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Clarify Pharma PLC - Full Year Results


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05/05/2022 07:00

Clarify Pharma PLC - Full Year Results
RNS Number : 3350K
Clarify Pharma PLC
05 May 2022
 

Press Release

05 May 2022

 

Clarify Pharma PLC

("Clarify Pharma" or "The Company")

 

Full Year Results

 

Clarify Pharma (AQSE: PSYC), an investment vehicle specialising in biotech and life sciences companies seeking to prove the safety and efficacy of psychedelic-based substances, announces its audited financial results for the twelve months ended 30 November 2021.

 

Highlights:

• Raised a total of £1.29 million in a pre-IPO funding round

• Successfully completed an IPO on London's AQSE Growth Market (AQSE) on 11 June 2021 with a market capitalisation of approximately £7.43 million raising £1.96 million in total before expenses via a placing and subscription at 2.5p per share

• Made a first capital investment in Beckley Psytech Limited ("Beckley Psytech"), a private company dedicated to addressing neurological and psychiatric disorders through the novel application of psychedelic medicines

• Net cash of £1.3m as at 30 April 2022

 

Outlook:

• The deal flow of potential investments remains strong, and the Directors and Advisers continue to evaluate exciting new opportunities that will generate long-term value for investors

• The Company is well positioned to take advantage of the growing psychedelics market as it continues to develop significantly along with the regulatory environment

Commenting on the results, Jonathan Bixby, Executive Director of Clarify Pharma, said: "Within the twelve months prior to 30 November 2021, Clarify Pharma completed a successful flotation on the AQSE Growth Market. We also made our first capital investment in an exciting company and continue to explore new opportunities that meet with our investment criteria and offer significant value for shareholders. We look forward to the continued growth of confidence among investors in this nascent sector."

The directors of Clarify Pharma plc accept responsibility for this announcement.

For further information please contact:

Clarify Pharma

 

Jon Bixby

Executive Chairman

via Tancredi +44 207 887 7633

 

 

 

First Sentinel

 

Corporate Adviser

Brian Stockbridge

 

+44 7876 888 011

Tennyson Securities

 

Corporate Broker

Peter Krens

+44 207 186 9030

Tancredi Intelligent Communication

 

Media Relations

Catrina Daly

Emma Hodges

Salamander Davoudi

 

clarifypharma@tancredigroup.com

 

+44 7727 153 868

+44 7861 995 628

+44 7957 549 906

 

 

About Clarify Pharma PLC:

 

Listed on the Aquis Stock Exchange in London, Clarify Pharma is an investment vehicle focusing on investing in biotech and life sciences companies seeking to prove the safety and efficacy of psychedelic based substances. The Company looks to identify investment opportunities in the life sciences sector within the UK, Canada and other growing markets, with the objective of generating long-term capital growth and building investments in an R&D pipeline of companies which are discovering, developing, or deploying safe and evidence-based psychedelic inspired medicines and experiential therapies that alleviate mental health problems and enhance wellbeing. The Company's Directors have an established track record, experience and networks in the psychedelic, cannabinoid and media industries, to drive value creation. www.clarifypharma.com

 

Executive Director's Statement

 

Introduction

 

I am pleased to report the Company's first set of full year results following our debut on the Access Segment of the AQSE Growth Market on 11 June 2021.

 

The potential benefits of psychedelic drugs have been recognised in both the UK and the US and the medical use of psychedelics is progressively emerging as an alternative candidate to conventional therapies for individuals suffering from elusive maladies like PTSD, addiction, Alzheimer's, and depression.

 

The Company made a first capital investment in Beckley Psytech, a private company dedicated to addressing neurological and psychiatric disorders through the novel application of psychedelic medicines.

 

There was no revenue during the period as the Company was in start-up phase. A loss before tax of £1.3m (H1 2021: £0.5m) was incurred in the year, reflecting costs related to the valuation of warrants issued, the start-up of the business as well as operational expenses. The Company ended the year with cash and cash equivalents of £1.5m as at 30 November 2021.

 

Following our maiden investment, we see opportunities for investing in companies with the required expertise and potential to become pioneers in the market.

 

I would like to take this opportunity to thank our board for their ongoing commitment and expertise as well as our shareholders for their continued support.

 

Jonathan Bixby, Executive Director

 

Investment strategy

The Company's objective is to generate capital growth over the long term through a portfolio of businesses concentrating on fast growing biotech and life science companies that research or produce neuro-pharmaceutical drug development platforms advancing medicines based on psychedelic substances through rigorous science and clinical trials.

The Board seeks to build out an R&D pipeline of companies which are discovering, developing or deploying safe and evidence-based psychedelic inspired medicines and experiential therapies that alleviate mental health problems and enhance wellbeing. Through those drug development platforms, Clarify will invest in companies which seek to prove the safety and efficacy of psychedelic-based substances as disruptive technologies and solutions for a continuum of mental illnesses and high unmet medical need.

Clarify seeks to assemble a portfolio of drug development companies with a compelling pipeline of psychedelic inspired medicines and experiential therapies for human clinical trials which adhere strictly to the guidelines of the United Kingdom's MHRA, Canada's Health Canada and similar regulatory authorities in other jurisdictions where Clarify or its Investee Companies operate.

Market size

The Company considers that there is a sizable potential market for psychedelic products as clinical trials into psychedelic-assisted psychotherapy continue to show promising results for the treatment of the mental health conditions such as depression, anxiety and addiction. According to analysts at Canaccord, the global psychedelics industry could soon be worth over US$100 billion.

Outlook

As the field of psychedelic science continues to grow, the Board considers that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with numerous recent studies highlighting the contributions of psychotherapy treatments and accredited research organisations demonstrating its clinical effectiveness. As a result, the Board looks forward to the future with great confidence.

 

STATEMENT OF COMPREHENSIVE INCOME

AS AT 30 NOVEMBER 2021

 

 

Period ending
30 November 2021

Period ending
30 November 2020

 

Note

£

£

Continuing Operations

 

 

 

Gross Profit

 

-

-

Administrative expenses

4

(1,255,552)

-

Other operating income

 

-

-

Operating loss

 

(1,255,552)

-

Finance Income

5

59

-

Loss before taxation

 

(1,255,493)

-

Taxation on loss of ordinary activities

8

-

-

Loss for the year from continuing operations

 

(1,255,493)

-

Other comprehensive income

9

23,631

-

Total comprehensive loss for the year attributable to shareholders from continuing operations

 

(1,231,862)

 

 

-

Basic & dilutive earnings per share - pence

10

(0.56)

0.00

 

 

 

 

The accompanying notes in the Company's Annual Report form an integral part of these financial statements.

 

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2021

 

 

As at 30 November 2021

As at 30 November 2020

 

Note

£

£

NON-CURRENT ASSETS

 

 

 

Investments

13

                528,375

-

TOTAL NON-CURRENT ASSETS

 

                528,375

-

 

 

 

 

CURRENT ASSETS

 

 

 

Cash and cash equivalents

11

1,523,665

-

Trade and other receivables

12

508,000

1

TOTAL CURRENT ASSETS

 

2,031,665

1

TOTAL ASSETS

 

2,560,040

1

EQUITY

 

 

 

Share capital

15

297,195

1

Share premium account

15

2,859,005

-

Share based payment reserve

16

575,024

-

Retained Earnings

 

(1,231,862)

-

TOTAL EQUITY

 

2,499,362

1

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade and other payables

14

60,678

-

TOTAL CURRENT LIABILITIES

 

60,678

-

TOTAL LIABILITIES

 

60,678

-

TOTAL EQUITY AND LIABILITIES

 

2,560,040

1

 

The accompanying notes in the Company's Annual Report form an integral part of these financial statements.

The financial statements were approved by the Board of Directors on 03 May 2022 and were signed on its behalf by:

Nicholas Lyth

Director

The financial information set out in this announcement does not constitute statutory accounts. This financial information has been extracted from the audited full accounts of the Company for the period ended 30 November 2021. The Company does not declare a dividend for the period.

The full Annual Report of the Company will be available on the Company's website: www.clarifypharma.com.

The Directors of the Company accept responsibility for the contents of this announcement.

 

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