NPH Neuropharm

commercially availableand the decrease in surplus funds. 
Taxation 
The Group makes claims each year for research and development tax credits and, 
as it is loss-making, elects to surrender these tax credits for a cash rebate. 
A tax credit refund of GBP0.6m was received in December 2009. 
 
In the six months ended 31 December 2009 there was a taxation charge of GBP1,000 
(31 December 2008: taxation refund of GBP31,000), split GBP16,000 balance of tax 
credit refund received over that accrued at 30 June 2009 and US tax charge for 
Neuropharm Inc of GBP17,000. 
Liquidity, cash and cash equivalents, and money market investments 
The net cash used in operating activities was GBP0.9 million (31 December 2008: 
GBP3.5 million). 
Accrued income and margin deposits at 30 June 2009 were GBPnil (31 December 
2008: GBP0.2 million).  The decrease is due to the Company's decision to shorten 
maturity dates for term deposits to less than one month.  There was no hedging 
of foreign currency exposure through forward foreign exchange contracts, and 
therefore no margin deposits, at the half-year end. 
Trade and other receivables at 31 December 2009 were GBP0.1 million (31 December 
2008: GBP0.2 million). 
Trade and other payables at 31 December 2009 were GBP0.2 million (31 December 
2008: GBP1.1 million), primarily due to the retrenchment of spend following the 
result of the SOFIA study. 
Related party transactions 
Transactions between the Company and its subsidiaries, which are related 
parties, have been eliminated on consolidation. 
There were no other related party transactions during the six months ended 31 
December 2009. 
Going concern 
As disclosed in note 2 to the consolidated financial statements, having made 
relevant and appropriate enquiries, including consideration of the Group's 
current cash resources and cash flow forecasts, the Board has a reasonable 
expectation that, at the time of approving the financial statements, the Group 
has adequate resources to continue in operational existence for at least the 
next 12 months. Accordingly, the Board continues to adopt the going concern 
basis in preparing the financial statements. 
 
Graham E. Yeatman 
Chief Financial Officer 
22 March 2010 
 
 
Statement of Directors' responsibilities 
 
 
We confirm to the best of our knowledge: 
 
a.   the condensed set of financial statements has been prepared in accordance 
with IAS 34 "Interim Financial Reporting"; 
 
b.   the interim management report includes a fair review of the information 
required by DTR 4.2.7R (indication of important events during the first six 
months) except for the omission of principal risks and uncertainties for the 
remaining six months of the year; and 
 
c.   the interim management report includes a fair review of the information 
required by DTR 4.2.8R (disclosure of related party transactions and changes 
therein). 
 
 
By order of the Board 
 
Robert G. Mansfield 
                              Graham E. Yeatman 
Chief Executive Officer 
                                 Chief Financial Officer 
 
22 March 2010 
 
 
 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                                                                | 
|                                                  Consolidated Income Statement | 
|                                              Six months ended 31 December 2009 | 
|                                                                                | 
+--------------------------------------------------------------------------------+ 
|                                       |Note  |  |      Six |     Six |    Year | 
|                                       |      |  |   months |  months |   ended | 
|                                       |      |  |    ended |   ended |      30 | 
|                                       |      |  |   31 Dec |  31 Dec |    June | 
|                                       |      |  |     2009 |    2008 |    2009 | 
|                                       |      |  |  GBP'000 | GBP'000 | GBP'000 | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Research and development expenses     |      |  |     (67) | (2,262) | (3,472) | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Selling, marketing and distribution   |      |  |        - |   (246) |   (454) | 
| costs                                 |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Other management and administration   |      |  |  (1,087) | (1,553) | (3,167) | 
| expenses                              |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Movement on provision for National    |      |  |        - |      45 |      97 | 
| Insurance on share options            |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Share option expense                  |      |  |     (91) |   (308) |   (450) | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Impairment charge                     | 6,7  |  |        - |   (189) |   (189) | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Total management and administration   |      |  |  (1,178) | (2,005) | (3,709) | 
| expenses                              |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Operating loss                        |      |  |  (1,245) | (4,513) | (7,635) | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Investment income                     |      |  |       32 |     305 |     442 | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Other gains and losses                |  4   |  |     (11) |     719 |     693 | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Loss on ordinary activities before    |      |  | (1,224)) | (3,489) | (6,500) | 
| tax                                   |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Taxation                              |      |  |      (1) |      31 |     616 | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Loss for the period                   |      |  |  (1,225) | (3,458) | (5,884) | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
|                                       |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Loss per share                        |      |  |          |         |         | 
+---------------------------------------+------+--+----------+---------+---------+ 
| Basic and diluted                     |  5   |  |   (3.9)p | (11.0)p | (18.7)p | 
+---------------------------------------+------+--+----------+---------+---------+ 
 
All results derive from continuing operations. 
 
 
+----------------+---------+---------+---------+-------------+--------------+----------+---------+ 
| Consolidated Statement of Changes in Equity                                                    | 
| Six months ended 31 December 2009                                                              | 
|                                                                                                | 
+------------------------------------------------------------------------------------------------+ 
|                |  Called |   Share |         |     Foreign |  Share-based | Retained |   Total | 
|                |      up | premium |   Other |    currency | compensation |     loss | GBP'000 | 
|                |   share | account | reserve | translation |      GBP'000 |  GBP'000 |         | 
|                | capital | GBP'000 | GBP'000 |     reserve |              |          |         | 
|                | GBP'000 |         |         |     GBP'000 |              |          |         | 
+----------------+---------+---------+---------+-------------+--------------+----------+---------+ 
|                |         |         |         |             |              |          |         | 
+----------------+---------+---------+---------+-------------+--------------+----------+---------+ 

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