TIDMPSY
RNS Number : 7898E
Psych Capital PLC
31 October 2022
31 October 2022
PSYCH CAPITAL PLC
AQSE: PSY
("Psych" or "the Company")
AUDITED RESULTS FOR THE YEARED 30 APRIL 2022
Psych Capital plc, the AQSE traded psychedelic healthcare
incubation company, is pleased to announce its audited results for
the year ended 30 April 2022.
The information set out below has been extracted from the
Company's annual report and accounts for the year ended 30 April
2022 and the full report will shortly be available on the Company's
website at https://psych.capital
"CHAIRMAN'S STATEMENT
We are pleased to present the results for Psych Capital Plc for
the year ended 30 April 2022. The Company was admitted to the AQSE
Growth market on 9 June 2022 and is the first pure-play psychedelic
company to list in London.
The nascent and growing medical psychedelic industry has
attracted a significant base of investors seeking to establish and
scale businesses in a landscape showing scientific and commercial
promise. The Company seeks to uncover opportunities at the
forefront of the rapidly evolving regulatory landscape,
developments in healthcare delivery frameworks, and scientific and
clinical research, to address the unmet needs of patients in the UK
and other markets, in the context of an escalating mental health
crisis.
The Company is pursuing two core strategies:
-- Identify, fund and support the building of future companies
conducting clinical research programs to develop psychedelic drug
development and therapeutic treatments; and
-- Scaling and growing its business-to-business ("B2B") media
and content platform (PSYCH) for the psychedelic science and
healthcare industry.
Overview
During 2021, the Company invested in Awakn Life Sciences Corp.
("Awakn"), acquiring approximately 2% per cent of Awakn's issued
share capital at the time of the investment. Awakn is a clinical
biotech company researching, developing and delivering
evidence-based psychedelic medicine to treat addiction and other
mental health conditions. The team at Awakn have delivered progress
on a number of fronts in 2022, including the successful completion
of Phase One of its Drug Discovery Program, and the approval of
Phase III of its Ketamine assisted therapy for alcohol use disorder
program, with the National Institute for Health and Care Research
("NIHR"), a UK government agency who provided funding of CA$2.5m,
which covers 66% of the costs.
The Company also acquired the PSYCH platform from Prohibition
Holdings Limited. The platform is a business-to-business media and
content platform for the psychedelic science and healthcare
industry, and provides a resource for networking, intelligence and
insights, servicing the industry through publications, newsletters
and engaging events. The PSYCH Platform is revenue generative, with
GBP62,228 of sponsorship revenue recognised during the year ended
30 April 2022.
PSYCH has amassed a significant global B2B audience, with
subscribers to the platform growing by 38% since acquisition, to
37,000 readers. This is particularly impressive given the Company's
lack of marketing activity. The platform also produces "The
Psychedelics as a Medicine Report" series, now in its 3rd Edition,
which has become one of the leading resources for the global
industry, with over 2,000 downloads per edition, and which is
recording record revenue in sponsorship from premium psychedelic
companies, including Beckley Psytech, Atai, Braxia, Filament Health
and Diamond.
Post year-end
The inaugural PSYCH Symposium was held in The National Gallery
on 11 May 2022 in London with over 350 delegates in attendance and
generated revenues of over GBP150,000 from client sponsorship and
ticket sales. The symposium attracted over 35 global thought
leaders from science, advocacy, regulation and finance, to
participate in a full day programme sharing insights, research and
inspiration for the future of the industry.
In June 2022, we listed on the Aquis Exchange, making Psych
Capital Plc the first pure play psychedelic focused company to list
on UK Capital markets. A successful capital raise was achieved as
part of our Initial Public Offering, raising gross proceeds of
GBP810,000.
We are committed to advancing the case for regulatory reform in
the UK and beyond, to improve patient access to innovative drugs
and therapy treatments. The Company welcomed the appointment of the
Conservative Party Drug Reform Group, represented by Crispin Blunt,
a pioneering politician leading regulatory reform, to the Company's
Psychedelic Medicines Technical Advisory Board.
While most of the attention in the industry is focused on
R&D and drug development, Psych Capital has conducted a full
analysis of potential healthcare delivery frameworks to identify
early-stage opportunities related to the implementation of
psychedelics as medicine. This included a full mapping of
companies, initiatives and projects that could impact the
development of the sector. Alongside market analysis, Psych Capital
explored investment opportunities into several companies and while
no investment has been finalised to date, we have identified
potential investments that could make a positive impact to the
group in the future.
The management team and board has been strengthened by the
appointment of an independent non-executive director upon admission
to the AQSE, and subsequently a CFO, both of whom are seasoned
finance professionals, with public markets, and regulatory
expertise.
Outlook and prospects
Whilst macroeconomic pressure stemming from the conflict in
Ukraine, concerns regarding inflationary pressures, and political
uncertainty have led to market volatility, the nascent psychedelic
industry continues to develop rapidly. The publication of
potentially transformative clinical trial results expected in late
2022/ early 2023 are eagerly anticipated by the market, with MDMA
and psilocybin-assisted therapy expected to be regulated by the
FDA.
Our latest PSYCH reports forecast that the European economies
stand to save over US$60 billion each year through innovations in
psychedelic healthcare, with the market for psychedelic-assisted
therapies expected to be worth US$1.5 billion by 2030. In the
United States, where healthcare costs are far greater, the economy
stands to save US$270 billion. Across the Atlantic the market could
exceed US$4 billion by 2030, driven by the regulation of MDMA and
psilocybin.
Psych Capital, with our network of experts, proprietary market
intelligence, and access to deal flow, is in a strong position to
invest in early-stage opportunities in the medical psychedelic
industry. We have been exploring several potential M&A
transactions which have come to us at preferential valuations
compared to the prior six months, and we look forward to updating
the market on developments.
Joseph Colliver
Non-Executive Chairman
The Directors of the Company accept responsibility for the
contents of this announcement.
ENQUIRIES:
Company:
Psych Capital plc
William Potts info@psych.capital
Stephen Murphy
https://psych.capital
AQSE Corporate Adviser:
Peterhouse Capital Limited
Guy Miller
Mark Anwyl 020 7469 0930
Statement of Comprehensive Income
Year ended
30 April 2022
GBP
---------------
Revenue 62,228
Cost of sales (22,257)
---------------
Gross profit 39,971
Administrative expenses (622,445)
---------------
Operating loss (582,474)
Fair value gains on fixed asset investments 38,541
---------------
Loss on ordinary activities before taxation (543,933)
Income tax -
---------------
Total comprehensive loss for the financial year (543,933)
===============
Basic loss per share attributable to owners of the parent 0.012
Statement of Financial Position
As at
30 April 2022
GBP
---------------
Non-current Assets
Intangible assets 387,500
Investments 338,542
---------------
Total Non-current Assets 726,042
===============
Current Assets
Cash and cash equivalents 322,634
Other receivables 150,568
---------------
Total Current Assets 473,202
===============
Current Liabilities
Trade and other payables 723,177
---------------
Total Liabilities 723,177
===============
Net Current Assets/(Liabilities) (249,975)
Net Assets 476,067
===============
Equity
Issued share capital 183,333
Share premium 836,667
Retained earnings (543,933)
Total Equity 476,067
===============
Statement of Changes in Equity
Share Share Retained Total
capital premium earnings equity
GBP GBP GBP GBP
--------- --------- ---------- ----------
Transactions with equity owners
At incorporation - issue of share capital
2 ordinary shares at GBP0.0001 each - - - -
Ordinary Shares issued
39,998 shares at GBP0.0001 each 4 - - 4
Ordinary Shares issued 183,329 836,667 - 1,019,996
Total comprehensive income
Total comprehensive income
for the year ended 30 April 2022 - - (543,933) (543,933)
--------- --------- ---------- ----------
As at 30 April 2022 183,333 836,667 (543,933) 476,067
--------- --------- ---------- ----------
Statement of Cash Flows
Year ended
30 April 2022
GBP
---------------
Cash flows from operating activities
Loss before tax (543,933)
Adjusted for:
Fair value gain on investments (38,541)
Amortisation of intangible assets 62,500
(Increase) in trade and other receivables (150,568)
Increase in trade and other payables 273,177
---------------
Net cash used in operating activities (397,365)
---------------
Cash flows from investing activities
Purchase of investments (240,001)
Net cash used in investing activities (240,001)
---------------
Cash flows from financing activities
Proceeds from the issue of shares 960,000
---------------
Net cash generated from financing activities 960,000
---------------
Net increase in cash and cash equivalents 322,634
Cash and cash equivalents at beginning of year -
---------------
Cash and cash equivalents at end of year 322,634"
===============
Market Abuse Regulation (MAR) Disclosure
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the Company to constitute inside information. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
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END
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