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VASTox plc (SUMM)

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Tuesday 03 May, 2005

VASTox plc

Preliminary Results Amendment

VASTox plc
3 May 2005

For immediate release                                                 3 May 2005

                                   VASTox plc
                          ('VASTox' or 'the Company')

                        Amendment to Preliminary Results

Oxford, UK: 3 May 2005 - VASTox plc (AIM: VOX), the Oxford-based drug discovery
and services business focused on chemical genomics, announces that following a
review of the Company's audit, Vastox' accountants have identified a non-cash
error in the Company's balance sheet and have also corrected the Company's basic
loss per share.  There has been no change to the Company's net cash position
which stood at £14.2m as of 31st January 2005.

This announcement replaces the Preliminary results for the year ended 31 January
2005 released on the RNS system on the RNS no 4398L on Monday 25 April 2005 at
07:00. In the Company's Consolidated Balance Sheet, the line 'Investments
£2,020,198' under fixed assets should have been excluded and 'Other reserves'
has been amended from £530,970 to (£1,489,228), with consequential amendments.

To the consolidated Profit and Loss Account, the basic loss per share should
have read 2.62p and not 2.69p. The full announcement of the restated Preliminary
results appears below.

For more information please contact:

VASTox plc
Dr Steven Lee, Chief Executive Officer                              01865 316917

KBC Peel Hunt                                                      020 7418 8900
Capel Irvin

Buchanan Communications                                            020 7466 5000
Tim Anderson, Mark Court, Mary-Jane Johnson

                                   VASTox plc

                          ('VASTox' or 'the Company')

             Preliminary results for the year ended 31 January 2005

Oxford, UK, 25 April 2005 - VASTox plc (AIM: VOX), the drug discovery and
chemical genomics company, today announces its audited preliminary results for
the year ended 31 January 2005.


  • Significant progress with proprietary programmes in Duchenne Muscular
    Dystrophy and tuberculosis.
  • A number of new technology service deals signed during the year.
  • Successful placing on AIM in October 2004, raising £14.1m after expenses.
  • Net cash as at 31 January 2005 of £14.2m.

Post year end highlights:

  • Strengthening of the Scientific Advisory Board in key areas of technology
    and drug development
  • Relocation to state-of-the-art facilities in Milton Park, Oxfordshire

Commenting on the Group's preliminary results, Dr Steven Lee, Chief Executive
Officer of VASTox plc, said:

'Since our flotation on AIM in October 2004, we have continued to sign service
deals and progress our development programmes.  This summer we are consolidating
our research laboratories in London and Oxford into a single facility in Milton
Park, Oxfordshire.  The synergies created by having our chemists and biologists
in the same laboratories will be reflected in accelerated technology
development, higher value service deals and proprietary programme successes.

'With a strong balance sheet, excellent technology, high calibre staff and
state-of-the art facilities, we look forward to building further value in 2005.'

For more information please contact:

VASTox plc (
Dr Steven Lee, Chief Executive Officer                 On the day: 07766 913 898

                                                        Afterwards: 01865 316917

Buchanan Communications                                            020 7466 5000
Tim Anderson, Mark Court, Mary-Jane Johnson

Note for Picture Editors:

High resolution images are available for the media to view and download free of
charge from

                                   VASTox plc

                               CHAIRMAN'S STATEMENT

This year has been one in which VASTox has taken tremendous strides towards its
objective of becoming the world's leading chemical genomics technology company.

As Chairman, I set out at the beginning of the year with the core objective of
accelerating the growth of the business, having spent the past four years
building the science and technology.  I wanted to recruit the appropriate Chief
Executive who would build the business, validate the technology with profitable
commercial deals, and strengthen the balance sheet with both revenues and a
fundraising.  I am pleased that we have achieved and indeed surpassed all the
objectives that I had set.


VASTox uses innovative technology to address the problems associated with the
current drug discovery process.  For practical reasons, drugs are only trialled
on significant numbers of animals at the late stages of development and with
this paradigm, over the past few years, the pharmaceutical industry has suffered
productivity issues.  Over the past twelve months even for marketed drugs, there
has been a number of high profile recalls due to dangerous side effects.

VASTox's chemical genomics technology tests potential drugs on statistically
significant numbers of fruitfly and zebrafish embryos at an early stage of
research, thereby deriving far more information on the effect of the drug in
whole animals.  Fruitflies and zebrafish are extensively studied by scientists
because they show a striking genetic similarity to humans.  By using these
organisms at an early stage of drug discovery we can improve the chances of
drugs making it through the human stages of trials and being successful in the
market.  This process also has the potential to reduce the number of higher
animals used in testing.

The company's business model is to use this technology to both provide services
to other pharmaceutical companies and for proprietary drug programmes. The
services business gained profitable new contracts with both a top-tier
pharmaceutical company and a number of biotech companies, giving industry third
party validation of the company's approach.

Our current focus on proprietary programmes is on areas where we have
leveraged-off the leading positions of our academic scientific founders.
Professor Kay Davies FRS, CBE, is an expert on Duchenne Muscular Dystrophy (DMD)
with more than 20 years' experience in the field.  DMD is VASTox's lead
programme and we have secured patents from both the University of Oxford and the
Medical Research Council this year. Professor Edith Sim has discovered a
potentially new therapeutic target for tuberculosis called N-acetyl transferase
(NAT).  During the year, there have been considerable scientific and technical
achievements on these programmes.  Additionally, the company has engaged with
some of the biggest charitable research organisations globally and progressed
discussions around collaborations and alliances to tackle these diseases.


In October, VASTox completed the placing of shares and admission to the London
Stock Exchange's AiM Market raising £14.1m of new money net of costs.  The
flotation finances a step-change in the company's operations, and strategically
facilitates VASTox to secure better deals by providing balance sheet strength,
and improved status.


During the year we welcomed the appointment of Dr Steven Lee as the full-time
Chief Executive, who left the main board of IP2IPO Group plc where he was
executive director of Life Sciences.  Steven brings a wealth of industry
experience having worked in Business Development for Celltech and Vernalis, and
as an industry management consultant with PA Consulting Group's Pharmaceutical
and Bioindustries Team.

The board recognises that a key strength of VASTox is its people.  Throughout
the year all the employees have worked through the change that has occurred
through the corporate progression of the business and shown skill, expertise,
enthusiasm and a desire to succeed.  The scientific founders are firmly engaged
in the business as both shareholders and consultants.  On behalf of the board we
thank them all.


In our first full year as a public company, we will strengthen our business and
build value for our shareholders.  In March we announced a deal to provide
carbohydrate chemistry expertise to a UK biotech company.  In April we added
three prestigious scientists to our Scientific Advisory Board, giving your
company access to an enviable range of skills.  Later in April we signed a lease
on state-of-art new facilities at Milton Science Park, Oxford.  We look forward
to continuing this progress throughout the year.

Professor Stephen Davies
Non-Executive Chairman
Monday 25 April 2005

                                   VASTox plc
                      Consolidated profit and loss account
                       For the year ended 31 January 2005

                                                    Year ended    Period ended
                                                    31 January      31 January
                                                          2005           2004*
                                             Note            £               £

Turnover                                               112,718           1,440
Cost of sales                                         (279,221)           (740)
Gross loss                                            (166,503)            700
Administrative expenses                               (572,221)        (24,099)
Operating loss                                        (738,724)        (23,399)
Interest receivable                                    215,368           1,008
Loss on ordinary activities before taxation           (523,356)        (22,391)

Tax on loss on ordinary activities                      24,321               -

Retained loss for the year                            (499,035)        (22,391)

Loss per share
Basic                                           3         2.69p         0.12p
Fully diluted                                   3         2.49p         0.12p

      * Comparative figures are for the 11 and a half month period ending 
                               31 January 2004.

                                   VASTox plc

                           Consolidated balance sheet

                             As at 31 January 2005

                                   VASTox plc
                           Consolidated balance sheet
                             As at 31 January 2005

                                                 31 January         31 January
                                                       2005               2004
                                             £            £        £         £
Fixed assets
Intangible fixed assets                              20,000                  -
Tangible fixed assets                                 1,353                  -
                                                ____________      ____________
                                                     21,353                  -
Current assets                                 
Debtors                                 93,140                   202
Cash at bank                           361,252                79,591
Cash on short term deposits         13,800,000
                                   ____________           ____________
                                    14,254,392                79,793
Creditors: amounts falling       
due within one year                   (185,849)               (2,184)
                                   ____________           ____________

Net current assets                               14,068,543             77,609
                                                ____________      ____________
Total assets less current                        14,089,896             77,609
                                                ____________      ____________

Capital and reserves
Called up share capital                           3,131,311              1,000
Share premium account                            12,946,848             99,000
Other reserves                  4                (1,489,228)                 -
Profit and loss account         4                  (499,035)           (22,391)
                                                ____________      ____________
Equity shareholders' funds                       14,089,896             26,234
                                                ____________      ____________

                                   VASTox plc
                        Consolidated cash flow statement
                       For the year ended 31 January 2005

                                                     31 January     31 January
                                                           2005          2004*
                                                              £              £
Net cash flow from operating activities                (184,863)       (21,215)
                                                    ____________   ____________
Returns on investments and servicing of finance       
Interest                                                215,368          1,008
                                                    ____________   ____________
Net cash inflow from returns on investments and
servicing of finance                                    215,368          1,008
                                                    ____________   ____________

Taxation received                                             -           (202)
UK Corporation Tax
Capital expenditure and financial investment          
Purchase of fixed assets                                 (1,803)             -   
Purchase of intangible assets                            (5,000)             -
                                                    ____________   ____________
Net cash outflow for capital expenditure                 (6,803)             -
                                                    ____________   ____________
Cash inflow before use of liquid resources and
financing                                                23,702        (20,409)
                                                    ____________   ____________
Management of liquid resources                     
Increase in cash held on short term deposit         (13,800,000)             -
                                                    ____________   ____________
Proceeds from the issue of shares                    15,000,000        100,000
Expenses of issue of share capital                     (942,041)             -
                                                    ____________   ____________
Net inflow from financing                            14,057,959        100,000
                                                    ____________   ____________
Increase in cash in the year                            281,661         79,591
                                                    ____________   ____________

VASTox plc

1.   The financial information set out in this preliminary announcement does not
     constitute the company's statutory accounts, but has been extracted from 
     the company's statutory accounts for the years ended 31 January 2004 and 
     2005.  The auditors' reports on the statutory accounts for the years ended 
     31 January 2004 and 2005 were unqualified and did not contain a statement 
     under section 237(2) or (3) of the Companies Act 1985.  The statutory 
     accounts for the year ended 31 January 2004 have been delivered to the 
     registrar, while the statutory accounts for the year ended 31 January 2005 
     will be delivered to the registrar following the company's annual general 
     meeting.  This financial information has been prepared on the basis of the 
     accounting policies set out in the annual financial statements for the year 
     ended 31 January 2004.

2.   Availability of statutory accounts

     Copies of this announcement and the full statutory accounts will be 
     available from the registered office at 91 Milton Park, Abingdon, 
     Oxfordshire, OX14 4RY and from the offices of the Group's nominated 
     advisor, KBC Peel Hunt, 111 Old Broad Street, London, EC2N 1PH.

3.   Basic and diluted loss per ordinary share

     The basic and diluted loss per ordinary share is based on losses 
     attributable to ordinary shareholders for the year of £499,035 (2004: loss 
     of £22,391).  The basic loss per share is based on the weighted average 
     number of ordinary shares of 19,023,556 in issue during the year (2004: 
     19,023,556).  The diluted loss per ordinary share in 2005 is based on the 
     weighted average number of ordinary shares plus the potentially dilutive 
     options over ordinary shares of 1,010,189.
4.   Reconciliation of shareholders' funds
                                                              2005        2004
     Group                                                       £           £
     Loss for the year                                   (499,035)    (22,391)
     Shares issued during the year                       3,131,311       1,000
     Share premium on shares issued (net of expenses)   12,946,848      99,000
     Shares to be issued                                   453,361           -
     Merger reserve                                     (1,942,589)          -
     Closing shareholders' funds                        14,089,896      77,609

     Company                                                                 £
     Loss for the year                                               (275,604)
     Shares issued during the year                                  3,131,311
     Share premium on shares issued (net of expenses)              12,946,848
     Shares to be issued                                              453,361
     Closing shareholders' funds                                   16,255,916

5.   Notice of AGM

     The Annual General Meeting will be held at 10am on 3 June 2005 at VASTox 
     plc, 91 Milton Park, Abingdon, Oxfordshire, OX14 4RY.

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

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