NuCana plc

NuCana Reports Financial Results for the Year Ended December 31, 2017

NuCana Reports Financial Results for the Year Ended December 31, 2017

EDINBURGH, United Kingdom, March 21, 2018 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ:NCNA) announced financial results for the year ended December 31, 2017 and provided an update on its extensive clinical program with its transformative ProTide therapeutics. 

As of December 31, 2017, NuCana had cash and cash equivalents of £86.7 million compared to £20.0 million as of December 31, 2016.  The increase in cash reflects the net proceeds raised from NuCana's initial public offering completed in October 2017.  NuCana reported a loss of £23.1 million for the year ended December 31, 2017, compared to £6.0 million for the year ended December 31, 2016. Basic and diluted loss per share was £0.89 in 2017, compared to £0.25 per share in 2016.

"2017 was a year of rapid expansion for NuCana and our successful IPO has provided us with the financial resources to swiftly advance our pipeline of proprietary ProTides," said Hugh S. Griffith, NuCana's Founder and Chief Executive Officer.  "As we continue to build on our strong platform through 2018, we anticipate reporting interim data from our PRO-105 study of Acelarin in platinum-resistant ovarian cancer, further data from the ABC-08 study of Acelarin in biliary cancer, and additional data in various solid tumors from our second ProTide, NUC-3373.  We also look forward to advancing our third ProTide, NUC-7738, into the clinic.  With such an extensive and varied range of clinical studies we believe there are exciting prospects for NuCana over the coming year."

About NuCana plc

NuCana® is a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for cancer patients by applying our ProTide(TM) technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines.  While these conventional agents remain part of the standard of care for the treatment of many solid tumors, their efficacy is limited by cancer cell resistance mechanisms and they are often poorly tolerated. Utilizing our proprietary technology, we are developing new medicines, ProTides, designed to overcome key cancer resistance mechanisms and generate much higher concentrations of anti-cancer metabolites in cancer cells.

Our most advanced ProTide candidates, Acelarin® and NUC-3373, are new chemical entities derived from the nucleoside analogs gemcitabine and 5-fluorouracil, respectively, two widely used chemotherapy agents.  Acelarin is currently being evaluated in three clinical studies, including a phase 2 study for patients with ovarian cancer, a phase 1b study for patients with biliary tract cancer and a Phase 3 study for patients with pancreatic cancer. NUC-3373 is currently in a Phase 1 study for the potential treatment of a wide range of advanced solid tumors.

For more information, please visit: www.nucana.com.

Forward-Looking Statements

This press release may contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of NuCana plc (the "Company"). All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning the initiation, timing, progress and results of clinical studies of the Company's product candidates. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.  These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the "Risk Factors" section of our prospectus filed pursuant to Rule 424(b)(4) under the U.S. Securities Act of 1933, as amended, on September 29, 2017, and subsequent reports that we file with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F.  Forward-looking statements represent the Company's beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations.

       
Consolidated Statements of Operations      
Year ended December 31,
      
       
 2017 2016 2015 
                         (in thousands, except per share data)
 £ £ £ 
Research and development expenses(17,673)(7,904)(5,655)
Administrative expenses(4,573)(1,143)(1,251)
Initial public offering related expenses(1,794)- - 
Net foreign exchange (losses) gains(1,654)599 (8)
Operating loss(25,694)(8,448)(6,914)
Finance income208 283 406 
Loss before tax(25,486)(8,165)(6,508)
Income tax credit2,401 2,116 1,176 
Loss for the year(23,085)(6,049)(5,332)
       
    
Basic and diluted loss per share(0.89)(0.25)(0.22)

 

     
Consolidated Statements of Financial Position    
at December 31,     
     
 2017 2016 
                (in thousands)
 £ £ 
Assets  
Non-current assets  
Intangible assets1,938 1,377 
Property, plant and equipment358 18 
Deferred tax asset81 - 
 2,377 1,395 
Current assets  
Prepayments, accrued income and other receivables3,050 3,634 
Current income tax receivable4,225 2,195 
Cash and cash equivalents86,703 19,990 
 93,978 25,819 
   
Total assets96,355 27,214 
   
Equity and liabilities  
Capital and reserves  
Share capital and share premium80,508 43,433 
Other reserves58,071 4,064 
Accumulated deficit(45,159)(22,256)
Total equity attributable to equity holders  93,420 25,241 
   
Non-current liabilities  
Provisions18 - 
   
   
Current liabilities  
Trade payables1,120 728 
Payroll taxes and social security157 61 
Accrued expenditure1,640 1,184 
 2,917 1,973 
   
Total liabilities2,935 1,973 
   
Total equity and liabilities96,355 27,214 

 

        
Consolidated Statements of Cash Flows       
for the year ended December 31,       
        
  2017 2016 2015 
              (in thousands)
  £ £ £ 
Cash flows from operating activities    
Loss for the year (23,085)(6,049)(5,332)
Adjustments for:    
Income tax credit (2,401)(2,116)(1,176)
Amortization and depreciation 194 101 44 
Finance income (208)(283)(406)
Share-based payments 11,731 1,132 785 
Initial public offering (IPO) related expenses 1,794 - - 
Net foreign exchange losses 1,584 - - 
  (10,391)(7,215)(6,085)
Movements in working capital:    
Decrease (increase) in prepayments, accrued income and other receivables 458 (3,404)36 
Increase in trade payables 392 220 133 
Increase in payroll taxes, social security and accrued expenditure 551 33 418 
Movements in working capital 1,401 (3,151)587 
Cash used in operations (8,990)(10,366)(5,498)
Corporation tax 282 1,102 1,031 
Net cash used in operating activities (8,708)(9,264)(4,467)
Cash flows from investing activities    
Interest received 162 410 290 
Payments for office and computer equipment (370)(15)(6)
Payments for intangible assets (725)(539)(390)
Proceeds from (investment in) short-term deposits - 15,075 (75)
Net cash (used in) provided by investing activities (933)14,931 (181)
Cash flows from financing activities    
Proceeds from issue of share capital 79,834 - - 
IPO related expenses from issue of share capital - included in share premium (413)- - 
IPO related expenses included in statement of operations (1,794)- - 
Proceeds from issue of share capital - exercise of share options 120 200 - 
Net cash from financing activities 77,747 200 - 
Net increase (decrease) in cash and cash equivalents 68,106 5,867 (4,648)
Cash and cash equivalents at beginning of year 19,990 14,112 18,761 
Foreign currency translation differences (1,393)11 (1)
Cash and cash equivalents at end of year 86,703 19,990 14,112 
        

For more information, please contact:

NuCana plc
Hugh S. Griffith
Chief Executive Officer
+44 131 357 1111
[email protected]

Westwicke Partners
Chris Brinzey
+1 339-970-2843
[email protected]

RooneyPartners
Marion Janic
+1 212-223-4017
[email protected]




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Source: NuCana plc via Globenewswire