SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
20 November, 2008
PROTHERICS PLC
(Translation of Registrant’s Name Into
English)
The Heath Business & Technical Park
Runcorn, Cheshire, W47 4QF England
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F
X
Form
40-F
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 191(b)(7):
Indicate by check mark whether the registrant by
furnishing the information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
Yes
No
X
If “Yes” is marked, indicate below the
file number assigned to the registrant in connection with Rule 12g3-2(b):
82-
.
The Registrant is furnishing a copy of its
announcements as reported to the Company Announcements Office of the London Stock
Exchange.
PROTHERICS ANNOUNCES INTERIM
RESULTS
FOR SIX MONTHS ENDED 30 SEPTEMBER 2008
Strong revenue growth and
significant pipeline development
Recommended all share offer from
BTG plc
London, UK, Brentwood, TN, 20
November 2008
- Protherics
PLC (“Protherics” or the “Company”), the biopharmaceutical company
focused on critical care and cancer, today announces its unaudited interim results for the
six months ended 30 September 2008.
Proposed Merger with BTG plc
|
·
|
Recommended all share offer
from BTG plc to create one of the UK’s leading specialty
biopharmaceutical companies:
|
|
-
|
Protherics shareholders
offered 0.291 BTG shares for each Protherics share and on completion will own
approximately 40.8% of the enlarged company
|
|
-
|
Approved by both Protherics
and BTG shareholders at respective EGMs
|
|
-
|
Merger completion expected
on 4 December 2008 following Court approval
|
Financial Highlights
|
·
|
Revenues increased by 16%
to £17.2m (2007: £14.8m) with underlying revenue growth of 10%,
bolstered by the stronger US dollar
|
|
·
|
Gross profit up 13% to
£9.3m (2007: £8.2m) with gross margins of 54.2% (2007:
55.4%)
|
|
·
|
R&D expenditure
increased, as planned, by 13% to £9.7m (2007: £8.6m) following
initiation of several new clinical studies
|
|
·
|
G&A expenses decreased
significantly by 23% to £5.1m (2007: £6.7m) due to favourable
foreign exchange movements
|
|
·
|
Loss before tax reduced to
£5.0m (2007: £6.1m)
|
|
·
|
Net cash decrease of
£9.6m (2007: increase of £6.9m) in line with expectations,
providing a cash position of £28.1m (2007: £46.9m)
|
|
·
|
Cost reduction programme
recently initiated at the manufacturing sites in Wales and Australia
|
Operational Highlights
|
-
|
Protherics today announced
the start of the submission of a rolling Biologics License Application (BLA)
with the Food and Drug Administration (FDA) to seek marketing approval in the
US (see separate release)
|
|
-
|
Continued revenue growth
from European Named Patient sales and supply under a Treatment Protocol with
cost recovery in the US
|
|
·
|
Angiotensin Therapeutic
Vaccine:
|
|
-
|
Start of a phase 2a
clinical study in June 2008 in hypertension with a formulation which
incorporates Protherics’ promising new vaccine adjuvant, CoVaccine
HT™
|
|
-
|
Start of a phase 2a
proof-of-concept study in primary liver cancer in August 2008
|
Commenting on the results, Stuart
Wallis, Chairman, said:
“Protherics delivered solid financial results in the first half of the year, with a
healthy increase in revenues and gross profits. We continued to make good progress in
developing our product pipeline and announced today the start of the submission of a
marketing application for Voraxaze in the US. We believe that the proposed merger with BTG,
which recently won shareholder approval, will create a new flagship specialty
biopharmaceutical company in the UK with the required financial strength and product
portfolio to deliver enhanced value to shareholders.”
| Ends |
For further information
contact:
Protherics
PLC
|
+44 (0)
20 7246 9950
+44 (0) 7919 480510
|
Andrew
Heath, CEO
|
|
Rolf Soderstrom, Finance
Director
|
|
Nick
Staples, Corporate Affairs
|
|
Protherics
Inc
|
+1 615
327 1027
|
Saul
Komisar, President
|
|
|
|
Financial
Dynamics
|
|
London:
Ben Atwell
/ Lara Mott
|
+44 (0)
20 7831 3113
|
New
York:
John
Capodanno
|
+1 212
850 5600
|
Notes for Editors:
About
Protherics
Protherics (LSE: PTI, NASDAQ: PTIL) is
a leading international biopharmaceutical company focused on specialist products for
critical care and cancer.
The Company has two critical care products, CroFab™ and DigiFab™, approved for
sale in the US. The Company has the opportunity to sell these products in the US
from October 2010 together with
Voraxaze™, a supportive cancer care product, following anticipated marketing approval
in the US in 2010. Protherics is also developing a number of other specialist hospital
products in the cancer arena.
In addition, Protherics has several potential blockbuster products that require
development and commercialisation partners. These include CytoFab™ which has been
partnered by AstraZeneca in a major licensing deal, and also Angiotensin Therapeutic
Vaccine and, potentially Digoxin Immune Fab, for which licensing partners will be sought in
2009.
For further information visit
www.protherics.com
.
Disclaimer
This document contains forward-looking
statements that involve risks and uncertainties including with respect to products under
development and the progress and completion of clinical trials. Although we believe that
the expectations reflected in such forward-looking statements are reasonable at this time,
we can give no assurance that such expectations will prove to be correct. Given these
uncertainties, readers are cautioned not to place undue reliance on such forward-looking
statements. Actual results could differ materially from those anticipated in these
forward-looking statements due to many important factors discussed in Protherics’
Annual Report on Form 20-F and other reports filed from time to time with the U.S.
Securities and Exchange Commission. We do not undertake to update any oral or written
forward-looking statements that may be made by, or on behalf of, Protherics.
INTERIM STATEMENT
Corporate Overview
Protherics announced on 18 September 2008 a proposed merger
with BTG through a recommended all share offer by BTG for the entire issued and to be
issued share capital of Protherics. The Independent Directors of Protherics believe that
the merger represents an excellent opportunity to create a sustainably profitable specialty
biopharmaceutical company. The Board and management recognise that the merger of these two
strong companies will create a flagship specialty pharmaceutical company in the UK with the
financial capability, product portfolio and depth of pipeline to be a truly competitive
player in a global industry.
Protherics shareholders will receive 0.291 BTG shares in exchange for each Protherics
share. As a result, Protherics Shareholders will own, on completion, approximately 40.8 per
cent. of the enlarged issued ordinary share capital of BTG, giving Protherics’
shareholders an exciting opportunity to benefit from the enhanced growth potential of the
enlarged company. While there has been significant uncertainty in the macroeconomic
environment and consequent share price volatility in the UK stock market, we are delighted
that Protherics shareholders voted in favour of the merger at the two shareholder meetings
held on 11 November 2008. Subject to Court approval the transaction will complete on the 4
December.
Protherics has delivered strong
financial results during the first half of the current financial year. The performance of
the marketed critical care products, CroFab™ and DigiFab™, over the six month
period has been pleasing with solid revenue growth reported.
Investment in R&D increased as
planned and substantial progress was made over the period. This included the commencement
of phase 2 clinical studies for Angiotensin Therapeutic Vaccine in hypertension and
Prolarix™ for primary liver cancer. Significant work has also been undertaken to
support our Voraxaze™ regulatory package and we announced today the start of the
submission of a rolling Biologics License Application (BLA) with the Food and Drug
Administration (FDA) to seek marketing approval in the US.
Protherics recently initiated a cost reduction programme at its manufacturing sites in
Wales and Australia, which is expected to result in approximately 30 redundancies. Further
cost reductions are anticipated across the rest of the Company’s operations, once the
merger with BTG is complete.
R & D pipeline update: programmes partnered or to be out-licensed
CytoFab
™
- for sepsis resulting from
uncontrolled infection
CytoFab is an anti-TNF-alpha polyclonal
antibody fragment (Fab) for the treatment of severe sepsis, licensed to AstraZeneca in
December 2005. It is estimated that as many as 3 million patients suffer from sepsis
globally each year, with a mortality rate in excess of 30%. Treatment options for patients
are currently very limited, and with few products in late stage development, there is a
major unmet need.
Protherics previously demonstrated encouraging data for CytoFab in a phase 2b study.
Following changes made by Protherics to the manufacturing process, AstraZeneca is
undertaking an additional two-part phase 2 programme. Results from the first study,
designed to assess safety, tolerability, pharmacokinetics and pharmacodynamics, are
now expected in mid 2009. With encouraging data, AstraZeneca intends to start a second
study as soon as possible to assess both the safety and the efficacy of CytoFab in a
larger patient group.
CytoFab revenues of £1.1 million
were recognised in the six months ended 30 September 2008 compared to £1.1 million in
the corresponding six months period to 30 September 2007.
Angiotensin Therapeutic Vaccine
– management of high blood pressure
Angiotensin Therapeutic Vaccine (ATV)
has been developed as a potential vaccine therapy for hypertension, more commonly known as
high blood pressure. The global market for anti-hypertensive therapies is estimated to be
worth around US$30 billion and Protherics believes that a vaccine approach would overcome
the considerable problem of patient compliance which exists with current oral
therapies.
A new formulation of ATV, incorporating the Company’s proprietary CoVaccine HT
adjuvant, is currently being tested in a phase 2a, double-blind, placebo-controlled
clinical study in 124 patients with mild to moderate hypertension. The first 12 patients
have been dosed successfully and recruitment of the remaining patients into the study will
now commence following a positive safety review by the Data Monitoring Committee.
Protherics hopes that this study will confirm that the new formulation increases levels of
anti-angiotensin antibodies in hypertensive patients and that this results in a reduction
in blood pressure. Blood pressure results are expected in the first half of 2009.
Digoxin Immune Fab (DIF) –
treatment of pre-eclampsia
Pre-eclampsia is a life-threatening
disorder which occurs in 5-8% of the pregnancies in the US and typically requires the early
delivery of the baby to prevent the death of the mother. In April 2008 Protherics announced
that its placebo-controlled phase 2b Digoxin Immune Fab (DIF; Digibind®, GSK) Efficacy
Evaluation in Pre-eclampsia (“DEEP”) study met one of its two primary endpoints
and exhibited a favourable safety profile. The results showed that DIF preserved maternal
renal function, the first time a drug had shown a clinically significant benefit in the
function of a target organ in patients with severe pre-eclampsia. While there was no
significant difference seen in this study for the other primary endpoint, the use of
antihypertensive drugs, new analyses have revealed potential benefits to the
neonate.
Protherics continues to
assess out licensing opportunities.
R & D pipeline update: specialist hospital products being developed in-house
Voraxaze™ - for the control of high dose methotrexate therapy in cancer
Voraxaze contains an enzyme that breaks
down methotrexate. High dose methotrexate is used to treat certain types of cancer.
Patients are considered at risk of methotrexate toxicity if they have impaired renal
function, which can lead to a delay in methotrexate elimination, or have evidence of
delayed elimination based on methotrexate levels.
Voraxaze is an investigational new drug which is currently available in the US under a
Treatment Protocol for patients receiving high dose methotrexate
(=1g/m
2
) who are experiencing, or at risk of,
methotrexate toxicity. Voraxaze is also available in Europe and elsewhere outside the US on
a Named Patient basis.
Voraxaze has been granted Fast Track
designation by the Food and Drug Administration (FDA) for intervention use, enabling the
submission of the Biologics License Application (BLA) application in the US in sections on
a rolling basis, rather than all components simultaneously. Protherics today announces that
it has submitted the first sections of the BLA for Voraxaze with the FDA in the US. The
final part of the application is due to be submitted in Q4 2009, enabling a potential
approval in the US in 2010 assuming the FDA awards a Priority Review. Protherics estimates
that the global market opportunity for Voraxaze in intervention use is approximately
US$25-50 million per annum.
In Europe, revenues for the six months
ended 30 September 2008 amounted to £0.9 million (£0.8 million in H1 2007),
while US revenues from the recovery of costs authorised by FDA for use of Voraxaze under
the Treatment Protocol were £0.6 million (£0.4 million in H1 2007).
OncoGel™
–
loco-regional control of solid
tumours
OncoGel is a novel,
locally-administered, sustained-release formulation of paclitaxel, an established
chemotherapeutic agent for the treatment of solid tumours.
In January 2008 we
initiated a multinational randomized phase 2b study to evaluate OncoGel administered in
combination with pre-operative chemoradiotherapy versus pre-operative chemoradiotherapy
alone in 124 patients with oesophageal cancer. Preliminary results from the study are
expected in 2010.
In March 2008 we initiated a phase 1/2
study of OncoGel in primary brain cancer and, as reported, the
Data Safety Monitoring Board
recommended continuing the study with a modified protocol. The modified protocol has been
agreed with the FDA and further recruitment into the study is continuing. Recruitment of
patients into the next dose cohort is expected to be completed in the first half of
2009.
Prolarix
™
– targeted
therapy for liver cancer and certain other solid tumours
Prolarix is a targeted
prodrug-based chemotherapy in development for the treatment of primary liver cancer
(hepatocellular carcinoma, HCC) and with the potential to treat certain other solid
tumours. A proof-of-concept phase 2a study of Prolarix was initiated in August 2008 to
evaluate tumour response, in addition to safety and tolerability, in 14 patients with
non-resectable HCC who have not been treated with sorafenib (Nexavar®, Bayer/Onyx).
Results are expected in the first half of 2010.
Acadra™ (acadesine) –
selective therapy for B-cell Chronic Lymphocytic Leukemia (B-CLL)
Acadra is a potentially
selective treatment for B-CLL which has been shown to cause the death of B-cells whilst
sparing T-cells in blood samples from patients with B-CLL.
Protherics and its co-development
partner, Advancell, initiated a phase 1/2 study with Acadra in patients with recurrent or
refractory B-CLL in late 2007. Part I of the study is expected to be completed during 2009,
with the intention of providing initial evidence of an effect, with the final study results
expected in 2010.
Marketed Products, Business
Environment and Financial Update
CroFab
™
– Crotalid (rattlesnake)
anti-venom
CroFab
(Crotalidae Polyvalent Immune Fab
(Ovine))
is a polyclonal
antibody fragment (Fab) used to treat mild or moderate envenomation from Crotalid snakes,
which include rattlesnakes, found in the US. CroFab sales were £10.9 million in the
half year compared to £10.3 million in the corresponding six months to 30 September
2007. Underlying trading in US dollar was marginally down on prior year however this was
offset by the strengthening of the US dollar.
DigiFab™ – a digoxin
antidote
DigiFab
(Digoxin Immune Fab (Ovine))
is an antidote approved in the US to
treat patients with life-threatening digoxin toxicity or overdose. DigiFab revenues
were £3.0 million for the period, compared to £1.7 million for the
corresponding period in 2007, due to a combination of increased shipments of product to our
distributor, Nycomed, and a strengthening US dollar. This was marginally offset by
reduction of royalty income generated by Nycomed sales to the wholesale market.
Protherics has submitted responses to
all the outstanding issues raised by the MHRA during its assessment of the Marketing
Authorisation Application (MAA) for DigiFab in the UK, and expects to hear the outcome of
the assessment in early 2009.
ViperaTAb
™ – European viper antivenom
ViperaTAb sales at £0.2 million
were in line with sales made in the prior year (2007: £0.2 million).
Impact of US $ exchange rate
The underlying sales performance of the
Company’s US derived revenues increased by 9% year on year to US$26.6 million (2007:
US$24.5 million). The strengthening of the US dollar to the pound resulted in a more
favourable average exchange rate of US$1.89 (2007: US$2.01), such that US derived revenues
increased by 16% to £14.1 million (2007: £12.2 million).
Half year to 30 September
(IFRS)
|
2008
US$m
|
2008
£m
|
2007
US$m
|
2007
£m
|
CroFab
|
20.4
|
10.9
|
20.7
|
10.3
|
DigiFab
|
5.7
|
3.0
|
3.5
|
1.7
|
ViperaTAb
|
0.5
|
0.2
|
0.3
|
0.2
|
Total
|
26.6
|
14.1
|
24.5
|
12.2
|
Average exchange rate
($/£)
|
1.89
|
2.01
|
Voraxaze
™
,
CytoFab
™
and Other Revenues
Half year to 30 September
(IFRS)
|
2008
£m
|
2007
£m
|
Voraxaze
|
1.5
|
1.2
|
CytoFab
|
1.1
|
1.1
|
Other
|
0.5
|
0.3
|
|
3.1
|
2.6
|
US Derived
|
14.1
|
12.2
|
Total
Revenues
|
17.2
|
14.8
|
Voraxaze revenues increased by 19% over
the prior year period due to increases in both its supply under a Treatment Protocol with
cost recovery in the US and Named Patient sales outside of the US. CytoFab revenues of
£1.1 million for the six months represent a portion of the initial upfront payment of
£16.3 million received under the licensing agreement with AstraZeneca, which is being
recognised under IFRS over the estimated period through to product approval.
Cost of Sales and Gross Profit
Cost of sales for the six month period
was £7.8 million compared to £6.6 million in the corresponding period. Gross
margins on manufactured products (excluding milestone and royalty revenues with no
associated manufacturing cost) showed a slight decrease over the period as shown in the
table below:
Half year to 30 September
(IFRS)
|
2008
£m
|
2007
£m
|
Revenues*
|
15.6
|
13.6
|
Cost of Sales
|
(7.8)
|
(6.6)
|
Gross Profit
|
7.8
|
7.0
|
Gross Margin (on
manufactured products)
|
50.0%
|
51.5%
|
*Revenues include sales of CroFab,
DigiFab, ViperaTAb and Voraxaze
….Despite an increase in Gross
Profits, Gross margin has reduced slightly following a change in revenue mix between
products and the balance of shipments and royalty revenues.
Research and
Development
As planned,
R&D expenditure increased to
£9.7 million in the half year, from £8.6 million in the prior year, as the
Company continued to progress its development pipeline. Significant effort has continued to
support Voraxaze marketing submission in the US. In addition, we continue the investment
in OncoGel, Prolarix, CoVaccine HT and Angiotensin Therapeutic Vaccine to support the
ongoing phase 2 studies.
General and
Administrative
Expenses
General and administrative expenses
have decreased significantly to £5.1 million from £6.7 million after currency
effects and lower charges on employee options. Movements in the fair value of currency
contracts and gains on inter-group balances and hedging activity have produced a gain of
£1.8m compared to a loss of £0.4 million in 2007.
Underlying general and administrative
expenses have increased in line with expectations.
Finance Income and Costs
Finance income has decreased to
£0.7 million from £1.3 million in line with the decreased cash balances and
reduced interest rates.
Finance
costs have remained stable at £0.2 million.
Results Before and After Tax
The Company has an overall tax credit
of £0.2 million on a loss of £5.0 million. This credit consists of a £0.1
million UK R&D tax credit and a £0.1 million deferred tax credit.
Balance Sheet
Non current assets of £46.0
million increased from £42.2 million at 31 March 2008 reflecting a milestone payment
of $5 million (£2.5 million) which was payable to Glenveigh Pharmaceuticals LLP in
accordance with its license agreement, which has increased intangible assets. The increase
from £40.8 million at 30 September 2007 to £42.2 million arose as a result of
additions to plant, property and equipment.
Current assets at 30 September 2008 were £46.0 million, which shows a decrease from
£52.6 million at 31 March 2008. The decrease compared to the prior period is
primarily due to a reduced cash balance (down from £37.7 million at 31 March 2008 to
£28.1 million at 30 September 2008) following the anticipated investment in research
and development expenditure and an increase in working capital, largely a result of
increased shipments in September for which payments have subsequently been collected.
The Company’s total liabilities increased from £33.3 million at 31 March 2008
to £36.3 million at 30 September 2008 and compare to £31.6 million in the prior
year period. Non current liabilities decreased to £11.8 million at 30 September 2008
from £12.5m at 31 March 2008 as deferred income relating to
CytoFab
is taken to the income statement.
Current liabilities increased to £24.5 million at 30 September 2008 from £20.8
million at 31 March 2008 as trade and other payables increased following increased down
payments from Nycomed and increased research and development spend.
Cash Flow
Net cash outflows from operations were £9.1
million in the six month period, compared to an inflow of £8.0 million in the
corresponding half year. This is due to reduced trading losses and receipt in the
corresponding period last year of a £10.0 million AstraZeneca milestone. Cash and
cash equivalents at the end of the period were £28.1 million, down from £37.7
million at 31 March 2008 and £46.9 million 30 September 2007. The decrease follows
investment in research and development in the year and significant amounts of cash being
included in trade receivables at the period end, which have increased from £2.4
million at 31 March 2008 to £6.7 million at 30 September 2008.
Outlook
Protherics continues to perform in line
with expectations, with increasing revenues from marketed products and a broad portfolio of
late stage products in development.
Important results are
expected
in the
next 6-12 months
for a number of key
value drivers. We expect blood pressure results of the phase 2a trial of ATV in
hypertension in the first half of 2009, along with the results from AstraZeneca’s
first phase 2 study of CytoFab in severe sepsis by mid 2009.
The proposed merger with BTG comes at a
time of unprecedented volatility in global financial markets. The combination of BTG and
Protherics aims to create a new UK flagship specialty biopharmaceutical company with strong
fundamentals in terms of cash, revenues, pipeline and experienced management.
The recently received shareholder
approvals for the Scheme of Arrangement, which were passed at shareholder meetings on 11
November 2008, paves the way for final Court approval and for the merger to become
effective on 4 December 2008.
Principle risks and
uncertainties
R&D risk
There is always a risk that drugs under
development will fail. Potential products may show unacceptable levels of toxicity or may
not prove effective in clinical trials, and regulators may not approve marketing
applications if the data and the regulatory package are not deemed adequate. In addition,
it may not prove possible to attract a suitable out-licensing partner for some of
Protherics’ potentially larger market opportunities, which generally need a higher
level of investment in phase 3 clinical studies that Protherics may be able to commit from
our own resources.
Competitive
environment
Some of Protherics’ revenue
streams have direct competitors (such as Digibind®, GSK’s competitor to DigiFab).
In other cases, alternative technologies may be developed which could compete or prove
superior to out other products or product candidates. Protherics also faces competition for
possible product acquisitions, in-licensing and out-licensing of marketed products and
development programmes.
Intellectual property
Protherics may not be able to secure
the necessary intellectual property rights in relation to products in development. Other
companies may have patents which limit Protherics’ ability to exploit its R&D
efforts and there are risks of challenge to Protherics’ existing patent
portfolio.
Regulatory
environment
The pharmaceutical industry is heavily
regulated. New products will generally need several phases of preclinical and clinical
studies before marketing approval and may require approvals in several jurisdictions. It is
often difficult to anticipate the requirements of the various regulatory authorities, which
can evolve with time, frequently making the approval process more costly and lengthier than
initially estimated, or even resulting in the abandonment of an application for approval.
The manufacturing of pharmaceutical products is also closely regulated, with frequent
inspections from agencies. Failure to maintain the necessary approvals could result in an
inability to supply the market, with consequent loss of revenues.
Manufacturing risk
Protherics relies on certain
third-party contractors for the supply of key materials and services, such as filling and
freeze-drying the end product. The filling and freeze-drying process in particular carries
with it risks of failure and loss of product. Problems at contractors’ facilities may
result in delays and disruptions in supplies. Some of these materials and services may be
available from one source only and regulatory requirements can make the substitution costly
and time-consuming. Protherics’ polyclonal antibody products rely on serum produced
from our sheep flocks in Australia, which could be subject to disease outbreaks. Protherics
also relies on its single site in Wales for supply of manufactured product, with the
consequent possibilities for disruption in supplies.
Protherics
PLC
CONDENSED CONSOLIDATED INCOME
STATEMENT (UNAUDITED)
for the six months ended 30 September
2008
|
Notes
|
Six months
ended 30 September
2008
|
Six months
ended 30
September
2007
|
Year
ended 31
March
2008
|
|
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
Revenue
|
3
|
17,202
|
14,818
|
26,067
|
Cost of sales
|
|
(7,875)
|
(6,589)
|
(12,463)
|
Gross
profit
|
|
9,327
|
8,229
|
13,604
|
|
|
|
|
|
Administrative
expenses
|
|
|
|
|
Research and
development
|
|
(9,742)
|
(8,638)
|
(19,138)
|
General and
administrative
|
|
(5,142)
|
(6,695)
|
(13,684)
|
Total administrative
expenses
|
|
(14,884)
|
(15,333)
|
(32,822)
|
|
|
|
|
|
Operating
loss
|
3
|
(5,557)
|
(7,104)
|
(19,218)
|
|
|
|
|
|
Finance income
|
|
741
|
1,253
|
2,382
|
Finance costs
|
|
(190)
|
(213)
|
(415)
|
Loss before
tax
|
|
(5,006)
|
(6,064)
|
(17,251)
|
Tax
|
5
|
213
|
(159)
|
509
|
Loss for the period,
attributable to equity shareholders
|
|
(4,793)
|
(6,223)
|
(16,742)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pence
|
Pence
|
Pence
|
Loss per share
|
|
|
|
|
Basic and
diluted
|
6
|
(1.4)
|
(1.8)
|
(4.9)
|
|
|
|
|
|
All revenue and results arose from
continuing operations.
Protherics
PLC
CONDENSED CONSOLIDATED STATEMENT OF
RECOGNISED INCOME AND EXPENSE (UNAUDITED)
for the six months ended 30 September
2008
|
Six months ended 30 September 2008
|
Six months ended 30 September
2007
|
Year
ended 31
March
2008
|
|
£’000
|
£’000
|
£’000
|
|
|
|
|
Exchange differences on translation of
foreign operations
|
(1,618)
|
268
|
236
|
Net (expense) / income recognised directly in equity
|
(1,618)
|
268
|
236
|
|
|
|
|
Loss for the
period
|
(4,793)
|
(6,223)
|
(16,742)
|
Total recognised expense
for the period
|
(6,411)
|
(5,955)
|
(16,506)
|
All recognised income and expense is
attributable to equity shareholders.
Protherics
PLC
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
at 30 September 2008
|
Notes
|
30 September
2008
|
30 September
2007
|
31 March
2008
|
|
|
£’000
|
£’000
|
£’000
|
Non-current assets
|
|
|
|
|
Goodwill
|
|
10,991
|
10,838
|
10,865
|
Other intangible
assets
|
7
|
22,779
|
19,063
|
19,119
|
Property, plant and
equipment
|
8
|
11,697
|
10,756
|
11,884
|
Deferred tax
assets
|
|
465
|
104
|
345
|
|
|
45,932
|
40,761
|
42,213
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Inventories
|
9
|
9,123
|
9,697
|
10,205
|
Derivative
instruments
|
|
94
|
31
|
-
|
Tax receivables
|
|
18
|
338
|
763
|
Trade and other
receivables
|
10
|
8,678
|
5,088
|
3,975
|
Cash and cash
equivalents
|
|
28,094
|
46,889
|
37,660
|
|
|
46,007
|
62,043
|
52,603
|
|
|
|
|
|
Total
assets
|
|
91,939
|
102,804
|
94,816
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Trade and other
payables
|
11
|
23,449
|
16,640
|
19,210
|
Current tax
liabilities
|
|
-
|
317
|
370
|
Obligations under finance
leases
|
|
862
|
1,016
|
966
|
Bank overdrafts, loans and
other borrowings
|
|
159
|
16
|
54
|
Derivative
instruments
|
|
-
|
-
|
170
|
|
|
24,470
|
17,989
|
20,770
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Trade and other
payables
|
|
8,191
|
9,541
|
8,670
|
Borrowings
|
|
-
|
139
|
141
|
Convertible loan
notes
|
|
1,935
|
2,091
|
1,971
|
Obligations under finance
leases
|
|
1,695
|
1,853
|
1,712
|
|
|
11,821
|
13,624
|
12,494
|
|
|
|
|
|
Total
liabilities
|
|
36,291
|
31,613
|
33,264
|
|
|
|
|
|
Net
assets
|
|
55,648
|
71,191
|
61,552
|
|
|
|
|
|
Equity
|
|
|
|
|
Share capital
|
12
|
6,849
|
6,787
|
6,806
|
Share premium
account
|
|
137,628
|
136,026
|
136,292
|
Shares to be
issued
|
|
-
|
1,417
|
1,289
|
Merger reserve
|
|
51,163
|
51,163
|
51,163
|
Equity reserve
|
|
197
|
217
|
203
|
Cumulative translation
reserve
|
|
(824)
|
826
|
794
|
Retained
earnings
|
|
(139,365)
|
(125,245)
|
(134,995)
|
Total
equity
|
|
55,648
|
71,191
|
61,552
|
Protherics
PLC
CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY (UNAUDITED)
for the six months ended 30 September
2008
|
Share
capital
|
Share premium
|
Shares to be issued
|
Merger
reserve
|
|
£’000
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
Balance at 1 April 2007
|
6,783
|
135,951
|
1,289
|
51,163
|
|
|
|
|
|
Currency translation
adjustments
|
-
|
-
|
-
|
-
|
Net income recognised
directly in equity
|
-
|
-
|
-
|
-
|
Loss for the
period
|
-
|
-
|
-
|
-
|
Total recognised gain / (loss) for the
period
|
-
|
-
|
-
|
-
|
|
|
|
|
|
New share capital
subscribed
|
2
|
46
|
-
|
-
|
Shares to be
issued
|
-
|
-
|
128
|
-
|
Conversion of convertible
loan notes
|
2
|
29
|
-
|
-
|
Employee share option
scheme:
- value of services provided
|
-
|
-
|
-
|
-
|
Balance at 30 September 2007
|
6,787
|
136,026
|
1,417
|
51,163
|
|
|
|
|
|
Balance at 1 October 2007
|
6,787
|
136,026
|
1,417
|
51,163
|
|
|
|
|
|
Currency translation
adjustments
|
-
|
-
|
-
|
-
|
Net income recognised
directly in equity
|
-
|
-
|
-
|
-
|
Loss for the
period
|
-
|
-
|
-
|
-
|
Total recognised loss for the
period
|
-
|
-
|
-
|
-
|
|
|
|
|
|
New share capital
subscribed
|
2
|
3
|
-
|
-
|
Shares to be
issued
|
-
|
-
|
(128)
|
-
|
Conversion of convertible
loan notes
|
17
|
263
|
-
|
-
|
Employee share option
scheme:
- value of services provided
|
-
|
-
|
-
|
-
|
Balance at 31 March 2008
|
6,806
|
136,292
|
1,289
|
51,163
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 April 2008
|
6,806
|
136,292
|
1,289
|
51,163
|
|
|
|
|
|
Currency translation
adjustments
|
-
|
-
|
-
|
-
|
Net expense recognised
directly in equity
|
-
|
-
|
-
|
-
|
Loss for the
period
|
-
|
-
|
-
|
-
|
Total recognised loss for the
period
|
-
|
-
|
-
|
-
|
|
|
|
|
|
New share capital
subscribed
|
3
|
27
|
-
|
-
|
Shares issued as
consideration for acquisition of MacroMed Inc.
|
35
|
1,254
|
(1,289)
|
-
|
Issue of convertible loan
notes
|
-
|
-
|
-
|
-
|
Conversion of convertible
loan notes
|
5
|
55
|
-
|
-
|
Employee share option
scheme:
- value of services provided
|
-
|
-
|
-
|
-
|
Balance at 30 September 2008
|
6,849
|
137,628
|
-
|
51,163
|
|
Equity reserve
|
Cumulative translation reserve
|
Retained earnings
|
Total
|
|
£’000
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
Balance at 1 April 2007
|
220
|
558
|
(119,493)
|
76,471
|
|
|
|
|
|
Currency translation
adjustments
|
|
268
|
-
|
268
|
Net income recognised
directly in equity
|
-
|
268
|
-
|
268
|
Loss for the
period
|
-
|
-
|
(6,223)
|
(6,223)
|
Total recognised gain / (loss) for the
period
|
-
|
268
|
(6,223)
|
(5,955)
|
|
|
|
|
|
New share capital
subscribed
|
-
|
-
|
-
|
48
|
Shares to be
issued
|
-
|
-
|
-
|
128
|
Conversion of convertible
loan notes
|
(3)
|
-
|
-
|
28
|
Employee share option
scheme:
- value of services provided
|
-
|
-
|
471
|
471
|
Balance at 30 September 2007
|
217
|
826
|
(125,245)
|
71,191
|
|
|
|
|
|
Balance at 1 October 2007
|
217
|
826
|
(125,245)
|
71,191
|
|
|
|
|
|
Currency translation
adjustments
|
-
|
(32)
|
-
|
(32)
|
Net income recognised
directly in equity
|
-
|
(32)
|
-
|
(32)
|
Loss for the
period
|
-
|
-
|
(10,519)
|
(10,519)
|
Total recognised loss for the
period
|
-
|
(32)
|
(10,519)
|
(10,551)
|
|
|
|
|
|
New share capital
subscribed
|
|
-
|
-
|
5
|
Shares to be
issued
|
-
|
-
|
-
|
(128)
|
Conversion of convertible
loan notes
|
(14)
|
-
|
-
|
266
|
Employee share option
scheme:
- value of services provided
|
-
|
-
|
769
|
769
|
Balance at 31 March 2008
|
203
|
794
|
(134,995)
|
61,552
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 April 2008
|
203
|
794
|
(134,995)
|
61,552
|
|
|
|
|
|
Currency translation
adjustments
|
-
|
(1,618)
|
-
|
(1,618)
|
Net expense recognised
directly in equity
|
-
|
(1,618)
|
-
|
(1,618)
|
Loss for the
period
|
-
|
-
|
(4,793)
|
(4,793)
|
Total recognised loss for the
period
|
-
|
(1,618)
|
(4,793)
|
(6,411)
|
|
|
|
|
|
New share capital
subscribed
|
-
|
-
|
-
|
30
|
Shares issued as
consideration for acquisition of MacroMed Inc.
|
-
|
-
|
-
|
-
|
Issue of convertible loan
notes
|
-
|
-
|
-
|
-
|
Conversion of convertible
loan notes
|
(6)
|
-
|
-
|
54
|
Employee share option
scheme:
- value of services provided
|
-
|
-
|
423
|
423
|
Balance at 30 September 2008
|
197
|
(824)
|
(139,365)
|
55,648
|
Protherics
PLC
CONDENSED CONSOLIDATED CASH FLOW
STATEMENT (UNAUDITED)
for the six months ended 30 September
2008
|
Six months to
30 September 2008
|
Six months to 30 September
2007
|
|
£’000
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
Cash (outflow) / inflow
from operations
|
|
(9,964)
|
|
7,712
|
Income tax paid
|
|
-
|
|
(258)
|
Income tax
received
|
|
821
|
|
530
|
Net cash (outflow) /
inflow from operating activities
|
|
(9,143)
|
|
7,984
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Interest
received
|
741
|
|
1,253
|
|
Proceeds on disposal of
property, plant and equipment
|
-
|
|
-
|
|
Purchases of property,
plant and equipment
|
(573)
|
|
(1,601)
|
|
Capital grants
received
|
-
|
|
-
|
|
Net cash from / (used
in) investing activities
|
|
168
|
|
(348)
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Interest paid
|
(107)
|
|
(76)
|
|
Interest paid on finance
leases
|
(95)
|
|
(118)
|
|
Repayment of
borrowings
|
(9)
|
|
(44)
|
|
Repayment of finance
leases
|
(403)
|
|
(521)
|
|
Proceeds from issue of
shares
|
30
|
|
48
|
|
Net cash used in financing
activities
|
|
(584)
|
|
(711)
|
|
|
|
|
|
Net (decrease) /
increase in cash and cash equivalents
|
|
(9,559)
|
|
6,925
|
|
|
|
|
|
Cash and cash equivalents
at the beginning of period
|
|
37,616
|
|
39,989
|
|
|
|
|
|
Effect of foreign exchange
rate changes
|
|
37
|
|
(25)
|
Cash and cash
equivalents at the end of period
|
|
28,094
|
|
46,889
|
|
Year ended 31
31 March 2008
|
|
£’000
|
£’000
|
|
|
|
Cash flows from
operating activities
|
|
|
Cash (outflow) / inflow
from operations
|
|
(126)
|
Income tax paid
|
|
-
|
Income tax
received
|
|
282
|
Net cash (outflow) /
inflow from operating activities
|
|
156
|
|
|
|
Investing
activities
|
|
|
Interest
received
|
2,382
|
|
Proceeds on disposal of
property, plant and equipment
|
2
|
|
Purchases of property,
plant and equipment
|
(3,471)
|
|
Capital grants
received
|
9
|
|
Net cash from / (used
in) investing activities
|
|
(1,078)
|
|
|
|
Financing
activities
|
|
|
Interest paid
|
(160)
|
|
Interest paid on finance
leases
|
(238)
|
|
Repayment of
borrowings
|
(55)
|
|
Repayment of finance
leases
|
(1,063)
|
|
Proceeds from issue of
shares
|
53
|
|
Net cash used in financing
activities
|
|
(1,463)
|
|
|
|
Net (decrease) /
increase in cash and cash equivalents
|
|
(2,385)
|
|
|
|
Cash and cash equivalents
at the beginning of period
|
|
39,989
|
|
|
|
Effect of foreign exchange
rate changes
|
|
12
|
Cash and cash
equivalents at the end of period
|
|
37,616
|
Protherics
PLC
NOTES TO THE CONDENSED CONSOLIDATED
CASH FLOW STATEMENT (UNAUDITED)
for the six months ended 30 September
2008
Reconciliation of operating loss to
net cash outflow from operating activities
|
Six months
ended 30 September
2008
|
Six months
ended 30 September
2007
|
Year
ended 31 March
2008
|
|
£’000
|
£’000
|
£’000
|
|
|
|
|
Loss for the
period
|
(4,793)
|
(6,223)
|
(16,742)
|
Tax
|
(213)
|
159
|
(509)
|
Finance costs
|
190
|
213
|
415
|
Finance income
|
(741)
|
(1,253)
|
(2,382)
|
Operating loss
|
(5,557)
|
(7,104)
|
(19,218)
|
|
|
|
|
Adjustments for:
|
|
|
|
Change in fair value of
derivatives
|
(264)
|
83
|
284
|
Deferred grant
income
|
(53)
|
(52)
|
(104)
|
Share-based payment
costs
|
423
|
471
|
1,240
|
Depreciation of property,
plant and equipment
|
1,140
|
896
|
2,076
|
Amortisation of intangible
fixed assets
|
292
|
246
|
498
|
(Profit) / loss on disposal
of property, plant & equipment
|
(317)
|
58
|
134
|
Operating cash flows before
movements in working capital
|
(4,336)
|
(5,402)
|
(15,090)
|
|
|
|
|
Decrease in
inventories
|
1,095
|
1,023
|
686
|
(Increase) / decrease in
receivables
|
(4,372)
|
9,854
|
11,054
|
(Decrease) / increase in
payables
|
(2,351)
|
2,237
|
3,224
|
Net cash flows from
operating activities
|
(9,964)
|
7,712
|
(126)
|
|
|
|
|
Analysis of net debt
|
1 April 2008
|
Cash flow
|
Exchange
movement
|
Other non-cash
changes
|
30 September
2008
|
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
|
Cash and cash
equivalents
|
37,616
|
(9,559)
|
37
|
-
|
28,094
|
Loans – amounts
falling due in less than one year
|
(10)
|
9
|
1
|
(159)
|
(159)
|
Loans – amounts
falling due in more than one year
|
(2,112)
|
-
|
18
|
159
|
(1,935)
|
Obligations under finance
lease and hire purchase obligations
|
(2,678)
|
403
|
-
|
(282)
|
(2,557)
|
|
32,816
|
(9,147)
|
56
|
(282)
|
23,443
|
Protherics
PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
for the six months ended 30 September 2008
1.
Basis of preparation
The condensed financial statements have
been prepared using accounting policies consistent with International Financial Reporting
Standards (IFRS) and in accordance with International Accounting Standard (IAS) 34, Interim
Financial Reporting. 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 as at and for the year ended 31 March 2008 which have been prepared
in accordance with IFRS as adopted by the European Union. These condensed financial
statements were approved by the Board of Directors on 20 November 2008.
The comparative figures for the year ended 31 March 2008 are not the Company’s
financial statements for that financial year. Those accounts have been reported on by the
Company’s auditors and delivered to the Registrar of Companies. The report of the
auditors was (i) unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report, and (iii) did
not contain a statement under section 237(2) or (3) of the Companies Act 1985.
The condensed financial statements have not been audited or reviewed pursuant to Auditing
Practices Board guidance on review of interim financial information.
2.
Significant accounting
policies
The condensed financial statements have
been prepared under the historical cost convention, except for the revaluation of certain
financial instruments.
The same accounting policies, presentation and methods of computation are followed in
these condensed financial statements as were applied in the preparation of the
Company’s financial statements for the year ended 31 March 2008.
3.
Segment information
As at 30 September 2008, the Group is
organised into two operating segments, the sale, manufacture and development of
pharmaceutical products and out-licensed product royalties.
Six months ended 30
September 2008
|
Sale, manufacture and development of
pharmaceutical products
|
Out-licensed product royalties
|
Consolidated
|
|
£’000
|
£’000
|
£’000
|
Revenue
|
|
|
|
External sales
|
17,190
|
12
|
17,202
|
Inter-segment
sales
|
-
|
-
|
-
|
Total
revenue
|
17,190
|
12
|
17,202
|
|
|
|
|
Operating (loss) /
profit
|
(5,568)
|
11
|
(5,557)
|
|
|
|
|
Finance income
|
|
|
741
|
Finance costs
|
|
|
(190)
|
Loss before tax
|
|
|
(5,006)
|
Tax
|
|
|
213
|
Loss for the period,
attributable to equity shareholders
|
|
|
(4,793)
|
|
|
|
|
Six months ended 30 September
2007
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
External
sales
|
14,739
|
79
|
14,818
|
Inter-segment
sales
|
-
|
-
|
-
|
Total revenue
|
14,739
|
79
|
14,818
|
|
|
|
|
Operating (loss) / profit
|
(7,182)
|
78
|
(7,104)
|
|
|
|
|
Finance
income
|
|
|
1,253
|
Finance
costs
|
|
|
(213)
|
Loss before
tax
|
|
|
(6,064)
|
Tax
|
|
|
(159)
|
Loss for the period, attributable to equity
shareholders
|
|
|
(6,223)
|
|
|
|
|
Year ended 31 March
2008
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
External
sales
|
25,843
|
224
|
26,067
|
Inter-segment
sales
|
-
|
-
|
-
|
Total revenue
|
25,843
|
224
|
26,067
|
|
|
|
|
Operating (loss) / profit
|
(19,429)
|
211
|
(19,218)
|
|
|
|
|
Finance
income
|
|
|
2,382
|
Finance
costs
|
|
|
(415)
|
Loss before
tax
|
|
|
(17,251)
|
Tax
|
|
|
509
|
Loss for the period, attributable to equity
shareholders
|
|
|
(16,742)
|
4.
Operations in the interim
period
A significant proportion of the
Group’s expected revenues arise from its CroFab rattlesnake antivenom treatment and
is subject to seasonal fluctuations, with peak demand in the first six months of the
Group’s financial year caused by the hibernation patterns of such snakes. In the six
months to 30 September 2008, the group recognised £10,870,000 of CroFab
revenues (six months ended 30 September
2007 £10,297,000) and £5,410,000 for the six months ended 31 March 2008 (twelve
months ended 31 March 2008 £15,707,000).
During the six months ended 30 September 2008, the Group is showing greatly reduced
general and administrative expenditure when compared to the six months ended 30 September
2007. This is primarily due to the relative weakening of sterling against the US dollar in
the current period, which has led to net foreign exchange gains of £1,844,000 being
recognised on assets and liabilities denominated in other currencies.
5. Income
tax credit / (expense)
|
Six months ended 30 September 2008
|
Six months ended 30 September
2007
|
Year
ended 31
March
2008
|
|
|
£’000
|
£’000
|
Current tax:
|
|
|
|
UK current tax
|
76
|
199
|
624
|
Foreign tax
|
-
|
(358)
|
(351)
|
Deferred tax
|
137
|
-
|
236
|
|
213
|
(159)
|
509
|
The UK tax credits in the current and
prior periods principally arose as a result of research and development expenditure claimed
under the Finance Act 2000. The deferred tax credit has arisen as a result of increased
losses in an overseas subsidiary.
6. Loss
per share
The calculation of the basic and
diluted loss per share is based on the following data:
|
Six months ended 30 September 2008
|
Six months ended 30 September
2007
|
Year
ended 31
March
2008
|
|
£’000
|
£’000
|
£’000
|
Loss
|
|
|
|
Loss for the purposes of basic loss per
share being net profit attributable to equity shareholders of the
parent
|
(4,793)
|
(6,223)
|
(16,742)
|
Effect of dilutive potential ordinary
shares
|
-
|
-
|
-
|
Loss for the purposes of diluted loss per
share
|
(4,793)
|
(6,223)
|
(16,742)
|
|
|
|
|
Number of shares
|
|
|
|
Weighted average number of shares for the
purposes of basic loss per share
|
341,235,113
|
339,234,927
|
339,541,951
|
Effect of dilutive potential ordinary
shares:
|
|
|
|
Share options
|
-
|
-
|
-
|
Weighted average number of
ordinary shares for the purposes of diluted loss per share
|
341,235,113
|
339,234,927
|
339,541,951
|
7. Intangible
assets
In the period to 30 September 2008,
additions to intangible assets amounted to $5 million (£2,507,000) arising from a
milestone payment due to Glenveigh Pharmaceuticals LLP in accordance with the license
agreement as announced on 22 April 2008.
8. Property,
plant and equipment
In the period to 30 September 2008,
there were additions to property, plant and equipment of £931,000 (2007:
£1,648,000).
9. Changes
in inventories
During the six months ended 30
September 2008, the Group continued to recognise a provision against raw materials, work in
progress and finished goods inventory relating to items which relate to research and
development programmes where the Group does not consider it probable that it is able to
realise economic value from their sale or use. The charge amounted to £691,000 (six
months ended 30 September 2007: £1,856,000). If the circumstances that previously
caused these inventories to be written down below cost subsequently change and there is
clear evidence of an increase in economic value, this provision will be reversed.
10. Trade
and other receivables
During the six months ended 30
September 2008, the Group has recognised significant sales values in the final trading
month when compared to the six months ended 30 September 2007. This and the relative
strengthening of the US$ against the £ has resulted in the trade receivables balance
at 30 September 2008 increasing by £2,722,000 when compared to the balance at 30
September 2007.
11. Trade
and other payables
The Group’s current trade and
other payables as at 30 September 2008 have increased when compared to 30 September 2007.
This increase arises due to a combination of a recognition of a milestone payable of $5
million (£2,806,000, see note 7), an increase in deferred income on product to be
dispatched within the next 12 months largely due to a strengthening of the US$ and
increased payables following increased research and development activities.
12. Share
capital
The following shares were issued in the
current and prior interim periods:
|
Six months to
30 September 2008
|
Six months to
30 September 2007
|
|
Shares
issued
|
Nominal
value
|
Consideration
|
Shares
Issued
|
Nominal value
|
Consideration
|
|
No.
|
£’000
|
£’000
|
No.
|
£’000
|
£’000
|
|
|
|
|
|
|
|
Issued as consideration for
acquisition of MacroMed Inc.
|
1,741,911
|
35
|
1,289
|
-
|
-
|
-
|
Allotted under share option
schemes
|
167,593
|
3
|
30
|
100,867
|
2
|
49
|
Conversion of convertible
loan notes
|
221,128
|
5
|
60
|
117,200
|
2
|
31
|
|
2,130,632
|
43
|
1,379
|
218,067
|
4
|
80
|
13. Acquisitions
and disposals
There were no acquisitions or disposals
in the current or prior interim
periods.
14. Commitments
and contingencies
The Group leases various buildings
under non-cancellable operating agreements with varying terms and renewal rights. The Group
also has various other non-cancellable operating lease arrangements.
15. Related
party disclosures
Transactions between the Company and
its subsidiaries, which are related parties, have been eliminated on consolidation and are
therefore not disclosed in this note.
There were no material related party transactions requiring disclosure in the period or
the comparable prior period.
16. Other
Copies of this statement will be posted
on the Company’s website
www.protherics.com
and will be available to the public at
the Company's registered office at The Heath Business and Technical Park, Runcorn,
Cheshire, WA7 4QX.
Responsibility
Statement
We confirm that to the best of our
knowledge:
a) The
condensed set of financial statements has been prepared in accordance with IAS 34, Interim
Financial Reporting, as adopted by the European Union;
b) The
interim management report includes a fair review of the information required by the
Financial Statements Disclosure and Transparency Rules (DTR) 4.2.7R being an indication of
important events that have arisen during the first six months and their impact on the
condensed financial statements and description 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
being disclosure of related party transactions and changes therein since the last financial
statements.
By order of the Board
Andrew Heath
|
Rolf Soderstrom
|
Chief Executive Officer
|
Group Finance Director
|
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
PROTHERICS PLC
|
|
|
|
|
|
|
|
Date: 20 November, 2008
|
|
By:
|
|
/s/ Rolf Soderstrom
|
|
|
|
|
Rolf Soderstrom
|
|
|
|
|
Finance Director
|
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