07 October, 2019

Half-year Report

New collaborations generating revenue as cost base is reduced further

New commercial collaborations

  • Positive progress leading to extension of existing network-driven drug discovery ("NDD") collaboration with Novo Nordisk in a specific area of Type-2 diabetes
  • First collaboration on our new "GAINs" functional genomics platform with Novo Nordisk in Type-2 diabetes announced on 1 August 2019
  • New NDD collaboration with US-based, top 5 pharmaceutical company in a specific area of neurodegeneration announced on 13 August 2019
  • Multiple proposals submitted to potential partners for revenue and cash generating deals for both NDD discovery programmes and GAINs projects

Successful launch of new Genome Associated Interaction Networks ("GAINs") technology

  •  GAINs is a revolutionary and entirely novel proprietary functional genomics approach 
    • analyses human genetic data to allow a deep and valuable understanding about the mechanisms that cause disease
    • potential to enable the discovery of novel drugs, diagnostics and biomarkers in a way not possible using existing techniques

Proprietary network-driven drug discovery ("NDD") platform advanced and strengthened 

  • Continued enhancement of the NDD platform to include patient segmentation and target identification work
  • Additions to our new NDD platform patent filed to cover new breakthroughs

Progress on discovery programmes in complex disease areas where there is significant unmet need

  • Continued business development discussions on existing and new NDD-derived therapeutic programmes in commercially relevant areas such as immuno-oncology, fibrosis and neurodegeneration

Financial highlights

  • Cash of £5.2m at 31 July 2019 (FY19 as at 31 January 2019: £5.9m)
  • Revenue of £0.2m (H1 19 to 31 July 2018: £nil)
  • Reduced operating loss of £1.6m (H1 19 to 31 July 2018: loss of £2.8m)
  • R&D tax credit for FY19 of £1.1m 
  • New revenue generating collaborations signed post period

The business has continued to make good progress over the past six months and is continuing to convert the extensive work done in business development into a range of potential revenue and cash generating partnerships. We are conscious of our finite capital resources and continue to operate a lean organisation with a keen focus on underlying costs. We remain actively engaged in exploring all organic and non-organic opportunities that have the potential to create incremental value for our shareholders.

Ray Barlow