TIDMKING
30 June 2023
Igraine Plc
AQSE: KING
("Igraine" or "the Company")
Audited Financial Statements for the Year Ended 31 December 2022
The full audited annual report can be found on the Company's website https://
igraineplc.com.
REVIEW OF BUSINESS
The Directors have been successful in their efforts to minimise the operating
costs of the Company, whilst investments mature.
In July 2022 Sir Professor Christopher Evans, Martin Walton, Burns Singh
Tennent-Bhohi and Richard Walker all stepped down as Directors of the Company.
The Company appreciates all the efforts of the directors who stepped down,
especially Burns Singh Tennent-Bhohi who restructured the company in April 2021
and led the recapitalisation of the company in June 2021.
The Company maintains a truly exceptional working relationship with Sir
Professor Christopher Evans and Martin Walton. Despite their transition from
the board of directors, our partnership remains strong and continues to
flourish. Their extensive experience, valuable guidance, and unwavering
dedication have made an indelible impact on the Company. We are grateful for
their ongoing support.
INVESTEE COMPANY UPDATES
Excalibur Medicines Limited
Excalibur Medicines Limited ("EML") a subsidiary of Excalibur Healthcare
Services Ltd. EML has secured exclusive rights to and owns the patents on a
drug, AZD1656, which is being developed as a potential therapeutic for
diabetics.
Igraine maintains a 2% equity interest in EML and has the rights to co-invest
in all healthcare and life-science investment opportunities sourced or invested
into by Excalibur Healthcare Services.
In August 2022, EML announced the publication in Lancet eClinicalMedicine of
the Phase 2 clinical trial, ARCADIA, which investigated AZD1656 for people with
diabetes hospitalised with COVID19.
Patients in the AZD1656 arm were observed to have lower mortality;
additionally, AZD1656 was shown to have immunomodulatory capability, as
predicted. The paper also details our sub-group analysis of patients considered
to be at higher risk of worse COVID-19 outcomes, either with elevated IL-6 or
those with low Vitamin D status.
The EML management team have continued to work on their own and through their
network including with the clinical charity, St George Street (SGS) in seeking
commercial opportunities or interest in taking the development of asset AZD1656
following the phase II clinical trial. EML has also begun to pursue additional
potential opportunities where the asset could be tested in other
non-respiratory indications. The mechanism of action of AZD 1656 was well
observed during the trial and its anti-inflammatory effects and T-Reg
mobilisation to the point of disease suggests that it could be effective in
other areas or organs such as the heart.
As summarised in the paper: "the evidence presented here suggests that specific
activation of T-regs might suppress the inappropriate
inflammation which is the prime cause of tissue damage in autoimmune disease."
Oscillate Plc
During the year the Company purchased 21,475,000 shares in Oscillate Plc,
representing approximately 10.2% of Oscillate's issued share capital. Oscillate
Plc is an investment issuer listed on the AQSE Growth Market Exchange seeking
investment in the medical cannabis sector, special situations and investments
in the medical psychedelic industry. In June 2022, the Oscillate invested a
further £350,000 in Psych Capital and Psych Capital listed on the AQSE
Exchange, at a significantly increased value per share to the initial total
investment, resulting in a profit before tax for the Company of £572,366. As at
year end Oscillate Plc's cash position was £1,230,961.
Legacy Investment
Following the considerable work associated with the restructure of Igraine, the
Board completed an evaluation of the investment interests acquired prior to
April 2021, including holding meetings with certain board members of the
investees. Upon completing this review, the Board of Directors have deemed them
in majority as non-core to the Company in both present material value and in
contrast the Company's revised investment strategy.
During the Financial Year, The Company exited its position in Just Bee Honey
Limited ("Just Bee"). Just Bee is a private retail business selling high
quality honey products that have a positive impact on bees. The Company sold
1,840,000 shares (9.14%) in Just Bee Ltd for a total consideration of £
26,680.00.
To the year ending 31 December 2021, the Board of Directors wrote off the value
of the loan receivable by a legacy investee, ASSIF Limited ("ASSIF"), whilst
the Board remain in contact with this investee the Board were unsatisfied when
assessing the realistic recoverability of monies lent to this investee further
compounded by ASSIF making no attempt to repay all sums owing to date.
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.
In February 2023, the Company invested £100,000 into Fixit Medical Ltd
("Fixit"). Fixit, a research and experimental development company focused on
social sciences and humanities, is the sole owner, designer and developer of
Cingo® ("Cingo"), the next drainage catheter fixation device.
Cingo features best in class catheter fixation through a pull-force dissipating
design and an estimated two-week wear time. Cingo also boasts a revolutionary
design that protects catheters from twisting and kinking, providing easy access
to the catheter exit site for improved visibility and cleaning, and includes a
breakthrough integral shower-safe feature. Fixit CEO and Inventor of Cingo, Dr.
Robert Ward, MB BS FRCS FRCR, is a specialist in vascular and interventional
radiology and has developed the most advanced and patient-centric drainage
catheter fixation device available today. Igraine hold 434 ordinary shares in
Fixit representing 20 per cent of Fixit's share capital.
Executive Director, Steve Winfield, owns approximately 46% of Larvotto Group
Limited. Larvotto Group Limited itself will have a resulting holding of
approximately 34% of Fixit and acts as an unpaid operational partner and
investor of Fixit Medical Ltd.
ON BEHALF OF THE BOARD:
Mr S Grant-Rennick
Director
DIVIDS
The Directors do not propose a dividend in respect of the year ended 31
December 2022 (2021: £nil).
The Directors of the Company accept responsibility for the contents of this
announcement.
Igraine plc
Simon Grant-Rennick Tel: 020 7887 1401
Peterhouse Capital Ltd (AQSE Corporate Tel: 020 7469 0930
Adviser)
Guy Miller Tel: 020 7220 9795
Brefo Gyasi
Statement of Profit or Loss
for the year ended 31
December 2022
2022 2021
£ £
CONTINUING OPERATIONS
Other operating income - 19,824
Loss on revaluation of (107,375) (12,798)
investments
Administrative expenses (241,315) (407,615)
OPERATING LOSS (348,690) (400,589)
Impairment of loans and trade - (93,405)
receivables
Interest Income 3,329 -
LOSS BEFORE INCOME TAX (345,361) (493,994)
Income tax - -
LOSS FOR THE YEAR (345,361) (493,994)
Earnings per share expressed
in pence per share:
Basic -0.004 -0.01
Diluted -0.003 -0.008
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 31 December 2022
2022 2021
£ £
LOSS FOR THE YEAR (345,361) (493,994)
Other comprehensive income
- -
TOTAL COMPREHENSIVE INCOME FOR THE (345,361) (493,994)
YEAR
Statement of Financial
Position
As at 31 December 2022
2022 2021
£ £
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment - -
Investments 761,063 615,113
761,063 615,113
CURRENT ASSETS
Trade and other receivables 134,637 154,067
Investments - 7,205
Cash and cash equivalents 388,412 904,129
523,049 1,065,401
TOTAL ASSETS 1,284,112 1,680,514
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 588,786 588,786
Share premium 1,946,995 1,946,995
Other reserves 46,116 46,116
Retained earnings (1,518,066) (1,172,705)
TOTAL EQUITY 1,063,831 1,409,192
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities -
borrowings
Interest bearing loans and 29,922 38,464
borrowings
CURRENT LIABILITIES
Interest bearing loans and 9,768 10,649
borrowings
Trade and other payables 180,591 222,209
TOTAL LIABILITIES 220,281 271,322
TOTAL EQUITY AND LIABILITIES 1,284,112 1,680,514
Statement of Changes in Equity
for the year ended 31 December 2022
Called up Share Other Retained Total
share premium reserves earnings equity
capital
£ £ £ £ £
Balance at 1 January 2021 554,616 26,818 - (678,711) (97,277)
Changes in equity
Deficit for the year - - - (493,994) (493,994)
Warrant and Option charge - - 46,116 - 46,116
Total comprehensive income - - 46,116 (493,994) (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 1,946,995 46,116 (1,172,705) 1,409,192
Changes in equity
Deficit for the year - - - (345,361) (345,361)
Balance at 31 December 2022 588,786 1,946,995 46,116 (1,518,066) 1,063,831
Statement of Cash Flows 2022 2021
for the year ended 31 December 2022 £ £
Cash flows from operating activities
Cash generated from operations (276,575) (498,688)
Net cash from operating activities (276,575) (498,688)
Cash flows from investing activities
Purchase of fixed asset investments (268,437) (600,000)
Sale of fixed asset investments 38,716 13,431
Net cash from investing activities (229,721) (586,569)
Cash flows from financing activities
Loan repayments in year (9,421) (887)
Share issue (net of share issue costs) - 1,982,462
Net cash from financing activities (9,421) (1,981,575)
(Decrease)/increase in cash and cash (515,717) 896,318
equivalents
Cash and cash equivalents at beginning 904,129 7,811
of year
Cash and cash equivalents at end of year 388,412 904,129
END
(END) Dow Jones Newswires
June 30, 2023 08:52 ET (12:52 GMT)
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