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Antisoma PLC (SRC)

  Print      Mail a friend       Annual reports

Friday 22 February, 2002

Antisoma PLC

Interim Results

Antisoma PLC
22 February 2002

Antisoma plc reports Q2 results

22 February 2002, London UK, Antisoma plc (LSE:ASM, NASD-E:ASOM) the
biopharmaceutical company specialising in the development of products for the
treatment of cancer, today announces its interim results for the period ended 31
December 2001.


•         4 for 3 fully underwritten Rights Issue of up to 118.5 million New
Ordinary Shares at 20p per New Ordinary Share to raise approximately £22 million
net of expenses announced today (see separate announcement)

•         Vascular targeting agent DMXAA in-licensed; positive results shown in
combination with chemotherapy and enhancement of radiation therapy

•         Pemtumomab licensing agreement with Abbott Laboratories amended

•         US patent received for Therex

•         Lloyd Kelland appointed as Head of Laboratory

Glyn Edwards, Chief Executive Officer of Antisoma, commented:

'These results demonstrate once again Antisoma's success in advancing and
broadening its product portfolio and in-licensing promising new products and
technologies.  Today we have announced plans to raise further funds to ensure
the continued development of our product pipeline and to take Antisoma to the
next stage of growth.'

A presentation for analysts will be held at the offices of Financial Dynamics
today at 9.30 a.m. UK time. Participants can also join a conference call at the
same time.  For further details, please call Claire Rowell on +44 (0)20 7269

For further information please visit the Company's web site at
or contact:

Antisoma plc                                          Tel: +44 (0)20 8799 8200
Glyn Edwards, Chief Executive Officer

Raymond Spencer, Chief Financial Officer

Financial Dynamics                                    Tel: +44 (0)20 7831 3113
Jonathan Birt/ Ben Atwell

Except for the historical information presented, certain matters discussed in
this statement are forward looking statements that are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from results, performance or achievements expressed or implied by such
statements. These risks and uncertainties may be associated with product
discovery and development, including statements regarding the company's clinical
development programmes, the expected timing of clinical trials and regulatory
filings. Such statements are based on management's current expectations, but
actual results may differ materially.

Chairman's report

Rights Issue

Antisoma today announced proposals to raise approximately £22 million net of
expenses through a 4 for 3 Rights Issue. Details of the issue, which is fully
underwritten by SG Cowen and ING Barings, will be sent to shareholders today
together with Notice of an Extraordinary General Meeting of Shareholders to be
held on 18 March 2002 at which shareholders will be asked to approve the offer.

Clinical products

Pemtumomab (Theragyn)

The Company's lead product candidate pemtumomab is currently in Phase III trials
for ovarian cancer and Phase II trials for gastric cancer.  In January 2002 an
amendment to the licensing deal with Abbott Laboratories, 'Abbott', for
pemtumomab was announced.  Under the new agreement, Antisoma will receive
enhanced royalties on all future sales of pemtumomab following any marketing
approval.  Under the previous agreement, signed in October 1999, royalties were
fixed on an escalating basis.  The new agreement also includes a milestone
payment in addition to the previously announced payments linked to approvals and
sales targets, and allows Antisoma, under certain conditions, to regain
marketing rights to the product.  In return for the higher royalties and
additional milestone payment, Antisoma will assume Abbott's share of development
costs spread over the next three years.

Recruitment into the pemtumomab pilot Phase II gastric cancer trial is due to be
completed in the second quarter of this year.


Therex, a naked humanised version of the antibody used in pemtumomab, has been
shown to be effective at inducing antibody-mediated cell-dependent cytotoxicity
(ADCC) in the laboratory using human white blood cells as a test system.  This
is an early indication that the antibody may be able to stimulate patients'
immune systems, in particular by inducing 'natural killer' white blood cells to
attack tumours.

In December 2001, Antisoma announced that the Company had received notification
of the granting of a US patent for Therex.  The patent covers antibodies that
contain specified amino acid sequences and that recognise MUC1.  The US patent
will provide protection to Therex until at least 2018.


DMXAA is a small molecule that targets established tumour blood vessels.  In
November 2001, research published in the journal Radiation Research showed that
DMXAA is able to enhance the impact of radiotherapy on tumours in animal models.
The researchers also showed that the therapy is effective against tumours when
given on its own.

In January 2002, positive in vivo results were announced for DMXAA in
combination with chemotherapy.  The studies were undertaken by the University of
Auckland, New Zealand, to examine the effect of combining a single dose of DMXAA
with single doses of nine widely-used chemotherapy agents in solid tumour in
vivo models. Neither DMXAA nor the chemotherapy drugs alone provided prolonged
delays in tumour growth or cures. However, co-administration with DMXAA produced
a significant delay in tumour growth for eight of the nine chemotherapy drugs.
The greatest effect was seen with the chemotherapy agents paclitaxel and
docetaxel. In a combination of DMXAA with paclitaxel, a median tumour growth
delay of 29.5 days was observed and four out of eleven mice treated were cured.
The dose of paclitaxel used, which was less than the maximum tolerated dose, by
itself had no significant activity on the tumour with a median tumour growth
delay of 0.3 days and no cures. In the group treated with DMXAA alone, a median
growth delay of 10 days was seen and one of the seven mice treated was cured.


TheraFab, a fragment of the HMFG1 antibody linked to Yttrium-90, is designed for
intravenous administration to treat common epithelial cancers in combination
with external-beam radiotherapy. The Phase I study initiated during 2001 in
Australia, Sweden and the UK is designed to check that the drug targets tumours
as expected and does not accumulate to unacceptably high levels in healthy

Head of Laboratory appointed

Dr Kelland has joined Antisoma from the UK's Cancer Research Campaign (CRC)
Centre for Cancer Therapeutics, Institute of Cancer Research, London, where he
was Reader/Associate Professor and head of drug evaluation. Dr Kelland is an
internationally recognised authority in the fields of platinum and other small
molecule anti-cancer agents.  In his new role he will oversee academic and other
collaborations linked to Antisoma's pre-clinical pipeline.

Financial Review

Results of operations - six months ended 31 December 2001

Revenues for the six months ended 31 December 2001 totalled £1.1m (H1 2000:
£1.7m).  This amount represents revenue recognised from the Development and
Licence Agreement with Abbott.  For the six months ended 31 December 2001
Antisoma received £2.4m, of which £1.4m has been deferred to future periods in
accordance with the revenue recognition policy. Losses for the six months ended
31 December 2001 were £6.1m (H1 2000: £4.0m). Operating expenses were £7.3m (H1
2000: £5.9m) and included research and development expenses of £5.5m (H1 2000:
£4.3m). Higher research and development expenditure reflects the increased
number of products in the development pipeline and manufacturing costs of
Therex, AngioMab, Thioplatin and DMXAA to enable clinical studies to be

Results of operations - three months ended 31 December 2001

Revenue in the period totalled £0.6m (Q2 2000: £0.8m).  Operating expenses of
£4.4m (Q2 2000: £3.3m) include research and development spending of £3.5m (Q2
2000: £2.3m).  The increase in research and development expenditure reflects an
increased number of products in the development pipeline and costs as outlined

Liquidity and capital resources

Cash at bank and held in short-term investments totalled £5.2m at 31 December
2001, £6.8m at 30 September 2001, £9.1m at 30 June 2001 and £14.1m at 31
December 2000.  Net cash outflow from operating activities was £1.6m in Q2
compared to £2.1m in Q1. The cash outflow from operating activities for the six
month period was £3.7m compared to £1.9m in the same period in 2000. As
indicated above, the proceeds of the Rights Issue are expected to add
approximately £22m to the Company's capital resources.

Loss per share

Loss per share has increased from 2.6p in Q1 to 4.3p in Q2 representing
additional operating costs resulting from an expanding development pipeline.
Loss per share has increased from 4.7p in the six months ended 31 December 2000
to 6.9p in the six months ended 31 December 2001.

This interim report contains forward-looking statements that involve risks and
uncertainties. No assurances can be given that such statements can be achieved.

Dr Barry Price


22 February 2002

Consolidated profit and loss account
for the six months ended 31 December 2001

                                             6 months         6 months         3 months             Year
                                                ended            ended            ended            ended
                                               31 Dec           31 Dec           31 Dec          30 June
                                                 2001             2000             2001             2001
                                            unaudited        unaudited        unaudited          audited
                                                £'000            £'000            £'000            £'000

                                               ______           ______           ______           ______
Revenue                                         1,072            1,671              580            3,321
Operating expenses                            (7,336)          (5,944)          (4,430)         (12,621)

                                               ______           ______           ______           ______
Operating loss                                (6,264)          (4,273)          (3,850)          (9,300)

Interest receivable                               176              342               65              666
Interest payable                                  (7)             (20)              (5)             (23)

                                               ______           ______           ______           ______
Loss on ordinary activities before            (6,095)          (3,951)          (3,790)          (8,657)
and after taxation
                                               ______           ______           ______           ______
Loss per 1p share

Basic and diluted                                6.9p             4.7p             4.3p            10.1p

                                               ______           ______           ______           ______
Weighted average number of shares
(000's)                                        88,346           84,673           88,857           86,101
                                               ______           ______           ______           ______

Consolidated balance sheet
at 31 December 2001

                                                               31 Dec            31 Dec         30 June
                                                                 2001              2000            2001
                                                            unaudited         unaudited         audited
                                                                £'000             £'000           £'000

                                                               ______            ______          ______
Fixed assets                                                      676               388             372

                                                               ______            ______          ______
Current assets
Debtors                                                           667               541           1,893
Short term investments                                          4,160            12,591           8,210
Cash at bank and in hand                                        1,037             1,462             876

                                                               ______            ______          ______
                                                                5,864            14,594          10,979
Creditors: amounts falling due within one year                (6,040)           (3,727)         (5,006)

                                                               ______            ______          ______
Net current (liabilities)/assets                                (176)            10,867           5,973

                                                               ______            ______          ______
Creditors: amounts falling due after more than one                  -               (7)               -

Provisions for liabilities and charges                              -             (298)           (101)

                                                               ______            ______          ______
Net assets                                                        500            10,950           6,244

                                                               ______            ______          ______
Capital and reserves

Called up share capital                                         5,221             5,208           5,208

Share premium account                                          31,460            31,122          31,122

Other reserves                                                  4,300             4,300           4,300

Profit and loss account                                      (40,481)          (29,680)        (34,386)

                                                               ______            ______          ______
Total shareholders' funds                                         500            10,950           6,244

                                                                _____            ______          ______
Shareholders' funds analysed as:

Equity shareholders' funds                                    (3,832)             6,618           1,912

Non-equity shareholders' funds                                  4,332             4,332           4,332

                                                               ______            ______          ______
                                                                  500            10,950           6,244

                                                               ______            ______          ______

Consolidated cash flow statement
for the six months ended 31 December 2001

                                                   6 months        6 months      3 months          Year
                                                      ended           ended         ended         ended
                                                     31 Dec          31 Dec        31 Dec       30 June
                                                       2001            2000          2001          2001
                                                  unaudited       unaudited     unaudited       audited
                                                      £'000           £'000         £'000         £'000

                                                     ______          ______        ______        ______
Net cash outflow from operating activities          (3,706)         (1,871)       (1,588)       (6,962)

                                                     ______          ______        ______        ______
Returns on investments and servicing of
Interest received                                       258             304           118           565
Interest paid                                             -             (4)             -             -
Interest paid on finance leases                         (7)            (16)           (5)          (23)

                                                     ______          ______        ______        ______
Net cash inflow from returns on investments             251             284           113           542
and servicing of finance
                                                     ______          ______        ______        ______
Capital expenditure and financial
Purchase of tangible fixed assets                      (27)            (89)          (10)         (162)
Sale of tangible fixed assets                             2               -             2             1
Purchase of intangible fixed assets                   (397)               -          (72)          (44)

                                                     ______          ______        ______        ______
                                                      (422)            (89)          (80)         (205)

                                                     ______          ______        ______        ______
Net cash outflow before management of               (3,877)         (1,676)       (1,555)       (6,625)
liquid resources and financing
                                                     ______          ______        ______        ______
Management of liquid resources
Sale/(purchase) of current asset                      4,050         (8,341)         2,004       (3,960)
                                                     ______          ______        ______        ______
Issue of shares                                           9          11,582             -        11,583
Expenses paid in connection with share                  (8)           (218)           (4)         (218)
Repayment of principal under finance leases            (13)            (58)          (10)          (77)

                                                     ______          ______        ______        ______
                                                       (12)          11,306          (14)        11,288

                                                     ______          ______        ______        ______
Increase in cash                                        161           1,289           435           703

                                                     ______          ______        ______        ______

Notes to the interim results

1.      Basis of reporting

The interim financial statements have been prepared in accordance with UK
Generally Accepted Accounting Principles ('UK GAAP') on the basis of the
accounting policies set out in the Group's 2001 statutory accounts. The
statements were approved by the Board of Directors on 22 February 2002 and are
unaudited. The auditors have carried out a review in accordance with APB
Bulletin 1999/4 and their report is set out below.

In February 2002, the Company announced proposals to raise additional capital
through a Rights Issue, subject to approval by shareholders.  The Directors
believe that this will provide the necessary capital to enable the Group to
continue its activities and, accordingly, these interim results are prepared on
the going concern basis.

The financial information contained in this announcement does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The figures for the year ended 30 June 2001 have been extracted from the
statutory accounts which have been filed with the Registrar of Companies and
which are available on request from the Company Secretary, Antisoma plc, West
Africa House, Hanger Lane, Ealing, London W5 3QR. The auditors' report on those
accounts was unqualified and did not contain any statement under section 237(2)
or section 237(3) of the Companies Act 1985 but was modified to draw attention
to the going concern position of the Group.

2.      Operating expenses

                                          6 months         6 months         3 months             Year
                                             ended            ended            ended            ended
                                            31 Dec           31 Dec           31 Dec          30 June
                                              2001             2000             2001             2001
                                         unaudited        unaudited        unaudited          audited
                                             £'000            £'000            £'000            £'000

                                            ______           ______           ______           ______
Administrative expenses                      1,885            1,641              971            3,408
Research and development                     5,451            4,303            3,459            9,213

                                            ______           ______           ______           ______
Operating expenses                           7,336            5,944            4,430           12,621

                                            ______           ______           ______           ______

Administrative expenses in the six months ended 31 December 2001 include a
credit for employer's national insurance arising on share options issued on or
after 6 April 1999 of £nil (2000: a charge of £176,000) and £nil for the three
months to 31 December 2001 (Q2 2000: £134,000).

3.      Reconciliation to International Accounting Standards
The Company's consolidated interim statement has been prepared under UK GAAP
which differs in certain respects from International Accounting Standards ('IAS
').  The principal difference between UK GAAP and IAS that affects the Group is
set out below.

Cash flow statement

Under UK GAAP, cash does not include short term deposits and investments which
cannot be withdrawn without notice and without incurring a penalty.  Such items
are shown as short term investments.  Under IAS, deposits with a maturity of
three months or less at inception and which are readily convertible to a known
amount of cash, are included as cash and cash equivalents. Additionally, IAS
requires only three categories of cash flow activity to be reported: operating,
investing and financing. The table below sets out the effect of differences
between UK GAAP and IAS and provides the relevant disclosures required.

Cash flow statement

                                                   6 months      6 months      3 months             Year
                                                     ended         ended         ended            ended
                                                     31 Dec        31 Dec        31 Dec          30 June
                                                       2001          2000          2001             2001
                                                  unaudited     unaudited     unaudited          audited
                                                      £'000         £'000         £'000            £'000

                                                     ______        ______        ______           ______
Under IAS:
Operating cash flows                                (3,706)       (1,871)       (1,588)          (6,992)

                                                    _______       _______       _______          _______
Investing cash flows                                  3,578          (89)         1,920            (911)

                                                    _______       _______       _______          _______
Financing cash flows                                    239        11,590            99           11,816

                                                    _______       _______       _______          _______
Changes in cash under UK GAAP                           161         1,289           435              703
Adjustments for cash equivalents                       (50)         8,341           (4)            3,210

                                                    _______       _______       _______          _______
Changes in cash and cash equivalents under              111         9,630           431            3,913
                                                    _______       _______       _______          _______

Cash and short term deposits

                                                               31 Dec            31 Dec           30 June
                                                                 2001              2000              2001
                                                            unaudited         unaudited           audited
                                                                £'000             £'000             £'000

                                                               ______            ______            ______
Cash and cash equivalents under IAS                             4,197            14,053             4,086
Adjustment for cash equivalents                               (3,160)          (12,591)           (3,210)

                                                              _______           _______           _______
Cash under UK GAAP                                              1,037             1,462               876

                                                              _______           _______           _______
Short term deposits under IAS                                   1,000                 -             5,000
Deposits qualifying as cash equivalents under IAS               3,160            12,591             3,210

                                                              _______           _______           _______
Short term deposits under UK GAAP                               4,160            12,591             8,210

                                                              _______           _______           _______

Independent review report to Antisoma plc


We have been instructed by the Company to review the financial information which
comprises the consolidated profit and loss account, consolidated balance sheet,
consolidated cash flow statement and notes 1 to 3. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

The maintenance and integrity of the Antisoma website is the responsibility of
the directors; the work carried out by the auditors does not involve
consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the interim report
since it was initially presented on the website. Legislation in the United
Kingdom governing the preparation and dissemination of financial information may
differ from legislation in other jurisdictions.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom.  A review
consists principally of making enquires of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed.  A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions.  It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit.  Accordingly we do not
express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 December 2001.


Chartered Accountants


22 February 2002

                      This information is provided by RNS
            The company news service from the London Stock Exchange