TIDMMDST
RNS Number : 3852J
Medicsight Plc
30 March 2010
+------------------------------------+-----------------------------------+
| Press release | 30 March 2010 |
+------------------------------------+-----------------------------------+
Medicsight PLC
("Medicsight" or "the Company")
Preliminary Results for the 12 months ended 31 December 2009
Medicsight PLC (AIM: MDST), an industry leader in the development of
Computer-Aided Detection (CAD) and image analysis software to assist in the
early detection of disease, is pleased to announce its Preliminary Results for
the twelve months ended 31 December 2009.
Financial and Operational 2009 Highlights
+----+-------------------------------------------------------------------+
| · | Increased revenue to GBP115,000 (2008: GBP103,000) |
| | |
+----+-------------------------------------------------------------------+
| · | Strong balance sheet with cash reserves of GBP10.7m at 31 |
| | December 2009 |
+----+-------------------------------------------------------------------+
| · | A review of business operations and subsequent cost reduction |
| | plan resulted in reduced operating expenses through a reduction |
| | in headcount and the disposal of a number of dormant and non core |
| | companies |
+----+-------------------------------------------------------------------+
| · | Launched ColonCAD(TM) 4.0 in Europe and Canada following |
| | regulatory approval |
+----+-------------------------------------------------------------------+
| · | Signed a new distribution contract with Alma IT Systems of Spain |
| | who launched the combined product late 2009 |
+----+-------------------------------------------------------------------+
| · | Progressed regulatory approvals in Japan and the USA |
| | |
+----+-------------------------------------------------------------------+
Highlights post year end
+----+-------------------------------------------------------------------+
| · | Continued discussions with the FDA and received a second request |
| | for additional information |
+----+-------------------------------------------------------------------+
| · | Signed a commercial contract with MEDRAD Inc for the supply and |
| | distribution of the new MedicCO2LON insufflator product |
+----+-------------------------------------------------------------------+
| · | Troy Robinson appointed to the Board as Chief Financial Officer |
| | and Company Secretary |
+----+-------------------------------------------------------------------+
David Sumner, Chairman of Medicsight PLC, commented: "Commercially this has been
a progressive year for Medicsight. We continued our business development
initiative and added Alma IT Systems to our existing partnership agreements and
launched ColonCAD(TM) 4.0, our best performing version to date.
"The United States Food and Drug Administration (FDA) sent Medicsight two
requests for Additional Information following our submission, for clearance to
market ColonCAD(TM) in the US. We continue to work closely with the FDA and are
in the process of collating information to make our response in H1 2010, which
is within their allotted timescale. We also continue to work closely with the
Ministry of Health, Labour and Welfare in order to gain approval in Japan and as
such we are currently awaiting feedback on our initial submission.
"Overall 2009 was a challenging year but we enter 2010 in a strong position with
the launch of improved and innovative products, as well as streamlining the
business to manage cash. We have a number of distribution agreements in place
and hope that this will lead to increased revenues in addition to lower
operating costs. At this time we continue to believe that US and Japanese
approvals will be forthcoming and accordingly we look forward to launching in
those territories."
- ENDS -
For further information:
+------------------------------------+------------------------+
| Medicsight plc | |
+------------------------------------+------------------------+
| Allan Rowley | +44 (0)20 7605 7950 |
+------------------------------------+------------------------+
| | www.medicsight.com |
+------------------------------------+------------------------+
| Daniel Stewart & Company PLC | |
+------------------------------------+------------------------+
| Simon Leathers / Emma Earl | +44 (0) 20 7776 6550 |
+------------------------------------+------------------------+
Media enquiries:
+------------------------------------+------------------------+
| Abchurch Communications | |
+------------------------------------+------------------------+
| Heather Salmond | +44 (0) 20 7398 7704 |
+------------------------------------+------------------------+
| heather.salmond@abchurch-group.com | |
+------------------------------------+------------------------+
| Simone Elviss | 44 (0) 20 7398 7728 |
+------------------------------------+------------------------+
| simone.elviss@abchurch-group.com | |
+------------------------------------+------------------------+
| Quincy Allan | 44 (0) 20 7398 7710 |
+------------------------------------+------------------------+
| Quincy.allan@abchurch-group.com | www.abchurch-group.com |
+------------------------------------+------------------------+
Notes to editors
Medicsight PLC is a UK-headquartered, research driven, leading developer of
computer-aided detection (CAD) and image analysis software for the medical
imaging market. The CAD software automatically highlights suspicious areas on
computerised tomography (CT) scans of the colon and lung, helping radiologists
to identify, measure and analyse potential disease and early indicators of
disease. Medicsight's CAD software has been validated using one of the world's
largest and most population diverse databases of verified patient CT scan data.
Medicsight's ColonCAD(TM) and LungCAD(TM) software products are seamlessly
integrated with the advanced 3D visualisation workstations of several
industry-leading imaging equipment partners.
About Computer-Aided Detection
With increasingly sophisticated radiological imaging hardware such as
Multi-Detector CT scanners, radiologists are facing a growing challenge in the
amount of detailed patient image data that they must review for each patient
examination. Some CT scan examinations generate as many as 1000 images per
patient. Review of this data by the radiologist is not only time-consuming but
also prone to error due to reader fatigue. CAD software can help the reviewing
radiologist by analysing the image data and automatically highlighting
suspicious regions of interest for closer inspection. Without CAD software some
potential abnormalities or areas of disease may be overlooked. This is critical
for diagnosis and the management of patient outcomes as early detection of
disease greatly increases the probability of successful treatment and a positive
therapeutic outcome.
About Medicsight's CAD software
Medicsight's ColonCAD(TM) and LungCAD(TM) software use an advanced CAD algorithm
to analyse CT scans of the colon and lung and automatically highlight suspicious
areas that may be indicators of disease. CAD may highlight areas easily
overlooked by the reviewing radiologist, such as small lesions or regions that
are hidden from view behind folds in the colon or normal structures and
surrounding tissue in the lung.
Both CAD products seamlessly integrate with the advanced 3D visualisation
platforms of industry-leading imaging equipment partners. The integrated systems
provide sophisticated image viewing capabilities, including 3D reconstructed
image data, with the added advantage of demonstrating automatic CAD findings to
assist clinical end users in the detection and analysis of disease. This allows
clinical end users to perform either a 'second read', where CAD findings are
displayed to the user after completion of an initial review of the CT scan data,
or a 'concurrent read' where CAD findings are displayed during the user's
initial review of the original CT scan images.
Since inception, Medicsight has developed close and lasting relationships with
some of the world's foremost clinicians in product related areas. This provides
the Company with a wealth of clinical expertise and dedicated clinical research
to support ongoing product development. Medicsight also collaborates with a
number of leading academic institutions and clinical research programmes
worldwide to develop the Company's comprehensive database of population diverse
verified patient CT scan data, thus allowing Medicsight's products to be
validated to the highest possible standards.
Chairman's Statement
Medicsight is an industry leader in the development of Computer-Aided Detection
(CAD) and image analysis software to assist radiologists in the early detection
of disease.
The Group's focus continues to be on developing CAD software applications and
related other technologies that help clinicians in the early detection of
potential colonic polyps when analysing medical images generated from
Computerised Tomography ("CT") scanners.
In the year ended 31 December 2009 Medicsight:
+----+------------------------------------------------------------------+
| · | continued to work with the regulatory authorities in Japan and |
| | responded to the additional information ("AI") request regarding |
| | the ColonCAD(TM) application for 510(k) clearance to the USA |
| | Food and Drug Administration ("FDA"). |
+----+------------------------------------------------------------------+
| · | completed a review of business operations and resources and |
| | initiated a cost restructuring program to drive cash flow |
| | savings without jeopardising the Group's longer term plans. |
| | This resulted in a reduction in headcount and the disposal of a |
| | number of non core companies. |
+----+------------------------------------------------------------------+
| · | continued to improve the performance of the Medicsight |
| | ColonCAD(TM) application |
+----+------------------------------------------------------------------+
| · | launched the latest version of ColonCAD(TM) (version 4.0), which |
| | is already approved in Europe and Canada |
+----+------------------------------------------------------------------+
| · | continued research and development of the Medicsight product |
| | range |
+----+------------------------------------------------------------------+
| · | continued commercial distribution development |
| | |
+----+------------------------------------------------------------------+
In the year ended 31 December 2009 Medicsight recorded GBP115,000 of revenue,
and has a strong statement of financial position with cash and cash equivalents
of GBP10,708,000 at 31 December 2009.
Financial review
Whilst still limited, revenues have grown incrementally to GBP115,000 in 2009
compared to GBP103,000 in 2008. Medicsight ended 2009 with net assets of
GBP10,426,000 including GBP10,708,000 of cash and cash equivalents. At various
points during the year we have invested our surplus cash in highly liquid, blue
chip marketable securities. At 31 December 2009 all of our liquid assets were
held as short-term cash balances, mainly in Sterling. Post year end we continue
to hold our surplus cash and cash equivalents on short-term deposit in Sterling.
Medicsight continues to have strong internal controls over accounting and
financial reporting procedures as governed by its parent company's
Sarbanes-Oxley programme.
In 2009 the Board completed a review of business operations and resources and
initiated a cost restructuring program to drive cash flow savings without
jeopardising the Group's longer term plans. This resulted in a reduction in
headcount and the disposal of a number of dormant and non core companies.
As part of this process and to concentrate on restructuring the MGT Capital
Investments, Inc. group of companies, Tim Paterson-Brown stepped down as
Executive Chairman but remains on the Board as a Non-Executive Director. I was
promoted to the role of Executive Chairman and Allan Rowley, previously Chief
Financial Officer, was promoted to Chief Executive Officer. Troy Robinson,
previously Group Financial Controller was promoted to Chief Financial Officer
and Company Secretary, and was appointed to the Board of Directors on 19 March
2010.
Product development
ColonCAD
Medicsight's core technology is the proprietary ColonCAD(TM) algorithm that is
integrated (using application protocol interface ("API") technology) into
visualisation workstations for radiologists to use when reviewing a patient's
colon CT scan data.
The CAD algorithm assists the radiologist as they search for polyps in the CT
scan image data. The radiologist uses the visualisation software to review the
patient's CT scan images on the screen and search for polyps (potentially
pre-cancerous lesions on the wall of the colon). After a full review the
radiologist then activates the Medicsight ColonCAD(TM) software - which
immediately displays "CAD marks" on the images, drawing the radiologist's
attention to potential polyps. The radiologist then assesses each marked region
in order to make the final decision as to the presence or absence of a polyp.
Clinical studies have demonstrated that radiologists assisted by Medicsight's
ColonCAD(TM) technology have a significantly higher sensitivity for the
detection of patients with polyps in CT colonography compared to unassisted
reading (i.e. traditional reading without the use of ColonCAD(TM)).
Medicsight completed work on ColonCAD 4.0 and formally launched this product at
the European Congress of Radiology in March 2009. This new release significantly
reduces the number of false-positive CAD marks presented to a radiologist
reviewing a patient data set. This should lead to further improvements in
reader performance when assisted by the ColonCAD(TM) software. We believe that
this version of ColonCAD(TM) extends Medicsight's position as a provider of one
of the world's leading colon CAD software solutions.
Medicsight's ColonCAD(TM) has been developed and validated using a large
database of CT scans from hospitals around the world and has been assessed in
many clinical studies, the results of which have been published in peer-reviewed
publications and presented at leading radiology conferences.
MedicRead
The MedicRead product is Medicsight's advanced visualisation software
application for CT colonography. The latest version of this product (version
3.0) was launched in June 2009 and featured improved workflow flexibility,
enhanced 3D visualisation options, as well as providing state-of-the-art CAD
functionality though its integration with the new ColonCAD 4.0 product.
MedicRead is a flexible option for hospitals and clinics unable to invest large
capital sums in new image analysis infrastructure. MedicRead can be deployed
either on a standalone basis or integrated into an existing clinical IT
infrastructure (e.g. a PACS environment).
MedicCO2LON
In addition to the computer aided detection software applications, Medicsight
have developed an automated CO2 insufflation device called MedicCO2LON.
Each patient that has a CT colon scan requires their colon to be insufflated
(distended) with either CO2 gas or room air administered prior to the
acquisition of their CT colonography images. MedicCO2LON is designed to
provide good quality insufflation, which is essential for the acquisition of
high quality images from the CT colonography examination.
Longer term projects
Some longer term colon related opportunities that we continue to research
include:
+------+-----------------------------------------------------------------+
| · | Flat lesions (which are non-protruding lesions in the Colon) |
| | have recently received much clinical interest. The Medicsight |
| | team are researching CAD technology for the detection of these |
| | flat lesions to compliment the existing ColonCAD application. |
+------+-----------------------------------------------------------------+
| · | Optical endoscopy - working with leading London academic and |
| | clinical centres, Medicsight is researching the use of CAD and |
| | other image analysis technologies in the field of optical |
| | endoscopy, with a view to these technologies combining |
| | information in real time (i.e. as a clinician examines a |
| | patient) from sources of patient data. |
+------+-----------------------------------------------------------------+
Intellectual Property
Medicsight continues to develop its intellectual property portfolio to protect
the core technology in its CAD and other products. During 2009 patents were
granted in the UK and US covering aspects of Medicsight CAD algorithms (for both
Colon and Lung) as well as image processing methods related to the
identification of the boundary of lesions.
Commercial progress
Medicsight's primary route to market is via partnerships with global advance
visualisation companies, PACS suppliers and other OEMs.
In June 2009, Medicsight signed a global partnership agreement with Alma IT
Systems of Spain for the integration of Medicsight ColonCAD(TM) API within Alma
Colon, Alma's latest 3D visualisation colon workstation.
This partnership agreement is in addition to our existing agreements with Vital
Images Inc., TeraRecon Inc., Viatronix Inc. and Toshiba Medical Visualization
Systems (previously Barco NV), Infinitt, Ziosoft Inc., and Intrasense SAS.
In January 2010 we signed a global distribution agreement for MedicCO2LON with
MEDRAD Inc. The product was CE marked in February 2010 and is to be launched in
Europe later this year. Regulatory approval for additional territories will
commence in 2010.
Regulatory approvals and submissions
US Food and Drug Administration clearance
In November 2008 Medicsight submitted the ColonCAD(TM) 510(k) application to the
Food and Drug Administration ("FDA") for clearance in the USA.
In December 2008 we received an Additional Information ("AI") letter from the
FDA and submitted our response to the FDA's enquires in March 2009.
During the summer of 2009 we had a number of informal meetings and discussions
with the FDA as they performed their review of our 510(k) submission.
On 5 January 2010 we received our second Additional Information ("AI") letter
from the FDA, in which the FDA has requested further technical details regarding
the clinical trials and data analyses undertaken in our 510(k) submission -
which the Company will respond to before the deadline of 21 June 2010.
Japanese Ministry of Health, Labour and Welfare
In November 2007 we submitted our MedicRead Colon application to the Ministry of
Health, Labour and Welfare ("MHLW") regulatory authorities in Japan.
During 2008 and 2009 we attended a number of meetings with ministry officials,
demonstrated the product, answered specific questions regarding the product
application and formally responded to questions from the MHLW. We are pleased
with progress to date and look forward to further feedback.
Other regulatory territories
In 2009, version 4.0 of the Medicsight ColonCAD API, and MedicRead 3.0 (our
visualisation workstation which includes version 4.0 of the Medicsight ColonCAD
API) received European (CE) approval, Australian approval, and Canadian
approval.
In November 2009, we submitted MedicRead 3.0 to the Chinese State Food and Drug
Administration ("SFDA") for approval.
Clinical Activity
Medicsight's Clinical Development team continued their work supported by a
network of global medical luminaries.
European Medical Advisory Board meetings were held in January and June 2009 to
take advice from clinical experts regarding the continuing development of
Medicsight's product roadmap and clinical research programme.
Close collaboration continued with leading Virtual Colonoscopy radiologists -
including Professor Perry Pickhardt and Dr. David Kim from the University of
Wisconsin Medical School who completed a large research study to evaluate the
performance of ColonCAD(TM) 4.0.
In this study, the performance of Medicsight's version 4.0 ColonCAD was compared
to the sensitivity of experienced radiologists for the ability to detect
colorectal polyps on CT colonography image datasets. The study assessed the
CAD's performance across more than 3,000 patients who had undergone CTC
screening for colorectal cancer.
The Medicsight CAD correctly identified (a) 94% of patients who had a polyp that
was 6mm or larger; and (b) 96.5% of patients who had a polyp 10mm or larger in
size. (The CAD's performance at the 10mm or larger threshold is particularly
important as polyps in this size range are considered to be significant findings
that require further investigation by optical colonoscopy).
In the study, 96% of all individual polyps 10 mm or larger were detected by the
Medicsight CAD system. Significantly, the Medicsight CAD detected 15 polyps 6mm
or larger that were missed by the experienced radiologists in their unassisted
review of the patient data - four of which were clinically significant at larger
than 10mm in size.
This study provides clear evidence-based outcomes - demonstrating the added
value of Medicsight's ColonCAD application to the clinician.
The results of this CAD study, the largest of its kind to date, were presented
at the 10th International Symposium on Virtual Colonoscopy in Reston, Virginia
in October 2009. A scientific paper on the study is currently undergoing
peer-review with a leading journal with publication expected in 2010.
Scientific presentations of Medicsight's CAD research were also made at the
annual European Congress of Radiology (held in Vienna during March 2009), at the
20th Annual Meeting of the European Society of Gastrointestinal and Abdominal
Radiology "ESGAR" (Valencia, Spain, June 2009) and the annual Radiological
Society of North America "RSNA" conference (Chicago, USA, December 2009).
CAD research focused on investigating the impact of CAD on radiologist readers
when interpreting CT colonography images.
In addition to the University of Wisconsin study, the results of research
undertaken at University College Hospital, London and the Japanese National
Cancer Centre in Tokyo demonstrated the positive benefit of ColonCAD in
improving reader performance.
Medicsight continued to support of a number of international CT colonography
training workshops, including those delivered by leading US proponents of CT
colonography, Professor Perry Pickhardt (University of Wisconsin Medical School)
and Judy Yee, MD (Associate Professor and Vice Chair of Radiology at the
University of California, San Francisco). Medicsight again supported the
bi-annual ESGAR CTC training workshops; held in Harrogate (UK) and Stresa
(Italy) during 2009. These workshops train radiologists to interpret CTC images
using the latest visualisation and CAD technology and are fundamental to the
increasing acceptance and implementation of CT colonography and CAD as a routine
imaging examination for investigation of the colon.
Outlook
The delay in gaining regulatory approvals in the USA and Japan meant that the
Company had to downsize its cost base to preserve cash, and did so without
jeopardising longer term research, product development or clinical activities.
We expect European sales growth to accelerate in 2010 and expect to see revenues
commence from sales of the MedicCO2LON insufflator unit.
At 31 December 2009 the Group had strong cash reserves of GBP10,708,000.
Whilst we are confident of achieving regulatory approval in the USA and Japan,
timing remains uncertain, nevertheless we look forward to achieving further
commercial progress in 2010.
As your Chairman and on behalf of the Board I would like to thank you for your
continuing support.
David Sumner
Chairman
30 March 2009
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2009
+----------------------------------------+----------+---------------+---------------+----------+
| | | 2009 | 2008 | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | GBP000 | GBP000 | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | (unaudited) | | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Revenue | | 115 | 103 | |
+----------------------------------------+----------+---------------+---------------+----------+
| Cost of sales | | - | - | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | _____________ | _____________ | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Gross profit | | 115 | 103 | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Sales and marketing expense | | (1,830) | (2,095) | |
+----------------------------------------+----------+---------------+---------------+----------+
| Research and development expense | | (1,255) | (1,822) | |
+----------------------------------------+----------+---------------+---------------+----------+
| Administration expense | | (4,324) | (5,839) | |
+----------------------------------------+----------+---------------+---------------+----------+
| Share-based expense | | (569) | (1,253) | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | _____________ | _____________ | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Operating loss | | (7,863) | (10,906) | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Finance revenue | | 245 | 2,664 | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | _____________ | _____________ | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Loss before taxation | | (7,618) | (8,242) | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Income tax expense | | - | - | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | _____________ | _____________ | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Loss for the year from continuing | | (7,618) | (8,242) | |
| operations | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | _____________ | _____________ | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Other comprehensive income | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Exchange differences on translating | | - | 6 | |
| foreign operations | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | _____________ | _____________ | |
+----------------------------------------+----------+---------------+---------------+----------+
| Total comprehensive income | | (7,618) | (8,236) | |
| attributable to owners of the parent | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | _____________ | _____________ | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
| Loss per share (basic and diluted) | | (5p) | (5p) | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | _____________ | _____________ | |
+----------------------------------------+----------+---------------+---------------+----------+
| | | | | |
+----------------------------------------+----------+---------------+---------------+----------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2009
+----------------------------+------------+----------------+----------------+
| | | 2009 | 2008 |
+----------------------------+------------+----------------+----------------+
| | | GBP000 | GBP000 |
+----------------------------+------------+----------------+----------------+
| | | (unaudited) | |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
| ASSETS | | | |
+----------------------------+------------+----------------+----------------+
| Current assets | | | |
+----------------------------+------------+----------------+----------------+
| Cash and cash equivalents | | 10,708 | 18,387 |
+----------------------------+------------+----------------+----------------+
| Trade and other | | 354 | 1,298 |
| receivables | | | |
+----------------------------+------------+----------------+----------------+
| | | _____________ | _____________ |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
| | | 11,062 | 19,685 |
+----------------------------+------------+----------------+----------------+
| Non-current assets | | | |
+----------------------------+------------+----------------+----------------+
| Property plant and | | 58 | 273 |
| equipment | | | |
+----------------------------+------------+----------------+----------------+
| | | _____________ | _____________ |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
| Total assets | | 11,120 | 19,958 |
+----------------------------+------------+----------------+----------------+
| | | _____________ | _____________ |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
| LIABILITIES | | | |
+----------------------------+------------+----------------+----------------+
| Current liabilities | | | |
+----------------------------+------------+----------------+----------------+
| Trade and other payables | | 694 | 2,483 |
+----------------------------+------------+----------------+----------------+
| | | _____________ | _____________ |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
| Total liabilities | | 694 | 2,483 |
+----------------------------+------------+----------------+----------------+
| | | _____________ | _____________ |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
| Net assets | | 10,426 | 17,475 |
+----------------------------+------------+----------------+----------------+
| | | _____________ | _____________ |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
| EQUITY ATTRIBUTABLE TO | | | |
| OWNERS OF THE PARENT | | | |
+----------------------------+------------+----------------+----------------+
| Issued share capital | | 7,776 | 7,776 |
+----------------------------+------------+----------------+----------------+
| Share premium | | 57,306 | 57,306 |
+----------------------------+------------+----------------+----------------+
| Share-based expense | | 3,058 | 2,489 |
| reserve | | | |
+----------------------------+------------+----------------+----------------+
| Retained earnings | | (57,714) | (50,096) |
+----------------------------+------------+----------------+----------------+
| | | ______________ | ______________ |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
| Total equity | | 10,426 | 17,475 |
+----------------------------+------------+----------------+----------------+
| | | ______________ | ______________ |
+----------------------------+------------+----------------+----------------+
| | | | |
+----------------------------+------------+----------------+----------------+
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2009
+--------------------------------+------+----------------+----------------+
| | | 2009 | 2008 |
+--------------------------------+------+----------------+----------------+
| | | GBP000 | GBP000 |
+--------------------------------+------+----------------+----------------+
| | | (unaudited) | |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| Cash flows from operating | | | |
| activities | | | |
+--------------------------------+------+----------------+----------------+
| Cash used in operations | | (7,850) | (9,437) |
+--------------------------------+------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| Net cash used in operating | | (7,850) | (9,437) |
| activities | | | |
+--------------------------------+------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| Cash flows from investing | | | |
| activities | | | |
+--------------------------------+------+----------------+----------------+
| Purchase of equipment | | (11) | (207) |
+--------------------------------+------+----------------+----------------+
| Purchase of marketable | | - | (890) |
| securities | | | |
+--------------------------------+------+----------------+----------------+
| Sale of marketable securities | | - | 1,030 |
+--------------------------------+------+----------------+----------------+
| Interest received | | 245 | 2,672 |
+--------------------------------+------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| Net cash from investing | | 234 | 2,605 |
| activities | | | |
+--------------------------------+------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| Effects of exchange rate | | (63) | (27) |
| changes | | | |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| Net decrease in cash and | | | |
+--------------------------------+------+----------------+----------------+
| cash equivalents | | (7,679) | (6,859) |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| Cash and cash equivalents at 1 | | 18,387 | 25,246 |
| January | | | |
+--------------------------------+------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
| Cash and cash equivalents at | | | |
+--------------------------------+------+----------------+----------------+
| 31 December | | 10,708 | 18,387 |
+--------------------------------+------+----------------+----------------+
| | | ______________ | ______________ |
+--------------------------------+------+----------------+----------------+
| | | | |
+--------------------------------+------+----------------+----------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2009
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| (unaudited) | Issued | Share | Share | Currency | Retained | Total |
| | Share | Premium | based | translation | earnings | Equity |
| | Capital | | expense | reserve | | |
| | | | reserve | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| At 1 January 2008 | 7,776 | 57,306 | 1,236 | (6) | (41,854) | 24,458 |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| Loss for the year | - | - | - | - | (8,242) | (8,242) |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| Exchange differences on | - | - | - | 6 | - | 6 |
| translating foreign | | | | | | |
| operations | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| Total comprehensive | - | - | - | 6 | (8,242) | (8,236) |
| income | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| Transaction with owners | - | - | 1,253 | - | - | 1,253 |
| - equity settled | | | | | | |
| share-based expense | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| At 31 December 2008 | 7,776 | 57,306 | 2,489 | - | (50,096) | 17,475 |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| At 1 January 2009 | 7,776 | 57,306 | 2,489 | - | (50,096) | 17,475 |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| Loss for the year | - | - | - | - | (7,618) | (7,618) |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| Total comprehensive | - | - | - | - | (7,618) | (7,618) |
| income | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| Transaction with owners | - | - | 569 | - | - | 569 |
| - equity settled | | | | | | |
| share-based expense | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| At 31 December 2009 | 7,776 | 57,306 | 3,058 | - | (57,714) | 10,426 |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | _______ | ________ | _______ | _________ | __________ | _________ |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
| | | | | | | |
+-------------------------+---------+----------+---------+-------------+------------+-----------+
NOTES TO PRELIMINARY RESULTS
The unaudited preliminary announcement has been prepared under the historical
cost convention on a going concern basis and in accordance with applicable
International Financial Reporting Standards and IFRIC interpretations ("IFRS")
as adopted by the EU.
The preliminary announcement has been prepared on the basis of the same
accounting policies as published in the audited financial statements of the
Group for the year ended 31 December 2008.
The financial information in this preliminary announcement does not constitute
statutory accounts within the meaning of section 435 of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2009 have not yet been
delivered to the Registrar of Companies and no audit report has yet been given
on the statutory financial statements. Statutory accounts for the year ended 31
December 2008 have been delivered to the Registrar of Companies. The audit
report on these statutory accounts was unqualified and did not contain a
statement either under section 237(2) or 237(3) of the Companies Act 1985.
Loss per share and diluted loss per share
Loss per share is calculated by dividing the loss attributable to ordinary
shareholders for each year amounting to GBP7,618,000 (2008: GBP8,242,000) for
the year ended 31 December 2009 by 155,525,000 (2008: 155,525,000), being the
weighted average number of ordinary shares in issue during each year.
For the purposes of dilution, share options are non-dilutive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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