Igraine Plc - Unaudited Financial Statements to 31 December 2021
Announcement provided by
Igraine plc · KING30/06/2022 18:30
Igraine plc
AQSE: KING
(“Igraine” or “the company”)
Unaudited
Financial Statements for the Year Ended 31 December 2021
for
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.
ABOUT EML INVESTMENT
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
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:
Efficacy:
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
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
POST-YEAR END REVIEW
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.
Enquiries
Company:
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
ramsay@mediahouse.co.uk: +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 | |
| £ | £ | |
| CONTINUING OPERATIONS | ||
| 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 | |
| £ | £ | |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Property, plant and equipment | - | 1,048 |
| Investments | 615,113 | 15,113 |
| 615,113 | 16,161 | |
| CURRENT ASSETS | ||
| 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 |
| EQUITY | ||
| SHAREHOLDERS' EQUITY | ||
| 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) |
| LIABILITIES | ||
| NON-CURRENT LIABILITIES | ||
| Financial liabilities - borrowings | ||
| Interest bearing loans and borrowings | 49,113 | 50,000 |
| CURRENT LIABILITIES | ||
| Trade and other payables | 222,209 | 235,234 |
| TOTAL LIABILITIES | 271,322 | 285,234 |
| TOTAL EQUITY AND LIABILITIES | 1,680,514 | 187,957 |
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
| 1 | RECONCILIATION OF (LOSS)/PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS | ||
| 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) | |
| 2 | CASH AND CASH EQUIVALENTS | ||
| 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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