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Antisoma plc (~292)

  Print      Mail a friend       Annual reports

Monday 16 February, 2009

Antisoma plc

Antisoma plc reports half-year results for the ...

London, UK, and Cambridge, MA: 16 February 2009 Antisoma plc (LSE:
ASM; USOTC: ATSMY) announces its interim financial information for
the period ended 31 December 2008.


  * First product approval from FDA

       * Oral fludarabine approved for chronic lymphocytic leukaemia

  * Pivotal phase III programmes advanced

       * Phase III trial of ASA404 in first-line lung cancer ongoing
       * Phase III trial of ASA404 in second-line lung cancer
       * Phase III trial of AS1413 in leukaemia expanded

  * Strong partnership with Novartis on ASA404

       * Lung cancer programme extended to second-line setting
       * Clinical development to expand into breast cancer

  * Supportive phase II data on key programmes

       * Long-term follow-up data from ASA404 and AS1413 trials
       * Positive interim data on AS1411 in acute myeloid leukaemia

  * New phase II trials initiated

       * AS1411 in renal cancer, AS1402 in breast cancer

Financial highlights

  * Six month revenues of GBP 5.5 million (H1 2007: GBP 16.5 million)
  * Loss after tax of GBP 5.0  million (H1 2007: profit after tax of
    GBP 6.2 million)
  * Cash resources at 31 December 2008 of GBP 52.7 million (31
    December 2007: GBP 50.4 million)

Glyn Edwards, CEO of Antisoma, said: "We have made substantial
progress during this period, with our first product approval from the
FDA and gathering momentum on our two key phase III development
programmes, as well as very interesting initial findings from our
phase II trial of AS1411 in leukaemia. We look forward to further
developments in the first half of this year, notably a
commercialisation deal for our approved product oral fludarabine and
the final data from the AS1411 trial."

Eric Dodd, Antisoma's CFO, added: "Our financial results show that we
are well placed to continue investment in our drug pipeline, with
current cash resources sufficient to take our key programmes through
mid-2010. With the divestment or partnering of oral fludarabine, we
expect to extend this to mid-2011."

A webcast and conference call will be held today at 9.30 am GMT. The
webcast can be accessed via Antisoma's website at
and the call by dialling +44 (0)20 8609 1435 (UK toll-free 0808 109
1498; US toll-free 1866 793 4279) and using the participant PIN code
[965983#]. A recording of the webcast will also be available
afterwards on Antisoma's website.


Glyn Edwards
Chief Executive Officer

Eric Dodd
Chief Financial Officer

Daniel Elger
VP, Marketing and Communications,
Antisoma plc
+44 (0)7909 915 068

Mark Court, Lisa Baderoon, Rebecca Skye Dietrich
Buchanan Communications
+44 (0)20 7466 5000

Brian Korb
The Trout Group
+1 212 477 9007

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 Group'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

During the past six months we have received our first product
approval from the US Food and Drug Administration (FDA), seen
significant advances in our two phase III programmes and reported new
supportive data from several phase II trials. With cash resources of
around GBP 53 million available as of 31 December 2008, we are well
placed to realise the potential of our pipeline.

Antisoma's first product approval - oral fludarabine
Antisoma owns the US rights to oral fludarabine, the tablet
formulation of a drug widely used to treat chronic lymphocytic
leukaemia (CLL). In December the FDA approved oral fludarabine for
marketing in the US, providing Antisoma with its first product

We see oral fludarabine as an attractive sales opportunity because it
avoids the need for intravenous infusions, which until now have been
the only way in which US patients could receive fludarabine. In
European countries where oral fludarabine has been introduced, it has
captured a significant fraction of the total fludarabine market.

We have decided that the best way to realise the value of oral
fludarabine is through a commercialisation deal with a partner that
has established marketing infrastructure in the US. FDA approval of
the drug has put us in a very good negotiating position. We have been
in talks with a number of companies, and expect to conclude a
divestment or partnering deal by the end of June.

A deal on oral fludarabine could extend our cash resources
significantly. We expect that this will enable the Company to be
funded through to mid-2011, comfortably beyond the expected timing of
key phase III data on ASA404 and AS1413.

Two phase III drugs now in three pivotal studies

ASA404 programme advances, widens
Our Tumour-Vascular Disrupting Agent, ASA404, is making good progress
in the capable hands of our partner, Novartis. A 1200-patient phase
III trial (ATTRACT-1) is testing the drug as a first-line treatment
for non-small cell lung cancer. This is the setting in which we
observed a five-month improvement in median survival in a randomised
phase II trial. Should the phase III trial produce positive data, we
expect applications for marketing licences to be submitted in 2011.

Novartis has now also started a second, 900-patient phase III trial
(ATTRACT-2), testing ASA404 in patients who have already received one
round of treatment for non-small cell lung cancer. This trial is
designed to support applications to market ASA404 as a second-line
treatment. We are very pleased that Novartis has decided to evaluate
ASA404 in both the first-line and second-line settings, as this will
ensure that a broad spectrum of lung cancer patients could be
eligible for treatment with the drug.

During the period, the results of the key phase II trial supporting
phase III development in lung cancer were published in the British
Journal of Cancer. We also announced further encouraging findings
from a phase II trial in prostate cancer.

In February, we announced that Novartis had decided on priorities for
the further development of ASA404. After lung cancer, the next
priority will be HER2-negative metastatic breast cancer. The decision
to expand the development programme to include breast as well as lung
cancer underlines the broad potential of ASA404.

In addition to the USD 100 million that we have already received from
Novartis, we can earn substantial further milestone payments based on
progress of ASA404 in development and achievement of sales targets.
We will also earn royalties on all sales of the drug worldwide, and
have a strategically important option to co-commercialise ASA404 in
the US.

AS1413 pivotal study expanded
AS1413 is being tested in a pivotal phase III trial (ACCEDE) under a
Special Protocol Assessment (SPA) agreed with the US Food and Drug
Administration (FDA). The trial is being conducted in patients with
secondary acute myeloid leukaemia (secondary AML). This form of
leukaemia follows previous bone marrow disease or treatment for other
cancers, and has a poor prognosis and poor responsiveness to
currently available treatments.

During the period, we agreed with the FDA an enlargement of the phase
III trial, such that it will now enrol around 450 patients. Numbers
of hospitals included in the study and its geographical reach are
also being increased. The study is expected to report data in late
2010 or early 2011.

At the American Society for Haematology (ASH) meeting in December, we
reported positive long-term follow-up data from a phase II trial of
secondary AML patients treated with AS1413 plus cytarabine. Some 40%
of patients who achieved complete remissions were still in remission
18 months after treatment. The ACCEDE trial is evaluating the same
regimen of AS1413 plus cytarabine, comparing it with standard
treatment of daunroubicin plus cytarabine.

We retain all rights to AS1413, and intend to take it to market
ourselves in the US while seeking partnerships for other territories.
If ASA404 is successful, we will have sales infrastructure provided
by Novartis that could be used to sell AS1413 in the US.

Promise in pipeline

AS1411 phase II data cascade begins
A second presentation at the ASH meeting covered positive interim
findings from a 60-patient randomised phase II trial of our aptamer
drug AS1411. This was conducted in patients with relapsed and
refractory AML, another group of AML patients with a poor prognosis
and few treatment options. The study has two stages, evaluating two
different doses of AS1411 in combination with standard chemotherapy
and comparing each of these regimes with chemotherapy alone. Initial
data showed that adding the lower dose of AS1411 to chemotherapy
produced some complete responses, whereas there were no such
responses with chemotherapy alone.

We now await data from the second part of the phase II study, which
compares patients receiving a higher dose of AS1411 plus chemotherapy
with additional control patients on chemotherapy alone. Final data
are expected during the first half of 2009. If these are positive,
the drug could progress into phase III trials.

AS1411 has also entered a 30-patient single-arm phase II trial in
kidney cancer (renal cell carcinoma). This trial tests AS1411 as a
monotherapy treatment in patients who have progressed after initial
therapy for their cancer. The first findings are expected in the
second half of 2009.

AS1402 enters phase II
Our antibody drug AS1402 has entered a 110-patient phase II trial in
women receiving first-line treatment for advanced breast cancer.
Patients are being randomised to receive either AS1402 plus the
hormone therapy letrozole or letrozole alone. Results are expected
during 2010.

Operation preparing for commercialisation
In line with our plan to become a company that markets as well as
developing cancer drugs, we have made two appointments of individuals
with significant commercial experience. Eric Dodd joined in November
as Chief Financial Officer, following a career in technology
businesses, and Michael Lewis, a senior commercial executive at the
medical device company Gambro, has joined our Board as a
Non-Executive Director. The Board wishes to thank Raymond Spencer,
former Chief Financial Officer who left Antisoma in December 2008,
for his  contribution to the development of the Company.

Financial review

We have a solid financial position that reflects the careful use of
the substantial cash resources we have built up, notably from
milestone payments made by Novartis, our development and
commercialisation partner for ASA404. Novartis is funding all
development work on ASA404 while we are investing in our other
pipeline products, particularly AS1413, which is in a pivotal phase
III trial, and AS1411 and AS1402, which are both in phase II

Results of operations
Revenues in the period were GBP 5.5 million, of which GBP 5.4 million
represents recognition of the final parts of two payments from
Novartis for ASA404: the upfront payment of USD 75 million and a
milestone payment of USD 25 million paid on the start of the first
phase III trial in lung cancer. Recognition of these revenues was
completed in July 2008. The remaining GBP 0.1 million represents
reimbursement by Novartis of costs incurred on ASA404.

Total operating expenses for the six months ended 31 December 2008
were GBP 20.0 million (2007: GBP 13.9 million).  The increase in
expenses reflects the expansion of the business through the
acquisition of Xanthus Pharmaceuticals, Inc. in June 2008 and the
resulting increase in expenditure associated with a broader and more
mature drug pipeline.

During the period we have made exchange gains of GBP 6.7 million on
translation of our US dollar and Euro balances into sterling. We also
made a gain of GBP 1.1 million on our working capital. We recognised
a further GBP 13.7 million exchange gain on our dollar-denominated
intangible assets.

Our loss of GBP 5.0 million reflects the difference between our
revenues, finance income and tax credit and our operating expenses,
as we continue to invest in our cancer drug pipeline.

Liquidity and capital resources
Cash, cash equivalents and short-term deposits amounted to GBP 52.7
million as at 31 December 2008 (30 June 2008: GBP 66.9 million; 31
December 2007: GBP 50.4 million). Net cash used in operating
activities for the six months ended 31 December 2008 was GBP 19.2
million (six months ended 31 December 2007: GBP 10.7 million).

In managing our cash resources, we have taken account of the changing
environment with respect to deposit risks, and have maintained a
conservative treasury policy with short deposit terms and diversified
counterparty risk.

We have recognised a credit of GBP 1.5 million in respect of an R&D
tax credit receivable for the first six months of the financial year.

(Loss)/profit per share
The basic loss per share for the half-year ended 31 December 2008 was
(0.8)p. The profit per share for the half-year ended 31 December 2007
was 1.4p.

After a very productive 2008, we look forward to further important
developments during 2009. During the first half of the year, we
expect to conclude a divestment or partnering deal for oral
fludarabine, further enhancing our already significant cash
resources. We also expect the final data from our phase II study of
AS1411 in leukaemia, an important milestone that could lead to
progress of this drug into phase III testing.  Looking further ahead,
we have two ongoing phase III programmes that provide us with a clear
opportunity to transition into a company that not only develops novel
cancer drugs but also participates in their commercialisation.

Barry Price
13 February 2009
Interim Report for the six months ended 31 December 2008

Consolidated Income Statement
for the six months ended 31 December 2008

                                          6 months  6 months     Year
                                          ended 31  ended 31 ended 30
                                          December  December     June
                                              2008     2007*    2008*
                                         unaudited unaudited  audited
                                   Notes     £'000     £'000    £'000

Revenue                                      5,514    16,526   39,527

Research and development
expenditure                               (16,775)  (10,444) (22,249)
Administrative expenses                    (3,208)   (3,464)  (6,480)
Total operating expenses                  (19,983)  (13,908) (28,729)

Operating (loss)/profit                   (14,469)     2,618   10,798

Finance income                       3       8,011     1,502    2,578

(Loss)/profit before taxation              (6,458)     4,120   13,376

Taxation                                     1,493     2,050  (1,047)

(Loss)/profit for the period         6     (4,965)     6,170   12,329

(Loss)/profit per ordinary share
Basic                                4      (0.8)p      1.4p     2.7p
Diluted                              4      (0.8)p      1.3p     2.6p

Consolidated statement of recognised income and expense
for the six months ended 31 December 2008

                                          6 months  6 months     Year
                                          ended 31  ended 31 ended 30
                                          December  December     June
                                              2008      2007     2008
                                         unaudited unaudited  audited
                                             £'000     £'000    £'000

(Loss)/profit for the period               (4,965)     6,170   12,329

Exchange translation difference on
consolidation                               12,484        71    (235)

Total recognised gain for the period         7,519     6,241   12,094

* Certain costs have been reclassified between Research and
Development and Administrative Expenses as disclosed in note 5.
Consolidated Balance Sheet
as at 31 December 2008

                                          As at 31  As at 31 As at 30
                                          December  December     June
                                              2008     2007*    2008*
                                         unaudited unaudited  audited
                                   Notes     £'000     £'000    £'000
Non-current assets
Goodwill                                     7,642     5,548    5,559
Intangible assets                           62,653    19,136   47,149
Property, plant and equipment                2,282       531    2,358
Deferred tax asset                               -     3,158        -
                                            72,577    28,373   55,066
Current assets
Trade and other receivables                  1,904     1,751    2,113
Current tax receivable                       1,493         -        -
Short-term deposits                         10,000    25,524   10,000
Cash and cash equivalents                   42,700    24,854   56,861
                                            56,097    52,129   68,974
Current liabilities
Trade and other payables                   (9,740)   (5,484)  (9,866)
Current tax payable                          (297)     (358)    (297)
Deferred income                                  -  (15,823)  (5,401)
Provisions                                   (477)     (150)    (629)
Net current assets                          45,583    30,314   52,781
Total assets less current
liabilities                                118,160    58,687  107,847

Non-current liabilities
Deferred tax liabilities                   (7,642)   (5,548)  (5,559)
Provisions                                   (145)      (77)     (81)
                                           (7,787)   (5,625)  (5,640)

Net assets                                 110,373    53,062  102,207

Shareholders' equity
Share capital                       6       10,468     8,797   10,467
Share premium                       6      119,649   100,483  119,629
Shares to be issued                 6        2,273         -    2,273
Other reserves                      6       50,480    18,642   37,996
Profit and loss account             6     (72,497)  (74,860) (68,158)
Total shareholders' equity                 110,373    53,062  102,207

* Cash and cash equivalents and short-term deposits have been
reclassified as disclosed in note 5.
Consolidated Cash flow statement
for the six months ended 31 December 2008

                                        6 months    6 months     Year
                                           ended       ended    ended
                                     31 December 31 December  30 June
                                            2008       2007*    2008*
                                       unaudited   Unaudited  audited
                                           £'000       £'000    £'000

Cash flows from operating
(Loss)/profit for the
period/year                              (4,965)       6,170   12,329
Add back:
   Foreign exchange
(gain)/loss                              (1,076)         136        -
   Finance income                        (8,011)     (1,502)  (2,578)
   Tax (credit)/charge                   (1,493)     (2,050)    1,047
   Depreciation of property plant
and equipment                                318         162      213
   Share-based payments                      626         508    1,051
Operating cash flows before movement
in working
capital                                 (14,601)       3,424   12,062
Decrease in debtors                        1,237       1,239      961
Decrease in creditors                    (6,963)    (18,372) (28,506)
Cash generated used in operations       (20,327)    (13,709) (15,483)
Interest received                          1,136         972    2,753
Research and development tax
credit received                                -       2,011    2,011
Net cash used in operating
activities                              (19,191)    (10,726) (10,719)

Cash flows from investing
Purchase of property, plant and
equipment                                  (200)       (208)  (1,969)
Purchase of intangible assets            (1,779)           -  (1,605)
Purchase of short-term deposits                -    (20,524)  (5,000)
Net cash outflow in respect of
acquisitions                                   -           -    (237)
Net cash used in investing
activities                               (1,979)    (20,732)  (8,811)

Cash flows from financing
Proceeds from issue of ordinary
share capital                                 21          34   20,966
Expenses paid in connection with
issue of ordinary
share capital                                  -           -    (980)
Net cash generated from financing
activities                                    21          34   19,986

Net decrease in cash and cash
equivalents                             (21,149)    (31,424)      456
Exchange gains/(losses) on cash
and bank overdrafts                        6,988       (136)      (9)
Cash and cash equivalents at
beginning of year                         56,861      56,414   56,414
Cash and cash equivalents at end
of year                                   42,700      24,854   56,861

* Cash and cash equivalents and short-term deposits have been
reclassified as disclosed in note 5.

Notes to the interim accounts

1.    Basis of Preparation and Accounting Policies

The interim financial statements do not comprise statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 30 June 2008 were approved by
the Board of Directors on 26 September 2008 and delivered to the
Registrar of Companies. The report of the auditors on those accounts
was unqualified, did not contain an emphasis of matter paragraph and
did not contain any statement under Section 498 of the Companies Act
2006. This condensed consolidated interim financial information has
been reviewed not audited.

This condensed consolidated half-yearly financial information for the
six months ended 31 December 2008 has been prepared in accordance
with the Disclosure and Transparency Rules of the Financial Services
Authority and with IAS 34 - 'Interim Financial Reporting' as adopted
by the European Union. This half-yearly condensed consolidated
financial report should be read in conjunction with the annual
financial statements for the year ended 30 June 2008, which have been
prepared in accordance with IFRSs as adopted by the European Union.
Except as described below, the accounting policies adopted are
consistent with those of the annual financial statements for the year
ended 30 June 2008, as described in those financial statements.

Taxes on income in interim periods are accrued using the tax rate
that would be applicable to total expected annual earnings.

There are no new Standards likely to effect the financial statements
for the year ending 30 June 2009.

2.    Segmental information

Primary reporting segment - business segment
The Directors are of the opinion that under IAS 14 - 'Segmental
information' the Group has only one business segment, being drug

Secondary reporting segment - geographical segment
The Group's geographical segments are determined by location of

All revenue is derived from customers whose operations are located in

The following table shows the carrying value of segment assets by
location of assets:

                              6 months    6 months
                                 ended       ended   Year ended
                           31 Dec 2008 31 Dec 2007 30 June 2008
                                 £'000       £'000        £'000
Total assets/(liabilities)
UK                             112,457      53,460       80,430
US                             (2,084)       (398)       21,777
Total                          110,373      53,062      102,207

Total assets are allocated based on where the assets are located.

The following table shows the costs in the period to acquire
property, plant, equipment and intangibles by location of assets:

                       6 months    6 months
                          ended       ended   Year ended
                    31 Dec 2008 31 Dec 2007 30 June 2008
                          £'000       £'000        £'000
Capital expenditure
UK                        1,866         208        3,574
US                          113           -       26,900
Total                     1,979         208       30,474

3.    Finance income

                                   6 months
                                      ended     6 months
                                     31 Dec        ended   Year ended
                                       2008  31 Dec 2007 30 June 2008
                                      £'000        £'000        £'000
Interest receivable:
- On short-term deposits                289          980          480
- On cash and cash equivalents        1,027          522        2,098
Net foreign exchange gains on
activities                            6,695            -            -
Total                                 8,011        1,502        2,578

4.    (Loss)/profit per ordinary share

                                         6 months 6 months
                                            ended    ended Year ended
                                           31 Dec   31 Dec    30 June
                                             2008     2007       2008

(Loss)/profit for the period (£'000)      (4,965)    6,170     12,329
Weighted average number of shares ('000)  613,529  446,405    455,649
Basic (loss)/earnings per ordinary share   (0.8)p     1.4p       2.7p

                                         6 months 6 months
                                            ended    ended Year ended
                                           31 Dec   31 Dec    30 June
                                             2008     2007       2008

(Loss)/profit for the period (£'000)      (4,965)    6,170     12,329
Weighted average number of shares ('000)  613,529  446,405    455,649
Adjustments for:
- share options ('000)                          -   16,555     19,269
- deferred consideration shares ('000)          -        -        523
Weighted average number of shares ('000)  613,529  462,960    475,441
Diluted (loss)/earnings per ordinary
share                                      (0.8)p     1.3p       2.6p

In the six months ended 31 December 2008, the Group had no dilutive
potential ordinary shares in issue because it was loss making. In
prior periods diluted earnings per share consider the effects of
potential dilutive shares relating to employee share option schemes
and deferred consideration shares.

5.    Reclassification

The Directors have reviewed the classification of certain items
within the Income Statement and Balance Sheet and believe, in order
to aid comparison, it is more appropriate to classify the following
differently than was reported in prior periods:

1)    Reclassification of expenditure - certain costs were previously
included within Administrative Expenses and have been reclassified in
Research and Development in order to be consistent with industry
sector accounting practices.  The impact of the change is to increase
Research and Development costs and reduce Administrative expenses by
£3,360,000 (6 months to December 2007: an increase of £1,018,000;
year ended 30 June 2008: an increase of £3,817,000).  Reallocated
costs include business development, facilities and a proportion of
other overheads directly attributable to Research and Development

2)    Reclassification of cash and cash equivalents and short-term
deposits - the Group's definition of cash and cash equivalents has
been restated to reflect more accurately the underlying substance of
the deposits. Historically cash was classified as a deposit when its
duration was over 90 days whereas it now includes all cash deposited
for three months. The impact of the change is to increase cash and
cash equivalents and reduce short-term deposits by £24,517,000 (6
months to 31 December 2007: £8,012,000; year ended 30 June 2008:
£23,000,000). The relevant comparatives in the cash flow statement
have been amended to reflect these adjustments.

6.    Shareholders' funds and statement of changes in shareholders'

                              Shares         Other      Other      and
                Share   Share  to be      reserve: reserve:       loss   Total
              capital premium issued retranslation     merger  account
                £'000   £'000  £'000         £'000      £'000    £'000   £'000

At 1 July
2007            8,795 100,451      -       (1,024)     19,595 (81,538)  46,279
Profit for
the period          -       -      -             -          -    6,170   6,170
New share
issued              2      32      -             -          -        -      34
value of
services            -       -      -             -          -      508     508
consolidation       -       -      -            71          -        -      71
At 31
2007            8,797 100,483      -         (953)     19,595 (74,860)  53,062

At 1 July
2007            8,795 100,451      -       (1,024)     19,595 (81,538)  46,279
Profit for
the year            -       -      -             -          -   12,329  12,329
New share
issued          1,672  20,158      -             -     19,660        -  41,490
Expenses on
share issue
to share
premium             -   (980)      -             -          -        -   (980)
Share capital
to be issued        -       -  2,273             -          -        -   2,273
of employee
services            -       -      -             -          -    1,051   1,051
consolidation       -       -      -         (235)          -        -   (235)
At 30 June
2008           10,467 119,629  2,273       (1,259)     39,255 (68,158) 102,207

At 1 July
2008           10,467 119,629  2,273       (1,259)     39,255 (68,158) 102,207
Loss for the
period              -       -      -             -          -  (4,965) (4,965)
New share
issued              1      20      -             -          -               21
of employee
services            -       -      -             -          -      626     626
consolidation       -       -      -        12,484          -        -  12,484
At 31
2008           10,468 119,649  2,273        11,225     39,255 (72,497) 110,373

7.    Principal risks and uncertainties
The principal risks and uncertainties which could impact the Group's
long-term performance remain those detailed on page 14 of the Group's
2008 Annual Report and Financial Statements, a copy of which is
available on the Group's website:
Statement of Directors' Responsibilities

The Directors confirm that this condensed consolidated interim
financial information has been prepared in accordance with IAS 34 as
adopted by the European Union and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8, namely:

  * an indication of important events that have occurred during the
    first six months and their impact on the condensed set of
    financial statements, and a description of the principal risks
    and uncertainties for the remaining six months of the financial
    year; and
  * material related party transactions in the first six months and
    any material changes in the related party transactions described
    in the last annual report.

The Directors of Antisoma plc are listed in the Antisoma plc Annual
Report for 30 June 2008, with the exception of the following change
during the period: Eric Dodd was appointed on 3 November 2008 as
Chief Financial Officer and Raymond Spencer resigned on 31 December
2008. A list of current Directors is maintained on the Antisoma plc

By order of the Board

Glyn Edwards
Chief Executive
13 February 2009

Eric Dodd
Chief Financial Officer
13 February 2009
Independent review report to Antisoma plc


We have been engaged by the company to review the condensed set of
financial statements in the half-yearly financial report for the six
months ended 31 December 2008, which comprises the consolidated
income statement, the consolidated statement of recognised income and
expense, the consolidated balance sheet, the consolidated cash flow
statement and related notes. We have read the other information
contained in the half-yearly financial report and considered whether
it contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial statements.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has
been approved by, the Directors. The Directors are responsible for
preparing the half-yearly financial report in accordance with the
Disclosure and Transparency Rules of the United Kingdom's Financial
Services Authority.

As disclosed in note 1, the annual financial statements of the group
are prepared in accordance with IFRSs as adopted by the European
Union. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting",
as adopted by the European Union.

Our responsibility

Our responsibility is to express to the company a conclusion on the
condensed set of financial statements in the half-yearly financial
report based on our review. This report, including the conclusion,
has been prepared for and only for the company for the purpose of the
Disclosure and Transparency Rules of the Financial Services Authority
and for no other purpose. We do not, in producing this report, accept
or assume responsibility for any other purpose or to any other person
to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with International Standard on
Review Engagements (UK and Ireland) 2410, 'Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity' issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK
and Ireland) and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit


Based on our review, nothing has come to our attention that causes us
to believe that the condensed set of financial statements in the
half-yearly financial report for the six months ended 31 December
2008 is not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European Union
and the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority.

PricewaterhouseCoopers LLP
Chartered Accountants


(a)  The maintenance and integrity of the Antisoma plc 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 financial statements since they were initially
presented on the website.

(b)  Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in
other jurisdictions.


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