TIDMVAL
RNS Number : 3252K
ValiRx PLC
10 April 2018
VALIRX PLC
("ValiRx", "the Company" or "the Group")
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2017
London, UK, 10 April 2018: ValiRx Plc (AIM: VAL), a life science
company, which focuses on clinical stage cancer therapeutic
development, taking proprietary & novel technology for
precision medicines towards commercialisation and partnering, today
announces its final results for the year ended 31 December
2017.
HIGHLIGHTS
Operational Highlights
-- Period of substantive and encouraging development across drug
portfolio taking lead compounds to significant value inflection
points;
-- Phase l/ll Clinical Trial of VAL201 has continued to
demonstrate high safety and tolerability and has received MHRA
approval to extend and expand the scope of the clinical trial to
treat prostate cancer;
-- Completion of VAL401's Phase II Clinical Trial in patients
with lung cancer - with trial data offering palliative stage
patients an improvement in symptoms alongside improved survival
prospects;
-- Period saw the optimized, commercially viable, 2(nd)
generation development of the VAL101 molecule derived from ValiRx's
proprietary GeneICE platform to shut down rebellious genes causing
cancer and potentially some neurological disorders - preparation is
underway for the compound's entry into the clinic;
-- VAL301 is in late pre-clinical phase initially for the
treatment of the gynaecological condition, endometriosis - a
reformulation of VAL201, which pre-clinical studies suggest does
not compromise bone density or fertility. Final laboratory tests
are underway prior to advancing the VAL301 compound into additional
toxicology and then clinical trials;
-- Patent protection and portfolio coverage was extended for
Val201 and VAL401 during the period with US patent granted for
VAL201 in Q1 2018.
Financial Highlights
-- Four Placings during the period raising GBP3.07m to advance
the clinical trial of VAL201 and for the pre-clinical progress of
other programmes;
-- Marked 36.4 % reduction in total comprehensive loss for the
year to GBP3.02m (2016: Loss GBP4.75m) reflecting decrease in
clinical trial expenditure on medicinal products;
-- Loss per share from continuing operations of 1.90p (2016: Loss 8.54p);
-- Cash and cash equivalents as at 31 December 2017 of GBP701,410 (2016: GBP560,763).
Oliver de Giorgio-Miller, Non-Exec Chairman of ValiRx,
commented:
"I believe the Group has seen substantive and encouraging
developments across its portfolio during the period to December
2017. The progress of our core clinical products, VAL201 and VAL401
has been substantial and both have reached significant value
inflection points. The current momentum and exciting trajectory of
both compounds offer potential investors an investable proposition
and an attractive offering to joint venture partners."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For more information, please contact:
ValiRx plc Tel: +44 (0) 20
3008 4416
www.valirx.com
Dr Satu Vainikka, Chief Executive Tel: +44 (0) 20
3008 4416
Tarquin Edwards, Head of Communications. Tel: +44 (0) 7879
458 364
tarquin.edwards@valirx.com
Cairn Financial Advisers LLP Tel: +44 (0) 20
(Nominated Adviser) 7213 0880
Liam Murray / Jo Turner
Novum Securities Limited Tel: +44 (0) 20
Colin Rowbury 7399 9400
Notes for Editors
About ValiRx
ValiRx is a biotechnology oncology focused company specialising
in developing novel treatments for cancer and associated
biomarkers. It aims to make a significant contribution in
"precision" medicine and science, namely to engineer a breakthrough
into human health and well-being, through the early detection of
cancer and its therapeutic intervention.
The Company's business model focuses on out-licensing
therapeutic candidates early in the development process. By aiming
for early-stage value creation, the company reduces risk
considerably while increasing the potential for realising value.
The group is already in licensing discussions with major players in
the oncology field.
ValiRx's two classes of drugs in development, which each have
the potential for meeting hitherto unmet medical needs by existing
methods, have worldwide patent filings and agreed commercial
rights. They originate or derive from World class institutions,
such as Cancer Research UK and Imperial College.
Until recently, cancer treatments relied on non-specific agents,
such as chemotherapy. With the development of target-based agents,
primed to attack cancer cells only, less toxic and more effective
treatments are now possible. New drugs in this group-such as those
in ValiRx's pipeline-promise to greatly improve outcomes for cancer
patients.
The Company listed on the AIM Market of the London Stock
Exchange in October 2006 and trades under the ticker symbol:
VAL
CHAIRMAN'S STATEMENT FOR THE YEARED 31 DECEMBER 2017
In my report for the year ended 31 December 2016, I informed our
shareholders that we were making important strides in growing our
internal R&D capabilities, such that we remain at the forefront
of personalised and precision medicine. I am pleased to report that
our research, understanding and ambition to find more effective
solutions to the treatment of cancer have moved on further since
then. The integration of our in-house team with an advisory board
of oncologists and clinical nurse specialists has been providing
valuable insight into how we can more rapidly bring safe,
efficacious, therapeutic and palliative medicines to cancer
patients to meet hitherto unmet needs.
In 2017, we saw consistent progress made with our first
therapeutic. VAL201 continued to demonstrate high safety and
tolerability, as well as preliminary therapeutic activity
throughout the clinical study, culminating in receiving approval
from the UK Medicines and Healthcare Products Regulatory Agency and
the Research Ethics Committee to substantially raise the dosing
level in patients with locally advanced or metastatic prostate
cancer in order to reach therapeutic levels and reduce disease
progression. This is a testament to the appetite for new drugs
devoid of the serious side effects reported with current prostate
cancer treatments, in particular complete and general androgen
hormone deprivation. We look forward to reporting on the clinical
trial as it progresses throughout this current year.
In parallel, we continued to advance the reformulation of VAL201
into VAL301 for the treatment of Endometriosis, a painful and
debilitating gynaecological condition with high unmet clinical
needs. We have established from our pre-clinical studies that
VAL201's specific mode of action also has the potential to provide
a potent therapeutic effect to manage the symptoms of this disorder
more safely than current treatments, which are widely known to
cause a large number of side effects including loss of bone density
and/or infertility. Going forward, the Company's focus is to
complete laboratory tests before progressing VAL301 to clinical
trials.
A particularly noteworthy achievement by the Company in the
reporting period was the successful completion of the VAL401 Phase
ll clinical study in patients with late stage non-small cell lung
cancer, the most common form of lung cancer. The data analysed by
Ariana, a leading digital health Company, focused on developing
advanced therapeutic decision support systems, has advocated the
therapeutic potential for VAL401 as a single therapy in treating
this cancer. Ariana has also advocated the compound's therapeutic
and palliative potential when combined with both traditional
chemotherapies and immune-oncology treatments. Palliative stage
patients could expect to see improvements in symptoms with the
added benefit of improved survival prospects. The encouraging 60%
overall response rate provides a strong foundation for the next
stage of clinical testing. The measure of immune competency of the
treated patients was also a pleasingly unexpected addition to the
results. In sum, we are very excited to see such a good response
rate for a condition with huge unmet medical need.
Furthermore, these results came hot on the heels of ValiRx
receiving notification that a further method-of-treatment patent
has been granted by the US Patent Office covering the use of VAL201
in the treatment of prostate cancer. VAL201 now has five patents
families in its portfolio, four of which have been fully granted
and with one allowed. VAL201's patent protection now extends across
territories that include US, Japan, Australia, Europe and the UK,
providing coverage in the world's major markets.
Another important breakthrough during the year was the
development of an optimised, commercially viable second generation
of the VAL101 molecule derived from our proprietary GeneICE
platform, which has been shown in earlier studies to shut down
rebellious genes causing cancer and potentially some neurological
disorders. We can now take VAL101 in to late pre-clinical studies
in preparation of the compound's entry into the clinic.
Our financial results show the total comprehensive loss for the
year ended 31 December 2017 was GBP3,019,684, a decrease of 36.4%
on the previous year (2016: GBP4,748,003) and a loss per share from
continuing operations of 1.90p (2016: Loss 8.54p). This marked
reduction in our loss was attributable to a decrease in clinical
trial expenditure as the manufacturing costs for both of the
investigational medicinal products, VAL201 and VAL401, that were
incurred for their respective trials, were borne during 2016.
In December 2017, we announced the final conversion of the CLN
Agreement with Yorkville - thus resulting in no further obligations
existing with Yorkville. Simultaneously, we raised GBP1.0 million
of gross proceeds through the issue of 23,529,412 new ordinary
shares at a price of 4.25 pence per share for advancing the
clinical trial of VAL201 and for the pre-clinical progress of other
programmes. As at year-end, the Group had cash and cash equivalents
of GBP701,410 (2016: GBP560,763).
In conclusion, I believe the Group has seen substantive and
encouraging developments across its portfolio during the period to
December 2017. The progress of our core clinical products, VAL201
and VAL401 has been substantial and both have reached significant
value inflection points. The current momentum and exciting
trajectory of both compounds offer potential investors an
investable proposition and an attractive offering to joint venture
partners. I would like to take this opportunity to express my
sincere gratitude to all shareholders, fellow Directors, and every
member of the Group for the trust and support accorded to the Board
in positioning ValiRx among the frontrunners in the fields of
personalised and precision medicine.
Oliver de Giorgio-Miller
Chairman
10 April 2018
CHIEF EXECUTIVE'S REPORT FOR THE YEARED 31 DECEMBER 2017
The year ending in December 2017 has been of profound importance
to ValiRx. Not only did the Company see its two clinical compounds
make exciting strides forward through the year, but it also saw
those advances culminate towards the end of the period under
review.
The conclusion of VAL401's Phase II lung cancer clinical trial
and the production of positive trial data showed that the VAL401
treatment has a measureable improvement on patient quality of Life,
in addition to a positive impact on the disease and an extension in
the overall survival of patients.
The period also saw ValiRx's VAL201 compound showing good
safety, tolerability and early efficacy in clinical trials.
Following the good results, VAL201's Phase I/II prostate cancer
clinical trial received approval from the UK Medicines and
Healthcare Products Regulatory Agency ("MHRA") and the Research
Ethics Committee ("REC") for the Company to expand and substantial
increase the dose being administered to patients. This will allow
treatment to more speedily reach its full therapeutic potential and
deliver its potential anti-cancer impact.
The company's preclinical developments of VAL301 and VAL101 are
going ahead with exciting and encouraging results.
During the year, the Company's patent portfolio has been greatly
strengthened with patent grants for VAL401 and VAL201 in major
territories. This expanding patent protection further supports the
company's business model and gives The Company the basis for
meaningful discussions with potential future partners.
These advances are of real significance for the Group and to
patients, as ValiRx and its compounds become more attractive to
potential partners and take a step forward towards addressing unmet
need.
VAL401
Lung cancer
VAL401 is a re-formulation of existing drug Risperidone, into an
orally administered gelatin capsule, showing in pre-clinical
testing, anti-cancer properties in several oncological models. The
period under review has been a defining period for VAL401's
clinical development and in Q4 2017, ValiSeek, the joint venture
between ValiRx and Tangent Reprofiling Limited, completed the Phase
II trial and released pharmacokinetic data. Following analysis,
ValiSeek announced positive formal data on the VAL401 compound and
of its disease impact. The results clearly demonstrated that the
VAL401 treatment had a statistically significant improvement on the
overall survival of patients with non-small cell lung cancer
compared to those receiving no treatment.
This excellent and very positive breakthrough was boosted after
the period end, when further collected data showed that the VAL401
treatment has also measureable improvement on patient's quality of
life. Together, the results advocate the potential for VAL401 in
treating very late stage cancer patients in the palliative arena.
This data also implies the potential for VAL401, in the as yet
untested combinations with, both traditional chemotherapies and
immune-oncology treatments. Palliative stage patients could expect
to see an improvements in symptoms with VAL401 treatment, together
with improved survival prospects. The results seen in this first
all-comer trial, provides a strong foundation for VAL401's next
stage of clinical testing.
With the lung cancer market projected to be valued at USD 7.9
billion in 2020 at a CAGR of 6.6%, the Company continues to be in
discussion with a number of large pharmaceutical companies who are
looking to fill their pipelines in this important unmet medical
therapeutic area.
VAL201
Excellent Safety and tolerability data together with early
efficacy data leads to enhancement of the VAL201 Dose Escalation
Clinical Study
During 2017, the VAL201 clinical trial has demonstrated an
excellent safety and tolerability profile. In addition, the
treatments of patients with the compound showed early signs of
efficacy with relatively low doses. Based on these results and in
December 2017, ValiRx received MHRA approval for the enhancement of
its VAL201 dose escalation and expansion clinical trial. This
approval allows for a substantial increase in the amount and
frequency of VAL201 being administered to patients, thereby
allowing treatment to more speedily reach its full therapeutic
potential and potential anti-cancer impact. This represents a
pivotal and substantial breakthrough for the VAL201 prostate cancer
compound and the Company expects the accelerated study to speed-up
the human development of the treatment, saving both time and
money.
Additional Clinical Trial Centres
To facilitate the enhancement of the VAL201 trial, ValiRx will
continue workin with UCLH and also with other oncology clinical
sites to participate in this latter part of the trial. Results from
this stage can be taken forward by the Company or a partner into
subsequent, larger, outcomes-oriented clinical trials. These will
establish VAL201's effects as an anti-cancer agent, on overall
survival and on the health-related quality of life in patients with
prostate cancer.
Prostate cancer
VAL201 is a potentially major breakthrough therapeutic treatment
of Advanced Prostate Cancer due to its novel mechanism of action. A
number of studies have demonstrated that Src kinase complete
inhibition strongly reduces prostate cancer growth but may have
side effects. VAL201 specifically targets the association of
androgen receptor with Src,SH3 domain, a signal that is important
in tumour cell proliferation without suppressing other Src-AR
induced activities. This provides an advantage to current
therapies, which in addition to abolishing the division signalling
pathways, potentially also inhibit the other Androgen Receptor (AR)
functions including metabolism.
The readout from the first part of the Phase l/ll clinical trial
- showed strong safety and tolerability, in all trial subjects.
Other measurements taken were completely consistent and comparable
to the results seen in the pre-clinical studies. Furthermore, the
trial has also shown indications of efficacy and disease
stabilisation on imaging and a reduction of PSA progression, in the
majority of patients. Importantly, the Pre-clinical data has also
shown tumour growth suppression and significant reduction of
metastatic growth.
The VAL201 target is also associated with other cancers with
significant potential to be used as a treatment for other
hormone-induced cancers, such as breast and ovarian, pancreatic and
others and also for the non-cancerous, but very debilitating
condition, Endometriosis.
VAL301
Endometriosis
VAL301 is derived from our lead compound, VAL201 and is
currently in late-stage pre-clinical development as a non-invasive,
effective treatment for the non-cancerous, but hugely debilitating
gynaecological condition, Endometriosis. Earlier pre-clinical work
on VAL201 has highlighted the compound's potential to protect women
from Endometriosis, with a minimal impact on bone density or
fertility, which are major drawbacks frequently encountered with
the current commonly used drugs and therapies for this condition.
Our focus now is to complete the pre-clinical package and arrive at
the optimal formulation so that the Company obtains the necessary
regulatory approvals to enter VAL301 into a clinical trial in
2018.
GeneICE/VAL101
Our GeneICE "rebellious gene" editing technology has shown
continued good progress in its late pre-clinical phase. With the
programme currently benefitting from a second Eurostars grant
totalling up to EUR2.6 million., this programme has been through
scientific, medical and commercial evaluation. Rebellious genes are
the ones that are working when/where they should not e.g. in
cancers, inflammatory conditions, Alzheimer's and autoimmune
diseases. ValiRx's proprietary GeneICE technology enables the
design of compounds for selective binding and silencing of these
specific genes. The lead GeneICE lead compound has been designed
against a gene expressing Bcl-2 protein, which has been implicated
and associated with various cancers. Pre-clinical work during the
period under review has been conducted with our partners, DKFZ,
Heidelberg and Pharmatest in Finland, to generate a commercially
viable molecular structure for VAL101. ValiRx was pleased to report
commercially viable efficient manufacturing capabilities for the
compunds and preliminary results for the optimised second
generation of the VAL101 molecule are demonstrating gene silencing.
As such, ValiRx intends to accelerate VAL101's late pre-clinical
studies in preparation for the compound's entry into the
clinic.
Portfolio of Clinical Patent Families
The table below provides details of patents in the VAL201
portfolio that have been either fully granted or allowed.
Country Patent number Date Filed Granted/Allowed
--------------- --------------- -------------- ----------------
United States US 14/575065 14 March 2008 Granted
--------------- --------------- -------------- ----------------
Europe EP 08717866.1 14 March 2008 Allowed
--------------- --------------- -------------- ----------------
Japan JP 2009-553162 14 March 2008 Granted
--------------- --------------- -------------- ----------------
Australia AU 2008228274 14 March 2008 Granted
--------------- --------------- -------------- ----------------
United Kingdom GB 1118831.5 01 November Granted
2011
--------------- --------------- -------------- ----------------
There are patent applications currently pending
in many other territories and covering various
aspects of the programme.
------------------------------------------------------------------
The table below provides details of patents in the VAL401
portfolio that have been either fully granted or allowed.
Country Patent number Date Filed Date Granted/Allowed
-------------- ---------------- ------------- ---------------------
United States US 9072743 26 September 07 July 2015
2013
-------------- ---------------- ------------- ---------------------
United States US 9375433 08 May 2015 28 June 2016
-------------- ---------------- ------------- ---------------------
United States US 9585887 27 May 2015 07 March 2017
-------------- ---------------- ------------- ---------------------
United States US 9585890 31 May 2016 07 March 2017
-------------- ---------------- ------------- ---------------------
United States To be allocated 27 February Allowed
shortly 2017
-------------- ---------------- ------------- ---------------------
Australia AU 2013322612 26 September 14 September
2013 2017
-------------- ---------------- ------------- ---------------------
New Zealand NZ 706067 26 September 01 November
2013 2016
-------------- ---------------- ------------- ---------------------
Outlook
With the extremely encouraging results from our portfolio
development programmes, I believe we are in a excellent position to
deliver benefits to patients, as well as generate value for
stakeholders. I very much look forward to the future further
development of ValiRx and its therapeutic assets.
Dr Satu Vainikka
Chief Executive
10 April 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEARED 31 DECEMBER 2017
2017 2016
GBP GBP
Continuing operations
Other operating income 88,773 -
Research and development (1,746,808) (2,375,354)
Administrative expenses (1,467,268) (1,794,284)
Operating loss (3,125,303) (4,169,638)
Fair value loss on derivative
financial assets (23,446) (1,619,187)
Finance income 489 17
Fair value gain on derivative
liability 44,146 375,621
Finance costs (449,868) (338,188)
------------------- -------------
Loss before income tax (3,553,982) (5,751,375)
Income tax credit 416,336 620,104
------------------- -------------
Loss after income tax (3,137,646) (5,131,271)
Discontinued operations
Profit for the year from
discontinued operations - 182,750
------------------- -------------
(3,137,646) (4,948,521)
Non-controlling interest 117,962 200,518
------------------- -------------
Total comprehensive loss
for the year (3,019,684) (4,748,003)
------------------- -------------
Loss per share - basic and
diluted
From continuing operations (1.90)p (8.54)p
From discontinued operations N/A 0.32p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
---------------------------------------------
2017 2016
GBP GBP
------------------------ ------------- --------------
ASSETS
Non-current assets
Goodwill 1,602,522 1,528,923
Intangible assets 1,325,283 1,295,690
Property, plant
and equipment - 10,553
Investments - -
------------------------ ------------- --------------
2,927,805 2,835,166
------------------------ ------------- --------------
Current assets
Trade and other
receivables 766,475 780,942
Tax receivable 424,094 644,497
Derivative financial
assets 117,229 140,675
Cash and cash
equivalents 701,410 560,763
------------------------- ------------- --------------
2,009,208 2,126,877
------------------------ ------------- --------------
Total assets 4,937,013 4,962,043
------------------------- ------------- --------------
EQUITY
Shareholders'
equity
Called up share
capital 8,432,708 8,165,650
Share premium 16,419,494 12,998,102
Merger reserve 637,500 637,500
Reverse acquisition
reserve 602,413 602,413
Share option reserve 464,000 331,453
Retained earnings (23,378,744) (20,385,278)
------------------------- ------------- --------------
3,177,371 2,349,840
Non-controlling
interests (24,744) 19,619
------------------------- ------------- --------------
Total equity 3,152,627 2,369,459
------------------------- ------------- --------------
LIABILITIES
Current liabilities
Trade and other
payables 1,394,266 1,254,139
Borrowings 390,120 1,294,299
Derivative liabilities - 44,146
------------------------- ------------- --------------
Total liabilities 1,784,386 2,592,584
------------------------- ------------- --------------
Total equity and
liabilities 4,937,013 4,962,043
------------------------- ------------- --------------
Share Share Merger Reverse Share Non-controlling Retained Total
capital premium reserve acquisition option interest earnings
reserve reserve
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January
2016 8,120,736 10,526,862 637,500 602,413 203,519 79,069 (15,637,275) 4,532,824
Changes in
equity
Loss for the
year - - - - - (200,518) (4,748,003) (4,948,521)
On
acquisition
of
subsidiary - - - - - 141,068 - 141,068
Issue of
shares 44,914 3,060,507 - - - - - 3,105,421
Costs in
respect
of shares
issued - (589,267) - - - - - (589,267)
Movement in
the
year - - - - 127,934 - - 127,934
------------- ---------- ----------- -------- ------------ --------- ---------------- ------------- ------------
Balance at
31
December
2016 8,165,650 12,998,102 637,500 602,413 331,453 19,619 (20,385,278) 2,369,459
------------- ---------- ----------- -------- ------------ --------- ---------------- ------------- ------------
Changes in
equity
Loss for the
year - - - - - (117,962) (3,019,684) (3,137,646)
On
acquisition
of
subsidiary - - - - - 73,599 - 73,599
Issue of
shares 267,058 3,866,468 - - - - - 4,133,526
Costs in
respect
of shares
issued - (445,076) - - - - - (445,076)
Lapse of
share
options - - - - (26,218) - 26,218 -
Movement in
the
year - - - 158,765 - - 158,765
------------- ---------- ----------- -------- ------------ --------- ---------------- ------------- ------------
Balance at
31
December
2017 8,432,708 16,419,494 637,500 602,413 464,000 (24,744) (23,378,744) 3,152,627
------------- ---------- ----------- -------- ------------ --------- ---------------- ------------- ------------
Merger reserve
The merger reserve of GBP637,500 exists as a result of the
acquisition of ValiRx Bioinnovation Limited. The merger reserve
represents the difference between the nominal value of the share
capital issued by the Company and the fair value of ValiRx
Bioinnovation Limited at 3 October 2006, the date of
acquisition.
Reverse acquisition reserve
The reverse acquisition reserve exists as a result of the method
of accounting for the acquisition of Valirx Bioinnovation Limited
and Valipharma Limited.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
------------------------------------
2017 2016
GBP GBP
------------------------------ ------------ ------------
Cash flows from operating
activities
Cash outflow from operations (2,952,275) (4,233,412)
Interest paid (35,897) (338,188)
Tax credit received 636,739 375,926
------------------------------- ------------ ------------
Net cash outflow from
operating activities (2,351,433) (4,195,674)
------------------------------- ------------ ------------
Cash flows from investing
activities
Purchase of goodwill (73,599) (141,066)
Purchase of intangible
fixed assets (206,727) (245,559)
Sale of subsidiary
undertaking - 857,136
Sale of tangible fixed
assets - 3,470
Non-controlling interests 73,599 141,068
Interest received 489 17
------------------------------- ------------ ------------
Net cash from investing
activities (206,238) 615,066
------------------------------- ------------ ------------
Cash flows from financing
activities
New convertible loan
notes 263,704 2,993,113
Repayment of convertible (347,481) -
loan notes
Costs of convertible
loan notes - (190,846)
Share issue 3,068,406 1,695,906
Costs of shares issued (286,311) (589,267)
------------------------------- ------------ ------------
Net cash from financing
activities 2,698,318 3,908,906
------------------------------- ------------ ------------
Increase in cash and
equivalents 140,647 328,298
Cash and cash equivalents
at beginning of year 560,763 232,465
------------------------------- ------------ ------------
Cash and cash equivalents
at end of year 701,410 560,763
------------------------------- ------------ ------------
The notes form part of these financial statements.
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
1. Reconciliation of operating loss to cash generated from operations
2017 2016
GBP GBP
---------------------------------- ------------ ------------
Operating loss (3,125,303) (4,169,638)
Depreciation of property, plant
and equipment 10,553 10,560
Amortisation of intangible
assets 177,134 92,275
Decrease in inventory - 11,733
Decrease/(increase) in trade
and other receivables 14,467 (1,071,548)
Increase in trade and other
payables 54,038 787,726
Other non-cash movements (83,164) (22,454)
Share option charge - 127,934
---------------------------------- ------------ ------------
Net cash outflow from operations (2,952,275) (4,233,412)
---------------------------------- ------------ ------------
2. Basis of preparation
The financial information set out above does not constitute the
Company's statutory accounts for the year ended 31 December 2017,
but is derived from those accounts. Statutory accounts for 2017
will be delivered to the Registrar of Companies following the
Company's annual general meeting.
3. Loss per ordinary share
The earnings and number of shares used in the calculation of
loss per ordinary share are set out below:
2017 2016
----------------------------------------- ------------ ------------
Continuing operations
Loss for the financial period
from continuing operations (3,137,646) (5,131,271)
Non-controlling interest 117,962 200,518
----------------------------------------- ------------ ------------
(3,019,684) (4,930,753)
----------------------------------------- ------------ ------------
Discontinued operations
Profit for the period from discontinued
operations - 182,750
----------------------------------------- ------------ ------------
Basic
Weighted average number of shares 151,071,019 57,743,223
Loss per share - continuing operations (1.90p) (8.54p)
Earnings per share - discontinued
operations N/A 0.32p
----------------------------------------- ------------ ------------
4. Publication of Report & Accounts
The report and accounts for the year ended 31 December 2017 will
be posted to shareholders shortly and will be available from the
Company's website, http://www.valirx.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSAFIUFASEDL
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