TIDMTSP
RNS Number : 4090L
TruSpine Technologies PLC
03 January 2023
TRUSPINE TECHNOLOGIES PLC
("TruSpine", the "Company" or "Group")
Interim Results - for the six months ended 30 September 2022
CHIEF EXECUTIVE'S REPORT
Despite the challenges presented by Covid-19 globally, TruSpine
has managed to overcome many of the obstacles presented, and we
believe the Company will be in a position in 2023 to submit the FDA
510k application for the Cervi-LOK.
Post period end, the Company has secured a GBP200,000 bridge
debt facility ("Bridge Loan") and a Letter of Intent ("LOI") for a
GBP2.4m staged equity funding over three tranches ("Investment
Agreement"), a separate announcement will be made in due course
setting out further details. The Investment Agreement is subject to
various closing conditions and milestones. The directors believe
that the Bridge Loan and Investment Agreement will provide the
required funding to advance the Cervi-LOK through FDA clearance and
onto commercialisation.
As announced 31 October 2022, the Company's annual general
meeting was adjourned until further notice. Following completion of
the Investment Agreement, the Company will seek to hold its annual
general meeting. The Company continues to carefully manage its
working capital position.
The delays in finalisation of the FDA 510k submission have
centred around compression testing, a main test required by the
FDA, however it was eventually determined that the issue was with
the testing block rather than the Cervi-LOK product itself.
Following adjustments to the testing block all tests were
successfully completed and are ready for submission to the FDA by
the independent testing facility.
Additionally, the Company had to overcome supply chain issues,
including difficulties in sourcing medical grade stainless steel
for instruments, as announced 1 August 2022. We have now completed
this process, and the instrument set has commenced final
sterilisation testing with Puracon GmbH in Germany.
On 31 May 2022 the Company raised GBP700,000 through the issue
of 14,000,000 new ordinary shares at a price of 5p per share
comprising a placing and a subscription. In addition, 1,550,000
shares were issued at a price of 5p per share to third party
creditors of GBP77,500 in lieu of services rendered and accrued
directors fees of GBP97,200 were settled through the issue of
648,000 shares at a price of 15p per share.
The Company continues to be in a pre-revenue development phase
and remains loss-making. The loss before taxation for the six
months to 30 September 2022 was GBP545k (2021: GBP483k) after
administrative expenses of GBP543k (2021: GBP481k). Development
spend for the six months to 30 September 2022 was GBP216k (2021:
GBP463k). Consolidated net assets as at 30 September 2022 amounted
to GBP2.93 million (2021: GBP3.00 million) including cash and cash
equivalents of GBP42,000 (2021: GBP324,000).
Whilst we are disappointed by the delays and challenges
encountered, the Board would like to thank shareholders for their
support, and TruSpine's staff and commercial partners for their
hard work during the year.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Enquiries:
TruSpine Technologies Plc Tel: +44 (0)20 3638
5025
Ian Roberts, CEO
Cairn Financial Advisers LLP (AQSE Corporate Tel: +44 (0)20 7213
Adviser) 0880
Liam Murray / Ludovico Lazzaretti
Oberon Capital (Joint Broker) Tel: +44 (0)20 3179
5300
Mike Seabrook / Chris Crawford
Peterhouse Capital Limited (Joint Broker Tel: +44 (0)20 7469
& Financial Adviser) 0930
Lucy Williams / Duncan Vasey
Walbrook PR (Financial Tel: +44 (0) 20 7933 7870 or +44
PR & IR) (0) 7876 741 001
Anna Dunphy truspine@walbrookpr.com
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identiÞed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reßect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30
SEPTEMBER 2022
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month 6 month Year
period ended period ended ended
30 September 30 September 29 March 2022
2022 2021
(Unaudited) (Unaudited) (Audited)
Note
GBP GBP GBP
Administrative expenses (543,369) (480,834) (937,641)
Operating loss (543,369) (480,834) (937,641)
Finance expense (2,030) (1,771) (3,165)
Loss before tax (545,399) (482,605) (940,806)
--------------- -------------- ---------------
Tax credit 3 - - 87,613
--------------- -------------- ---------------
(Loss)/Profit (545,399) (482,605) (853,193)
--------------- -------------- ---------------
Loss attributable to:
Owners of the parent (545,399) (482,605) (853,193)
--------------- -------------- ---------------
Other comprehensive income:
Items that will or may be
reclassified to profit or
loss:
Exchange translation differences
on foreign operations 14,253 462 1,456
--------------- -------------- ---------------
Total comprehensive loss (531,146) (482,143) (851,737)
--------------- -------------- ---------------
Total comprehensive loss
attributable to equity shareholders (531,146) (482,143) (851,737)
=============== ============== ===============
Earnings per share basic
and diluted (pence) 4 (0.48)p (0.51)p (0.87)p
--------------- -------------- ---------------
All results in the current and preceding financial period derive
from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
30 September 30 September 29 March
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
Note GBP GBP GBP
Non-current assets
Tangible fixed assets 3,444 3,683 4,183
Intangible assets 3,376,331 2,534,010 3,098,155
Right of use assets 112,181 - 120,538
3,491,956 2,537,693 3,222,876
-------------- ------------- -----------
Current assets
Trade and other receivables 167,217 356,189 73,523
Digital assets - 225,229 82,474
Cash and cash equivalents 41,821 324,044 3,471
-------------- ------------- -----------
209,038 905,462 159,468
-------------- ------------- -----------
Total assets 3,700,994 3,443,155 3,382,344
-------------- ------------- -----------
Current liabilities
Trade and other payables 613,929 386,184 574,579
Borrowings 42,891 47,500 42,500
Lease liabilities 14,261 - 14,261
-------------- ------------- -----------
671,081 433,684 631,340
-------------- ------------- -----------
Non-current liabilities
Lease liabilities 101,600 108,730
-------------- ------------- -----------
101,600 108,730
-------------- ------------- -----------
Total liabilities 772,681 433,684 740,070
-------------- ------------- -----------
Net Assets 2,928,313 3,009,471 2,642,274
-------------- ------------- -----------
Equity attributable to owners
of the parent
Share capital 5 11,795 10,139 10,175
Share premium 4,584,176 3,779,855 3,782,215
Share based payment reserve 57,823 44,218 44,219
Other reserves 5 (205,000) (205,000) (205,000)
Translation reserve (9,770) (25,017) (24,023)
Retained earnings (1,510,711) (594,724) (965,312)
-------------- ------------- -----------
Total equity attributable to
owners of the parent 2,928,313 3,009,471 2,642,274
-------------- ------------- -----------
Total Equity 2,928,313 3,009,471 2,642,274
-------------- ------------- -----------
GROUP STATEMENT OF CHANGES IN EQUITY
Share Share premium Share
capital based payment Other Translation Retained
reserve reserves reserve earnings Total
GBP GBP GBP GBP GBP GBP GBP
Balance as
at 29 March
2021 9,398 3,062,103 17,007 (205,000) (25,479) (112,119) 2.745,910
--------- -------------- -------------- ---------- ------------ ------------ ----------
Profit for
the six months - - - - - (482,605) (482,605)
Other comprehensive
loss - - - - 462 - 462
--------- -------------- -------------- ---------- ------------ ------------ ----------
Total comprehensive
loss for the
period - - - - 462 (482,605) (482,143)
--------- -------------- -------------- ---------- ------------ ------------ ----------
Issue of shares,
net of issue
costs 741 744,963 - - - - 745,704
Reduction in
share capital - (27,211) 27,211 - - - -
--------- -------------- -------------- ---------- ------------ ------------ ----------
Transactions
with owners,
recognised
directly in
equity 741 717,752 27,211 - - - 745,704
--------- -------------- -------------- ---------- ------------ ------------ ----------
Balance as
at 30 September
2021 10,139 3,779,855 44,218 (205,000) (25,017) (594,724) 3,009,471
========= ============== ============== ========== ============ ============ ==========
Balance as
at 29 March
2022 10,175 3,782,215 44,219 (205,000) (24,023) (965,312) 2,642,274
--------- -------------- -------------- ---------- ------------ ------------ ----------
Loss for the
six months - - - - - (545,399) (545,399)
Other comprehensive
gain - - - 14,253 - 14,253
--------- -------------- -------------- ---------- ------------ ------------ ----------
Total comprehensive
loss for the
period - - - - 14,253- (545,399) (531,146)
--------- -------------- -------------- ---------- ------------ ------------ ----------
Issue of shares,
net of issue
costs 1,620 815,565 - - - - 817,185
Share based
payment charge - (13,604) 13,604 - - - -
--------- -------------- -------------- ---------- ------------ ------------ ----------
Transactions
with owners,
recognised
directly in
equity 1,620 801,961 13,604 - - - 817,185
--------- -------------- -------------- ---------- ------------ ------------ ----------
Balance as
at 30 September
2022 11,795 4,584,176 57,823 (205,000) (9,770) (1,510,711) 2,928,313
========= ============== ============== ========== ============ ============ ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month 6 month Year
period ended period ended ended
30 September 30 September 29 March 2022
2022 2021
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cash flow from operating activities
Loss before tax (545,399) (482,605) (940,806)
Depreciation and amortisation 9,095 615 21,146
Increase in Fair Value of digital
asset 82,474 (4,627) (7,872)
(Increase) in other receivables (93,694) (169,499) 113,167
Increase in other payables 39,351 156,207 337,102
--------------- -------------- ---------------
Cash used in operations (508,173) (499,909) (477,263)
--------------- -------------- ---------------
Income tax credit - - 87,613
--------------- -------------- ---------------
Net cash flows from operating
activities (508,173) (499,909) (389,650)
--------------- --------------
Investing activities
Purchase of tangible assets - - (1,239)
Purchase of intangible assets (278,176) (463,233) (1,027,378)
Net cash used in investing activities (278,176) (463,233) (1,028,378)
--------------- -------------- ---------------
Financing activities
Proceeds from Issue of shares,
net of issue costs 817,185 745,704 894,101
Lease payments (7,130) - (17,339)
Increase/(Decrease) in borrowings 391 (2,500) -
--------------- -------------- ---------------
Net cash flow from financing 810,446 743,204 876,762
--------------- -------------- ---------------
(Decrease)/Increase in cash and
cash equivalents in the period 24,097 (219,938) (541,505)
Cash and cash equivalents at
the beginning of the year 3,471 543,520 543,520
Exchange rate differences on
cash and cash equivalents 14,253 462 1,456
Cash and cash equivalents at
the end of the period 41,821 324,044 3,471
--------------- -------------- ---------------
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
This financial information is for TruSpine Technologies Plc (the
"Company") and its subsidiary undertakings. The principal activity
of TruSpine Technologies Plc and its subsidiaries (together the
"Group") is the development of products for the spinal fusion
market. The Company is a public limited company and was listed on
the Aquis Stock Exchange on 20 August 2020. The Company is
incorporated and domiciled in England and the address of its
registered office is located at Spectrum House AF33, Beehive Ring
Road, Gatwick Airport, Gatwick, RH6 0LG, United Kingdom.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared
with regard to International Financial Reporting Standards (IFRS)
and interpretations adopted by the European Union and as applied in
accordance with the provisions of the Companies Act 2006. The
interim financial information incorporates the results for the
group for the six month period from 30 March 2022 to 30 September
2022. The results for the year ended 29 March 2022 have been
extracted from the statutory financial statements for the Company
for the year ended 29 March 2022. The financial information set out
in these interim consolidated financial information does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group for the
year ended 29 March 2022, which contained an unqualified audit
report and have been filed with the Registrar of Companies. They
did not contain statements under S498 of the Companies Act
2006.
The same accounting policies, presentation and methods of
computation have been followed in these unaudited interim financial
statements as those which were applied in the preparation of the
Groups annual financial statements for the year ended 29 March
2022.
The interim consolidated financial information incorporates the
financial statements of TruSpine Technologies Plc and its
subsidiaries.
The interim financial information for the six months ended 30
September 2022 was approved by the directors on 2 January 2023.
3. TAXATION
Tax recognised in profit or loss
6 month 6 month Year
period ended period ended ended
30 September 30 September 29 March 2022
2022 2021
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Current tax credit - - 87,613
Deferred tax - - -
--------------- -------------- ---------------
Net tax credit - - 87,613
--------------- -------------- ---------------
Loss before tax (545,399) (482,605) (940,806)
---------------
Standard rate of UK corporation
tax 19% 19% 19%
Loss on ordinary activities before
tax multiplied by standard rate
UK corporation tax (103,626) (91,695) (178,753)
Tax adjustment - (117) -
Unrelieved tax losses carried forward 103,626 91,812 178,753
UK research and development tax
credit - - 107,178
--------------- -------------- ---------------
Tax credit - - 107,178
--------------- -------------- ---------------
At 30 September 2022, the Group are carrying forward estimated
tax losses of GBP1.8m in respect of various activities over the
years. The Company did not recognise a deferred income tax credit
due to uncertainty concerning the timescale of its
recoverability.
4. LOSS PER ORDINARY SHARE
Basic earnings per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year,
excluding ordinary shares purchased by the Company and held as
treasury shares.
6 month 6 month Year
period ended period ended Ended
30 September 30 September 29 March 2022
2022 2021
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
(Loss) attributable to equity
holders of the Company (545,399) (482,605) (853,193)
Weighted average number of
ordinary shares in issue 112,795,793 94,546,805 98,491,414
---------------
Loss per share basic and diluted
(pence) (0.48)p (0.51)p (0.87)
--------------- -------------- ===============
5. SHARE CAPITAL
Group and Company
-----
Share premium Share
Number Share based payment Other
Group of shares capital reserve reserve Total
GBP GBP GBP GBP GBP
---------------------- ----------- -------- ------------- -------------- --------- -----------
Issued and fully paid
As at 29 March 2021 93,983,967 9,398 3,062,103 17,007 (205,000) 2,883,508
----------- -------- ------------- -------------- --------- -----------
Movement during the
period 7,405,000 741 717,752 27,211 - 745,704
----------- -------- ------------- -------------- --------- -----------
As at 30 September
2021 101,388,967 10,139 3,779,855 44,218 (205,000) 3,629,212
----------- -------- ------------- -------------- --------- -----------
Movement during the
period 724,902 36 2,360 1 - 2,397
----------- -------- ------------- -------------- --------- -----------
As at 29 March 2022 102,113,869 10,175 3,782,215 44,219 (205,000) 3,631,609
----------- -------- ------------- -------------- --------- -----------
Movement during the
period 16,198,000 1,620 801,961 13,604 - 817,185
----------- -------- ------------- -------------- --------- -----------
As at 30 September
2022 118,311,869 11,795 4,584,176 57,823 (205,000) 4,448,794
----------- -------- ------------- -------------- --------- -----------
Share Capital - Amount subscribed for share capital at nominal
value.
Share Premium - Amount subscribed for share capital in excess of
nominal value.
6. EVENTS AFTER THE REPORTING DATE
Post period end, the Company secured a GBP200,000 bridge debt
facility and a letter of intent for a GBP2.4m staged equity funding
over three tranches.
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