TIDMPSYC
RNS Number : 3350K
Clarify Pharma PLC
05 May 2022
Press Release
05 May 2022
Clarify Pharma PLC
("Clarify Pharma" or "The Company")
Full Year Results
Clarify Pharma (AQSE: PSYC), an investment vehicle specialising
in biotech and life sciences companies seeking to prove the safety
and efficacy of psychedelic-based substances, announces its audited
financial results for the twelve months ended 30 November 2021.
Highlights:
-- Raised a total of GBP1.29 million in a pre-IPO funding
round
-- Successfully completed an IPO on London's AQSE Growth Market
(AQSE) on 11 June 2021 with a market capitalisation of
approximately GBP7.43 million raising GBP1.96 million in total
before expenses via a placing and subscription at 2.5p per
share
-- Made a first capital investment in Beckley Psytech Limited
("Beckley Psytech"), a private company dedicated to addressing
neurological and psychiatric disorders through the novel
application of psychedelic medicines
-- Net cash of GBP1.3m as at 30 April 2022
Outlook:
-- The deal flow of potential investments remains strong, and
the Directors and Advisers continue to evaluate exciting new
opportunities that will generate long-term value for investors
-- The Company is well positioned to take advantage of the
growing psychedelics market as it continues to develop
significantly along with the regulatory environment
Commenting on the results, Jonathan Bixby, Executive Director of
Clarify Pharma, said: "Within the twelve months prior to 30
November 2021, Clarify Pharma completed a successful flotation on
the AQSE Growth Market. We also made our first capital investment
in an exciting company and continue to explore new opportunities
that meet with our investment criteria and offer significant value
for shareholders. We look forward to the continued growth of
confidence among investors in this nascent sector."
The directors of Clarify Pharma plc accept responsibility for
this announcement.
For further information please contact:
Clarify Pharma
Jon Bixby via Tancredi +44 207 887 7633
Executive Chairman
------------------------------
First Sentinel
------------------------------
Corporate Adviser
Brian Stockbridge +44 7876 888 011
------------------------------
Tennyson Securities
------------------------------
Corporate Broker
Peter Krens +44 207 186 9030
------------------------------
Tancredi Intelligent Communication
------------------------------
Media Relations
Catrina Daly
Emma Hodges
Salamander Davoudi +44 7727 153 868
+44 7861 995 628
clarifypharma@tancredigroup.com +44 7957 549 906
------------------------------
About Clarify Pharma PLC:
Listed on the Aquis Stock Exchange in London, Clarify Pharma is
an investment vehicle focusing on investing in biotech and life
sciences companies seeking to prove the safety and efficacy of
psychedelic based substances. The Company looks to identify
investment opportunities in the life sciences sector within the UK,
Canada and other growing markets, with the objective of generating
long-term capital growth and building investments in an R&D
pipeline of companies which are discovering, developing, or
deploying safe and evidence-based psychedelic inspired medicines
and experiential therapies that alleviate mental health problems
and enhance wellbeing. The Company's Directors have an established
track record, experience and networks in the psychedelic,
cannabinoid and media industries, to drive value creation.
www.clarifypharma.com
Executive Director's Statement
Introduction
I am pleased to report the Company's first set of full year
results following our debut on the Access Segment of the AQSE
Growth Market on 11 June 2021.
The potential benefits of psychedelic drugs have been recognised
in both the UK and the US and the medical use of psychedelics is
progressively emerging as an alternative candidate to conventional
therapies for individuals suffering from elusive maladies like
PTSD, addiction, Alzheimer's, and depression.
The Company made a first capital investment in Beckley Psytech,
a private company dedicated to addressing neurological and
psychiatric disorders through the novel application of psychedelic
medicines.
There was no revenue during the period as the Company was in
start-up phase. A loss before tax of GBP1.3m (H1 2021: GBP0.5m) was
incurred in the year, reflecting costs related to the valuation of
warrants issued, the start-up of the business as well as
operational expenses. The Company ended the year with cash and cash
equivalents of GBP1.5m as at 30 November 2021.
Following our maiden investment, we see opportunities for
investing in companies with the required expertise and potential to
become pioneers in the market.
I would like to take this opportunity to thank our board for
their ongoing commitment and expertise as well as our shareholders
for their continued support.
Jonathan Bixby, Executive Director
Investment strategy
The Company's objective is to generate capital growth over the
long term through a portfolio of businesses concentrating on fast
growing biotech and life science companies that research or produce
neuro-pharmaceutical drug development platforms advancing medicines
based on psychedelic substances through rigorous science and
clinical trials.
The Board seeks to build out an R&D pipeline of companies
which are discovering, developing or deploying safe and
evidence-based psychedelic inspired medicines and experiential
therapies that alleviate mental health problems and enhance
wellbeing. Through those drug development platforms, Clarify will
invest in companies which seek to prove the safety and efficacy of
psychedelic-based substances as disruptive technologies and
solutions for a continuum of mental illnesses and high unmet
medical need.
Clarify seeks to assemble a portfolio of drug development
companies with a compelling pipeline of psychedelic inspired
medicines and experiential therapies for human clinical trials
which adhere strictly to the guidelines of the United Kingdom's
MHRA, Canada's Health Canada and similar regulatory authorities in
other jurisdictions where Clarify or its Investee Companies
operate.
Market size
The Company considers that there is a sizable potential market
for psychedelic products as clinical trials into
psychedelic-assisted psychotherapy continue to show promising
results for the treatment of the mental health conditions such as
depression, anxiety and addiction. According to analysts at
Canaccord, the global psychedelics industry could soon be worth
over US$100 billion.
Outlook
As the field of psychedelic science continues to grow, the Board
considers that psychedelic-assisted psychotherapy will continue to
gain acceptance in the medical community with numerous recent
studies highlighting the contributions of psychotherapy treatments
and accredited research organisations demonstrating its clinical
effectiveness. As a result, the Board looks forward to the future
with great confidence.
STATEMENT OF COMPREHENSIVE INCOME
AS AT 30 NOVEMBER 2021
Period ending Period ending
30 November 2021 30 November 2020
Note GBP GBP
Continuing Operations
------------------ ------------------
Gross Profit - -
------------------ ------------------
Administrative expenses 4 (1,255,552) -
Other operating income - -
Operating loss (1,255,552) -
------------------ ------------------
Finance Income 5 59 -
------------------ ------------------
Loss before taxation (1,255,493) -
------------------ ------------------
Taxation on loss of ordinary activities 8 - -
------------------ ------------------
Loss for the year from continuing operations (1,255,493) -
------------------ ------------------
Other comprehensive income 9 23,631 -
Total comprehensive loss for the year attributable to shareholders (1,231,862)
from continuing operations
-
------------------ ------------------
Basic & dilutive earnings per share - pence 10 (0.56) 0.00
------------------ ------------------
The accompanying notes in the Company's Annual Report form an
integral part of these financial statements.
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2021
As at 30 November 2021 As at 30 November 2020
Note GBP GBP
NON-CURRENT ASSETS
Investments 13 528,375 -
-----------------------
TOTAL NON-CURRENT ASSETS 528,375 -
CURRENT ASSETS
Cash and cash equivalents 11 1,523,665 -
Trade and other receivables 12 508,000 1
TOTAL CURRENT ASSETS 2,031,665 1
----------------------- -----------------------
TOTAL ASSETS 2,560,040 1
----------------------- -----------------------
EQUITY
Share capital 15 297,195 1
Share premium account 15 2,859,005 -
Share based payment reserve 16 575,024 -
Retained Earnings (1,231,862) -
TOTAL EQUITY 2,499,362 1
----------------------- -----------------------
CURRENT LIABILITIES
Trade and other payables 14 60,678 -
TOTAL CURRENT LIABILITIES 60,678 -
----------------------- -----------------------
TOTAL LIABILITIES 60,678 -
----------------------- -----------------------
TOTAL EQUITY AND LIABILITIES 2,560,040 1
======================= =======================
The accompanying notes in the Company's Annual Report form an
integral part of these financial statements.
The financial statements were approved by the Board of Directors
on 03 May 2022 and were signed on its behalf by:
Nicholas Lyth
Director
The financial information set out in this announcement does not
constitute statutory accounts. This financial information has been
extracted from the audited full accounts of the Company for the
period ended 30 November 2021. The Company does not declare a
dividend for the period.
The full Annual Report of the Company will be available on the
Company's website: www.clarifypharma.com .
The Directors of the Company accept responsibility for the
contents of this announcement.
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