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Igraine Plc - Unaudited Financial Statements to 31 December 2021

Announcement provided by

Igraine plc · KING

30/06/2022 18:30

Igraine Plc - Unaudited Financial Statements to 31 December 2021 PR Newswire

Igraine plc


(“Igraine” or “the company”)


Financial Statements for the Year Ended 31 December 2021


  Igraine Plc

The information set out below has been extracted from the Company’s draft report and accounts for the year ended 31 December 2021 and has not been audited. A further announcement will be released by the Company on completion of the audit, expected shortly, and any material changes between the financial information set out below and the audited financial information will be disclosed in that announcement.

On 26 April 2021, the company completed a recapitalisation and Board change, introducing new Directors, Mr Simon Grant-Rennick and Mr Burns Singh Tennent-Bhohi. After the company's Annual General Meeting held on 26 April 2021, Mr Brian Jones & Mr Kenneth Hillen resigned from the Board of Directors.

The injection of new capital and Directors enabled the company to review its existing financial position, its underlying assets and consider how best to progress and create value for shareholders of the company. I am pleased to report that on 11 June 2021, the company announced and posted a Circular to convene a General Meeting to approve proposals and resolutions to create a premier MedTech and biotech investment company that includes a conditional brokered financing for gross proceeds of, £2,000,500.

On 28 July 2021 the Company changed its name to Igraine PLC.


EML has secured exclusive rights to and owns the patents on a drug, AZD1656, which is being developed as a potential therapeutic for diabetics suffering from COVID-19. As 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. Further, if the trials are successful, it is likely the drug will be effective for the general population in Covid -19 and in other respiratory diseases. The results of the Phase 2 trials of the drug - the ARCADIA trial - to assess the safety and efficacy of AZD1656 in 150 patients with either Type 1 or Type 2 diabetes who have been hospitalised with COVID-19, were released on the 9 September 2021:

Results from ARCADIA Phase II Clinical Trial of a Potential Therapy for COVID-19

St George Street Capital, a UK-based biomedical charity, and Excalibur Medicines Ltd., a biotechnology investment company, are pleased to announce the receipt of the final data from the ARCADIA Phase ll clinical trial which was conducted to assess a therapy that could treat diabetic patients suffering from COVID-19.

In light of the encouraging trial results, St George Street Capital and Excalibur will immediately start to undertake commercial discussions with potential licensees and/or fundraise for further clinical trials to investigate AZD1656 in a larger study. Further analysis to determine the precise nature of the biological effects of AZD1656 that explain the observed clinical outcomes will also be conducted.

The trial data has shown the following:


A strong trend towards reduced mortality in patients receiving AZD1656. This was noted in both mortality on treatment and all-cause mortality, which were lower in the AZD1656 group compared to the placebo group. The strong trend to improved mortality for patients on AZD1656 was observed on top of patients receiving other medication, including dexamethasone, as part of standard of care. Certain clinically and biochemically defined subsets of patients appeared to benefit most from treatment with AZD1656. The data from ARCADIA supports continued investigation of AZD1656 for the treatment of patients with COVID-19, with or without diabetes, in future clinical trials.

Safety and Tolerability:

AZD1656 was shown to be well-tolerated in this patient population with no serious adverse reactions (SARs) occurring. The degree of glycaemic control, as measured by the need to increase baseline medication requirements or the need to add additional diabetic medications, was no different between the AZD1656 group and the placebo group. The proportion of Serious Adverse Events (SAEs) was numerically lower in the AZD1656 group compared with the placebo group. The proportion of Treatment Emergent Adverse Events (TEAE) was also no different between the groups. Overall no safety concerns were identified regarding the use of AZD1656 in this patient population.

Diabetes, whether type 1 or 2, has been the leading single cause of co-morbidity during the pandemic and one in three of all deaths with COVID-19 in hospital in England have been associated with diabetes.

About the ARCADIA Trial

AZD1656 was identified by St George Street Capital as a potential treatment for people with diabetes infected with COVID-19.

The objectives of the ARCADIA clinical trial were to assess the safety and tolerability of a glucose kinase activator, AZD1656, and to determine the effect of the therapy on clinical improvement and mortality in people with diabetes hospitalised with COVID-19. The trial also explored whether AZD1656 benefits COVID-19 patients via its effects on immune function.

ARCADIA was a randomised, double-blind, placebo-controlled Phase II clinical trial involving 153 patients. The clinical trial was arranged and structured by Professor Sir Chris Evans, Chairman and CEO of Excalibur Healthcare Services, through its subsidiary, Excalibur Medicines Ltd. Sir Chris worked closely with Professor John Martin and his team at St George Street, a UK-based biomedical research charity, which secured the initial project and permission to run the trial from AstraZeneca.


The company continues to monitor the development of its maiden investment with Excalibur under the Co-Investment Agreement. Results to date have been positive as the Excalibur team progress commercialisation discussions with the preference being that of a trade sale.

Independent of our investment in EML, the company is acutely aware of the volatility in global financial markets and is actively engaged in commercial discussions with businesses and opportunities that have fundamentally strong offerings but a lack of access to traditional means of capital investment during these uncertain times.

Simon Grant-Rennick

Non-Executive Director

The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept

 responsibility for its content.



Simon Grant-Rennick (Non-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 +44 (0) 7788414856

Igraine Plc

Unaudited Preliminary Results

for the year ended 31 December 2021

Igraine Plc (Registered number: 06400833)

Statement of Profit or Loss

for the year ended 31 December 2021

2021 2020
£ £
Revenue - -
Other operating income 19,824 61,556
Gain/loss on revaluation of investments (26,484) (147,043)
Administrative expenses (469,334) (294,073)
OPERATING LOSS (475,994) (379,560)
Impairment of loans and trade receivables (41,339)
    Interest Income (23,657)
    Interest payable at 7.1% on preference Shares (163,450)
Conversion of Preference shares to Ordinary shares 4,548,821
Amortisation of preference shares (697,067)
(LOSS)/PROFIT BEFORE INCOME TAX (475,994) 3,291,172
Income tax - -
(LOSS)/PROFIT FOR THE YEAR (475,994) 3,291,172
Earnings per share expressed
in pence per share:
Basic (0.01) 0.109
Diluted (0.01) 0.107

Igraine Plc (Registered number: 06400833)

Statement of Financial Position

31 December 2021

2021 2020
£ £
Property, plant and equipment - 1,048
Investments 615,113 15,113
615,113 16,161
Trade and other receivables 154,067 115,784
Investments 7,205 48,201
Cash and cash equivalents 904,129 7,811
1,065,401 171,796
TOTAL ASSETS 1,680,514 187,957
Called up share capital 588,786 554,616
Share premium 1,946,995 26,818
Other reserves 28,116 -
Retained earnings (1,154,705) (678,711)
TOTAL EQUITY 1,409,192 (97,277)
Financial liabilities - borrowings
Interest bearing loans and borrowings 49,113 50,000
Trade and other payables 222,209 235,234
TOTAL LIABILITIES 271,322 285,234

The financial statements were approved by the Board of Directors and authorised for issue on   ............................................. and were signed on its behalf by:


Mr B Singh Tennent-Bhohi - Director

Igraine Plc (Registered number: 06400833)

Statement of Changes in Equity

for the year ended 31 December 2021

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£ £ £ £ £
Balance at 1 January 2020 71,008 (3,969,883) - - (3,898,875)
Changes in equity
Profit for the year - 3,291,172 - - 3,291,172
Total comprehensive income - 3,291,172 - - 3,291,172
Issue of share capital 483,608 - 26,818 - 510,426
Balance at 31 December 2020 554,616 (678,711) 26,818 - (97,277)
Changes in equity
Deficit for the year - (475,994) - - (475,994)
Warrant charge - - - 28,116 28,116
Total comprehensive income - (475,994) - 28,116 (447,878)
Transaction cost - - (178,153) - (178,153)
Issue of share capital 34,170 - 2,098,330 - 2,132,500
Balance at 31 December 2021 588,786 (1,154,705) 1,946,995 28,116 1,409,192

Igraine Plc (Registered number: 06400833)

Statement of Cash Flows

for the year ended 31 December 2021

2021 2020
£ £
Cash flows from operating activities
Cash generated from operations 1 (573,030) (140,467)
Net cash from operating activities (498,688) (140,467)
Cash flows from investing activities
Purchase of tangible fixed assets - (591)
Purchase of fixed asset investments (600,000) -
Sale of fixed asset investments 13,431 -
Increase in loan payable - 50,000
Decrease in loan receivables 74,342 48,813
Net cash from investing activities (586,569) 98,222
Cash flows from financing activities
Loan repayments in year (887) -
Share issue 1,982,462 50,000
Net cash from financing activities 1,981,575 50,000
Increase in cash and cash equivalents 896,318 7,755
Cash and cash equivalents at beginning of year 2 7,811 56

Igraine Plc (Registered number: 06400833)

Notes to the Statement of Cash Flows

for the year ended 31 December 2021

2021 2020
£ £
(Loss)/profit before income tax (475,994) 3,291,172
Depreciation charges 1,048 457
Loss on disposal of fixed assets 1,082 -
Loss on revaluation of fixed assets 26,484 147,043
Amortisation adjustment on preference shares 697,067
Amortisation adjustment on conversion of preference shares (4,548,821)
Impairment of trade receivables 41,229
Interest receivable (23,657)
Interest payable 163,450
(447,380) (232,060)
(Increase)/decrease in trade and other receivables (112,625) 28,583
(Decrease)/increase in trade and other payables (13,025) 63,010
Cash generated from operations (573,030) (140,467)
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:
Year ended 31 December 2021
31/12/2021 01/01/2021
£ £
Cash and cash equivalents 904,129 7,811
Year ended 31 December 2020
31/12/2020 01/01/2020
£ £
Cash and cash equivalents 7,811 56

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