TIDMGMX
RNS Number : 7104E
Reliance GeneMedix PLC
24 December 2009
FOR IMMEDIATE RELEASE
Reliance GeneMedix plc
Results for the six months ended 30 September 2009
Reliance GeneMedix plc (the "Company"), the AIM listed biopharmaceutical
company, which is part of the Reliance Life Sciences Group ("RLS"), announces
its unaudited interim results for the 6 month period ended 30 September 2009.
Change of Registered Office
The Company also announces that its new registered office is 8th floor, Wigmore
Street, London W1U 1QY, United Kingdom.
Issue of shares to Reliance Life Sciences
RLS, the Company's majority shareholder, has opted to exercise a total of
34,777,032 warrants to subscribe for ordinary shares in the Company at a price
of 12.5 pence per share. The warrants were issued to RLS as part of the
proposals approved by the Company's shareholders on 12 January 2007. Pursuant to
the exercise of the warrants, an application has been made for the admission of
34,777,032 new ordinary shares to trading on AIM. The new ordinary shares, which
will be issued fully paid, will rank pari passu in all respects with the
existing ordinary shares of the Company. Admission of the new ordinary shares to
trading on AIM is expected to occur on 30 December 2009.
Following the issue of these new ordinary shares, the Company will have
190,494,906 ordinary shares in issue of which RLS will hold 151,602,489,
representing 79.58 per cent of the Company's issued share capital as well as
105,597,265 warrants. If the remaining warrants were exercised in full and there
were no additional issues of ordinary shares by the Company, RLS would hold
86.86 per cent. of the Company's issued share capital.
Transactions with Reliance Life Sciences
During the period the Company received cash contributions totalling EUR3.5 million
from RLS. At a recent meeting, the Board of the Company and RLS agreed that
these receipts should be treated by the Company as a loan from RLS. The loan
agreement will be signed shortly and the principal terms of the loan are as
follows:
* Total amount: Up to EUR10 million
* Drawdown period: 1 April 2009 to 31 March 2010
* Interest: 7 per cent. per annum
* Type: Unsecured
* Repayment: In three equal instalments on 31 March 2012, 2013 and 2014
In addition, the Company made sales of Erythropoietin to RLS during the period
totaling EUR409,948. No profit or loss was made by the Company on these sales.
The independent directors of the Company, namely Dr. R. A. Mashelkar, Mr Dileep
Choksi and Mr Atul Dayal consider, having consulted with the Company's Nominated
Adviser, that the terms of the above transactions are fair and reasonable
insofar as the Company's shareholders are concerned.
Chief Executive Officer's statement
We are pleased to present the results for the six months ended 30 September
2009.
Business overview
The development programme for Erythropoietin (EPO) has progressed very well
during this period. The Company is pleased to announce that clinical trial
patient enrolment for the main clinical trial study has been completed. The
Company has continued to supply the product to the Indian market and is working
towards registering this product in other geographies. The Company has also made
progress in its second product development programme for Granulocyte Colony
Stimulating Factor (G-CSF) and is in the process of obtaining regulatory
approvals for the clinical study in the European Union.
In view of the reduced manufacturing activity at the Tullamore plant, the
Company implemented a shut-down in August 2009. The Company has successfully
implemented cost cutting measures on various activities and projects and is well
placed to complete the development programme of EPO.
Financial review
Operating losses of EUR1.47 million for the period (2008: EUR2.05 million) are in
line with budget and reflect planned expenditure. The Company continues to
exercise a strict control on costs in order to help conserve cash.
During the period the Company capitalised development expenditure of
EUR1.92 million (2008: EUR3.51 million) incurred on the EPO development programme.
Current assets and current liabilities are in line with the level of operations
of the Company. The expenditure during the period was financed through a loan
from RLS (see above).
Consolidated Income Statement
For the six months ended 30 September 2009
+------------------------------+----------+------------+----------------+-------------+
| | Notes | 6 months | 6 months | Year ended |
| | | ended | ended | 31 March |
| | | 30 | 30 | 2009 |
| | | September | September 2008 | |
| | | 2009 | | |
+------------------------------+----------+------------+----------------+-------------+
| | | Unaudited | Unaudited | Audited |
| | | EUR'000 | EUR'000 | EUR'000 |
| | | __________ | (Restated) | __________ |
+------------------------------+----------+------------+----------------+-------------+
| | | | | |
+------------------------------+----------+------------+----------------+-------------+
| Revenue | 5 | 410 | 235 | 608 |
+------------------------------+----------+------------+----------------+-------------+
| Cost of sales | | (410) | (235) | (608) |
+------------------------------+----------+------------+----------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+----------+------------+----------------+-------------+
| Gross profit | | - | - | - |
+------------------------------+----------+------------+----------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+----------+------------+----------------+-------------+
| | | | | |
+------------------------------+----------+------------+----------------+-------------+
| Research and development | 6 | (125) | (16) | (423) |
| costs | | | | |
+------------------------------+----------+------------+----------------+-------------+
| Administrative expenses | | (1,214) | (2,004) | (3,591) |
+------------------------------+----------+------------+----------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+----------+------------+----------------+-------------+
| Operating loss | | (1,339) | (2,020) | (4,014) |
+------------------------------+----------+------------+----------------+-------------+
| | | | | |
+------------------------------+----------+------------+----------------+-------------+
| Finance income | | 1 | 31 | 34 |
+------------------------------+----------+------------+----------------+-------------+
| Finance costs | | (138) | (64) | (85) |
+------------------------------+----------+------------+----------------+-------------+
| Other income | | 3 | - | - |
+------------------------------+----------+------------+----------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+----------+------------+----------------+-------------+
| Loss before taxation | | (1,473) | (2,053) | (4,065) |
+------------------------------+----------+------------+----------------+-------------+
| Taxation | | - | - | 1,297 |
+------------------------------+----------+------------+----------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+----------+------------+----------------+-------------+
| Loss for the period | | (1,473) | (2,053) | (2,768) |
+------------------------------+----------+------------+----------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+----------+------------+----------------+-------------+
| | | | | |
+------------------------------+----------+------------+----------------+-------------+
| Loss per share - basic and | 8 | (0.9c) | (1.3c) | (1.8c) |
| diluted | | | | |
+------------------------------+----------+------------+----------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+----------+------------+----------------+-------------+
Consolidated Balance Sheet
As at 30 September 2009
+---------------------------------------+-------+------------+-----------+-----------+
| |Notes | 30 | 30 | 31 March |
| | | September | September | 2009 |
| | | 2009 | 2008 | |
+---------------------------------------+-------+------------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | EUR'000 | EUR'000 | EUR'000 |
| | | ________ | | ________ |
| | | | Restated | |
+---------------------------------------+-------+------------+-----------+-----------+
| ASSETS | | | | |
+---------------------------------------+-------+------------+-----------+-----------+
| Non-current assets | | | | |
+---------------------------------------+-------+------------+-----------+-----------+
| Intangible fixed assets | | 10,166 | 6,351 | 8,246 |
+---------------------------------------+-------+------------+-----------+-----------+
| Property, plant and equipment | | 2,996 | 3,921 | 3,521 |
+---------------------------------------+-------+------------+-----------+-----------+
| Investment at cost | | 10 | 10 | 10 |
+---------------------------------------+-------+------------+-----------+-----------+
| Deferred tax assets | | 1,730 | 433 | 1,730 |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| | | 14,902 | 10,715 | 13,507 |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| Current assets | | | | |
+---------------------------------------+-------+------------+-----------+-----------+
| Inventories | | 369 | 666 | 647 |
+---------------------------------------+-------+------------+-----------+-----------+
| Trade & other receivables | | 785 | 843 | 768 |
+---------------------------------------+-------+------------+-----------+-----------+
| Restricted cash | | 180 | 204 | 176 |
+---------------------------------------+-------+------------+-----------+-----------+
| Cash and cash equivalents | | 290 | 291 | 169 |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| | | 1,624 | 2,004 | 1,760 |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| LIABILITIES | | | | |
+---------------------------------------+-------+------------+-----------+-----------+
| Current liabilities | | | | |
+---------------------------------------+-------+------------+-----------+-----------+
| Trade and other payables | | (1,394) | (2,158) | (2,327) |
+---------------------------------------+-------+------------+-----------+-----------+
| Borrowings | | (1,305) | (1,453) | (1,217) |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| | | (2,699) | (3,611) | (3,544) |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| Net current liabilities | | (1,075) | (1,607) | (1,784) |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| Total assets less current liabilities | | 13,827 | 9,108 | 11,723 |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| Non-current liabilities | | | | |
+---------------------------------------+-------+------------+-----------+-----------+
| Borrowings | | (3,577) | - | - |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| | | (3,577) | - | - |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| Net assets | | 10,250 | 9,108 | 11,723 |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| Shareholders' equity | | | | |
+---------------------------------------+-------+------------+-----------+-----------+
| Share capital | | 22,305 | 22,305 | 22,305 |
+---------------------------------------+-------+------------+-----------+-----------+
| Shares to be issued | | 5,134 | 1,798 | 5,134 |
+---------------------------------------+-------+------------+-----------+-----------+
| Share premium | | 39,538 | 39,538 | 39,538 |
+---------------------------------------+-------+------------+-----------+-----------+
| Other reserves | | 3,977 | 3,983 | 3,977 |
+---------------------------------------+-------+------------+-----------+-----------+
| Retained losses | | (60,704) | (58,516) | (59,231) |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
| Total shareholders' equity | | 10,250 | 9,108 | 11,723 |
+---------------------------------------+-------+------------+-----------+-----------+
| | | ________ | ________ | ________ |
+---------------------------------------+-------+------------+-----------+-----------+
Consolidated Cash Flow Statement
For the six months ended 30 September 2009
+------------------------------------+-------+-------------+-----------+-----------+
| |Notes | 6 months to | 6 months | Year to |
| | | | to 30 | 31 March |
| | | 30 | September | 2009 |
| | | September | 2008 | |
| | | 2009 | | |
+------------------------------------+-------+-------------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | EUR'000 | EUR'000 | EUR'000 |
| | | ________ | | ________ |
| | | | Restated | |
+------------------------------------+-------+-------------+-----------+-----------+
| Cash flows from operating | | | | |
| activities | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Cash used in operations | 7 | (1,670) | (1,138) | (2,506) |
+------------------------------------+-------+-------------+-----------+-----------+
| Interest paid | | - | (36) | (1) |
+------------------------------------+-------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+-------+-------------+-----------+-----------+
| Net cash used in operating | | (1,670) | (1,174) | (2,507) |
| activities | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+-------+-------------+-----------+-----------+
| Cash flows from investing | | | | |
| activities | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Payment for property, plant and | | (2) | (214) | (319) |
| equipment | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Receipt from property, plant and | | 24 | - | - |
| equipment | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Payment for intangible assets | | (1,921) | (3,511) | (5,409) |
+------------------------------------+-------+-------------+-----------+-----------+
| Interest received | | 1 | 64 | 70 |
+------------------------------------+-------+-------------+-----------+-----------+
| Proceeds from disposal of | | 191 | - | - |
| subsidiary | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Increase in restricted cash | | (4) | (1) | 27 |
+------------------------------------+-------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+-------+-------------+-----------+-----------+
| Net cash flows used in investing | | (1,711) | (3,662) | (5,631) |
| activities | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+-------+-------------+-----------+-----------+
| Cash flows from financing | | | | |
| activities | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Proceeds from exercising share | | - | 1,798 | 5,134 |
| warrants | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Proceeds from borrowings | | 3,500 | - | - |
+------------------------------------+-------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+-------+-------------+-----------+-----------+
| Net cash flows generated from | | 3,500 | 1,798 | 5,134 |
| financing activities | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Net increase/(decrease) in cash | | 119 | (3,038) | (3,004) |
| and cash equivalents | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Cash and cash equivalent at the | | 169 | 3,309 | 3,309 |
| beginning of period | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
| Net currency translation effect | | 2 | 20 | (136) |
+------------------------------------+-------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+-------+-------------+-----------+-----------+
| Cash and cash equivalents | | 290 | 291 | 169 |
+------------------------------------+-------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+-------+-------------+-----------+-----------+
| | | | | |
+------------------------------------+-------+-------------+-----------+-----------+
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2009
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| | | | | Other reserves | | |
+------------------+---------+---------+--------+-----------------------------------+----------+---------+
| | Share | Share | Shares | Warranty | Capital | Cumulative | Retained | Total |
| | capital | premium | to be | reserve | reserve | translation | loss | |
| | | | issued | | | reserve | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Balance at 1 Apr | 22,305 | 39,538 | - | 4,183 | 437 | (643) | (56,464) | 9,356 |
| 2008 as restated | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Loss for the | - | - | - | - | - | - | (2,053) | (2,053) |
| period as | | | | | | | | |
| originally | | | | | | | | |
| stated | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Currency | - | - | - | - | - | 6 | - | 6 |
| translation | | | | | | | | |
| adjustment | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Receipts for new | - | - | 1,798 | - | - | - | - | 1,798 |
| shares to be | | | | | | | | |
| issued | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Share | - | - | - | - | - | - | 1 | 1 |
| based payment | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Balance at 30 | 22,305 | 39,538 | 1,798 | 4,183 | 437 | (637) | (58,516) | 9,108 |
| Sep 2008 as | | | | | | | | |
| restated | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Loss for the | - | - | - | - | - | - | (715) | (715) |
| period | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Currency | - | - | - | - | - | (6) | - | (6) |
| translation | | | | | | | | |
| adjustment | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Receipts for new | - | - | 3,336 | - | - | - | - | 3,336 |
| shares to be | | | | | | | | |
| issued | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Share based | - | - | - | - | - | - | - | - |
| payment | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Balance at 31 | 22,305 | 39,538 | 5,134 | 4,183 | 437 | (643) | (59,231) | 11,723 |
| Mar 2009 | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| | ______ | ______ | ______ | ______ | ______ | ______ | ______ | ______ |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Loss for the | - | - | - | - | - | - | (1,473) | (1,473) |
| period | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Share-based | - | - | - | - | - | - | - | - |
| payment | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| | ______ | ______ | ______ | ______ | ________ | ______ | ______ | ______ |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| Balance at 30 | 22,305 | 39,538 | 5,134 | 4,183 | 437 | (643) | (60,704) | 10,250 |
| Sep 2009 | | | | | | | | |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
| | ______ | ______ | ______ | ______ | ________ | ______ | ______ | ______ |
+------------------+---------+---------+--------+----------+----------+-------------+----------+---------+
Notes to the Consolidated Interim Financial Statements
1. General information
These financial statements are the unaudited consolidated interim financial
information of Reliance GeneMedix plc, a public limited company incorporated and
domiciled in the United Kingdom, with its registered office at Tower 42, 20th
Floor, 25 Old Broad Street, London EC2N 1HQ , and its subsidiaries (together,
the "Group") for the six months ended 30 September 2009.
The Company is a subsidiary of Reliance Life Sciences Private Limited, India.
The Company has its primary listing on the Alternative Investment Market (AIM)
of the London Stock Exchange.
The consolidated financial information for the six months ended 30 September
2009 has been reviewed, not audited.
The condensed consolidated interim financial statements do not comprise
statutory accounts within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2009 were approved by the Board
of Directors on 24 August 2009 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement under Section 498
of the Companies Act 2006.
The consolidated financial information for the six months ended 30 September
2009 will be made available at the Registered Office of the Company and on the
Company's website: www.genemedix.com.
2. Basis of preparation
This condensed consolidated interim financial information for the six months
ended 30 September 2009 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim
Financial Reporting' as adopted by the European Union. The condensed
consolidated interim financial information should be read in conjunction with
the annual financial statements for the year ended 31 March 2009, which have
been prepared in accordance with IFRSs as adopted by the European Union.
3. Principal risks
The principal risks and uncertainties which could impact the Group have not
changed since 31 March 2009. A detailed explanation of those risks and
uncertainties can be found in the Directors' Report section of the Annual Report
for the year ended 31 March 2009.
4.Segment information
The Group only has only one business segment.
Segmental geographic information is set out below:
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| | 6 month ended 30 Sep | 6 month ended 30 Sep | Year ended 31 March 2009 |
| | 2009 Unaudited | 2008 Unaudited | Audited |
+----------------+-----------------------------+-----------------------------+----------------------------+
| | _________________________ | ________________________ | ________________________ |
+----------------+-----------------------------+-----------------------------+----------------------------+
| | UK |Ireland | Total | UK |Ireland | Total | UK |Ireland | |
| | | | | | | | | | Total |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Revenue | - | 410 | 410 | - | 235 | 235 | - | 608 | 608 |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Cost of | - | (410) | (410) | - | (235) | (235) | - | (608) | (608) |
| sales | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| | ______ | ______ | ______ | ______ | ______ | ________ | ______ | ______ | ______ |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Operating | - | - | - | - | - | - | - | - | - |
| profit | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Research & | - | (125) | (125) | (16) | - | (16) | - | (423) | (423) |
| development | | | | | | | | | |
| costs | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Administrative | (510) | (704) | (1,214) | (188) | (1,816) | (2,004) | (393) | (3,198) | (3,591) |
| expenses | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| | ______ | ______ | ______ | ______ | ______ | ________ | ______ | ______ | ______ |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Segment loss | (510) | (829) | (1,339) | (204) | (1,816) | (2,020) | (393) | (3,621) | (4,014) |
| for the | | | | | | | | | |
| period | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| | ______ | ______ | ______ | ______ | ______ | ________ | ______ | ______ | ______ |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Other | | | | | | | | | |
| information | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Depreciation | 64 | 442 | 506 | 35 | 460 | 495 | 129 | 872 | 1,001 |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Amortisation | 1 | - | 1 | - | - | - | 3 | - | 3 |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Impairment | - | - | - | - | - | - | - | - | - |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| | ______ | ______ | ______ | ______ | ______ | ________ | ______ | ______ | ______ |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Balance | | | | | | | | | |
| Sheet | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Total assets | 1,235 | 13,561 | 14,796 | 598 | 11,688 | 12,286 | 1,024 | 12,513 | 13,537 |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Total | 1,777 | 4,499 | 6,276 | 1,144 | 2,467 | 3,611 | 1,787 | 1,757 | 3,544 |
| liabilities | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| Capital | - | 1,924 | 1,924 | - | 3,725 | 3,725 | - | 5,728 | 5,728 |
| Expenditure | | | | | | | | | |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
| | ______ | ______ | ______ | ______ | ______ | ________ | ______ | ______ | ______ |
+----------------+---------+---------+---------+--------+---------+----------+--------+---------+---------+
5. Revenue
During the period the Company continued its sales to Indian market on pricing
consistent with last year. The attractive pricing offered reflects the current
competitiveness of the Indian market.
6. Analysis of research and development costs
+------------------------------------+------+-------------+-----------+-----------+
| | | 6 months to | 6 months | Year to |
| | | | to 30 | 31 March |
| | | 30 | September | 2009 |
| | | September | 2008 | |
| | | 2009 | | |
+------------------------------------+------+-------------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | EUR'000 | EUR'000 | EUR'000 |
+------------------------------------+------+-------------+-----------+-----------+
| | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| Gross research and development | | 2,047 | 3,527 | 5,832 |
| spend | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| Deduct: capitalised development | | (1,922) | (3,511) | (5,409) |
| costs | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
| | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| Research and development costs | | 125 | 16 | 423 |
| expensed | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+------+-------------+-----------+-----------+
| | | | | |
+------------------------------------+------+-------------+-----------+-----------+
7. Cash used in operations
+------------------------------------+------+-------------+-----------+-----------+
| | | 6 months to | 6 months | Year to |
| | | | to 30 | 31 March |
| | | 30 | September | 2009 |
| | | September | 2008 | |
| | | 2009 | | |
+------------------------------------+------+-------------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | EUR'000 | EUR'000 | EUR'000 |
+------------------------------------+------+-------------+-----------+-----------+
| | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| Loss for the period | | (1,473) | (2,053) | (2,768) |
+------------------------------------+------+-------------+-----------+-----------+
| Adjustments for: | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| - Finance costs | | 138 | 64 | 85 |
+------------------------------------+------+-------------+-----------+-----------+
| - Investment revenues | | (1) | (31) | (34) |
+------------------------------------+------+-------------+-----------+-----------+
| - Other financial income | | (3) | - | - |
+------------------------------------+------+-------------+-----------+-----------+
| - Depreciation of property, plant | | 506 | 495 | 999 |
| and equipment | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| - Deferred Tax | | - | - | (1,297) |
+------------------------------------+------+-------------+-----------+-----------+
| - Impairment of acquired | | - | - | - |
| intellectual property rights | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| - Amortisation of intangible | | 1 | - | 3 |
| assets | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| - Share based payments | | - | 1 | 1 |
+------------------------------------+------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+------+-------------+-----------+-----------+
| Operating cash flows before | | (832) | (1,524) | (3,011) |
| movement in working capital | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| Decrease/(increase) in inventories | | 278 | (145) | (126) |
+------------------------------------+------+-------------+-----------+-----------+
| (Increase)/decrease in trade and | | (210) | 378 | 600 |
| other receivables | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| (Decrease)/increase in trade and | | (906) | 153 | 31 |
| other payables | | | | |
+------------------------------------+------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+------+-------------+-----------+-----------+
| Cash used in operations | | (1,670) | (1,138) | (2,506) |
+------------------------------------+------+-------------+-----------+-----------+
| | | ________ | ________ | ________ |
+------------------------------------+------+-------------+-----------+-----------+
| | | | | |
+------------------------------------+------+-------------+-----------+-----------+
8. Loss per share
The earnings and weighted average number of ordinary shares used in the
calculation of basic loss per share are as follows:
+---------------------------------------+------+------------+------------+------------+
| | | 6 months | 6 months | Year to |
| | | to | to | 31 March |
| | | 30 | 30 | 2009 |
| | | September | September | |
| | | 2009 | 2008 | |
+---------------------------------------+------+------------+------------+------------+
| Loss for the period (EUR'000) | | (1,473) | (2,053) | (2,768) |
+---------------------------------------+------+------------+------------+------------+
| Weighted average number of shares | | 155,718 | 155,718 | 155,718 |
| ('000) | | | | |
+---------------------------------------+------+------------+------------+------------+
| | | __________ | __________ | __________ |
+---------------------------------------+------+------------+------------+------------+
| Loss per share - basic and diluted | | (0.9c) | (1.3c) | (1.8c) |
+---------------------------------------+------+------------+------------+------------+
| | | __________ | __________ | __________ |
+---------------------------------------+------+------------+------------+------------+
In the six months ended 30 September 2009, the Group had no dilutive potential
ordinary shares in issue because it was loss making.
9. Related party transactions
Trading transactions
During the period, the Company made sales of EPO worth EUR409,948 and sold used
equipment worth EUR23,713 to RLS.
During the period, clinical research services worth EUR17,400 were received from
RLS and clinical services worth EUR76,012 were provided to RLS.
The balance due from RLS as at 30 September 2009 was EUR502,627.
During the period, clinical research services worth EUR79,177 were received from
Reliance Clinical Research Services Sp. Z o.o., Poland ("RCRSS"), a subsidiary
of RLS. The balance due to RCRSS as at 30 September 2009 is EUR104,255. During the
period, the Company made sales of packing materials worth EUR1,552 to Reliance
Biopharmaceuticals Private Limited, India, a subsidiary of RLS. The balance due
from Reliance Biopharmaceuticals Private Limited, India as on 30 September 2009
is EUR1,552.
Loans from related parties
During the period, the Company received an amount of EUR3.5 million from RLS as a
loan.
10.Events occurring after the balance sheet date
There are no events after 30 September 2009 that require disclosure or
adjustment to these financial statements.
11. Statement of Directors'
Responsibilities
The directors confirm that this condensed consolidated interim financial
information has been prepared in accordance with IAS 34 as adopted by the
European Union and that the interim management report includes a fair review of
the information required by the DTR 4.2.7 and DTR 4.2.8, namely:
* an indication of important events that have occurred during the first six months
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
financial year; and
* material related-party transactions in the first six months and any material
changes in the related-party transactions described in the last annual report.
The directors of Reliance GeneMedix plc are listed in the Annual Report for 31
March 2009. A list of current directors is maintained on the Reliance GeneMedix
plc website: www.genemedix.com.
By order of the Board
Vinay Ranade
Chief Executive Officer
24 December 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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