TIDMTSP
RNS Number : 9841X
TruSpine Technologies PLC
28 December 2023
TRUSPINE TECHNOLOGIES PLC
("TruSpine", the "Company" or "Group")
Interim Results - for the six months ended 30 September 2023
CHIEF EXECUTIVE'S REPORT
During the period under review and the period to date the
Company is pleased to have made progress on three fronts namely
:-
- the FDA submission is progressing and has now reached the
substantive phase which it is currently undergoing and the Company
is hoping for more positive news in the New Year.
- Following the registration of its IP title, the Company
anticipates signing a distribution agreement in 2024.
- Financing: the Company remains in pre-revenue stage and is in
detailed discussions with various parties and hopes to agree a
substantial fundraise during January 2024.
On 15 August 2023 the Company raised GBP50,000 through the issue
of 2,000,000 new ordinary shares at a price of 2.5p 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 2023 was GBP363k (2022: GBP545k) after
administrative expenses of GBP348k (2022: GBP543k). Development
spend for the six months to 30 September 2023 was GBP216k (2022:
GBP216k). Consolidated net assets as at 30 September 2023 amounted
to GBP2.46 million (2022: GBP2.89 million) including a bank
overdraft of GBP8,640 (2022 cash and cash equivalents of
GBP42,000).
As previously notified, the Company's working capital position
remains weak given the lack of revenue generating operations,
however the Company is prudently managing its limited working
capital position. The Company is reviewing equity and debt
financing options available to it and the Directors fully expect a
successful resolution in securing adequate funding to meet the
Company's working capital requirements in the near-term.
Further to the announcement of 27 November 2023, the Company
continues to be in discussions to agree a new redistribution
contract with Spartan Medical, Incorporated which the Company
expects to sign in due course.
Proposed Director Appointments Update
Further to the announcement on 27 November 2023, the Company
maintains its intention to appoint Victoria Sena and Samuel
Ogunsalu, subject to standard regulatory due diligence and securing
adequate funding to meet the Company's working capital requirements
in the near-term.
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 7118 0852
Laurence Strauss, Chief Executive Officer
Cairn Financial Advisers LLP (AQSE Corporate Adviser) Tel: +44 (0)20 7213 0880
Liam Murray / Ludovico Lazzaretti
Peterhouse Capital Limited (Broker & Financial Adviser) Tel: +44 (0)20 7469 0930
Lucy Williams / Duncan Vasey
Novus Communications (PR and IR) Tel: +44 (0)20 7448 9839
Alan Green / Jacqueline Briscoe novuscomms@truspine.org
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed 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 re ect 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 2023
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month 6 month Year
period ended period ended ended
30 September 30 September 29 March 2023
2023 2022
(Unaudited) (Unaudited) (Audited)
Note
GBP GBP GBP
Administrative expenses (348,300) (543,369) (845,818)
Operating loss (348,300) (543,369) (845,818)
Finance expense (14,533) (2,030) (7,643)
Loss before tax (362,833) (545,399) (853,461)
--------------- -------------- ---------------
Tax credit 3 - - 199,007
--------------- -------------- ---------------
(Loss)/Profit (362,833) (545,399) (654,454)
--------------- -------------- ---------------
Loss attributable to:
Owners of the parent (362,833) (545,399) (654,454)
--------------- -------------- ---------------
Other comprehensive income:
Items that will or may be
reclassified to profit or
loss:
Exchange translation differences
on foreign operations 1,304 14,253 3,237
--------------- -------------- ---------------
Total comprehensive loss (361,529) (531,146) (651,217)
--------------- -------------- ---------------
Total comprehensive loss
attributable to equity shareholders (362,529) (531,146) (651,217)
=============== ============== ===============
Earnings per share basic
and diluted (pence) 4 (0.31)p (0.48)p (0.57)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
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
Note GBP GBP GBP
Non-current assets
Tangible fixed assets 2,496 3,444 3,324
Intangible assets 3,460,301 3,376,331 3,461,227
Right of use assets - 112,181 -
3,462,797 3,491,956 3,464,551
-------------- ------------- ------------
Current assets
Trade and other receivables 25,228 167,217 215,239
Digital assets - - -
Cash and cash equivalents (8,640) 41,821 24,276
-------------- ------------- ------------
16,588 209,038 239,515
-------------- ------------- ------------
Total assets 3,479,385 3,700,994 3,704,066
-------------- ------------- ------------
Current liabilities
Trade and other payables 749,537 649,429 657,768
Borrowings 68,635 42,891 73,556
Lease liabilities - 14,261 -
-------------- ------------- ------------
818,172 706,581 731,324
-------------- ------------- ------------
Non-current liabilities
Lease liabilities - 101,600 -
Borrowings 200,000 200,000
-------------- ------------- ------------
200,000 101,600 200,000
-------------- ------------- ------------
Total liabilities 1,018,172 808,181 931,324
-------------- ------------- ------------
Net Assets 2,461,213 2,892,813 2,772,742
-------------- ------------- ------------
Equity attributable to owners
of the parent
Share capital 5 11,995 11,795 11,795
Share premium 4,571,264 4,548,676 4,535,069
Share based payment reserve 85,035 57,823 71,430
Other reserves 5 (205,000) (205,000) (205,000)
Translation reserve (19,482) (9,770) (20,786)
Retained earnings (1,982,599) (1,510,711) (1,619,766)
-------------- ------------- ------------
Total equity attributable to
owners of the parent 2,461,213 2,892,813 2,772,742
-------------- ------------- ------------
Total Equity 2,461,213 2,892,813 2,772,742
-------------- ------------- ------------
GROUP STATEMENT OF CHANGES IN EQUITY
Share Share premium Share based Other Translation Retained
capital payment reserve reserves reserve earnings Total
GBP GBP GBP GBP GBP GBP GBP
Balance as
at 29 March
2022 10,175 3,782,215 44,219 (205,000) (24,023) (965,312) 2,642,274
--------- -------------- ---------------- ---------- ------------ ------------ ----------
Profit 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 1,620 780,065 - - - - 781,685
Reduction in
share capital - (13,604) 13,604 - - - -
--------- -------------- ---------------- ---------- ------------ ------------ ----------
Transactions
with owners,
recognised
directly in
equity 1,620 801,961 13,604 - - - 781,685
--------- -------------- ---------------- ---------- ------------ ------------ ----------
Balance as
at 30 September
2022 11,795 4,548,676 57,823 (205,000) (9,770) (1,510,711) 2,892,813
========= ============== ================ ========== ============ ============ ==========
Balance as
at 29 March
2023 11,795 4,535,069 71,430 (205,000) (20,786) (1,619,766) 2,772,742
--------- -------------- ---------------- ---------- ------------ ------------ ----------
Loss for the
six months - - - - - (362,833) (362,833)
Other comprehensive
gain - - - 1,304 - 1,304
--------- -------------- ---------------- ---------- ------------ ------------ ----------
Total comprehensive
loss for the
period - - - - 1,304 (362,834) (361,529)
--------- -------------- ---------------- ---------- ------------ ------------ ----------
Issue of shares,
net of issue
costs 200 49,800 - - - - 50,000
Share based
payment charge - (13,605) 13,605 - - - -
--------- -------------- ---------------- ---------- ------------ ------------ ----------
Transactions
with owners,
recognised
directly in
equity 200 36,195 13,605 - - - 50,000
--------- -------------- ---------------- ---------- ------------ ------------ ----------
Balance as
at 30 September
2023 11,995 4,571,264 85,035 (205,000) (19,482) (1,982,599) 2,461,213
========= ============== ================ ========== ============ ============ ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month 6 month Year
period ended period ended ended
30 September 30 September 29 March 2023
2023 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cash flow from operating activities
Loss before tax (362,833) (545,399) (850,224)
Depreciation and amortisation 828 9,095 21,421
Gain in derecognition of Right
of use asset - - 1,831
Decrease in digital assets - 82,474 82,474
Decrease/(Increase) in other receivables 190,011 (93,694) (141,716)
Increase in other payables 91,769 39,351 83,189
--------------- -------------- ---------------
Cash used in operations (80,225) (508,173) (803,025)
--------------- -------------- ---------------
Income tax credit - - 199,007
--------------- -------------- ---------------
Net cash flows from operating
activities (80,225) (508,173) (604,018)
--------------- --------------
Investing activities
Purchase of tangible assets - - (707)
Purchase of intangible assets 926 (278,176) (363,072)
Net cash used in investing activities 926 (278,176) (363,779)
--------------- -------------- ---------------
Financing activities
Proceeds from Issue of shares,
net of issue costs 50,000 817,185 781,685
Proceeds from loan finance - 335,000
Repayments of loans - (103,944)
Lease payments - (7,130) (24,139)
Increase/(Decrease) in borrowings (4,921) 391 -
--------------- -------------- ---------------
Net cash flow from financing 45,079 810,446 988,602
--------------- -------------- ---------------
(Decrease)/Increase in cash and
cash equivalents in the period (34,220) 24,097 20,805
Cash and cash equivalents at
the beginning of the year 24,276 3,471 3,471
Exchange rate differences on
cash and cash equivalents 1,304 14,253 -
Cash and cash equivalents at
the end of the period (8,640) 41,821 24,276
--------------- -------------- ---------------
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
This financial information is for TruSpine Technologies Plc 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 2023 to 30 September
2023. The results for the year ended 29 March 2023 have been
extracted from the statutory financial statements for the Company
for the year ended 29 March 2023. 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 2023, 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
Group's annual financial statements for the year ended 29 March
2023.
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 2023 was approved by the directors on 28 December
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 2023
2023 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Current tax credit - - 199,007
Deferred tax - - -
--------------- -------------- ---------------
Net tax credit - - 199,007
--------------- -------------- ---------------
Loss before tax (362,833) (545,399) (940,806)
---------------
Standard rate of UK corporation
tax 19% 19% 19%
Loss on ordinary activities before
tax multiplied by standard rate
UK corporation tax (68,938) (103,626) (178,753)
Tax adjustment - - -
Unrelieved tax losses carried forward 68,938 103,626 178,753
UK research and development tax
credit - - 107,178
--------------- -------------- ---------------
Tax credit - - 107,178
--------------- -------------- ---------------
At 30 September 2023, the Group are carrying forward estimated
tax losses of GBP2m 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 2023
2023 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
(Loss) attributable to equity
holders of the Company (362,833) (545,399) (654,454)
Weighted average number of
ordinary shares in issue 118,809,166 112,795,793 115,516,050
---------------
Loss per share basic and diluted
(pence) (0.31)p (0.48)p (0.57)p
--------------- -------------- ===============
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 2022 102,113,869 10,175 3,782,215 44,219 (205,000) 3,631,609
----------- -------- ------------- -------------- --------- -----------
Movement during the
period 16,198,000 1,620 766,461 13,604 - 781,685
----------- -------- ------------- -------------- --------- -----------
As at 30 September
2022 118,311,869 11,795 4,548,676 57,823 (205,000) 4,413,294
----------- -------- ------------- -------------- --------- -----------
Movement during the
period - - (13,607) 13,607 - -
----------- -------- ------------- -------------- --------- -----------
As at 29 March 2023 118,311,869 11,795 4,535,069 71,430 (205,000) 4,413,294
----------- -------- ------------- -------------- --------- -----------
Movement during the
period 2,000,000 200 36,195 13,605 - 817,185
----------- -------- ------------- -------------- --------- -----------
As at 30 September
2023 120,311,869 11,995 4,571,264 85,035 (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
On 30 October 2023, the Company announced that it had received
communication from the U.S. Food and Drug Administration ("FDA")
that its FDA 510(k) application for Cervi-LOK had progressed to the
substantive review stage.
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December 28, 2023 02:00 ET (07:00 GMT)
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