TIDMOPTI
RNS Number : 3162K
OptiBiotix Health PLC
28 August 2019
28 August 2019
OptiBiotix Health plc
("OptiBiotix" or the "Company")
Half Year Report
OptiBiotix Health plc (AIM: OPTI), a life sciences business
developing compounds to tackle obesity, cardiovascular disease and
diabetes, announces its results for the six months ended 31 May
2019.
The Company continues to see a strong growth trajectory as it
builds momentum in transitioning from a research and development
company into a commercial business.
Highlights
-- The award of a CE mark and registration of SlimBiome as a
medical device and first product orders in Europe
-- The appointment of Zeon Lifesciences Ltd to manufacture and
supply OptiBiotix's SlimBiome weight management technology in
India
-- The appointment of EIWA Trading Company to import, market and
distribute OptiBiotix's cholesterol and blood pressure-reducing
probiotic strain Lactobacillus plantarum LP-LDL in Japan
-- The appointment of DKSH International Limited (DKSH), a
GBP9.3bn turnover company to distribute SlimBiome in Italy and
Spain
-- The appointment of Extensor to import, market and distribute
OptiBiotix's own label GoFigure(R) products in Poland. This is the
start of a strategy to take OptiBiotix's own label GoFigure(R)
products to international markets to build brand recognition, and
create demand for SlimBiome, the functional ingredient within
Gofigure(R) products
-- The launching of LP-LDL in pharmacies of El Corte Inglés,
Spain's biggest department store in all of Spain's major cities,
with IENP under the "39ytú" brand
-- The recognition of OptiBiotox's cholesterol and blood
pressure reducing Lactobacillus plantarum LP-LDL probiotic strain
determined as Generally Recognized As Safe (GRAS). GRAS is a United
States Food and Drug Administration (FDA) designation and extends
the potential applications of LP-LDL to use as a functional
ingredient in food, dairy, and beverage products across the USA
-- The award of a licence from the Food Standards and Safety
Authority India (FSSAI) to OptiBiotix's manufacturing partner, Zeon
Life Sciences, to manufacture SlimBiome and SlimBiome containing
products in India
-- An agreement with Nutrilinea Srl to develop a food supplement
containing LP-LDL for the reduction of high blood pressure
(hypertension). Nutrilinea will cover the cost of all product
development, manufacturing and human studies in return for 12
months exclusivity for the European market. ProBiotix has
exclusivity for the UK and all other markets outside Europe
-- The raise of GBP1.025 million of capital through the issue of
convertible loan notes for OptiBiotix to provide funding for a
potential initial public offering of wholly owned subsidiary
ProBiotix Health, of which OptiBiotix subscribed GBP250,000
Post-period end highlights
-- Manufacturing, supply and profit sharing agreement with Maxum Foods Pty Ltd
-- Manufacturing agreement for Slimbiome with Agropur
-- LP-LDL license agreement with Kappa Bioscience AS
-- License agreement for LP-LDL in Japan
Stephen O'Hara, CEO of OptiBiotix, commented: "This has been an
exciting half year period, with twelve commercial deals signed, six
for SlimBiome and six for LP-LDL, making a total of 44 deals since
mid-2017. The large number of agreements signed in the last two
years demonstrate early commercial progress. The next stage of the
process is to ensure these agreements deliver recurring revenue
streams to build sales growth in 2019 against a continued low-cost
base and create profitable divisions across all areas of the
Company.
"We are particularly proud of achieving the CE mark and medical
device status for SlimBiome Medical product and GRAS status for
LP-LDL which are both significant milestones. As we continue to
move towards a commercial business, I would like to thank our
shareholders for their continued support and we look forward to an
exciting future commercialising our technology in this fast growth
area."
This announcement contains information which, prior to its
disclosure, was considered inside information for the purposes of
Article 7 of Regulation (EU) No 596/2014 (MAR).
For further information, please contact:
OptiBiotix Health plc www.optibiotix.com
Stephen O'Hara, Chief Executive Contact via Walbrook
below
Cairn Financial Advisers LLP (NOMAD)
Liam Murray / Jo Turner / Ludovico Lazzaretti Tel: 020 7213 0880
finnCap (Broker)
Geoff Nash / Kate Bannatyne (Corporate Finance) Tel: 020 7220 0500
Camille Gochez (Corporate Broking)
goetzpartners securities Limited Tel: 0203 859 7725
Ulrich Kinzel
Walbrook PR Ltd
Anna Dunphy Mob: 07876 741 001
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
Chairman's and Chief Executive's Statement
We are pleased to present OptiBiotix Health plc's interim
results for the six month period ended 31 May 2019.
This period reflects the continued transition of OptiBiotix from
a research and development company into a commercial business, with
twelve commercial deals in six months, six for SlimBiome and six
for LP-LDL. These include a strategic move into the large Asian
market with Zeon LifeSciences manufacturing and distributing
SlimBiome in India, and Eiwa Trading distributing LP-LDL in Japan.
This period also includes the launch of LP-LDL in pharmacies of El
Corte Inglés, Spain's biggest department store, through our partner
IENP. OptiBiotix has now completed 44 deals since March 2017,
reflecting international interest in its technology and
products.
Of particular note in the last six months was the achievement of
a CE mark and medical device status for SlimBiome Medical product
and GRAS status for LP-LDL. These represent significant value
enhancing steps as they extend the commercial opportunities for
LP-LDL and SlimBiome into the high value medical products and
pharmaceutical drug markets. The value for these products has yet
to be realised as SlimBiome Medical was only available from our
manufacturer at the end of this accounting period. We anticipate
revenues in H2 2019 from SlimBiome Medical, and depending on deal
progress, revenues from sales of LP-LDL into food and dairy
products in H2 2019 or 2020. This is in line with our strategy of
building revenues and market presence of our patented and
trademarked products (LP-LDL, SlimBiome) as the 'Intel' inside a
wide range of food, beverage, supplement and medical products
around the world.
We are particularly pleased that in addition to winning awards
for our science and products we are receiving excellent customer
reviews from our partners and on our online store with large
reductions in cholesterol in customers using CholBiome X3 and
typical weight loss of 2-3lbs per week reported with SlimBiome and
GoFigure(R) products. This, and the launch of LP-LDL in pharmacies
of El Corte Inglés, Spain's biggest department store, has
encouraged us to develop our online and retail presence. Whilst our
online store has been seen as a shop window for our technology the
announcement of a deal with BioEnergiser in July 2019 is a
strategic step to take OptiBiotix's own label products direct to
the UK consumer. Direct to consumer sales bring immediate
reportable revenue in contrast to business to business profit
sharing and royalty payments that are often paid half yearly or
quarterly in arrears, with first revenues often realised 12-18
months after signing an agreement. This strategy helps build brand
awareness and complement any potential launch of products with one
or more major retailers in 2020.
Whilst we continue to see revenue growth in this half year,
nearly double (1.8x) H1 2018, based on sales history we expect the
majority of income to be recorded in H2 2019, as in 2018. Future
income growth could benefit from confirmation by a large corporate
partner launching products in Q1 2020, plans for launch of own
label product with a major retailer in early 2020, and growth in
online direct to consumer sales benefiting from marketing our own
brand products direct to TV and home shopping channels and in
national newspapers as part of the BioEnergiser deal. We are
particularly pleased that, as our brands start to achieve
international recognition we are seeing increased retail interest
and larger corporate partners committing to product launches in
2020.
As the promise of the microbiome materialises into an increasing
range of products and territories across OptiBiotix's platforms,
and more agreements start to translate into revenue streams, there
is potential for a significant enhancement in the value of the
Company. We believe our strategy will continue to generate industry
interest and create an extensive pipeline of opportunities across
all our platforms in the months and years ahead.
Key Achievements
During the period to date we have achieved a number of key
objectives which continue to build shareholder value. These
include:
-- The award of a CE mark and registration of SlimBiome as a
medical device and first product orders in Europe
-- The appointment of Zeon Lifesciences Ltd to manufacture and
supply OptiBiotix's SlimBiome weight management technology in
India
-- The appointment of EIWA Trading Company to import, market and
distribute OptiBiotix's cholesterol and blood pressure-reducing
probiotic strain Lactobacillus plantarum LP-LDL in Japan
-- The appointment of DKSH International Limited (DKSH), a
GBP9.3bn turnover company to distribute SlimBiome in Italy and
Spain
-- The appointment of Extensor to import, market and distribute
OptiBiotix's own label GoFigure(R) products in Poland. This is the
start of a strategy to take OptiBiotix's own label GoFigure(R)
products to international markets to build brand recognition, and
create demand for SlimBiome, the functional ingredient within
Gofigure(R) products
-- The launching of LP-LDL in pharmacies of El Corte Inglés,
Spain's biggest department store in all of Spain's major cities,
with IENP under the "39ytú" brand
-- The recognition of OptiBiotox's cholesterol and blood
pressure reducing Lactobacillus plantarum LP-LDL probiotic strain
determined as Generally Recognized As Safe (GRAS). GRAS is a United
States Food and Drug Administration (FDA) designation and extends
the potential applications of LP-LDL to use as a functional
ingredient in food, dairy, and beverage products across the USA
-- The award of a licence from the Food Standards and Safety
Authority India (FSSAI) to OptiBiotix's manufacturing partner, Zeon
Life Sciences, to manufacture SlimBiome and SlimBiome containing
products in India
-- An agreement with Nutrilinea Srl to develop a food supplement
containing LP-LDL for the reduction of high blood pressure
(hypertension). Nutrilinea will cover the cost of all product
development, manufacturing and human studies in return for 12
months exclusivity for the European market. ProBiotix has
exclusivity for the UK and all other markets outside Europe
-- The presentation of three abstracts at ProBiota 2019 demonstrating:
ü The ability of OptiBiotix's sweet, no calorie fibres
(SweetBiotix(R)) to modify the microbiome.
ü Clinical studies demonstrating the ability of SlimBiomeâ to
reduce hunger, and cravings for sweet and savoury food, to help
reduce weight loss in overweight and obese women The data also
showed the ability of SlimBiome to modify the gut microbiome
composition, increasing the number of bacteria associated with
leaner body types
ü The ability of OptiBiotix's cholesterol reducing
Lactobacillius Plantarum LP-LDL to kill a wide range of clinically
important pathogens such as Campylobacter, Shigella, Salmonella,
E.coli O157, and Clostridium difficile, the cause of serious
hospital acquired infections
-- The appointment of Dr Frederic Narbel as Managing Director of
OptiBiotix's prebiotic division
-- The appointment of Stephen Prescott as Chief Executive of
OptiBiotix wholly owned probiotic subsidiary, ProBiotix Health
Ltd
-- The raise of GBP1.025 million of capital through the issue of
convertible loan notes for OptiBiotix to provide funding for a
potential initial public offering of wholly owned subsidiary
ProBiotix Health, of which OptiBiotix subscribed GBP250,000
Subsequent to the period, OptiBiotix announced the appointment
of Goetz Partner Securities in June 2019 as financial advisors to
the Company with the aim of improving international institutional
and family funds buy side access, particularly from within Europe,
and to provide expert research analysis which can be distributed to
specialist institutional investors around the world.
RESULTS
These results are reported using IFRS 15, a new international
reporting standard, which during its first year may impact on the
timing and reporting of revenues in the half year and full year
audited results.
OptiBiotix results for six months ended 31 May 2019 are set out
below. The results show revenue for the six months of GBP148,818
(2018: GBP80,560). These figures represent an almost doubling in
revenues (1.8X) from H1 2018.
The majority of this income was generated from LP-LDL
(GBP81,510), online GoFigure sales (GBP64,374), and GoFigure export
sales (GBP20,276). There was very little contribution from
SlimBiome ingredient, SlimBiome Medical (which was only available
from our manufacturer at the end of this accounting period), and
license or royalty payments which tend to be received in the second
half of the year, and greatly influence gross margin.
Administrative expenses were GBP1,025,050 (2018: GBP1,020,446)
with GBP157,112 non-cash expenses representing depreciation,
amortisation and share based payment charges (2018: GBP135,055).
The share of loss from OptiBiotix's associate, SkinBiotherapeutics
(SBTX), is GBP248,117, increasing from GBP209,229 in 2018,
reflecting an increase in SkinBiotherapeutics scientific and
clinical trials activity. This is an accounting adjustment and has
no impact on the Group's cash balance.
At 31 May 2019, the Company had GBP984,170 cash in the bank.
Once R&D tax credits and recoverable VAT repayments are
received, the balance was GBP1.24m. Post accounting period, the
Company disposed of over GBP250,000 of its shares in SBTX reducing
its holding from 38.9% to 37.6% to explore a potential acquisition
opportunity and providing sufficient funds to see through existing
plans.
BOARD AND MANAGEMENT
We continue to evolve the management team and Board in line with
the stage of the Company's development with a number of significant
additions to the executive team in the last six months. These are
all part of a number of changes reflecting the continued transition
of the Company into a profitable commercial business.
This transition requires a different skill set and level of
gravitas, particularly in managing partners to deliver on sales
forecasts. We were pleased to announce the appointment of Dr Fred
Narbel at the end of December 2018 as Managing Director of
OptiBiotix's prebiotic division containing its SweetBiotix,
OptiBiotic and microbiome modulating technology platforms. Fred
joined us from a position as Vice President of Sales for Nutrition
Solutions at Agropur, a Canadian dairy company with annualised
sales of $6.4 billion. Fred joined the team in mid-March 2019 and
brings extensive experience of selling speciality food ingredients
in international markets, particularly in China and the USA. The
integration of these divisions under the leadership of Fred will
allow OptiBiotix to fully exploit complementary functionality and
leverage existing partnership agreements. Christina Wood will step
down from the Board and leave the Company by mutual consent.
At the end of May 2019 we announced the appointment of Stephen
Prescott as Chief Executive Officer (CEO) of OptiBiotix's
wholly-owned subsidiary, ProBiotix Health Ltd. Stephen joined us
from a position as Vice President of Marketing and Applications
from Probi AB, a Swedish probiotic company which had annualised
sales of SEK604m in 2018. Prior to joining Probi, Stephen spent
four years as Global Probiotic Product Manager at Dupont. Stephen
joined us in July 2019 and brings extensive experience of
commercialising probiotics in international markets, a wide network
of industry contacts, and a strong track record of rapidly growing
sales.
These changes are all part of a strategy to bring in experienced
industry leaders with a track record of building revenues and
better exploit the opportunities created by our growing pipeline of
products in international markets. We anticipate seeing the full
benefit of these appointments in the next six to twelve months.
We believe with the addition of Fred and Stephen to the
executive team we now have strong commercial leadership across each
area appropriate for this stage of the Company's development. These
additions complement the scientific and commercial expertise in the
founder and Chief Executive Stephen O'Hara, scientific expertise in
Dr Sofia Kolida, market expertise in Non-Executive Director Peter
Wennström, and governance, merger and acquisition expertise in our
Non-Executive Director Sean Christie. They are complemented by our
CFO Mark Collingbourne and Neil Davidson our Chairman.
We anticipate further additions and changes to both the
executive and non-executive team in-line with the continued growth
and expansion of the Company.
OUTLOOK
OptiBiotix is continuing its strategy of developing microbiome
modulators with a scientific and clinical evidence base for large
markets (>GBP100m) where there are high growth opportunities
(CAGR >10%), and a large unmet need. Early commercial progress
has been made with SlimBiome and LP-LDL with twelve commercial
deals in the six months to 31 May 2019 and 44 deals in total from
March 2017. The large number of agreements signed in the last two
years across multiple application areas and territories represent
tangible evidence of early commercial progress. However, its
important commercial partners deliver on their revenue forecasts to
build sales in 2019 across all areas of the Company.
We recognise, from past experience, that all partners may not
always meet our expectations and have mitigated commercial risk
where possible by agreeing non exclusivity or offering exclusivity
for a specific formulation and limited time period. This allows us
to continue discussions and agree deals with multiple partners in
the same territory to create a competitive position where partners
have to perform to ensure they retain commercial rights.
This is all part of a strategy of closing out deals with
multiple partners across different levels of the value chain,
starting with manufacturing agreements, then complemented by
royalty bearing license deals with formulation and distribution
partners, and revenues for the supply of white label and branded
products. As the value chain completes in each territory, and each
application area, and distributors and retailers commence the sale
of products, revenues should build.
Whilst this strategy takes longer to develop than single license
deals and requires active management of multiple partners, this
multi-channel approach enables OptiBiotix to maximize the income
potential of each product, whilst limiting the risk related to any
individual deal. This approach builds revenues and market presence
of our patented and trademarked products (LP-LDL, SlimBiome) as the
'Intel' inside a wide range of food, beverage, supplement and
medical products around the world, increasing brand value, and with
this shareholder value.
We anticipate continuing to see revenue growth in H2 2019 with
confirmation of a large corporate partner launching products in Q1
2020, plans for launch of own label product with a potential major
retailer in early 2020, and growth in online direct to consumer
sales benefiting from marketing our own brand products direct to TV
and on home shopping channels and in national newspapers. Whilst
there are no guarantees these will all deliver expected sales
revenues, and while changes to international accounting practices
(IFRS 15) may impact on the timing of reporting revenues, we
anticipate further revenue growth in the years ahead as existing
agreements start to generate revenues, and new agreements continue
to be signed.
As we look to commercialise our other products within our
pipeline including SweetBiotix, OptiBiotics, and our microbiome
modulators we will leverage our existing partner network to reduce
the time to product launch, whilst continuing to extend our reach
into new territories, increasing the scale of the opportunity.
Revenue growth from these areas will benefit from the network and
experience of international sales from the appointment of Frederic
Narbel as Managing Director of OptiBiotix's prebiotic division.
The appointment of Fred and structural integration of the
prebiotic division is an example of how the Company continues to
evolve its Board and structure to exploit the range of
opportunities and instil a commercial focus. This transition
requires a different skill set and level of gravitas, particularly
in managing a global partner network to deliver to partners own
forecasts. To support this development we have appointed Fred and
Steve Prescott to head the Prebiotic and Probiotic divisions
respectively. These are experienced industry professionals with
networks of contacts and track records of rapidly growing sales.
Their role is to grow revenues in each of their divisions so each
division becomes a profitable business unit. This was achieved for
certain divisions within the Company at different times throughout
the year. This now needs to be achieved for each division, and for
the Company for the full year.
As these divisions are grown into profitable business units with
commercial leaders with the sales experience to fully exploit the
business potential, our aim is to separate certain wholly owned
separate legal entities with the potential for an independent exit
by a trade sale or listing separately or collectively in UK, Europe
or the US, depending on market conditions. This allows OptiBiotix
shareholders to benefit from the appreciation of this asset plus
any dividends which may be returned in recognition of this value
uplift. This is consistent with our strategy of providing investors
a broad-based investment portfolio across a number of areas in the
microbiome space which diversifies risk, whilst offering
shareholders multiple opportunities in this exciting space. The
Company believe if the Probiotic division continues its current
development to reaching commercial sustainability it has the
potential to become a separate legal entity creating the
possibility for an independent exit in late 2019 or 2020, subject
to market conditions.
We anticipate further revenue growth will occur from our online
platform (OPTIBIOTIX.Online) and our agreement with BioEnergiser.
To support online sales growth we anticipate adding new products,
including flavour drops, porridge pots, and our flavoured gummies.
We anticipate revenues in 2019 H2 from SlimBiome Medical (which
received its CE mark and medical device registration at the end of
November 2018), a milestone payment met by manufacturing LP-LDL to
FDA pharmaceutical standards, and license or royalty payments which
are received in the second half of the year. We will also continue
to explore acquisition opportunities where there is an opportunity
to accelerate market entry, build sales more quickly, and a
commonality in strategic focus.
As we extend our reach into new territories we will continue to
invest in protecting our commercial interests by filing patents and
trademarks to broaden protection. OptiBiotix now has an extensive
and valuable intellectual property portfolio of over ninety patents
and forty trademarks. Where these patents are infringed upon we
will take action to defend our commercial interests.
The last six months has seen the continued transition of
OptiBiotix(R) to a commercial business with twelve commercial deals
in the six months to 31 May 2019 and forty-four deals in total from
March 2017. The next stage of the process is to ensure these
agreements deliver recurring revenue streams to build sales growth
in 2019 against a continued low-cost base and create profitable
divisions across all areas of the Company.
We are pleased that our strategy of developing microbiome
products with a strong scientific and clinical evidence base with
key opinion leader support has provided clear product
differentiation and stimulated high commercial interest. We look
forward to converting this interest into agreements in new
territories and application areas in the months ahead to continue
rapidly growing revenues in this new and exciting area of science
which has the potential to revolutionise the future of healthcare.
We look forward to the future with a stronger team, more deals,
more products, and, most importantly, greater revenues.
On behalf of everyone at OptiBiotix Health we would like to
thank our investors for their continued support and look forward to
an exciting future.
N Davidson and S O'Hara
28 August 2019
Consolidated Statement of Comprehensive Income
For the six months to 31 May 2019
6 months to 6 months to Year to
31 May 31 May 30 November
2019 2018 2018
Unaudited Unaudited Audited
Continuing operations GBP GBP GBP
Revenue 148,818 80,560 514,289
Cost of sales (86,755) (37,624) (162,782)
-------------- -------------- --------------
Gross Profit 62,063 42,936 351,507
Share based payments 73,771 64,111 128,222
Depreciation and amortisation 83,341 70,944 141,908
Other administrative costs 867,938 885,381 1,508,273
Administrative expenses (1,025,050) (1,020,446) (1,850,403)
-------------- -------------- --------------
Operating loss (962,987) (977,510) (1,498,896)
Finance income / (costs) (49,907) 63 169
Profit on disposal of subsidiary - - -
Share of loss from associate (248,117) (209,229) (448,223)
-------------- -------------- --------------
Profit/(Loss) before Income
tax (1,261,011) (1,186,676) (1,946,950)
Income tax 43,306 101,581 54,371
-------------- -------------- --------------
Profit/(Loss) for the period (1,217,705) (1,085,095) (1,892,579)
Other Comprehensive Income - - -
-------------- -------------- --------------
Total comprehensive income
for the period (1,217,705) (1,085,095) (1,892,579)
Total comprehensive income
attributable to the owners
of the company (1,216,894) (1,081,953) (1,919,276)
Non-controlling interest (811) (3,142) 26,697
(1,217,705) (1,085,095) (1,892,579)
Profit/(Loss) per share
Basic & Diluted - pence 4 (1.43)p (1.36)p (2.33)p
Basic & Diluted before (1.43)p (1.36)p (2.33)p
Profit on investment revaluation
- pence
Consolidated Statement of Financial Position
As at 31 May 2019
Notes As at As at As at
31 May 2019 31 May 30 November
unaudited 2018 2018
Unaudited Audited
ASSETS GBP GBP GBP
Non-current assets
Intangibles 2,526,369 1,868,388 2,253,089
Property, plant & equipment 3,143 6,062 3,143
Investments 3,492,682 3,979,793 3,740,799
-------------- -------------- --------------
6,022,194 5,854,243 5,997,031
-------------- -------------- --------------
CURRENT ASSETS
Inventories 109,241 30,151 30,433
Trade and other receivables 77,196 104,085 373,803
Current tax asset 265,079 274,236 303,952
Cash and cash equivalents 984,170 1,797,121 1,324,307
-------------- -------------- --------------
1,435,686 2,205,593 2,032,495
-------------- -------------- --------------
TOTAL ASSETS 7,457,880 8,059,836 8,029,526
EQUITY
Shareholders' Equity
Called up share capital 6 1,708,811 1,658,100 1,694,488
Share premium 1,646,873 1,451,613 1,603,904
Share based payment reserve 676,510 523,443 602,739
Non Controlling Interest 36,086 (3,142) 36,897
Convertible loan note reserve 92,712 - -
Merger relief reserve 1,500,000 1,500,000 1,500,000
Accumulated profit 407,454 2,468,731 1,624,348
-------------- -------------- --------------
Total Equity 6,068,446 7,598,745 7,062,376
-------------- -------------- --------------
LIABILITIES
Current liabilities
Trade and other payables 188,608 88,296 520,989
-------------- -------------- --------------
188,608 88,296 520,989
-------------- -------------- --------------
Non - current liabilities
Deferred tax liability 518,488 372,795 446,161
Borrowings 682,338
-------------- -------------- --------------
1,200,826 372,795 446,161
-------------- -------------- --------------
TOTAL LIABILITITES 1,389,434 461,091 967,150
-------------- -------------- --------------
TOTAL EQUITY AND LIABILITIES 7,457,880 8,059,836 8,029,526
Consolidated Statement of Changes in Equity
For six month to 31 May 2019
Called Share Share-based Non Merger Convertible Retained Total
up premium Payment controlling Relief loan note Earnings Equity
Share reserve Interest Reserve reserve
Capital
GBP GBP GBP GBP GBP GBP GBP GBP
------------ -------------- -------------- ------------ ------------ ------------ ------------ --------------
Balance at
30 November
2017 1,586,628 6,279,718 474,517 10,200 1,500,000 - (2,805,347) 7,045,716
Profit for
the period - - - - - - (1,085,095) (1,085,095)
Issued share
during the
period 71,472 1,520,866 - - - - - 1,592,338
Share based
payment - - 48,926 - - - - 48,926
Cancellation
of share
premium
account - (6,348,971) - - - - 6,348,971 -
Non Controlling
interest - - - (3,142) - - - (3,142)
------------ -------------- -------------- ------------ ------------ ------------ ------------ --------------
Balance at
31 May 2018 1,658,100 1,451,613 523,443 7,058 1,500,000 - 2,458,529 7,598,743
------------ -------------- -------------- ------------ ------------ ------------ ------------ --------------
Loss for the
period - - - 29,839 - - (834,181) (804,342)
Issue shares
during the
period 36,388 152,291 - - - - - 188,679
Non-Controlling - - - - - - - -
Interest
share based
payment - - 79,296 - - - - 79,296
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at
30 November
2018 1,694,488 1,603,904 602,739 36,897 1,500,000 - 1,624,348 7,062,376
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Loss for the
period - - - (811) - - (1,216,894) (1,217,705)
Issue of shares
during the
period 14,323 42,969 - - - - - 57,292
share based
payment - - 73,771 - - - - 73,771
Issue of
convertible
loan notes - - - - - 92,712 - 92,712
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at
31 May 2019 1,708,811 1,646,873 676,510 36,086 1,500,000 92,712 407,454 6,068,446
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Consolidated Statement of Cash Flows
For the six months to 31 May 2019
Notes 6 months 6 months Year to
to to 30 November
31 May 31 May 2018
2019 2018 Audited
Unaudited Unaudited
GBP GBP GBP
Reconciliation of loss before
income tax to cash outflow
from operations
Operating loss (962,987) (977,510) (1,498,896)
Decrease/ (Increase) in
inventories (78,808) (21,261) (21,543)
(Increase)/decrease in trade
and other
receivables 296,607 2,035 (267,681)
(Decrease)/increase in trade
and other
payables (332,380) (151,099) 281,594
Share Option expense 73,771 48,926 128,222
Depreciation - 2,507 2,187
Amortisation of patents 83,341 56,149 139,721
Loss on disposal of tangible
and intangible assets - - 2,679
------------ ------------ ------------
Net cash outflow from operations (920,456) (1,040,253) (1,233,717)
Interest received (49,907) 63 169
Tax Received 154,505 - -
------------ ------------ ------------
Net cash outflow from operating
activities (815,858) (1,040,190) (1,233,548)
Cash flows from investing
activities
Purchases of property, plant
and equipment - (2,459) (2,954)
Purchase of intangible assets (356,621) - (467,639)
------------ ------------ ------------
Net cash (outflow)/inflow
from investing activities (356,621) (2,459) (470,593)
------------ ------------ ------------
Cash flows from financing
activities
Share issues 57,292 1,592,339 1,781,017
Proceeds from borrowings 775,050 - -
------------ ------------ ------------
Net cash inflow from financing
activities 832,342 1,592,339 1,781,017
------------ ------------ ------------
Increase/(decrease) in cash
and equivalents (340,137) 549,690 76,876
Cash and cash equivalents
at beginning of year 1,324,307 1,247,431 1,247,431
------------ ------------ ------------
Cash and cash equivalents
at end of year 984,170 1,797,121 1,324,307
Notes to the Half Yearly Report
For the six months to 31 May 2019
1. General Information
Optibiotix Health Plc is a company incorporated and domiciled in
England and Wales. The company's offices are in York. The company
is listed on the AIM market of the London Stock Exchange (ticker:
OPTI).
The financial information set out in this Half Yearly report
does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The group's statutory financial statements
for the year ended 30 November 2018, prepared under International
Financial Reporting Standards ("IFRS"), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain statements under
Sections 498(2) and 498 (3) of the Companies Act 2006.
Copies of the annual statutory accounts and the Half Yearly
report can be found on the Company's website at
http://www.optibiotix.com/.
2. Basis of preparation and significant accounting policies
This Half Yearly report has been prepared using the historical
cost convention, on a going concern basis and in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union.
The interim financial statements have been prepared in
accordance with the accounting policies set out in the Annual
Report and Accounts for the year ended 30 November 2018, with the
exception of the new accounting standards that were adopted during
the period. These are:
-- IFRS 9 'Financial Instruments' replaced IAS 39 'Financial
Instruments Recognition and Measurement'. The standard is effective
for accounting periods beginning on or after 1 January 2018 and was
therefore implemented with effect from 1 December 2018. The Group
has completed an assessment of IFRS 9 and adoption has not had a
material impact on the results or financial position of the Group.
Additional disclosures required under the new standard will be made
in the annual report and financial statements for the year ending
30 November 2019.
-- IFRS 15 'Revenue from Contracts with Customers' is effective
for periods beginning on or after 1 January 2018 and therefore has
been implemented with effect from 1 December 2018. The core
principle of the standard is to ensure that an entity recognises
revenue once it has fulfilled its performance obligations, which
are met through transferring control of a product or service to a
customer, at an amount that reflects the consideration to which the
entity expects to be entitled.
It has been concluded that the adoption of IFRS 15 does not have
a material impact on revenue recognition for any of the Group's
revenue streams. Therefore, no adjustment for first time adoption
has been made to either comparative figures or opening reserves in
the statement of financial position.
3. Segmental Reporting
In the opinion of the directors, the group has one class of
business, being that of research and development. The Group's
primary reporting format is determined by the geographical segment
according to the location of its establishments. There is currently
only one geographic reporting segment, which is the UK. All costs
are derived from the single segment.
4. Earnings per Share
Basic earnings per share is calculated by dividing the earnings
attributable shareholders by the weighted average number of
ordinary shares outstanding during the period.
Reconciliations are set out below:
6 Months Year to
to 6 Months to 30 November
31 May 2019 31 May 2018 2018
Unaudited Unaudited Audited
Basic
Earnings attributable
to ordinary shareholders (1,216,894) (1,081,953) (1,919,276)
Weighted average number
of shares 85,178,415 79,270,322 82,233,690
Earnings (Loss) per-share
- pence (1.43)p (1.36)p (2.33)p
Diluted
Earnings attributable
to ordinary shareholders (1,216,894) (1,081,953) (1,919,276)
Weighted average number
of shares 85,178,415 79,270,322 82,233,690
Earnings (Loss) per-share
- pence (1.43)p (1.36)p (2.33)p
Basic and diluted earnings per share are the same for the 6
months to 31 May 2019, since where a loss is incurred the effect of
outstanding share options and warrants is considered anti-dilutive
and is ignored for the purpose of the loss per share calculation.
As at 31 May 2019 there were 6,041,057 outstanding share options
and 329,386 outstanding share warrants.
5. Investments in associate undertakings
Company
GBP
Cost
At 30 November 2017 4,189,022
Additions -
Share of associate loss for the
year (448,223)
------------
Carrying amount
At 30 November 2018 3,740,799
Share of associate loss for the
six months (267,891)
------------
Carrying amount
At 31 May 2019 3,472,908
6. Share Capital
Issued share capital comprises:
6 months 6 months Year to
to 31 May to 31 May 30 November
2019 2018 2018
Unaudited Unaudited Audited
GBP GBP GBP
Ordinary shares of 2p
each
85,440,551 1,708,811 1,658,101 1,694,448
-------------- -------------- --------------
1,708,811 1,658,101 1,694,448
During the six months to 31 May 2019 the company issued ordinary
shares of GBP0.02 each listed, exercised at a price of GBP0.08 per
share in the capital of the company following the exercise of
options and warrants and a placing:
Date issued Number
24/01/2018 7,813
12/03/2018 708,325
--------------
716,138
7. Post balance sheet events
No post balance sheet events.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SEUFIWFUSELA
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August 28, 2019 02:00 ET (06:00 GMT)
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