REG - ValiRx PLC - Final Results <Origin Href="QuoteRef">VALX.L</Origin> - Part 1
RNS Number : 3617KValiRx PLC16 April 2015VALIRX PLC
("ValiRx", "the Company" or "the Group")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014
London, UK., 16 April 2015 - ValiRx Plc (AIM: VAL), a life science company with a focus on cancer therapeutics and diagnostics for personalised medicine, today announces its final results for the year ended 31 December 2014.
Corporate highlights
Lead drug VAL201 in Phase l/ll dose escalation clinical trials in patients with locally advanced or metastatic prostate cancer and other advanced solid tumours at University College London Hospital
Establishment of ValiSeek Limited, a risk-sharing joint venture company with Tangent Reprofiling Ltd, to take VAL401 to mid and late stage clinical trials for the treatment of lung cancer
Detection of GeneICE targeting technologies and compounds accelerating through collaboration with world-renowned R&D institution, the German Cancer Research Centre, to bring personalised cancer treatment from laboratory to bedside
Grant of new European and Japanese patents for ValiRx's novel cancer screening test biomarker, NAV3, further extending the geographic reach of the Company's intellectual property in a global cancer/tumour profiling market, which is forecast to grow at a CAGR of 18.5% to reach $US35 billion by 2018*
Raise of 0.8m (before expenses) in equity finance in Q4
*http://www.marketsandmarkets.com/Market-Reports/cancer-tumor-profiling-market-1250.html
Post-period highlights
Clinical Trials Review Committee gives go-ahead for VAL201 to advance to the second cohort of patients where further safety, tolerability as well as indicative efficacy will be assessed as dosage is escalated
Cancer Research Technology Limited ("CRT") accepted shares in ValiRx, as payment for the successful trigger of a Phase I initiation milestone linked to VAL201
Strategic acquisition of complimentary proprietary gene expression and biomarker technology, TRAC, to provide a high-content gene expression analysis platform, enhancing ValiFinn's biomarker development and service offering to clinical research organisations and pharmaceutical companies
Further placing of 0.8m in Q1 brings funds raised in under three months to 1.6 million, which leaves the Group adequately capitalised to reach its goalsacross all areas this year
Financial summary
Revenues of 87,558 (2013: 124,868) with operating expensesrising 6% to 3,164,664 (2013: 2,984,337) after receipts of 210,802 of grants towards R&D (2013: nil), as a result of increased R&D investment and overheads to drive VAL201 to Phase I/II clinical trials and complete the VAL401 safety toxicology studies before year-end
Net loss after taxation was 3,244,471 (2013: 2,597,238)
As at 31 December 2014 the Company had cashand cashequivalents of 452,824 (2013: 960,267). Cash position has since been increased by way of equity fund raise to provide the Company with a cash runway to meet its clinical development programmes in 2015
Oliver de Giorgio-Miller, Non-Exec Chairman of ValiRx, commented:
"Discovery and/or development of new cancer drugs is a risky business, but success can bring with it high reward. As a Company, we are totally dedicated to bringing to the world novel diagnostics and drugs that will fulfill hitherto unmet needs and will make a real difference to patients with cancer. I am impressed and excited by the continuing progress made by our R&D teams in the UK and Finland in the last 12 months. Our aim firmly remains to translate this corporate mission into reality. We now have VAL201 in clinical trials and doing well, both the VAL401 and GeneICE platform products approaching the clinical trial stage, and our developmentsin the Biomarkers and diagnostics arena progressing strongly."
"I am very grateful to and thank all of my colleagues at ValiRx for their commitment and hard work. I am also very appreciative of and thank our shareholders for their continued support."
*** ENDS ***
For more information, please contact:
ValiRx plc
Tel: +44 (0)20 3008 4416
Dr Satu Vainikka
Cairn Financial Advisers LLP (Nominated Adviser)
Tel: +44 (0)20 7148 7900
Liam Murray / Avi Robinson
Daniel Stewart & Company Plc (Broker)
Tel: +44 (0)20 7776 6550
Martin Lampshire
Peckwater PR
Tel: +44 (0)7879 458 364
Tarquin Edwards
Notes for Editors
ValiRx Plc
ValiRx Plc is a biopharmaceutical company developing novel technologies and products in oncology therapeutics and diagnostics. The product focus is in the epigenomic analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.
The Company has undertaken todevelop a novel and groundbreaking class of therapeutics across a number offields in oncology and has taken its lead compound, Val201, into Phase I/IIclinicaltrials. The Company listed onthe Alternative Investment Market ("AIM") of the London StockExchange in October 2006.
The Company has a pipeline ofother therapeutic drugs, which are currently progressing towards clinicaltrials. The product focus is in the targeted analysis and treatment of cancer,but thetechnologies can be applied to other fields as well, such as neurologyand inflammatory diseases.
It actively manages projectswithin its portfolio as a trading company. The ValiRx business model spreads the risks of life science technologydevelopment by minimising financial exposure andrunning a set of projects todefined commercial endpoints. This maximises returns to shareholders by adding value at the earlier stages where value increases per investment unit are thegreatest.
The Company operates through thefollowing divisional companies:
1. ValiPharma is the therapeuticsdivision, with two embedded technologies primarily directed at the treatment ofcancers.
2. ValiFinn is the biomarkers anddiagnostic development division. ValiRx acquired through its ValiFinn subsidiary, the complimentary TRAC technologylater in the year to strengthen the portfolio.
3. ValiSeek is a joint venturebetween ValiRx and Tangent Ltd to develop Val401 in lung cancer and potentiallyother indications.
CHAIRMAN'S STATEMENTFOR THE YEAR ENDED 31 DECEMBER 2014
I am pleased to report that in thelast 12 months we have seen continued progress across all areas of ourbusiness.
We started the year in good financialshape having raised, in aggregate, 2.9 million before expenses at the start ofJanuary 2014 by way of a combination of an equity placing and an equity swap Agreement; the latter was exercised in full before the year end. Additional equity finance (1.6m before expenses) was secured at the beginning of 2015.
A key priority for 2014 was toobtain the necessary formal regulatory permissions from the Medicine and Healthcare Products Regulatory Agency ("MHRA") and Ethics Committeeto commence a Phase I/II, dose escalation study at University College LondonHospital ("UCLH"), to assess the safety and tolerability of our lead drug VAL201 in patients with locally advanced or metastatic prostatecancer and other advanced solid tumours. These permissions were received in October 2014 at which point patient recruitment and testing began. We have since reported that VAL201 was safe and welltolerated at the doses tested in the first cohort andhas now advanced to the next elevation of dose, where further safety and tolerability testing will be undertaken and early stage efficacy will be investigated as the trial progresses.
2014 also saw the establishment ofa new subsidiary, ValiSeek Limited, a risk-sharing joint venture company with Tangent Reprofiling Limited. ValiSeek holds a worldwide exclusive licence from Tangent for the development and commercialisation of a novel cancer treatment, VAL401. In December 2014 we reported that in a GLP-regulatory toxicology study of VAL401 no adverse effects wereseen throughout the experiment even at a dosage 60 times greater than the envisaged dose for patients. This study has completed the toxicology package required to support ValiSeek's approach tothe regulatory authorities in 2015 with respect to advancing the drug towards pivotal clinical efficacy trials, initially in patients with lung cancer.
Another important accomplishment during the reporting period was the grant of new European and Japanese patents for our novel cancer screening test biomarker, NAV3, which is only one of fivepatent family assets within our Finland-based biomarker operation, ValiFinn Oy. Current diagnostic methods for cancer rely in the main on microscopic analysisof cells in biopsies. These work well in detecting established tumour cells. However at the early stage of cancer and before morphological changes havedeveloped, such malignant cell detection is and remains difficult. The NAV3gene biomarker is expected to be an important breakthrough as it enables the detection of cancer cells in tissue samples, whether they are primary tumours, metastases orpre-malignant cells, at a stage when tumour development is only about to start.
Lastly, in November 2014 we enteredinto a strategic alliance with one of the world's leading biomedical research institutions, Deutsches Krebsforschungzentrum (the German Cancer Research Center) inHeidelberg, aimed at accelerating the translation of the preclinicalevidence that we have amassed in support of our GeneICE technology's potential to silence specific 'rebellious genes' implicated in causing cancers, and take individualised cancer medicine from bench to bedside. As part of the Agreement, ValiRx will retain all rights to new GeneICE compounds deriving from the collaboration.
Our financial results show revenues for the year at 87,558 (2013: 124,868) with operating expenses rising 6% to 3,164,664 (2013: 2,984,337) after receipts of 210,802 of grants towards R&D (2013: nil), as a result of increased R&D investment and overheads to drive VAL201 to Phase I/II clinical trials, and complete the VAL401 safety toxicology studies before year-end. The net loss for the year increased to 3,160,031 (2013: 2,702,258) resulting in a reduced loss per share (basic and diluted) of 0.08p (2013: 0.15p). As at 31 December 2014 the Company had cash and cash equivalents of 452,824 (2013: 960,267); however, since the period end, our cash position has increased significantly following a further raising of equity finance, which we believe positions the Group well to reach its goals across all areas in 2015.
I should like to thank the Board and other colleagues at ValiRx, ValiFinn and ValiSeek for their contributions during another successful year and our shareholders for their continuedsupport.
Oliver de Giorgio-Miller
Non-Exec Chairman
16 April 2015
CHIEF EXECUTIVE'S REPORTFOR THE YEAR ENDED 31 DECEMBER 2014
Following on from the chairman's comprehensive review I will comment on the events and activities that I feel are the most significant and will point the way to the future of the Company.
The big achievement and the very significant event of 2014 was the company receiving formal regulatory clearance to undertake and start a clinical trial of VAL201, a peptide directed at blocking, androgen induced cancer by inhibiting a particular function within large protein complexes, which goes by the acronym Src. It has been shown in many systems, tested by us, and others, that the effect VAL201 has in this situation is to prevent cancerous cells from dividing under the influence of androgen hormones.
Getting to this stage has been the culmination of an intense period of work, during which the project team has been required to provide sufficient robustly manufactured compound along with a large set of scientific data and toxicological information prior to submittinga Clinical Trial Application ("CTA"). A CTA comprises a full plan for all aspects of the proposed clinical trial. In conjunction with, and as is required, to the CTA an Investigational Medical Product Dossier ("IMPD") was produced. This is a document outlining all that is known about the science surrounding VAL201 and its proposed therapeutic use. The IMPD also details manufacture, storage and stability of VAL201 over time. Then, on top of this is the production of an Investigational Brochure("IB"), which is a summary of the CTA and IMPD, but also includes medicalinformation and is aimed primarily at its use in the clinic and wider community. I have to thank the team for this herculean effort and then driving through the regulatory process of the MHRA Regional Ethics Committee and the local R&D approvals, answering and responding to all requests and questions tirelessly.
Now that we are actually in the midst of the Trial at UCLH and with the initial results looking very encouraging, I am looking forward with optimism towards VAL201 and its future success.
The new subsidiary, a risk-sharing joint venture, ValiSeek Limited is a substantial development and brings a new novel cancer treatment, VAL401 to ValiRx. Using the infrastructure developed while getting VAL201 into the clinic and with the results we have obtained during the year, the preparation to take the therapy into efficacy trialing looks promising, especially as the safety and a human toxicology profile is well understood.
It should be noted that during the year the company was actively involved in a Eurostar European funded grant with partners in Finland and Germany as well as with various scientists andmanufacturing concerns throughout Europe and wider. As the Chairman has already described, the strategic alliance with the world leading Deutsches Krebsforschungzentrum (the German Cancer Research Center) matters greatly in the continuing development of the GeneICE platform and potential productsderived from it.
The continuing growth of activity in our Finnish subsidiary ValiFinn is pleasing and its core activities haveprogressed well and are in line with our plans. Of note are the developments surrounding NAV3 mentioned by the chairman. The work done by Valifinn, particularly in the progress and analysis of the trial of VAL201 and theefficacy assessments, should also be appreciated. Alongside this work, is the more mundane but important background routine clinical work for which Valifinn needs recognition. I should also record my pleasure at the acquisition of the TRAC technology from theadministrators of Plexpress at the end of the year andearly thereafter. It is too early to say much, but I believe the acquisition of this technology will be significant to ValiRx and its activities both internally and externally.
As far as the outlook for ValiRx is concerned, I am both excited and look forward greatly to continuing progress and advances from the Clinical trial of VAL201, from developments with both the VAL401 and GeneICE platform products, and with our developments in the Biomarkers and diagnostics arena.
I am very grateful and thank all of my colleagues at ValiRx for their commitment and hard work to give us this very successful and memorable year. I am also very appreciative of and thank our shareholders for their continued support.
Dr Satu Vainikka
Chief Executive
16 April 2015
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2014
The directors present theirstrategic report for the year ended 31 December 2014.
The Company has undertaken to develop a novel and groundbreaking class of therapeutics across a number offields in oncology and has taken its lead compound, Val201, into Phase I/IIclinical trials. The Company listed on the Alternative Investment Market ("AIM") of the London StockExchange in October 2006.
The Company has a pipeline of other therapeutic drugs, which are currently progressing towards clinical trials. The product focus is in the targeted analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.
ValiRx actively manages projects within its portfolio as a trading company. The ValiRx business model spreads the risks of life science technology development by minimising financial exposure and running a set of projects to defined commercial endpoints. This maximises returns to shareholders by adding value at the earlier stages where value increases per investment unit are the greatest.
The Company operates through thefollowing divisional companies:
1. ValiPharma is the therapeutics division, with two embedded technologies primarily directed at the treatment of cancers.
2. ValiFinn is the biomarkers anddiagnostic development division. ValiRx acquired through its ValiFinn subsidiary, the complimentary TRAC technology later in the year to strengthen the portfolio.
3. ValiSeek is a joint venturebetween ValiRx and Tangent Ltd to develop Val401 in lung cancer and potentially other indications.
Business review
A review of the development andperformance of the Group, including important events, progress during the year and likely future developments, can be found in the Chairman's Statement and the Chief Executive's Report.
Therapeutics
VAL201 Prostate Cancer
The Company's leading anti-cancertherapeutic VAL201 is currently in clinical trials for the treatment ofprostate cancer and potentially other indications of hormone induced unregulated growthincluding endometriosis. ThePhase I/II trial has been initiated and VAL201 was safe and well tolerated at the doses tested. Progressing through the dose escalation and expansion stages, the study is then designed to investigate further details of these aspects as well as efficacy. Particular emphasis will be placed on evaluating thepharmacokinetics, pharmacodynamics and early assessment ofanti-tumour activity in response to VAL201, using a variety of measurements including ValiRx's biomarkers, with biomarkers being key indicators in personal medicine.
VAL201 selectively prevents tumour growth by specifically inhibiting the proliferation of tumour cells. As aresult, tumour growth is suppressed and metastasis is significantly reduced. The approach is a targeted therapeutic with pre-clinical results that indicate that due to the specific nature of this treatment, this therapy is likely to be less toxic than many other therapeutic options. The VAL201target is alsoassociated with other cancers and there is significant potential for VAL201 to be used as a treatment for other hormone-induced cancers, such as breast andovarian and also endometriosis.
Endometriosis
Endometriosis is a gynaecological medical condition in which cells from the lining of the uterus (endometrium) appear and flourish outside the uterine cavitylined by endometrial cells, which are under the influence of female hormones. These endometrial-like cells in areas outside the uterus (endometriosis) are influenced by hormonal changes andrespond in a way that is similar to the cells found inside the uterus andsymptoms often worsen with the menstrual cycle. The treatments chosen willdepend on symptoms, age, and lifestyle plans. VAL201 has been shown though to reduce abnormal endometrial growth, whilst leaving other hormone-induced activities working normally. ValiRx's initial in-vitro results show a reduction in endometrial lesion size directly related to dose and two generations of offspring produced by treated animals. This strongly suggests that the peptide does not affect fertility the same way other treatments do.
VAL 401 Lung Cancer andothers
VAL401 is the reformulation of a generic drug that has over 20 years of clinical use for treatment of a chronicnon-oncology disease in an oral capsule. The re-formulation allows the drug toaccess previously unexploited anti-cancer activity. VAL401 is progressing satisfactorily through its remaining preclinical development and towards clinical Phase II trials for the treatment of lung cancer and other oncology indications. Progress into clinical trials will comprise a shorter than usualroute to Market Authorisation by use of prior clinical data gathered on the original generic drug. Preclinicalefficacy data has been collected in both non-small cell lung and prostate cancers. Preclinical toxicology has revealed no side effects beyond those expected from the parent drug, with preclinical pharmacokinetic data allowing bridging from VAL401 to the historical full clinical data package on the parent. Formulation stability tests are currently underway to complete the CMC package.
GeneICE
GeneICE "rebelliousgene" technology continues to show good progress in the pre-clinical phase- the programme currently benefits from a second Eurostars grant for up to 1.6m.
Rebellious genes are genes thatare overexpressed when they should not be or are erroneously expressed, e.g., in cancers, inflammatory conditions, Alzheimer's and autoimmune diseases. ValiRx'sproprietary GeneICE technology enables the selective silencing ofspecific genes by targeted histone deacetylation leading to chromatincondensation. This prevents access and silences gene expression. In nature histone deacetylation of a particular gene is brought about by recruitment of ahistone deacetylase complex (HDAC) to the gene. GeneICE constructs mimic this natural mechanism by delivery to the nucleus of a dual-module construct comprising: The binding of GeneICE construct to its target gene leads to deacetylation of the histones associated with the gene, localised chromatin condensation and gene silencing.
VAL101
VAL101 is a novel therapeutic based on the Company's proprietary GeneICE (Gene Inactivation by chromatin engineering) platform. It acts to target and switch "OFF" the genethat expresses Bcl-2, aprotein that is implicated in about half of all carcinomas. Pre-clinical studies have established VAL101's efficacy in prostate, ovarian and pancreatic cancers, and it may also have anti-tumour activity against orphan oncologic indications. ValiRx's GeneICE technology enables the selective silencing or the shutting down of particular rebellious genes, thereby halting and reversing tumour growth.
Biomarkers and Diagnostics
Biomarker development programme, to support clinical and pre-clinical development, is continuing to produce results with the recent acquisition of complimentary TRAC technology.
The use of biomarkers with oncology therapeutics is one of the fastest growing areas of cancer research, as not only can the biomarkers identify patients who are more likely to respond to aparticular drug therapy, but they can also indicate tumour progression.
ValiRx's biomarker subsidiary, ValiFinn in Finland provides the Group with exposure to the Biomarker market, a key and increasingly exciting field within its industry, but also to a revenuestream, derived from the provision of contract services to the pharmaceutical industry.
ValiFinn has built on its specialist biomarker expertise to develop its own companion diagnostic biomarkers to complement ValiRx's therapeutics, its existing intellectual property and its companion diagnostic activities, as well as marketing thatexpertise for the development programmes of other companies. Its services for consumers include biomarker measurements for health monitoring.
ValiFinn conducts the managementof certain aspects of VAL201 late preclinical work and will assist in theregulatory work pertaining to the clinical trials and will manage certain aspects of the clinical work regarding hormone induced refractory cancer.
ValiRx's proprietary novel NAV3 Cancer Screening Test enables the detection of cancer cells in tissue samples,whether they are primary tumours, metastases or pre-malignant cell, at a stage when tumour development is only about to start. The test is based on the detection of specific changes in the NAV3 gene and the system of tests can be applied to a range of cancers.
'Transcript Analysis with the Aid of Affinity Capture' or TRAC technology enables the efficient screening of alarge number of drug candidates for a wide range of genetic safety and efficacy markers. The technology platform already has an established customer base and it has been generating revenue since 2012. Going forward, ValiRx will look to leverage upon TRAC's market presence and grow the sales of this diagnostic business. The Company believes that together with clinical validation, revenues from TRAC will grow, which will support both the biomarker and therapeutic development businesses. ValiFinn, which is itself already generating revenues, is well placed to further develop as a service/licensing business.
Oliver de Giorgio-Miller
Non-Exec Chairman
16 April 2015
VALIRX PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2014
2014
2013
Notes
Revenue
87,558
124,868
Cost of sales
(61,025)
(51,618)
Gross profit
26,533
73,250
Research and development
(1,772,338)
(1,622,383)
Administrative expenses
(1,603,128)
(1,361,954)
Other operating income
210,802
-
Operating loss
(3,138,131)
(2,911,087)
Fair value loss on derivative financial assets
(72,202)
-
Finance income
8,023
5,552
Loss on disposal of financial assets
(437,493)
-
Finance costs
(1,532)
(180)
Loss on ordinary activities before taxation
(3,641,335)
(2,905,715)
Income tax expense
396,864
308,477
Loss on ordinary activities after taxation
(3,244,471)
(2,597,238)
Non-controlling interest
84,440
-
Loss for the year
(3,160,031)
(2,597,238)
Other comprehensive income
Change in fair value of available-for-sale assets
-
(105,020)
Loss for the year and total comprehensive income
(3,160,031)
(2,702,258)
Loss per share - basic and diluted
2
From continuing operations
(0.08)p
(0.15)p
There are no recognised gains and losses other than those passing through the Consolidated Statement of Comprehensive Income.
VALIRX PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2014
-
Share capital
Share premium
Merger reserve
Reverse acquisition reserve
Share option reserve
Non controlling interests
Retained earnings
Total
Balance at 1 January 2013
6,051,607
5,337,152
637,500
602,413
73,852
-
(7,665,683)
5,036,841
Changes in equity for 2013
Loss for the year
-
-
-
-
-
-
(2,597,238)
(2,597,238)
Change in fair value of available-for-sale assets
-
-
-
-
-
-
(105,020)
(105,020)
Issue of shares
307,750
692,437
-
-
-
-
-
1,000,187
Costs in respect of shares issued
-
(104,358)
-
-
-
-
-
(104,358)
Balance at 31 December 2013
6,359,357
5,925,231
637,500
602,413
73,852
-
(10,367,941)
3,230,412
Changes in equity in 2014
Loss for the year
-
-
-
-
-
(84,440)
(3,160,031)
(3,244,471)
On acquisition of subsidiary
-
-
-
-
-
110,814
110,814
Issue of shares
922,449
2,069,701
-
-
-
-
-
2,992,150
Costs in respect of shares issued
-
(390,200)
-
-
-
-
-
(390,200)
Movement in the year
-
-
-
-
89,324
-
-
89,324
Transfer between share option reserve and retained earnings
-
-
-
-
(9,032)
-
9,032
-
Balance at 31 December 2014
7,281,806
7,604,732
637,500
602,413
154,144
26,374
(13,518,940)
2,788,029
Merger reserve_
The merger reserve of 637,500 exists as a result of the acquisition of ValiRx Bioinnovation Limited. The merger reserve represents the difference between the nominal value of the share capital issued by the Company and the fair value of ValiRx Bioinnovation Limited at 3 October 2006, the date of acquisition.
Reverse acquisition reserve
The reverse acquisition reserve exists as a result of the method of accounting for the acquisition of ValiRx Bioinnovation Limited and ValiPharma Limited.
VALIRX PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
2014
2013
ASSETS
Non-current assets
Intangible assets
2,380,021
1,882,762
Property, plant and equipment
1,507
685
Financial assets: available-for-sale investments
-
768,323
2,381,528
2,651,770
Current assets
Inventories
11,150
4,078
Trade and other receivables
777,602
490,395
Cash and cash equivalents
452,824
960,267
1,241,576
1,454,740
LIABILITIES
Current liabilities
Trade and other payables
(835,075)
(876,098)
Net current assets
406,501
578,642
Net assets
2,788,029
3,230,412
SHAREHOLDERS' EQUITY
Called up share capital
7,281,806
6,359,357
Share premium
7,604,732
5,925,231
Merger reserve
637,500
637,500
Reverse acquisition reserve
602,413
602,413
Share option reserve
154,144
73,852
Profit and loss account
(13,518,940)
(10,367,941)
Total shareholders' equity
2,761,655
3,230,412
Non-controlling interests
26,374
-
Total equity
2,788,029
3,230,412
VALIRX PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2014
2014
2013
Net cash outflow from operating activities
(3,316,712)
(2,232,552)
Taxation
309,541
164,892
Returns on investments and servicing of finance
Interest received
8,023
5,552
Interest paid
(1,532)
(180)
Net cash inflow from returns on investments and servicing of finance
6,491
5,372
Capital expenditure and financial investment
Payments to acquire intangible assets
(273,846)
(132,135)
Payments to acquire tangible assets
(1,408)
(1,922)
Receipts from sales of financial investments
330,830
-
Net cash inflow/(outflow) for capital expenditure and financial investment
55,576
(134,057)
Acquisitions and disposals
Non-controlling interest
63
-
Net cash outflow for acquisitions and disposals
63
-
Financing
Issue of ordinary share capital
2,900,000
1,000,187
Cost of share issue
(390,200)
(104,358)
Cost of derivative financial asset
(1,500,000)
-
Proceeds received from issue of derivative financial asset
1,427,798
-
Net cash generated from financing activities
2,437,598
895,829
Net decrease in cash and cash equivalents
(507,443)
(1,300,516)
Cash and cash equivalents at beginning of period
960,267
2,260,783
Cash and cash equivalents at end of period
452,824
960,267
VALIRX PLC
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2014
2
Cash flows from operating activities
2014
2013
Operating loss
(3,138,131)
(2,911,087)
Depreciation of tangible assets
517
5,623
Amortisation of intangible assets
90,697
55,537
Increase in inventories
(7,072)
(1,351)
(Increase)/decrease in receivables
(199,884)
7,045
(Decrease)/(increase) in payables within one year
(158,873)
614,463
Other non-cash movements
6,710
(2,782)
Share option charge
89,324
-
Cash outflows from operating activities
(3,316,712)
(2,232,552)
3
Cash and cash equivalents
1 January 2014
Cash flow
31 December 2014
Net cash:
Cash at bank and in hand
960,267
-
(507,443)
452,824
960,267
(507,443)
452,824
VALIRX PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
1. Basis of Preparation
The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2014, but is derived from those accounts. Statutory accounts for 2014 will be delivered to the Registrar of Companies following the Company's annual general meeting.
2. Loss per ordinary share
The earnings and number of shares used in the calculation of loss per ordinary share are set out below:
2014
2013
Basic:
Loss for the financial period
(3,160,031)
(2,597,238)
Weighted average number of shares
3,854,730,440
1,733,106,298
Loss per share
(0.08)p
(0.15)p
There was no dilutive effect from the share options outstanding during the year (note 17).
3. Publication of Report & Accounts
The report and accounts for the year ended 31 December 2014 will be posted to shareholders shortly and will be available from the Company's website, www.valirx.com
This information is provided by RNSThe company news service from the London Stock ExchangeENDFR SFMFUIFISESL
Recent news on ValiRx
See all newsREG - ValiRx PLC - Directorate Changes
AnnouncementREG - ValiRx PLC - Evaluation Agreement with Imperial College London
AnnouncementREG - ValiRx PLC - Board Re-structuring and update on requisition
AnnouncementREG - ValiRx PLC - Shareholder Requisition Notice
AnnouncementREG - ValiRx PLC - Proposed Appointment of Non-Executive Director
Announcement