27 Sep 2007

Final Results For The Year Ended 30 April 2007
 

• Turnover for the period under review was £19,251 (2006: £2,991)
• The Company now has 45 granted patents in respect of its ICVT technology
• During the period the Company successfully raised £2.16m via placings
• The scientific pipeline is progressing well

Turnover for the period under review was £19,251 (2006: £2,991) which related to the sale of nutraceuticals from the Company’s website and other licensing income. Research, development and administrative expenses for the year amounted to £995,599 (2006: £797,696), which resulted in a pre-tax loss of £942,804 (2006: £776,011). Basic and diluted loss per share was 0.20p per share (2006: loss -0.20p). Cash at bank at 30 April 2007 was £1,478,460 (2006: £261,256).

Review of Operations

ICVT
Close collaboration between Croma Pharma and the Company continues and we are currently considering a number of options to bring the Phase II studies forward.
Development work on the injectable formulation is on schedule and we still envisage that the final formulation will be ready for Pre-IND discussions by the end of 2007.
The therapeutic studies against feline herpes have now been granted Ethics Committee approval and the study is due to start within the next two months and the results should be available by the end of Q2 2008.

Koi Herpes Vaccine
The antigenicity studies of the Koi herpes vaccine candidate have now been completed. The data has been analysed and 100% of the vaccine recipients tested have produced a significant immune response.
This level of immunity is a very good indicator of a successful vaccine being developed and late stage discussions with a potential partner continue.

Patents
The Company now has 45 granted patents in respect of its ICVT technology platform with a further 28 patents filed and under examination by the patent authorities.

• Production and purification of large quantities of PREPS and L-particles from several strains of virus;
• Investigation of novel purification technologies for viruses;
• Preparation of new patent applications in new disease areas;
• Investigation of novel vaccine production methods; and
• Investigation of new applications for PREPS and L-particles.
• Issue of Equity

During the period the Company successfully raised £2.16m via placings. The purpose of these placings was to provide the Company with working capital to continue with its investment and the anticipated commercialisation of its patent portfolio and the ongoing development of ICVT. The total number of shares now in issue stands at 491,928,631.

Website
We are pleased to announce that we have redesigned our corporate website at www.henderson-morley.com and that it is fully compliant with AIM Rule 26.

Outlook
The scientific pipeline is progressing well and we continue to make excellent strides forwards across all areas of the pipeline.
Recently, Chief Medical Director, Dr Ian Pardoe has presented the role of PREPS and L-particles as cancer vaccine candidates to an International audience at the Cambridge, Mass., USA Healthtech Institute Conference on Advances in Cancer Immunotherapeutics, where the technology created much interest.

Your Board is very encouraged with the level of patents granted and pending and we believe that this will assist us in our endeavours to secure partners to outlicence our technologies.