TIDMKING
Igraine plc
AQSE: KING
("Igraine" or "the company")
Unaudited
Financial Statements for the Year Ended 31 December 2021
for
Igraine Plc
The information set out below has been extracted from the Company's draft
report and accounts for the year ended 31 December 2021 and has not been
audited. A further announcement will be released by the Company on completion
of the audit, expected shortly, and any material changes between the financial
information set out below and the audited financial information will be
disclosed in that announcement.
On 26 April 2021, the company completed a recapitalisation and Board change,
introducing new Directors, Mr Simon Grant-Rennick and Mr Burns Singh
Tennent-Bhohi. After the company's Annual General Meeting held on 26 April
2021, Mr Brian Jones & Mr Kenneth Hillen resigned from the Board of Directors.
The injection of new capital and Directors enabled the company to review its
existing financial position, its underlying assets and consider how best to
progress and create value for shareholders of the company. I am pleased to
report that on 11 June 2021, the company announced and posted a Circular to
convene a General Meeting to approve proposals and resolutions to create a
premier MedTech and biotech investment company that includes a conditional
brokered financing for gross proceeds of, £2,000,500.
On 28 July 2021 the Company changed its name to Igraine PLC.
ABOUT EML INVESTMENT
EML has secured exclusive rights to and owns the patents on a drug, AZD1656,
which is being developed as a potential therapeutic for diabetics suffering
from COVID-19. As there are very few new therapeutics in development for
COVID-19 and associated virally transmitted diseases (most research is in
combining existing treatments) this has the potential to be highly attractive
to big pharma and biotech buyers. Further, if the trials are successful, it is
likely the drug will be effective for the general population in Covid -19 and
in other respiratory diseases. The results of the Phase 2 trials of the drug -
the ARCADIA trial - to assess the safety and efficacy of AZD1656 in 150
patients with either Type 1 or Type 2 diabetes who have been hospitalised with
COVID-19, were released on the 9 September 2021:
Results from ARCADIA Phase II Clinical Trial of a Potential Therapy for
COVID-19
St George Street Capital, a UK-based biomedical charity, and Excalibur
Medicines Ltd., a biotechnology investment company, are pleased to announce the
receipt of the final data from the ARCADIA Phase ll clinical trial which was
conducted to assess a therapy that could treat diabetic patients suffering from
COVID-19.
In light of the encouraging trial results, St George Street Capital and
Excalibur will immediately start to undertake commercial discussions with
potential licensees and/or fundraise for further clinical trials to investigate
AZD1656 in a larger study. Further analysis to determine the precise nature of
the biological effects of AZD1656 that explain the observed clinical outcomes
will also be conducted.
The trial data has shown the following:
Efficacy:
A strong trend towards reduced mortality in patients receiving AZD1656. This
was noted in both mortality on treatment and all-cause mortality, which were
lower in the AZD1656 group compared to the placebo group. The strong trend to
improved mortality for patients on AZD1656 was observed on top of patients
receiving other medication, including dexamethasone, as part of standard of
care. Certain clinically and biochemically defined subsets of patients appeared
to benefit most from treatment with AZD1656. The data from ARCADIA supports
continued investigation of AZD1656 for the treatment of patients with COVID-19,
with or without diabetes, in future clinical trials.
Safety and Tolerability:
AZD1656 was shown to be well-tolerated in this patient population with no
serious adverse reactions (SARs) occurring. The degree of glycaemic control, as
measured by the need to increase baseline medication requirements or the need
to add additional diabetic medications, was no different between the AZD1656
group and the placebo group. The proportion of Serious Adverse Events (SAEs)
was numerically lower in the AZD1656 group compared with the placebo group. The
proportion of Treatment Emergent Adverse Events (TEAE) was also no different
between the groups. Overall no safety concerns were identified regarding the
use of AZD1656 in this patient population.
Diabetes, whether type 1 or 2, has been the leading single cause of
co-morbidity during the pandemic and one in three of all deaths with COVID-19
in hospital in England have been associated with diabetes.
About the ARCADIA Trial
AZD1656 was identified by St George Street Capital as a potential treatment for
people with diabetes infected with COVID-19.
The objectives of the ARCADIA clinical trial were to assess the safety and
tolerability of a glucose kinase activator, AZD1656, and to determine the
effect of the therapy on clinical improvement and mortality in people with
diabetes hospitalised with COVID-19. The trial also explored whether AZD1656
benefits COVID-19 patients via its effects on immune function.
ARCADIA was a randomised, double-blind, placebo-controlled Phase II clinical
trial involving 153 patients. The clinical trial was arranged and structured by
Professor Sir Chris Evans, Chairman and CEO of Excalibur Healthcare Services,
through its subsidiary, Excalibur Medicines Ltd. Sir Chris worked closely with
Professor John Martin and his team at St George Street, a UK-based biomedical
research charity, which secured the initial project and permission to run the
trial from AstraZeneca.
POST-YEAR REVIEW
The company continues to monitor the development of its maiden investment with
Excalibur under the Co-Investment Agreement. Results to date have been positive
as the Excalibur team progress commercialisation discussions with the
preference being that of a trade sale.
Independent of our investment in EML, the company is acutely aware of the
volatility in global financial markets and is actively engaged in commercial
discussions with businesses and opportunities that have fundamentally strong
offerings but a lack of access to traditional means of capital investment
during these uncertain times.
Simon Grant-Rennick
Non-Executive Director
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept
responsibility for its content.
Enquiries
Company:
Simon Grant-Rennick (Non-Executive Director)
info@igraineplc.com
AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
Media inquiries:
Ramsay Smith, Media House International
ramsay@mediahouse.co.uk: +44 (0) 7788414856
Igraine Plc
Unaudited Preliminary Results
for the year ended 31 December 2021
Igraine Plc (Registered number: 06400833)
Statement of Profit or Loss
for the year ended 31 December 2021
2021 2020
£ £
CONTINUING OPERATIONS
Revenue - -
Other operating income 19,824 61,556
Gain/loss on revaluation of (26,484) (147,043)
investments
Administrative expenses (469,334) (294,073)
OPERATING LOSS (475,994) (379,560)
Impairment of loans and trade (41,339)
receivables
Interest Income (23,657)
Interest payable at 7.1% on (163,450)
preference Shares
Conversion of Preference shares to 4,548,821
Ordinary shares
Amortisation of preference shares (697,067)
(LOSS)/PROFIT BEFORE INCOME TAX (475,994) 3,291,172
Income tax - -
(LOSS)/PROFIT FOR THE YEAR (475,994) 3,291,172
Earnings per share expressed
in pence per share:
Basic (0.01) 0.109
Diluted (0.01) 0.107
Igraine Plc (Registered number: 06400833)
Statement of Financial Position
31 December 2021
2021 2020
£ £
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment - 1,048
Investments 615,113 15,113
615,113 16,161
CURRENT ASSETS
Trade and other receivables 154,067 115,784
Investments 7,205 48,201
Cash and cash equivalents 904,129 7,811
1,065,401 171,796
TOTAL ASSETS 1,680,514 187,957
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 588,786 554,616
Share premium 1,946,995 26,818
Other reserves 28,116 -
Retained earnings (1,154,705) (678,711)
TOTAL EQUITY 1,409,192 (97,277)
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Interest bearing loans and 49,113 50,000
borrowings
CURRENT LIABILITIES
Trade and other payables 222,209 235,234
TOTAL LIABILITIES 271,322 285,234
TOTAL EQUITY AND LIABILITIES 1,680,514 187,957
The financial statements were approved by the Board of Directors and authorised
for issue on ............................................. and were signed on
its behalf by:
.........................................................
Mr B Singh Tennent-Bhohi - Director
Igraine Plc (Registered number: 06400833)
Statement of Changes in Equity
for the year ended 31 December 2021
Called up
share Retained Share Other Total
capital earnings premium reserves equity
£ £ £ £ £
Balance at 1 January 2020 71,008 (3,969,883) - - (3,898,875)
Changes in equity
Profit for the year - 3,291,172 - - 3,291,172
Total comprehensive income - 3,291,172 - - 3,291,172
Issue of share capital 483,608 - 26,818 - 510,426
Balance at 31 December 2020 554,616 (678,711) 26,818 - (97,277)
Changes in equity
Deficit for the year - (475,994) - - (475,994)
Warrant charge - - - 28,116 28,116
Total comprehensive income - (475,994) - 28,116 (447,878)
Transaction cost - - (178,153) - (178,153)
Issue of share capital 34,170 - 2,098,330 - 2,132,500
Balance at 31 December 2021 588,786 (1,154,705) 1,946,995 28,116 1,409,192
Igraine Plc (Registered number: 06400833)
Statement of Cash Flows
for the year ended 31 December 2021
2021 2020
£ £
Cash flows from operating
activities
Cash generated from 1 (573,030) (140,467)
operations
Net cash from operating (498,688) (140,467)
activities
Cash flows from investing
activities
Purchase of tangible fixed - (591)
assets
Purchase of fixed asset (600,000) -
investments
Sale of fixed asset 13,431 -
investments
Increase in loan payable - 50,000
Decrease in loan receivables 74,342 48,813
Net cash from investing (586,569) 98,222
activities
Cash flows from financing
activities
Loan repayments in year (887) -
Share issue 1,982,462 50,000
Net cash from financing 1,981,575 50,000
activities
Increase in cash and cash 896,318 7,755
equivalents
Cash and cash equivalents at 2 7,811 56
beginning of year
Igraine Plc (Registered number: 06400833)
Notes to the Statement of Cash Flows
for the year ended 31 December 2021
1 RECONCILIATION OF (LOSS)/PROFIT BEFORE
INCOME TAX TO CASH GENERATED FROM
OPERATIONS
2021 2020
£ £
(Loss)/profit before income tax (475,994) 3,291,172
Depreciation charges 1,048 457
Loss on disposal of fixed assets 1,082 -
Loss on revaluation of fixed assets 26,484 147,043
Amortisation adjustment on preference 697,067
shares
Amortisation adjustment on conversion of (4,548,821)
preference shares
Impairment of trade receivables 41,229
Interest receivable (23,657)
Interest payable 163,450
(447,380) (232,060)
(Increase)/decrease in trade and other (112,625) 28,583
receivables
(Decrease)/increase in trade and other (13,025) 63,010
payables
Cash generated from operations (573,030) (140,467)
2 CASH AND CASH EQUIVALENTS
The amounts disclosed on the Statement of Cash Flows in respect of
cash and cash equivalents are in respect of these Statement of
Financial Position amounts:
Year ended 31 December 2021
31/12/2021 01/01/2021
£ £
Cash and cash equivalents 904,129 7,811
Year ended 31 December 2020
31/12/2020 01/01/2020
£ £
Cash and cash equivalents 7,811 56
END
(END) Dow Jones Newswires
June 30, 2022 13:30 ET (17:30 GMT)
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