Igraine Plc - Interim Results to 30 June 2021 PR Newswire

THE DIRECTORS OF IGRAINE PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN IT IS DEEMED NOW TO BE IN THE PUBLIC DOMAIN.

22 December 2021

Igraine Plc

(“Igraine” or “the Company”)

Interim Results for the Half-Year to 30 June 2021

Igraine plc, Directors Statement,

I am pleased to present the interim results for Igraine plc (AQSE: KING) for the period ending 30 June 2021 which has represented a transitionary period that has proved intense, productive, and exciting. The financial statements below have been approved by the Board of Directors and have not been reviewed by the company’s auditors.

Corporate Highlights from the Period:

In April 2021, incoming Directors, Burns Singh Tennent-Bhohi and Simon Grant-Rennick led a recapitalisation and restructure exercise resulting in the lifting of the shares suspension, enabling the company to progress and develop a revitalised investment policy and business model.

Importance was placed on identifying an investment sector for which the Board felt offered optionality in investment approach, would attract strong levels of capital interest and would be supported by professionals with a track-record of success within the chosen sector.

Following internal discussions, review, and meetings with our advisors, on 11 June 2021 the Board posted a circular and Notice of General Meeting to the shareholders of the company to put forward proposals including to adopt an investment strategy that would form the framework for what is now, Igraine plc.

The proposals put to the shareholders were centred around forming a Co-Investment Agreement with Excalibur Healthcare Services (“EHS”), a company founded by the renowned scientist and highly successful entrepreneur, Professor Sir Christopher Evans. Over the last 30 years Professor Sir Christopher Evans has built more than 50 medical companies from start-up and floated 20 new medical businesses on stock markets in six different countries. He has created 11 successful academic spin-outs and companies worth over $2.4 billion, and has raised $2.6 billion from disposals. He directed the raising of approximately $450 million for Merlin Biosciences Funds and $2.6 billion from disposals including the sale of BioVex Group, Inc. to Amgen Inc. and Piramed Limited to Roche Group. Through Merlin Ventures Limited, he co-founded and advised Biotech Growth Trust plc. Arakis Limited, one of the companies developed by Chris Evans was sold to Sosei Co. Ltd for $187 million. Chris Evans has founded notable companies such as Chiroscience, Celsis, ReNeuron, Vectura, Biovex and Merlin Biosciences Ltd. Appointed an OBE in 1995 for services to medical bioscience he was knighted in 2001 for services to bioscience and enterprise. Latterly he was founder of Arix Bioscience plc (LSE:ARX), of the oncology specialist Ellipses Pharma Limited and of Excalibur Healthcare Services Ltd.

Included within the Circular put to the shareholders was the:

  • The conditionally brokered financing, led by Peterhouse Capital, raising gross proceeds before expenses of, £2,000,500
  • The appointment of Peterhouse Capital as Corporate Advisor and Corporate Broker to the company
  • The Co-Investment Rights with Excalibur Healthcare
  • The acquisition of a 2% stake in Excalibur Medicines Ltd (“EML”)
  • The appointment to the Board of Directors of, Professor Sir Christopher Evans (Executive Chairman), Martin Walton (Executive Director) & Steven Winfield (Executive Director) resulting in Simon Grant-Rennick and Burns Singh Tennent-Bhohi both becoming Non-Executive Directors of the company
  • The adoption of a new investment policy to reflect med-tech and life sciences
  • The change of name and ticker of the company to Igraine plc and AQSE: KING, respectively
  • A share consolidation and sub-division of the company’s share capital

The resolutions and proposals put to shareholders were all passed on the 28 June 2021.

Igraine plc is now a well-capitalised company with a sense of purpose and direction supported by one of the most successful biotech and life sciences entrepreneurs in the world. The company has completed its first investment under the Co-Investment Agreement with Excalibur Healthcare Services (“EHS”) through the acquisition of a 2% interest in Excalibur Medicines Ltd (“EML”), a company that has secured exclusive rights to and owns the patents on a drug, AZD1656, which is being developed as a potential therapeutic for people with diabetes suffering from COVID-19. Due to there are very few new therapeutics in development for COVID-19 and associated virally transmitted diseases (most research is in combining existing treatments) this has the potential to be highly attractive to big pharma and biotech buyers.

The company was suspended in September of this year due to failure to submit the financial statements to the year-end 30 December 2020. The Board wish to thank shareholders for their patience and understanding during this period. Recapitalisation and restructuring exercises are not without complications and the Board wish to reassure shareholders that adequate internal protocols and reporting functions are in place to ensure the company operates efficiently post this corporate restructure.

On behalf of the Board

Burns Singh Tennent-Bhohi

Non-Executive Director




 



 

INTERIM INCOME STATEMENT (UNAUDITED)

For the period ended 30 June 2021

Igraine plc
6 mths to 6 mths to
30 June 30 June
2021 2020
£ GBP £ GBP
Revenue 0 0
Cost of Sales 0 0
Gross Profit/(Loss) 0 0
Other Operating Income 19,824 50,984
Administrative Expenses (152,785)                       (88,167)
Loss before Investment Activities (132,962) (37,183)
Fair Value of Receivables through Profit and Loss 0 0
Revaluation of loan 0 0
Provision against Amounts Receivable 0 (18,690)
Interest Income 0 26,704
Interest Payable at 7.1% on Preference Shares 0 (163,450)
(Loss) before Amortisation of Preference Shares (132,962) (192,619)
Amortisation of Preference Shares 0 (278,980)
Profit/(Loss) before Taxation (132,962) (471,599)
Taxation Expense 0 0
Total Comprehensive Income attributable to Equity Holders of the Company (132,962) (471,599)

STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

As at 30 June 2021

Igraine plc
As at As at
30 June 30 June
2021 2020
£ GBP £ GBP
Assets
Non-current assets
Property, plant and equipment 1,048 685
Investments 615,113 154,014
616,161 154,699
Current assets
Trade and other receivables 1,450,284 220,741
Cash and cash equivalents 88,459 11,610
1,538,742 232,351
Total assets                   2,154,903 387,050
Equity and liabilities
Equity
Issued share capital 587,166 71,008
Share Premium 166,268 0
Retained earnings (811,673) (4,441,482)
(58,240) (4,370,474)
Non current liabilities
Loans and borrowings 50,000 4,201,187
Current liabilities
Trade and other payables 2,163,143 556,337
Total liabilities 2,213,143 4,757,524
Total equity and liabilities               2,154,903 387,050

THE DIRECTORS OF THE COMPANY TAKE RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

Enquiries

Company:

Martin Walton (Executive Director)
Steve Winfield (Executive Director)

AQSE Growth Market Corporate Adviser

Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930

Media inquiries:

Ramsay Smith, Media House International
ramsay@mediahouse.co.uk: +44 (0) 7788414856