TIDMAGI
RNS Number : 1352K
AGI Therapeutics plc
14 April 2010
AGI Therapeutics, plc
Preliminary financial results for the year ended 31 December 2009
AGI reports solid cash position, reduced cost base and progress
on new product pipeline
Dublin, Ireland,14th April 2010 - AGI Therapeutics plc ("AGI" or the "Company"),
a specialty pharmaceutical company, today reports preliminary audited financial
results for the year ended 31 December 2009, and provides a business update to
shareholders.
Financial highlights
· Cash and short-term deposits at 31 December 2009 of $12.0 million, (2008:
$23.6 million)
· Research and Development (R&D) spend of $8.3 million (2008:$15.9 million)
· Reduced net loss of $10.6 million (2008: $18.2 million)
· Loss per ordinary share of 15.8 cents (2008: 27.0 cents)
Operational Summary
In May 2009, we announced that we were discontinuing the development of our lead
development programme, Rezular(TM), in the broad indication of
diarrhoea-predominant irritable bowel syndrome (IBS-D) following disappointing
results from our Phase III ARDIS-1 efficacy study. In conjunction with this
decision we terminated the ongoing Phase III ARDIS-3 safety study.
In September 2009, we announced a new business strategy for the Company,
focusing onthe development of specialty products for unmet medical needs,
without being restricted to any specific therapeutic area. In particular, we
announced our intention to pursue products in specialty niche or "orphan"
designated markets that represent an attractive return on investment for a
company of our size.
We have commenced the implementation of this new business strategy and
restructured the activities of the Company accordingly.
New Product Pipeline
· We have conducted extensive commercial, technical and intellectual
property (IP) due diligence on a number of external product candidates with a
view to in-licensing in order to build a robust and enhanced product pipeline.
While some opportunities have been rejected for various regulatory, clinical or
commercial reasons, we continue to actively pursue discussions on selected
promising candidates with the objective of adding one or more new programmes to
our portfolio during 2010. These products will meet our criteria of targeting
unmet medical needs in specialty markets and will have potential in-market sales
which provide an attractive return on investment for AGI.
· We have also applied the same technical, commercial and risk-return
analysis to our internal product pipeline:
o As outlined in September of 2009, we completed a comprehensive review of the
data from ARDIS-1, our Phase III clinical efficacy study of Rezular in IBS-D. We
subsequently met with the US Food and Drug Administration (FDA) and key opinion
leaders to explore future development possibilities for this product. While we
believe, based on an analysis of the ARDIS data, that there may be potential to
develop this product in a sub-set of severe IBS-D patients, we do not at this
time intend to fund the development of Rezular in any IBS-related indication,
but will determine if there is a potential to out-license this opportunity. We
continue to evaluate the potential benefits of Rezular in a number of chronic
diarrhoea indications that represent interesting specialty and potential orphan
indications and proof of concept trials are currently under consideration.
o We have also commenced pre-clinical evaluation of Rezular in a new,
non-gastrointestinal (GI) therapeutic area. The unique pharmacology and
mechanism of action of this drug may provide a valuable therapeutic benefit in
this orphan indication. These studies are ongoing and we await data before
deciding upon next steps.
o We continue to actively seek and engage with potential development partners
for the other products in our pipeline. These include: AGI-004, transdermal
mecamylamine for the treatment of Chemotherapy-Induced Diarrhoea (CID), AGI-010,
a controlled-release omeprazole directed to nocturnal acid breakthrough (NAB),
AGI-022, a targeted and controlled-release aminosalicylate for ulcerative
colitis and AGI-006, an upper-GI prokinetic agent.
We are pleased to announce significant progress in establishing an IP platform
in relation to our aminosalicylate (ASA) delivery system. Specifically a notice
of allowance of claims has been granted in the US for our lead patent
application and we expect progress shortly on the European Patent Office
equivalent.
Operations review: costs reduced
In the last quarter of 2009 and continuing into 2010, we took action to reset
the cost base of the Company and align it more closely with the earlier stage of
development of our product pipeline.
Specifically;
· We closed our US office, reducing our overall headcount, and have
established a panel of regulatory and clinical consultants to provide expert
input into our programmes. In particular we are pleased to have retained Dr.
David Young on our Board and look forward to his advice and guidance in relation
to FDA interactions.
· We made significant changes to our remaining cost structure. Our
day-to-day running costs have been reduced by more than half as a result of
these changes.
· We terminated all ongoing clinical programmes associated with Rezular in
IBS-D and will in future only invest in programmes designed to provide proof of
concept data for potential new orphan and unmet need indications for this
compound.
· We will limit ongoing spending on our IP portfolio (patents and patent
applications) to those products that are part of our new pipeline or where we
believe there is good possibility of partnering in the future.
As a result of these efforts, at the end of 2009 we had a cash balance of $12.0
million which we intend to invest in our new development pipeline. It is our
intention to progress a selected number of projects to a stage where they will
have tangible worth that will enhance shareholder value.
Commenting on the results, Dr. John Devane, CEO of AGI, said:
"While 2009 proved to be a very difficult year for AGI, we have successfully
resized our operations and are implementing a strategy to rebuild our pipeline.
While we have yet to announce the details of our new product pipeline, we have
already identified a number of attractive opportunities on which we are
undertaking rigorous technical and commercial due diligence, and believe this
will result in a valuable pipeline of products that will re-build value in our
business. "
Contact Information:
+------------------------------------+------------------------------+
| AGI Therapeutics plc. | Tel: +353 1 449 3254 |
+------------------------------------+------------------------------+
| David Kelly, Chief Financial | |
| Officer | |
+------------------------------------+------------------------------+
| | |
+------------------------------------+------------------------------+
| Davy | Tel: +353 1 614 8761 |
| John Frain | |
+------------------------------------+------------------------------+
For further information: www.agitherapeutics.com
Notes to Editors:
About AGI Therapeutics plc
AGI is a specialty pharmaceutical company which is focused on the development
and commercialisation of differentiated specialty drug products to treat unmet
medical needs, including conditions which qualify for orphan drug status.
The Company has a portfolio of product candidates and aims to bring its products
to the market either directly or through out-licensing or other partnering
arrangements.
AGI's common shares are listed on the Alternative Investment Market of the
London Stock Exchange (AIM) and on the Irish Enterprise Exchange of the Irish
Stock Market (IEX) as AGI.
For further information please see www.agitherapeutics.com.
Statements contained within this press release may contain forward-looking
comments which involve risks and uncertainties that may cause actual results to
vary from those contained in the forward-looking statements. In some cases, you
can identify such forward-looking statements by terminology such as 'may',
'will', 'could', 'forecasts', 'expects', 'plans', 'anticipates', 'believes',
'estimates', 'predicts', 'potential', or 'continue'. Predictions and
forward-looking references in this press release are subject to the satisfactory
progress of research which is, by nature, unpredictable. Forward projections
reflect management's best estimates based on information available at the time
of issue.
AGI Therapeutics, plc
Chairman's and Chief Executive's review:
Overview
The first half of 2009 was dominated by activities associated with progressing
AGI's lead product, Rezular, for the treatment of IBS-D. We received the
top-line results from the ARDIS-1 study in mid-May. The study did not show
statistically significant differences between drug and placebo in the primary
endpoint of patient-reported adequate relief of IBS symptoms. Statistically
significant evidence favouring Rezular treatment was achieved in a number of
secondary endpoints, particularly those relating to aspects of diarrhoea, stool
frequency and in the majority of sub-categories of quality-of-life (IBS-QOL)
scores and in the overall IBS-QOL score. There were no statistically significant
differences between treatments in adequate relief of pain/discomfort or change
in severity of pain.
Based on analysis of these data, we did not believe that the results of ARDIS-1
would meet the current regulatory requirements for an effective therapy for the
broad IBS-D population and therefore decided to cease development of Rezular in
this indication.
New Business Strategy
Following a full review of our business and pipeline, in September 2009 we
announced our new business strategy that is now being pursued in 2010. We are
leveraging our strengths in product and clinical development to focus on
developing specialty products for areas where unmet medical needs exist. This
means that we intend to concentrate our development efforts and spend on market
segments where the clinical and regulatory route to approval may be less costly
and where commercialisation can be successfully undertaken by a smaller and more
focused specialty company. Some of these indications will, we believe, meet the
criteria for orphan drug status under the current guidelines of the FDA and
other regulatory bodies.
As part of this process, we undertook an analysis of our existing pipeline to
identify if new development paths existed for our products, and as a result
announced that we would consider future development efforts on alternative
indications for Rezular. We continue to recognise that Rezular has a unique and
novel pharmacology which may have utility in indications outside
gastroenterology. We have consulted directly with expert clinicians in one
non-GI therapeutic area of interest and have commenced robust pre-clinical
studies to test the potential benefits of Rezular in this indication. We are not
yet at liberty to disclose the therapeutic area at this time due to ongoing
patenting activities. We have also identified and are considering the
potential of other development pathways for Rezular in niche GI conditions which
have chronic diarrhoea as a primary symptom.
Since closing down the Phase III Rezular programme, we have spent significant
time and effort in evaluating potential new additions to our pipeline. For each
identified opportunity we have applied similar assessment criteria. The product
should be in a specialist niche market, preferably one where it will receive
"orphan drug" status in the US and/or Europe, and be capable of being developed
by AGI to a significant value-generating inflection point. Other important
features assessed include market exclusivity, product differentiation,
regulatory pathway, commercial sales potential and IP protection.
In recent months we have entered into full due diligence on a number of
potential opportunities. Inevitably the majority of the products evaluated did
not meet all the above criteria. Nevertheless, a selected number of
opportunities have been advanced and we are optimistic that we will bring one or
more new products into our pipeline during 2010.
With regard to products already in our pipeline that no longer meet our criteria
for internal investment, we will now seek to realise value through potential
out-licensing or sale of these products and associated IP assets.
While the failure of the ARDIS Phase III programme has been a significant
challenge, we believe that our actions in the latter months of 2009 to
restructure the Company, establish a new viable and attractive business
strategy, and conserve cash resources were prudent actions taken in the best
interests of our shareholders.
We believe that current trends in the pharmaceutical industry auger well for
companies such as ours. Large pharmaceutical companies around the globe are
cutting back on internal development activities and will rely more on
in-licensing products with established clinical benefit, and with an increasing
focus on specialty rather than primary care-driven markets. We believe that a
sustainable business can be created through targeted investment and building a
portfolio of specialty products which will ultimately be out-licensed to other
companies. The key challenge is to select those opportunities that are both
attractive from a risk-reward perspective and can be progressed by AGI to a
stage where value can be realised, for instance, through a transaction with a
third party. We believe that successful execution of our strategy and playing
to the strengths of our management team will drive the future growth of our
Company and create significant value for you, our shareholders.
Dr. Ronan Lambe Dr. John
Devane
Chairman
Chief Executive Officer
Dublin, 14 April 2010
AGI Therapeutics, plc
Financial review
for the year ended 31 December 2009
Revenue
AGI recorded its first revenues as a result of a license agreement signed in
September 2006, with Axcan Pharma Inc, a Canadian headquartered specialty
pharmaceutical company with a focus on GI diseases. An initial milestone
payment of $1.5 million has been recognised on a straight line basis over
approximately three years, in conjunction with the term of the underlying
development programme. For the year to 31 December 2009, a total of $289,000
was recognised as revenue in respect of this licence agreement (2008: $577,000).
This license agreement has now been recognised in full. In August 2009, Axcan
and AGI terminated this agreement and all product rights have reverted to AGI.
Research and development expenses
R&D expenses for the year ended 31 December 2009 were $8.3 million (2008: $15.9
million). During 2009 and 2008, the Company was conducting a Phase III pivotal
clinical programme of Rezular(TM) for the treatment of IBS-D (ARDIS). This
programme accounted for over 95% of direct R&D expenses in 2009 and 2008. In
May 2009, the Phase III programme was terminated when headline data from the
ARDIS study showed that Rezular had not met its primary efficacy endpoint.
General and administrative expenses
General and administrative (G&A) expenses in 2009 were $2.6 million (2008: $3.5
million). The reduction in G&A expenses is due to the Company's efforts to
reduce its cost base following the termination of the ARDIS programme.
Restructuring and impairment charges
For the year ended 31 December 2009, the Company incurred $321,000 (2008: Nil),
relating to the termination of certain positions, as well as the impairment of
certain acquired patents and computer and office equipment, in conjunction with
the closure of our US office.
Interest income and expense
The Company earned interest on its cash balances, primarily the proceeds of the
IPO during 2006. This amounted to $140,000 (2008: $1.0 million). The decline
in interest income reflects both the declining interest rates available for
deposits as well as the declining cash balances available for deposit.
Other income/(expenses) comprise foreign exchange gains/(losses) of $53,000
(2008: ($362,000)).
Taxation
The Company has incurred losses to date, and no tax charge arises for 2009 or
2008.
Share based compensation expense
During 2009, the Company issued 3,830,000 (2008: 1,410,000) share options
to certain employees. The Company accounts for the fair value of option grants
as a charge in the income statement, using the Black-Scholes option-pricing
model. A charge of $0.8 million (2008: $1.5 million) was recognised in 2009 in
respect of share based compensation expense, disclosed within research and
development and general and administration expenses.
AGI Therapeutics, plc
Condensed Consolidated Income Statement
for the year ended 31 December 2009
Note2009 2008
$'000 $'000
Revenue - continuing operations 320
577
______ ______
Operating expenses
Research and development expenses
(share based payment charge of $330,000
(2008: $853,000))
(8,271) (15,937)
General and administrative expenses
(share based payment charge of $477,000
(2008: $685,000))
(2,559) (3,473)
Restructuring and impairment charges 3
(321) -
______ ______
Loss from operating activities - continuing
operations
(10,831) (18,833)
______ ______
Finance income/finance expense
Interest income
140 992
Other income/(expense)
53 (362)
______ ______
Net finance income
193 630
______ ______
Loss before income tax (10,638)
(18,203)
Income tax
- -
______ ______
Net loss for the year - attributable to equity
holders of the Company
(10,638) (18,203)
Loss per ordinary share
Basic and diluted loss per ordinary share 4(15.8)
(27.0)
AGI Therapeutics, plc
Condensed Consolidated Statement of Comprehensive Income/(Loss)
For the year ended 31 December 2009
2009 2008
$'000 $'000
Net loss for the year (10,638) (18,203)
______ ______
Total comprehensive income/(loss) for the year(10,638)
(18,203)
AGI Therapeutics, plc
Condensed Consolidated Balance Sheet
at 31 December 2009
Note 2009 2008
$'000 $'000
Non-current assets
Property, plant and equipment 3
2 34
Intangible assets 3
1,549 1,793
______ ______
Total non-current assets 1,551
1,827
______ ______
Current assets
Other current assets
75 163
Cash and cash equivalents
11,972 23,577
______ ______
Total current assets 12,047 23,740
______ ______
Total assets 13,598 25,567
Shareholders' equity
Share capital
992 992
Share premium
75,194 75,194
Share based compensation reserve 4,994
4,187
Retained deficit
(68,066) (57,428)
______ ______
Total shareholders' equity
13,114 22,945
______ ______
Current liabilities
Trade and other payables
484 2,622
______ ______
Total current liabilities
484 2,622
______ ______
Total liabilities
484 2,622
______ ______
Total shareholders' equity and liabilities 13,598
25,567
AGI Therapeutics, plc
Condensed Consolidated Statement of Cash Flows
for the year ended 31 December 2009
2009 2008
$'000 $'000
Loss for the year
(10,638) (18,203)
Adjustments to reconcile loss to net cash used in
operating activities:
Depreciation of property, plant and equipment
22 37
Amortisation of intangible assets
143 143
Interest income
(140) (992)
Foreign currency (gain)/(loss)
(53) 362
Impairment of intangible assets and property, plant
and equipment
111 -
Share based payment expense
807 1,538
______ ______
Operating cash outflow before changes
in working capital (9,748)
(17,115)
Decrease/(increase) in other current assets
89 291
(Decrease)/increase in trade and other payables (2,138)
(5,484)
______ ______
Cash absorbed by operations (11,797) (22,308)
Interest received
139 1,227
Tax paid
- (263)
______ ______
Net cash outflow from
operating activities
(11,658) (21,344)
______ ______
Cash flows from investing activities
Acquisition of intangible assets
- (221)
______ ______
Net cash used in investing activities - (221)
______ ______
Net decrease in cash and cash equivalents (11,658)
(21,565)
Cash and cash equivalents at the beginning
of the year
23,577 45,504
Effect of foreign exchange rate changes
53 (362)
______ ______
Cash and cash equivalents at the
end of the year 11,972 23,577
AGI Therapeutics, plc
Condensed Consolidated statement of changes in shareholders' equity
for the year ended 31 December 2009
Ordinary Share Based
Number
Share Share Compensation Retained
Total
of Shares
Capital Premium Reserve Deficit
Amount
$'000 $'000
$'000 $'000
$'000
Balance at 1 January 2008 67,412,783 992
75,194 2,649 (39,225)
39,610
Comprehensive income/(loss):
Net loss for the year -
- - -
(18,203) (18,203)
Other comprehensive income -
- - -
- -
Total comprehensive income/(loss) - -
- - -
(18,203)
Share-based compensation -
- - 1,538 -
1,538
Balance at 31 December 2008 67,412,783 992
75,194 4,187 (57,428)
22,945
Comprehensive income/(loss):
Net loss for the year -
- - -
(10,638) (10,638)
Other comprehensive income -
- - -
- -
Total comprehensive income/(loss) - -
- - -
(10,638)
Share-based compensation -
- - 807 -
807
Balance at 31 December 2009 67,412,783 992
75,194 4,994 (68,066)
13,114
AGI Therapeutics, plc
Notes to the condensed consolidated preliminary financial information
for the year ended 31 December 2009
1 Basis of preparation
The condensed consolidated preliminary financial information included in
the preliminary financial results announcement, which should be read in
conjunction with the 2008 Annual Report, has been prepared in accordance with
the measurement principles of International Financial Reporting Standards
("IFRS") as adopted by the European Union ("EU"), and as effective at 31
December 2009. The consolidated financial statements of the Company for the
prior year are available on the Company's website
http://www.agitherapeutics.com.
The condensed consolidated preliminary financial information presented
herein does not constitute the Company's statutory financial statements for the
years ended 31 December 2009 and 2008, within the meaning of the Companies Acts,
1963 to 2009 but is derived from those financial statements. The statutory
financial statements for the year ended 31 December 2009 will be finalised on
the basis of the financial information presented by the directors in this
preliminary results announcement, and together with the independent auditor's
report thereon, will be filed with the Irish Registrar of Companies following
the Company's Annual General Meeting and will also be available on the Company's
website. Statutory financial statements for the year ended 31 December 2008
have been filed with the Irish Registrar of Companies. The auditor's report on
those financial statements was unqualified.
The financial information is presented in US dollars rounded to the nearest
thousand, being the functional currency of the parent company and its
subsidiaries. It has been prepared on the historical cost basis of accounting,
except for share based payments, which are based on fair value determined at the
grant date of the relevant share option.
The condensed consolidated preliminary financial information includes the
results and financial position of the Company and all of its subsidiary
undertakings. All significant intercompany account balances, transactions, and
any unrealised gains and losses or income and expenses arising from intercompany
transactions have been eliminated in preparing the financial information.
The preparation of the condensed consolidated preliminary financial information
requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities,
income and expenses. Actual results could differ materially from these
estimates. In preparing this financial information, the significant judgements
made by management in applying the Company's accounting policies and the key
sources of estimation uncertainty are the same as those that applied to the
consolidated financial statements as at and for the year ended 31 December 2008.
The accounting policies applied in the condensed consolidated preliminary
financial information are the same as those applied in the consolidated
financial statements as at and for the year ended 31 December 2008, as set out
on pages 32 to 36 of the 2008 Annual Report, except for the application of new
standards as explained below.
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 January 2009.
AGI Therapeutics, plc
Notes(continued)
1 Basis of preparation (continued)
· IFRS 8 - Operating Segments. We adopted IFRS 8 which replaces IAS 14 -
Segmental Reporting ("IAS 14"), for the year ended 31 December 2009. IFRS 8
requires a "management approach" under which segment information is presented on
the same basis as that used for internal reporting purposes. IAS 14 required
identification of two sets of segments - one based on business units and the
other on geographical areas. IFRS 8 requires additional disclosures around
identifying segments and their products and services. Our operations are
organised into one business unit, the development of drug products. There has
been no change to the operating segment as a result of the adoption of IFRS 8
and the reportable segment is consistent with that previously reported under the
primary business segment format of the segment reporting under IAS 14.
· IAS 1 (revised) - Presentation of Financial Statements. The presentation
of our primary financial statements has been updated to reflect the requirements
of IAS 1 (revised), effective from 1 January 2009. Accordingly, we now present
two performance statements: an income statement and a statement of comprehensive
income/(loss). Also, the revised standard includes the statement of changes in
shareholders' equity as a primary statement, rather than as a note to the
financial statements.
The Board of Directors, approved the condensed consolidated preliminary
financial information for the year ended 31 December 2009 on 13 April 2010.
2 Going concern
The directors are satisfied that the Company has sufficient cash resources to
support its research programmes for a period of twelve months from the date of
approval of this financial information and therefore the Company can continue to
trade during this period. Consequently, the directors have adopted the going
concern basis in the preparation of the financial information.
3 Restructuring and impairment charges
For the year ended 31 December 2009, the Company incurred $321,000 (2008: Nil),
relating to the termination of certain positions, as well as the impairment of
certain acquired patents and computer and office equipment, in conjunction with
the closure of our US office.
+-----------------------------------------------+-+------------+----------+------------+
| | | 2009 | | 2008 |
| | | $000 | | $000 |
+-----------------------------------------------+-+------------+----------+------------+
| | | 210 | | - |
| Severance and other expenses | | | | |
+-----------------------------------------------+-+------------+----------+------------+
| Impairment of intangible assets | | 101 | | - |
+-----------------------------------------------+-+------------+----------+------------+
| Impairment of property, plant and equipment | | 10 | | - |
+-----------------------------------------------+-+------------+----------+------------+
| Total restructuring and impairment charges | | 321 | | - |
| | | | | |
+-----------------------------------------------+-+------------+----------+------------+
AGI Therapeutics, plc
Notes(continued)
4 Loss per ordinary share
Basic loss per share is computed by dividing the loss for the period available
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period. Diluted loss per share is computed by dividing
the loss for the period, by the weighted average number of ordinary shares
outstanding and, when dilutive, adjusted for the effect of all potentially
dilutive shares, including stock options, on an as-if-converted basis.
The following table sets forth the computation for basic and diluted loss per
share for the year ended 31 December 2009 and 2008:
+-----------------------------------------------+-+------------+----------+------------+
| | | 2009 | | 2008 |
| | | $000 | | $000 |
+-----------------------------------------------+-+------------+----------+------------+
| Numerator: | | | | |
+-----------------------------------------------+-+------------+----------+------------+
| Loss attributable to ordinary shareholders | | (10,638) | | (18,203) |
+-----------------------------------------------+-+------------+----------+------------+
| | | | | |
+-----------------------------------------------+-+------------+----------+------------+
| Denominator: | | | | |
+-----------------------------------------------+-+------------+----------+------------+
| Denominator for basic-weighted average number | | 67,412,783 | | 67,412,783 |
| of shares | | | | |
+-----------------------------------------------+-+------------+----------+------------+
| | | | | |
+-----------------------------------------------+-+------------+----------+------------+
| Basic and diluted loss per share: | | | | |
+-----------------------------------------------+-+------------+----------+------------+
| Basic and diluted loss per share (US$ cents) | | (15.8) | | (27.0) |
| | | | | |
+-----------------------------------------------+-+------------+----------+------------+
| | | | | |
+-----------------------------------------------+-+------------+----------+------------+
For the years ended 31 December 2009 and 2008, there was no difference in the
weighted average number of ordinary shares used for the basic and diluted net
loss per ordinary share computation, as the effect of all potentially dilutive
shares are anti-dilutive due to the existence of net losses of the Company. At
31 December 2009, there were share options outstanding of 6,576,948 (2008:
6,207,000) which could potentially have a dilutive impact in the future, but
which were anti-dilutive in 2009 and 2008.
5 Related party transactions
In January 2008 the Company acquired intellectual property from J. Dev, a
company owned and controlled by John Devane, a director of the Company, for
consideration of $221,000.
Frank Kenny, John O'Sullivan and Peter Sandys are directors of the company and
are board nominees of Delta Partners, ACT Venture Capital and Seroba Bioventures
respectively. Fees of $24,820 annually are paid by the company to each of
Delta, ACT and Seroba in respect of their nominees' appointment.
Remuneration of key management personnel, defined as the executive directors of
the Company, totaled $1,816,000 (2008: $2,668,000) during the year as follows:
AGI Therapeutics, plc
Notes (continued)
5Related party transactions
2009 2008
$'000 $'000
Wages, salaries and bonuses
1,066 1,361
Post employment benefits - contributions to defined
contribution pension plan
122 156
Share-based compensation expense
628 1,151
_____ _____
Total remuneration of key management personnel 1,816
2,668
2009 2008
NumberNumber
Number of share options granted
during the period
3,410,000 1,130,000
Number of share options outstanding
at the year-end
6,576,948 5,055,342
No loans, quasi-loans or other guarantees have been given to any of the
directors during the year (2008: nil) and no such transactions existed at the
year end.
6 Subsequent events
There were no events subsequent to the balance sheet date, requiring adjustment
to, or disclosure in, the condensed consolidated financial information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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