£000 GB£000
Cash flows from operating activities
Group loss after tax (1,311) (609) (1,451)
Adjustments for:
Fair value gain on acquisition of subsidiary - (21) -
Other / rounding - 2 -
Depreciation and amortisation 145 175 272
Share-based payments 68 - 128
Interest (income) / expense 7 2 9
Tax credit in year - - (143)
(Increase) / decrease in trade and other receivables 563 (44) (589)
(Increase) / decrease in inventories (93) - 7
Increase / (decrease) in taxation (4) (13) 122
Increase / (Decrease) in trade and other payables (471) (47) 231
Net cash flow from operating actvities (1,096) (555) (1,414)
Cash flows from investing activites
Purchase of property, plant & equipment (397) (310) (620)
Proceeds from disposal of property plant and equipment - - 18
Acquisition of subsidiary, net of cash acquired - (354) (341)
Interest received / (paid) (7) (1) (9)
Net cash flow from investing activities (404) (665) (952)
Cash flows from financing activities
Proceeds of issue of share capital, net of issue costs - - 6,462
Proceeds from borrowing - 260 260
Repayment of loans and lease liabilities (31) (7) (38)
Net cash flow from financing activities (31) 253 6,684
Net increase / (decrease) in cash and cash equivalents (1,531) (967) 4,318
Cash and cash equivalents at beginning of period 6,294 1,976 1,976
Cash and cash equivalents at end of period 4,763 1,009 6,294
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
Six months ended 30 September 2021
Condensed consolidated interim statement of changes in equity
Issued share capital Share premium Capital redemption reserve Other Profit and loss account Total equity
GB£000
GB£000 GB£000 reserve GB£000 GB£000
GB£000
Balance at 31 March 2020 12,574 4,550 - (1,825) (13,024) 2,275
Rounding 1 - - - - 1
Issue of equity share capital (net of issue costs) 75 1,004 - - - 1,079
Transactions with owners 76 1,004 - - - 1,080
Total comprehensive loss for the period - - - - (609) (609)
Balance at 30 September 2020 12,650 5,554 - (1,825) (13,633) 2,746
Rounding (1) - - - - (1)
Share-based payments - - - 128 - 128
Issue of equity share capital - exercise of warrants 8 42 - - - 50
Issue of equity share capital (net of issue costs) - fundraise 292 6,133 - - - 6,425
Transactions with owners 299 6,175 - 128 - 6,602
Total comprehensive loss for the period - - - - (842) (842)
Balance at 31 March 2021 12,949 11,729 - (1,697) (14,475) 8,506
Transfer deferred share to capital redemption reserve (11,840) - 11,840 - - -
Share-based payments - - - 68 - 68
Transactions with owners (11,840) - 11,840 68 - 68
Total comprehensive loss for the period - - - - (1,311) (1,311)
Balance at 30 September 2021 1,109 11,729 11,840 (1,629) (15,786) 7,263
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
General information
RUA Life Sciences plc is the ultimate parent company of the Group, whose
principal activities are the design and manufacture of medical devices and
exploiting the value of its IP and know-how.
RUA Life Sciences plc is incorporated and domiciled in the UK and its
registered office is c/o Davidson Chalmers Stewart LLP, 163 Bath Street,
Glasgow, G2 4SQ.
Basis of preparation
These condensed consolidated interim financial statements are for the six
months ended 30 September 2021 and have been prepared with regard to the
requirements of IAS 34 on "Interim Financial Reporting". They do not include
all of the information required for full financial statements and should be
read in conjunction with the audited consolidated financial statements of the
Group for the year ended 31 March 2021.
The financial information for the six months ended 30 September 2021 and the
comparative figures for the six months ended 30 September 2020 are
unaudited. They have been prepared on the basis of the accounting policies
set out in the consolidated financial statements of the Group for the year
ended 31 March 2021 and, on the recognition, and measurement principles of
IFRS in issue as effective at 30 September 2021. The accounting policies
have been applied consistently throughout the Group for the purposes of
preparation of these condensed consolidated interim financial statements.
The figures for the year ended 31 March 2021 have been extracted from the
audited statutory accounts which were approved by the Board of Directors on 9
July 2021, prepared under IFRS, received an unqualified audit report, did not
contain statements under sections 498(2) and 498(3) of the Companies Act 2006
and have been delivered to the Registrar of Companies.
These condensed consolidated interim financial statements were approved for
issue by the Board of Directors on 15 December 2021.
Going concern
The Group will continue to incur further costs as it continues to
commercialise its vascular business and continues to pursue its polymeric
heart valve through clinical development. After making enquiries, and assuming
anticipated cash flows, the Directors expect that the Group's current
financial resources will be sufficient to support operations for at least the
next 12 months from the date of this announcement. The Group therefore
continues to adopt the going concern basis in the preparation of these
financial statements.
Loss per share
Loss per share has been calculated on the basis of the result for the period
after tax, divided by the number of ordinary shares in issue in the period of
22,184,798. The 30 September 2020 comparative is calculated by reference to
the number of ordinary shares in issue at that date which was 16,186,608.
The comparative for the year ended 31 March 2021 is calculated by reference to
the weighted average number of ordinary shares in issue which were 17,697,120.
2. RELATED PARTY TRANSACTION
At 31 March 2021, the Group had a liability to David Richmond, Group CEO at
that date, in respect of deferred consideration to the sum of £425,000 for
the acquisition of RUA Medical Limited on 1 April 2020. The deferred
consideration was settled on 30 April 2021. No interest was payable on the
outstanding balance.
David Richmond resigned as a Director of the Company on 31 August 2021.
3. SEGMENTAL REPORTING
The principal activities of the RUA Life Sciences Group are the design and
manufacture of medical devices and exploiting the value of its IP and
know-how.
Analysis of revenue by income stream Unaudited Unaudited Audited
Six months to 30 Sep 2021 Six months to 30 Sep 2020 Twelve months to 31 Mar 2021
GB£000 GB£000 GB£000
Contract Design & Development 44 - 23
Medical Devices Manufacture & Sales 508 416 998
Royalty revenue 156 215 507
Total 708 631 1,528
Analysis of revenue by geographical location Unaudited Unaudited Audited
Six months to 30 Sep 2021 Six months to 30 Sep 2020 Twelve months to 31 Mar 2021
GB£000 GB£000 GB£000
Europe 43 79 249
USA 643 533 1,237
RoW 22 19 42
Total 708 631 1,528
The Group's revenue for six months to 30 September 2021 is segmented as
follows:
Unaudited Unaudited Unaudited
Analysis of revenue by income stream RUA Life Sciences RUA Medical Devices Group Total
Contract Design & Development - 44 44
Medical Devices Manufacture & Sales - 508 508
Royalty revenue 156 - 156
Total 156 552 708
Analysis of revenue by geographical location
Europe - 44 44
USA 134 508 642
RoW 22 - 22
Total 156 552 708
Unaudited Unaudited Unaudited
Segment Analysis RUA Life Sciences RUA Medical Devices Total
GB£000 GB£000 GB£000
Consolidated group revenues from external customers 156 552 708
Contributions to group operating loss (967) (339) (1,306)
Depreciation 1 117 118
Amortisation of intangible assets 5 22 27
Segment assets 5,122 3,763 8,885
Segment liabilities 259 1,363 1,622
Intangible assets - goodwill 0 301 301
Other intangible assets 85 462 547
Additions to non-current assets 84 313 397
4. GOODWILL
The final valuation following the acquisition of RUA Medical Devices Limited
gave rise to adjustments being required to the value of intangibles recognised
in the Interim Report for the six months ended 30 September 2020 (as noted in
note 5 below), and led to the following goodwill being recognised:
No impairment review has been carried out in the six-month period.
GB£000
Gross carrying amount
Balance at 31 March 2020 -
Acquired through business combination 301
Balance at 31 March 2021 301
Impairment -
Balance at 30 September 2021 301
5. INTANGIBLE ASSETS
Acquired Intellectual Property Development costs Intellectual property Customer related Technology based Total
Gross carrying amount
At 31 March 2020 - 337 3,325 - - 3,662
Additions 834 - - - - 834
At 30 September 2020 834 337 3,325 - - 4,496
Adjustment following fair value exercise on aquisition (834) - - 247 141 (446)
Additions - - - - - -
At 31 March 2021 - 337 3,325 247 141 4,050
Additions - - - - - -
At 30 September 2021 - 337 3,325 247 141 4,050
Amortisation and impairment
At 31 March 2020 - 316 3,091 - - 3,407
Charge for the period 62 14 - - - 76
At 30 September 2020 62 330 3,091 - - 3,483
Adjustment following fair value exercise on aquisition (62) - - 14 7 (41)
Charge for the period - 4 8 15 7 34
At 31 March 2021 - 334 3,099 29 14 3,476
Charge for the period - 2 4 14 7 27
At 30 September 2021 - 336 3,103 43 21 3,503
Net book value
At 30 September 2020 772 7 234 - - 1,013
At 31 March 2021 - 3 226 218 127 574
At 30 September 2021 - 1 222 204 120 547
6. PROPERTY, PLANT AND EQUIPMENT
Land & Buildings Plant & Machinery Office Equipment Motor Vehicles Total
GB£000 GB£000 GB£000 GB£000 GB£000
Cost
At 31 March 2020 - - 6 - 6
Acquisition through business combination at fair value 590 753 44 - 1,387
Additions 211 118 - - 329
At 30 September 2020 801 871 50 - 1,722
Adjustment following fair value exercise (11) 12 - - 1
Additions 154 312 14 28 508
Disposals - (81) (1) - (82)
At 31 March 2021 944 1,114 63 28 2,149
Additions 28 361 8 - 397
At 30 September 2021 972 1,475 71 28 2,546
Depreciation
At 31 March 2020 - - 1 - 1
Charge 28 55 8 - 91
At 30 September 2020 28 55 9 - 92
Adjustment following fair value exercise 1 5 - - 6
Charge 29 60 10 9 108
Eliminated on disposal - (8) (1) - (9)
At 31 March 2021 58 112 18 9 197
Charge 29 79 7 3 118
At 30 September 2021 87 191 25 12 315
Net book value
At 30 September 2020 773 816 41 - 1,630
At 31 March 2021 886 1,002 45 19 1,952
At 30 September 2021 885 1,284 46 16 2,231
Included in the net carrying amount of property plant and equipment are
right-of-use assets as follows:
30 September 2021
GB£000
Plant & Machinery 147
Motor vehicles 16
Total right-of-use assets 163
7. ISSUED SHARE CAPITAL
During the 6 month period to 30 September 2021 the Company completed the Buy
Back of all of its Deferred Shares, details of which were set out in the
Circular sent to Shareholders dated 4 June 2021. All of the Deferred Shares
acquired have been cancelled. Following the repurchase and cancellation of
the Deferred Shares, there are no Deferred Shares in issue and the New
Articles have been adopted.
The Company's issued share capital following completion of the Buy Back of all
of its Deferred Shares comprises 22,184,798 Ordinary Shares of which none are
held in treasury.
8. INTERIM ANNOUNCEMENT
The interim results announcement was released on 16 December 2021. A copy of
this Interim Report is also available on the Company's website
www.rualifesciences.com.
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 FFEFAIEFSEDERecent news on Rua Life Sciences
See all newsREG - RUA Life Sciences - Director/PDMR Shareholding
AnnouncementREG - RUA Life Sciences - Change of Registered Office
AnnouncementREG - RUA Life Sciences - Trading Update
AnnouncementREG - RUA Life Sciences - Director/PDMR Shareholding
AnnouncementREG - RUA Life Sciences - Acquisition Update
Announcement