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Antisoma PLC (~292)

  Print      Mail a friend       Annual reports

Thursday 13 February, 2003

Antisoma PLC

Interim Results

Antisoma PLC
13 February 2003

                        Antisoma plc reports Q2 results

13 February 2003, London UK - Antisoma plc (LSE:ASM, NASD-E:ASOM), the UK-based
biopharmaceutical company, today announces its interim results for the period
ended 31 December 2002.


     •   Antisoma and Roche establish groundbreaking oncology alliance

     •   Upfront payments of US$35 million plus £4.15 million equity investment
         received from Roche in Q2; further US$2 million received in January 

     •   Losses for the three and six months to 31 December 2002 reduced to £0.6
         million and £3.6 million, respectively (Q2 2001: £3.8 million; H1 2001: 
         £6.1 million)

     •   Cash and cash equivalents at 31 December 2002 of £37.6 million (30 
         September 2002: £15.4 million)

     •   Pemtumomab pivotal phase III study in ovarian cancer reaches 
         recruitment target; study predicted to complete during the second half 
         of 2004

Glyn Edwards, Chief Executive Officer of Antisoma, commented:

'This has been a remarkable quarter for Antisoma, culminating in our landmark
deal with Roche, a world leader in oncology. With the alliance in place, we join
the select group of   European biotechnology companies that have both
significant cash reserves and a promising late-stage pipeline.'

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

Antisoma plc                                            T: +44 (0)20 8799 8200
Glyn Edwards, Chief Executive Officer
Raymond Spencer, Chief Financial Officer

Financial Dynamics                                      T: +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

The six months to the end of December was a period of transformation for
Antisoma, marked by our landmark alliance with Roche in November 2002. The
agreement provides Antisoma with upfront payments and future development and
success-based milestone and royalty payments, as well as access to Roche's
expertise in developing and marketing oncology products. In return, Antisoma has
granted Roche worldwide rights to drugs from our oncology pipeline. The
formation of the alliance is an endorsement of both our products and our
approach from a world-leader in oncology.

Completion of the deal in December provided a welcome strengthening of our cash
position, and we finished 2002 with almost £38 million in cash and short-term
investments. The agreement will also lead to a fall in our cash burn, since
Antisoma will receive payments equivalent to the costs incurred in future
development of Pemtumomab and Therex.  Antisoma now has cash reserves sufficient
to last well beyond the expected completion of the pivotal trial of Pemtumomab
in ovarian cancer during 2004.

Our priority going forward will be to use our increased resources to advance and
broaden our product pipeline. This will meet two needs: reduction of risk for
investors and  provision of a stream of products to feed the collaboration with
Roche, which provides a clear route to market and favourable terms for our

We expect to advance DMXAA and Therex into new phase I studies during 2003 and
to start clinical trials on AngioMab, a niche product for brain cancer. This
will bring the number of drugs in clinical development at Antisoma to five. We
intend to present results from our phase I imaging study of TheraFab in lung
cancer this year and will also complete the pilot phase II study of Pemtumomab
in gastric cancer.

We plan to supplement our current pipeline through acquisition of new products
or intellectual property or generation of new products from within our current
portfolio, and we have set ourselves a goal of in-licensing one new product
during 2003.

With our improved financial position, solid pipeline and strong alliance with
Roche, we are well placed to fulfil our potential, and look forward to reporting
future developments to shareholders.

Financial Review

Revenue Recognition

Non-refundable upfront payments totalling $37 million (£23.15 million), of which
$35 million was received by 31 December 2002, are payable by Roche as
consideration for the grant and exercise of rights in relation to four clinical
products and for the grant of an exclusive option to any new compound (within
the field of oncology) that enters the clinic for a period of five years. These
upfront payments are allocated to the various products in accordance with the
terms of the contract and will be recognised as revenues over the estimated
period for completion of the relevant phase of clinical development for each
product. In the case of Pemtumomab, for example, the 'end of study' date is
projected to fall during the second half of 2004, and the upfront payment for
Pemtumomab will therefore be recognised as revenue over the period to 31
December 2004. The payment relating to the five-year exclusive option will be
recognised over five years.

Total revenues recognised from these upfront payments for the current quarter
are £0.7 million. We estimate that these will increase to £2.2 million per
quarter from 1 January 2003 until 31 December 2004, falling thereafter.

In addition to the upfront payments, Roche will make payments equivalent to the
costs incurred by Antisoma in the continued development of Pemtumomab and
Therex. These amounts will be payable quarterly in arrears but will be
recognised in the same quarter as the expenditure to which they relate.

The Development and Licence Agreement with Abbott Laboratories relating to
Pemtumomab was terminated on 13 December 2002 and accordingly the balance of
deferred revenue under this contract, amounting to £0.9 million, has been
recognised in the quarter ended 31 December 2002.
Future success-based payments will be made by Roche contingent upon the
commencement of phase III studies and upon launch of any product by Roche.
Sales- based royalties will also be paid following the launch of any product
covered by the collaboration.

Results of operations - three months ended 31 December 2002

As a result of the strategic alliance with Roche, upfront payments of £4.15
million relating to the share subscription and US$35 million in relation to
product rights were received during the period, with a further US$2 million
received in January 2003.

Revenues for the three months ended 31 December 2002 totalled £2.5 million,
representing £0.9 million from the Development and Licence Agreement with Abbott
(see above), and an initial £1.6 million recognised under the Roche agreement.
The £1.6 million comprises £0.7 million revenue recognised in relation to the
upfront payments and £0.9 million accrued in relation to the costs of
development of Pemtumomab and Therex for the six week period following signature
of the Roche agreement on 16 November 2002.

Revenues for comparative periods were £0.6 million for the three months to 31
December 2001 and £0.4 million for the three months ended 30 September 2002. All
revenues for comparative periods were generated under the Development and
Licence Agreement with Abbott.

Operating expenses of £4.4 million (Q2 2001/02: £4.4 million; Q1 2002/03: £3.5
million) include research and development spending of £3.4 million (Q2 2001/02:
£3.5 million; Q1 2002/03: £2.65 million).

The Company received a payment of £1.1 million in relation to Research and
Development tax relief on qualifying expenditure for the year ended 30 June

As a result of the increased revenue from Roche and Abbott, as set out above,
and the receipt of its first tax credit, Antisoma reported reduced losses for
the three months to 31 December 2002 of £0.65 million (Q2 2001/02: £3.8 million;
Q1 2002/03: £3.0 million)

Results of operations - six months ended 31 December 2002

Revenues for the six months ended 31 December 2002 totalled £2.9 million (H1
2001/02: £1.1 million), representing £1.3 million (H1 2001/02: £1.1 million) of
revenue recognised from the Development and Licence Agreement with Abbott
together with  £1.6 million from Roche as detailed above.
The £1.3 million Abbott revenue represents the remainder of the deferred revenue
from the Abbott agreement, which has been recognised in full as the agreement
with Abbott has been terminated.

Operating expenses were £7.9 million (H1 2001/02: £7.3 million) and included
research and development expenses of £6.0 million (H1 2001/02: £5.5 million).
Research and development expenditure was slightly higher as a result of the
increased pre-clinical development and manufacturing costs.

Losses for the six months ended 31 December 2002 fell sharply to £3.6 million
(H1 2001/02: £6.1 million) as a result of the increased revenues and research
and development tax credit.

Liquidity and capital resources

Cash at bank and held in short-term investments totalled £37.6 million at 31
December 2002, £15.4 million at 30 September 2002, £18.9 million at 30 June 2002
and £5.2 million at 31 December 2001. In the quarter ended 31 December 2002
Antisoma received £4.15 million as consideration for the purchase of 20,733,240
ordinary 1p shares by Roche and upfront payments for the purchase of product
rights totalling $35 million, which were converted into £21.9 million at an
exchange rate of £1= $1.598. £0.7 million out of the £21.9 million were
recognised as revenue; the balance of £21.2 million is shown as a creditor and
will be released to revenue as described above in Revenue Recognition.  The
payment for the shares is also shown as a creditor at 31 December 2002 since the
shares were not issued until 14 January 2003.

Net cash inflow from operating activities for the quarter was £20.9 million (Q2
2001/02: £1.6 million outflow; Q1 2002/03: £3.5m outflow). The cash inflow from
operating activities for the six month period was £17.4 million (H1 2001/02:
£3.7 million outflow.)

Debtors have increased to £1.6 million (Q2 2001/02: £0.7 million; Q1 2002/03:
£0.8 million) due in part to the accrual of amounts due from Roche relating to
the development costs of Therex and Pemtumomab as outlined above.

Creditors have increased to £28.0 million (Q2 2001/02: £6.0 million; Q1 2002/03:
£4.4 million), largely as a result of the deferred income relating to the
upfront payments received from Roche and the cash received in advance of the
share subscription.

Loss per share

The loss per share for the quarter has decreased to 0.3p from 3.9p (restated to
take account of the bonus element of the Rights Issue) in Q2 2001/02 and 1.5p in
Q1 2002/03, reflecting increased revenues. Loss per share has decreased from
6.4p (restated to take account of the bonus element of the Rights Issue) in the
six months ended 31 December 2001 to 1.8p in the six months ended 31 December

Dr Barry Price
13 February 2003

Consolidated profit and loss account
for the six months ended 31 December 2002
                                                        6 months        6 months        3 months            Year
                                                           ended           ended           ended           ended
                                                          31 Dec          31 Dec          31 Dec         30 June
                                                            2002            2001            2002            2002
                                                       unaudited       unaudited       unaudited         audited
                                                           £'000           £'000           £'000           £'000

Revenue                                                    2,881           1,072           2,523           2,176
Operating expenses                                       (7,958)         (7,336)         (4,414)        (15,738)
                                                          ______          ______          ______          ______

Operating loss                                           (5,077)         (6,264)         (1,891)        (13,562)
Interest receivable                                          327             176             148             382
Interest payable                                               -             (7)               -            (11)
                                                          ______          ______          ______          ______

Loss on ordinary activities before taxation              (4,750)         (6,095)         (1,743)        (13,191)
Tax on ordinary activities                                 1,098               -           1,098               -
                                                          ______          ______          ______          ______

Loss on ordinary activities after taxation               (3,652)         (6,095)           (645)        (13,191)
                                                          ______          ______          ______          ______
Loss per 1p share
Basic and diluted                                           1.8p           6.4p*            0.3p           10.8p
                                                          ______          ______          ______          ______

Weighted average number of shares (000's)                207,332          95,461         207,332         122,123
                                                          ______          ______          ______          ______

*Loss per share and weighted average number of shares for the six months ended
31 December 2001 have been restated to take account of the bonus element of the
Rights Issue. The bonus arises because the rights were issued at a discount to
market price.

Consolidated balance sheet
at 31 December 2002
                                                                       31 Dec            31 Dec         30 June
                                                                         2002              2001            2002
                                                                    unaudited         unaudited         audited
                                                                        £'000             £'000           £'000

Fixed assets                                                              271               676             230
                                                                       ______            ______          ______
Current assets
Debtors                                                                 1,574               667             898
Short term investments                                                 21,460             4,160          17,959
Cash at bank and in hand                                               16,181             1,037             920
                                                                       ______            ______          ______

                                                                       39,215             5,864          19,777
Creditors: amounts falling due within one year                       (27,997)           (6,040)         (4,866)
                                                                       ______            ______          ______

Net current assets/(liabilities)                                       11,218             (176)          14,911
                                                                       ______            ______          ______

Net assets                                                             11,489               500          15,141
                                                                       ______            ______          ______

Capital and reserves
Called up share capital                                                 6,405             5,221           6,405
Share premium account                                                  52,013            31,460          52,013
Other reserves                                                          4,300             4,300           4,300
Profit and loss account                                              (51,229)          (40,481)        (47,577)
                                                                       ______            ______          ______

Total shareholders' funds                                              11,489               500          15,141  
                                                                       ______            ______          ______
Shareholders' funds analysed as:

Equity shareholders' funds                                              7,157           (3,832)          10,809
Non-equity shareholders' funds                                          4,332             4,332           4,332
                                                                       ______            ______          ______

                                                                       11,489               500          15,141
                                                                       ______            ______          ______

Consolidated cash flow statement
for the six months ended 31 December 2002

                                                         6 months        6 months        3 months          Year
                                                            ended           ended           ended         ended
                                                           31 Dec          31 Dec          31 Dec       30 June
                                                             2002            2001            2002          2002
                                                        unaudited       unaudited       unaudited       audited
                                                            £'000           £'000           £'000     £'000

Net cash inflow (outflow) from operating                   17,405         (3,706)          20,923      (11,837)
activities                                                 ______          ______          ______        ______
Returns on investments and servicing of finance
Interest received                                             386             258             255           363
Interest paid                                                   -               -               -             -
Interest paid on finance leases                                 -             (7)               -          (11)
                                                           ______          ______          ______        ______

Net cash inflow from returns on investments and               386             251             255           352
servicing of finance                                       ______          ______          ______        ______

Net cash inflow from taxation                               1,098               -           1,098             -
                                                           ______          ______          ______        ______
Capital expenditure and financial investment
Purchase of tangible fixed assets                           (128)            (27)            (65)          (52)
Sale of tangible fixed assets                                   -               2               -             7
Purchase of intangible fixed assets                             -           (397)               -         (397)

                                                           ______          ______          ______        ______

                                                            (128)           (422)            (65)         (442)
                                                           ______          ______          ______        ______

Net cash inflow /(outflow) before management of            18,761         (3,877)          22,211      (11,927)
liquid resources and financing                             ______          ______          ______        ______
Management of liquid resources
Sale/(purchase) of current asset investments              (3,500)           4,050         (7,500)       (9,749)
                                                           ______          ______          ______        ______
Issue of shares                                                 -               9               -        23,704
Expenses paid in connection with share issues                   -             (8)               -       (1,965)
Repayment of principal under finance leases                     -            (13)               -          (19)
                                                           ______          ______          ______        ______
                                                                -            (12)               -        21,720
                                                           ______          ______          ______        ______

Increase in cash                                           15,261             161          14,711            44
                                                           ______          ______          ______        ______

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 2002 statutory accounts. The
financial statements have been prepared on the going concern basis.

The statements were approved by the Board of Directors on 11 February 2003 and
are unaudited. The auditors have carried out a review in accordance with APB
Bulletin 1999/4 and their report is set out below.

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 2002 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.

2.   Operating expenses
                                          6 months         6 months         3 months             Year
                                             ended            ended            ended            ended
                                            31 Dec           31 Dec           31 Dec          30 June
                                              2002             2001             2002             2002
                                         unaudited        unaudited        unaudited          audited
                                             £'000            £'000            £'000            £'000

Administrative expenses                      1,907            1,885            1,012            3,837
Research and development                     6,051            5,451            3,402           11,901
                                            ______           ______           ______           ______

Operating expenses                           7,958            7,336            4,414           15,738
                                            ______           ______           ______           ______

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 differences between UK GAAP and IAS that affect the 
Group are set out below.

Preference Shares

The Company's preference shares may be settled using equity shares, with the
number of equity shares varying in such a way that the fair value of the shares
that would be issued would be equal to the obligation. These shares are
classified as non-equity shares under UK GAAP, but are classified as liabilities
under IAS. The effect of this difference is that, under IAS, shareholders'
equity is £4,332,000 lower than under UK GAAP in each financial period
presented, i.e. shareholders' equity under IAS is £7,157,000 at 31 December
2002, (£3,832,000) at 31 December 2001 and £10,809,000 at 30 June 2002. There is
no impact on the loss for any of the years presented.

Cash flow statement

Under UK GAAP, cash does not include short term deposits and investments that
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
                                                       2002          2001          2002             2002
                                                  unaudited     unaudited     unaudited          audited
                                                      £'000         £'000         £'000            £'000
Under IAS:
Operating cash flows                                 18,503       (3,706)        22,021         (11,837)
                                                    _______       _______       _______          _______

Investing cash flows                                  9,872         3,578         8,935          (9,691)
                                                    _______       _______       _______          _______

Financing cash flows                                    386           239           255           22,072
                                                    _______       _______       _______          _______

Changes in cash under UK GAAP                        15,261           161        14,711               44
Adjustments for cash equivalents                     13,500          (50)        16,500              500
                                                    _______       _______       _______          _______

Changes in cash and cash                             28,761           111        31,211              544
equivalents under IAS                               _______       _______       _______          _______

Cash and short term deposits
                                                               31 Dec             31 Dec           30 June
                                                                 2002               2001              2002
                                                            unaudited          unaudited           audited
                                                                £'000              £'000             £'000

Cash and cash equivalents under IAS                            33,391              4,197             4,630
Adjustment for cash equivalents                              (17,210)            (3,160)           (3,710)
                                                              _______            _______           _______

Cash under UK GAAP                                             16,181              1,037               920
                                                              _______            _______           _______

Short term deposits under IAS                                   4,250              1,000            14,249
Deposits qualifying as cash equivalents under IAS              17,210              3,160             3,710
                                                              _______            _______           _______

Short term deposits under UK GAAP                              21,460              4,160            17,959
                                                              _______            _______           _______

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

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