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The Board of Henderson Morley plc (“Henderson Morley” or “the Company”) announces its audited Final Results for the year to 30 April 2006.
Key Points
- The Company is in advanced negotiations with two dermatological companies based in North America and Europe for licensing agreements for ICVT;
- Henderson Morley wins ‘Best Performing AIM Life Science Share’; and
- Company is fully committed to negotiation of further licences.
CHAIRMAN’S STATEMENT
Financial Summary
Turnover for the period under review was £2,991 (2005: £5,735) which related to the sale of nutraceuticals from the Company’s websites. Research, development and administrative expenses for the year amounted to £797,696 (2005: £844,428), which resulted in a reduced pre-tax loss of £776,011 (2005: £848,845). Cash at bank at 30 April 2006 was £261,256 (2005: £688,725). During the year, the Company raised £250,000 and since the year end, a further £450,000 was raised for additional working capital. The total number of shares in issue is now 401,928,632.
Review of Operations
Overview
In March 2006, we announced that the Company had signed a term sheet for a potential ICVT licensing deal with an un-named dermatological pharmaceutical company based in the United States. This potential licence would be for a topical patch formulation for the treatment of all non-genital warts, including plantar warts or verrucae, and seborrhoeic keratoses in humans; a wart-like skin condition common in the elderly. These contract negotiations are still ongoing as a 30-day extension to 17 August 2006 was announced on 13 July.
Following on from this news, we announced that the Company had entered into negotiations with a second potential licensee. This licence would be for a new application of ICVT for the topical treatment of genital and labial herpes and certain other dysplasias. These negotiations are with a European dermatological company and relates to a worldwide licence, and we expect to conclude this licence by the end of July.
These negotiations follow months of discussions with numerous potential partners, and are testimony to the dedication of the business development team in pursuing our stated objective of securing licensing agreements with partners who can take our technology forwards through all the necessary regulatory approvals.
We are continuing to develop further applications of ICVT. In addition, we have a strong and varied pipeline of potential products in areas where there is clearly an unmet clinical need. We will continue our strategy of seeking partners for these applications.
In June of this year, the Company was awarded the Best Performing AIM Life Science Share at the techMARK Mediscience Awards, held in London.
Patents
The Company now has 25 granted patents in respect of its ICVT technology platform with a significant number of other patents filed and under examination by the patent authorities.
Issue of Equity
During the year, the Company raised £250,000, followed by a further £450,000 after the year end and therefore the Company has issued and allotted a total of 68 million new Ordinary shares through placings. The total number of shares in issue now stands at 401,928,632.
The purpose of these placings is to provide the Company with working capital to continue to invest in its patent portfolio and the ongoing development of ICVT.
Outlook
This has been an exciting period in the development of Henderson Morley and we are confident of being able to deliver licensing agreements for ICVT which will bring milestone and royalty payments to the Company.
We will continue to explore other strategic options for Henderson Morley within the drug discovery/biotechnology arena and I look forward to reporting to shareholders as we make further progress.
ANDREW KNIGHT
Executive Chairman
--ENDS--
Copies of this announcement will be available free of charge to the public at the Company’s registered office at Metropolitan House, 2 Salisbury Road, Moseley, Birmingham, B13 8JS and at the offices of Brewin Dolphin Securities Ltd, 34 Lisbon Street, Leeds LS1 4LX for 14 days.
Enquiries:
HENDERSON MORLEY PLC Tel: 0121 442 4600
Andrew Knight, Chairman
BREWIN DOLPHIN SECURITIES LTD Tel: 0113 241 0126
Neil Baldwin
H-B CORPORATE Tel: 020 7538 1166
Jon Levinson
BISHOPSGATE COMMUNICATIONS LTD Tel: 020 7430 1600
Dominic Barretto Mobile 07930 450 156
Scott Robertson
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