Igraine Plc - Interim Results for the Half-Year to 30 June 2023
Announcement provided by
Igraine plc · KING29/09/2023 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.
29 September 2022
Igraine Plc
(“Igraine” or “the Company”)
Interim Results for the Half-Year to 30 June 2023
Igraine plc, Directors Statement,
We are pleased to present the interim results for Igraine plc (AQUIS: KING) for the period ending 30 June 2023. This reporting period has unfolded in a challenging economic environment, but we are encouraged by the positive developments in our ongoing discussions and commercialisation efforts.
Despite the economic headwinds, our maiden investment with Excalibur Medicines Ltd (“EML”) continues to progress positively. Igraine owns a 2% interest in EML that was awarded the exclusive commercial rights to and owns the patents on a drug, AZD1656, which is being developed as a potential therapeutic for diabetics suffering from COVID-19. The Excalibur team is actively engaged in commercialisation discussions, with a preference for a potential trade sale. The Company will update the market in due course.
Additionally, recognising the volatility in global financial markets, we remain vigilant and proactive. We are actively exploring opportunities with businesses that offer fundamentally strong value propositions.
The interim financial results have not been reviewed by the Company’s auditor.
On behalf of the Board
Steve Winfield
Executive Director
INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2023
| Igraine plc | ||||
| 6 mths to | 6 mths to | |||
| 30 June | 30 June | |||
| 2023 | 2022 | |||
| £ GBP | £ GBP | |||
| Revenue | - | - | ||
| Cost of Sales | - | - | ||
| Gross Profit/(Loss) | - | - | ||
| Other Operating Income | - | - | ||
| Loss on revaluation of investments | (43,049) | - | ||
| Administrative Expenses | (82,020) | (128,223) | ||
| Loss before Investment Activities | (125,069) | (128,223) | ||
| Interest income | 2,479 | - | ||
| (Loss) before Amortisation of Preference Shares | (122,590) | (128,223) | ||
| Profit/(Loss) before Taxation | (122,590) | (128,223) | ||
| Taxation Expense | - | - | ||
| Total Comprehensive Income attributable to Equity Holders of the Company | (122,590) | (128,223) | ||
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2023
| Igraine plc | |||
| As at | As at | ||
| 30 June | 30 June | ||
| 2023 | 2022 | ||
| £ GBP | £ GBP | ||
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | - | 2,089 | |
| Investments | 818,013 | 615,113 | |
| 818,013 | 617,202 | ||
| Current assets | |||
| Trade and other receivables | 118,625 | 148,302 | |
| Cash and cash equivalents | 226,174 | 765,723 | |
| 344,799 | 914,025 | ||
| Total assets | 1,162,812 | 1,531,227 | |
| Equity and liabilities | |||
| Equity | |||
| Issued share capital | 588,785 | 588,785 | |
| Share Premium | 1,946,995 | 1,946,995 | |
| Other reserves | 46,116 | 46,116 | |
| Retained earnings | (1,640,657) | (1,300,926) | |
| 941,239 | 1,280,970 | ||
| Non current liabilities | |||
| Loans and borrowings | 24,946 | 43,788 | |
| Current liabilities | |||
| Trade and other payables | 196,627 | 206,469 | |
| Total liabilities | 221,573 | 250,257 | |
| Total equity and liabilities | 1,162,812 | 1,531,227 | |
THE DIRECTORS OF THE COMPANY TAKE RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Enquiries
Company:
Simon Grant-Rennick (Executive Director)
Steve Winfield (Executive Director)
Aquis Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
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