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Antisoma plc (~292)

  Print      Mail a friend       Annual reports

Thursday 18 February, 2010

Antisoma plc

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

London, UK, and Cambridge, MA: 18 February 2010 Antisoma plc (LSE: ASM; USOTC:
ATSMY) announces its interim financial information for the period ended 31
December 2009.


Potential blockbuster ASA404 advancing with Novartis

  * Enrolment completed in first-line lung cancer phase III trial
  * First-line lung cancer phase III data expected in mid-2011 (announced
    today); Novartis plans filings in 2011
  * Enrolment ongoing in second-line lung cancer phase III trial
  * Plans announced for phase Ib/II trial in breast cancer
  * Investigator-initiated trials started in other cancers (announced today)

Novel blood cancer treatment AS1413 leads US commercial strategy

  * Positive final data reported from secondary AML phase II trial
  * Secondary AML phase III trial now over half enrolled (announced today)
  * Preparations underway for potential commercialisation in US
  * Antisoma plans first filings in 2011

Aptamer AS1411 continues to show potential

  * Clinical data suggest distinctive efficacy and safety profile
  * Renal cancer phase II trial provides new evidence of activity
  * Other indications prioritised over renal cancer for commercial reasons
  * Plans announced for phase IIb trial in AML

Financial highlights

  * Loss after tax of GBP18.3 million (H1 2008: loss after tax of GBP 5.0
  * Cash at 31 December 2009 of GBP 49.6 million (31 December 2008: GBP 52.7
  * No revenues in this period (2008: GBP 5.5 million); recognition of GBP 19.7
    million from oral fludarabine divestment expected in half-year ended 30 June

Glyn Edwards, CEO of Antisoma, said: "We now have two drugs - ASA404 and AS1413
- that are well into pivotal phase III trials. Success with either drug will
enable us to make a rapid transition into a company directly involved in product
commercialisation and capable of generating recurring revenues based on product

Eric Dodd, Antisoma's CFO, added: "We continue to manage our cash resources
prudently and to focus our investment on key products with potential to create
significant value for shareholders."

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 7075 1520 and
using the participant PIN code 468563#.

A second conference call will be held at 2.00 pm GMT/9.00 am EST. Call numbers
are +44(0)20 7075 1520 or from the US (toll-free) 1 866 793 4273; the
participant PIN code for this call is 468563#.

A recording of the webcast will be available afterwards on Antisoma's website.


  Antisoma plc                                   + 44 (0) 7909 915068

  Glyn Edwards, Chief Executive Officer

  Eric Dodd, Chief Financial Officer

  Daniel Elger, VP, Marketing & Communications

  Buchanan Communications                        +44 (0)20 7466 5000

  (All media enquiries)

  Mark Court, Lisa Baderoon, Catherine Breen

  The Trout Group                                +1 617 583 1308

  (US investor enquiries)

  Seth Lewis

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, our two most important products, ASA404 and AS1413,
made substantial progress through their pivotal phase III studies. With Novartis
funding all development work on ASA404 and the phase III trial of AS1413 over
half way to completion, our need for further investment to reach key data on
these drugs is now limited. As a result, we are able to devote some of our cash
resources of almost GBP 50 million to investment in earlier stage programmes,
which could enhance long-term value, and to the start of preparations for
commercialisation of AS1413 in the US.

Significant progress for potential blockbuster ASA404
The key registration trial of ASA404 is the phase III ATTRACT-1 study testing
the drug in combination with chemotherapy as a first-line treatment for
non-small cell lung cancer. In September, we announced that this trial had
completed enrolment of 1200 patients. We are now in the follow-up phase of the
study. An interim look will take place soon, but unless this shows clear
futility or dramatic early efficacy, neither of which we expect, the study will
continue until its scheduled completion. Latest information, based on death
rates in the study, indicates that data are likely to be available in mid-2011.
Novartis plans to file for marketing authorisations during 2011 if these data
are positive.

Novartis is also conducting another phase III trial, called ATTRACT-2, in
patients with non-small cell lung cancer who have already received treatment
with other drugs. This study is designed to support applications to market
ASA404 as a second-line treatment. Enrolment of 900 patients is ongoing.

At the company's R&D Day in December, Novartis outlined plans to evaluate ASA404
in another major indication, HER2-negative metastatic breast cancer. A phase
Ib/II trial combining ASA404 with taxanes will begin this year.

Investigator-initiated trials with ASA404 have begun. These include two phase II
studies combining ASA404 with taxane-based regimens, one in bladder cancer and
the other in small cell lung cancer, and a phase I study evaluating ASA404
combined with carboplatin, paclitaxel and cetuximab in patients with a variety
of solid tumours.

Antisoma has the option to co-commercialise ASA404 with Novartis in the US,
which fits with Antisoma's plans to become directly involved in the
commercialisation of its products. The arrangement with Novartis could yield
substantial milestone payments based on the progress of ASA404 as well as
royalties on all sales of the drug worldwide.

Exciting blood cancer drug AS1413 is on track
AS1413 is being tested in a pivotal phase III trial (ACCEDE) in patients with
secondary acute myeloid leukaemia (secondary AML). This form of leukaemia
follows previous bone marrow disease or treatment for other cancers, and it
responds poorly to currently available treatments.

In December, we reported positive final data from a phase II trial of AS1413 in
secondary AML. We saw an encouraging number of longer-term responders, and 30%
of patients who achieved remission after treatment with AS1413 were still alive
after 2 years. This adds to earlier findings from the trial showing a response
rate of 39% that compares favourably with historical data in similar patients.

The ACCEDE study seeks to build on our promising phase II data. It is a
randomised controlled trial that compares AS1413 plus cytarabine (the treatment
given in our phase II trial) to standard current treatment for AML: daunorubicin
plus cytarabine. We are now over half way towards the enrolment target of 450
patients, and expect to see the results of the trial in late 2010 or early

Should the ACCEDE study be positive, we plan to market the drug ourselves in the
US while seeking partners for marketing in other territories.

AS1411 shows promise
In December, we announced that our phase II study of AS1411 in renal cancer had
provided further evidence of activity in this setting, and reinforcement of the
findings from previous trials that the drug is very well tolerated. Because of
the now highly competitive nature of the renal cancer market, we have decided
not to pursue further development of AS1411 for this indication. However, the
latest data add to a picture of activity across various cancers.

In the immediate future, our focus with AS1411 is in AML, where we have reported
positive data from a randomised phase II trial. A phase IIb trial combining
AS1411 with cytarabine in patients with relapsed and refractory AML will start
soon, and is intended to pave the way for a potential registration study in this

Other pipeline developments
During the period, we discontinued development of AS1402 after early data from a
phase II trial in breast cancer indicated that the drug would be unlikely to
offer a significant benefit to patients. We are strong believers in running
robust "go/no-go" trials during early development, so that our resources can be
focused on drugs likely to offer real benefits to patients and consequent
commercial success.

In August, we divested a phase I product, P2045, to Bryan Oncor, a company
focusing on the development of radiopharmaceutical products.

Financial review

We have a solid financial position that reflects the careful use of the
substantial cash resources we have built up, notably from last year's divestment
of oral fludarabine to sanofi-aventis and from 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.

Results of operations
The group had no revenues in the period.

Total operating expenses for the six months ended 31 December 2009 were £21.3
million (2008: £20.0 million). Research and development expenditure has
increased by £1.3m, reflecting continued investment in the phase III trial of
AS1413.  Within administrative expenses, we have recognised impairment losses of
£0.3 million, reflecting discontinuation of certain projects.

During the period, foreign exchange rates have been less volatile than in the
previous year.  We have made exchange gains of £1.3 million on translation of
our US dollar and Euro balances into sterling (2008: £6.7 million).

Our loss of £18.3 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 £49.6 million as at
31 December 2009 (30 June 2009: £67.0 million; 31 December 2008: £52.7 million).
Net cash used in operating activities for the six months ended 31 December 2009
was £18.4 million (six months ended 31 December 2008: £19.2 million).

In managing our cash resources, we have maintained a conservative treasury
policy with short deposit terms and diversified counterparty risk.

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

Loss per share
The basic loss per share for the half-year ended 31 December 2009 was 3.0p. The
loss per share for the half-year ended 31 December 2008 was 0.8p.

We are moving forward with our plans to transition from a company focused on
developing cancer drugs into one that can also successfully commercialise them.
While our principal focus is the completion of phase III trials on ASA404 and
AS1413, we also continue to advance the earlier stage products in our portfolio
and to explore opportunities to add new drugs to the pipeline.

Barry Price

Interim Report for the six months ended 31 December 2009

Consolidated Income Statement
for the six months ended 31 December 2009

                                           6 months  6 months     Year
                                           ended 31  ended 31 ended 30
                                           December  December     June

                                               2009      2008     2009

                                          unaudited unaudited  audited

                                    Notes     £'000     £'000    £'000

 Revenue                                          -     5,514   25,230

 Cost of sales                                    -         -  (9,085)
 Gross profit                                     -     5,514   16,145

 Research and development
 expenditure                               (18,040)  (16,775) (35,904)

 Administrative expenses                    (3,297)   (3,208)  (4,884)
 Total operating expenses                  (21,337)  (19,983) (40,788)

 Operating loss                            (21,337)  (14,469) (24,643)

 Finance income                       4       1,555     8,011    5,055

 Loss before taxation                      (19,782)   (6,458) (19,588)

 Taxation                                     1,502     1,493    3,161

 Loss for the period                       (18,280)   (4,965) (16,427)

 Loss per ordinary share

 Basic                                5      (3.0)p    (0.8)p   (2.7)p
 Diluted                              5      (3.0)p    (0.8)p   (2.7)p

Consolidated Statement of Comprehensive Income
for the six months ended 31 December 2009

                                                   6 months  6 months     Year
                                                   ended 31  ended 31 ended 30
                                                   December  December     June

                                                       2009      2008     2009

                                                  unaudited unaudited  audited

                                                      £'000     £'000    £'000

 Loss for the period                               (18,280)   (4,965) (16,427)

 Exchange translation difference on
 consolidation                                          447    12,484    8,923
 Other comprehensive income for the period net of
 tax                                                    447    12,484    8,923

 Total comprehensive income for the period         (17,833)     7,519  (7,504)

Consolidated Statement of Financial Position
as at 31 December 2009

                                              As at 31  As at 31 As at 30
                                              December  December     June

                                                  2009      2008     2009

                                             unaudited unaudited  audited

                                       Notes     £'000     £'000    £'000


 Non-current assets

 Goodwill                                        6,957     7,642    6,708

 Intangible assets                              51,615    62,653   51,257

 Property, plant and equipment                   1,960     2,282    1,967
                                                60,532    72,577   59,932
 Current assets

 Trade and other receivables                     1,947     1,904    1,701

 Current tax receivable                          4,984     1,493    3,484

 Short-term deposits                            42,267    10,000   27,824

 Cash and cash equivalents                       7,377    42,700   39,215
                                                56,575    56,097   72,224


 Current liabilities

 Trade and other payables                      (8,046)   (9,740)  (7,417)

 Current tax payable                                 -     (297)        -

 Deferred income                              (19,690)         - (19,690)

 Provisions                                    (2,664)     (477)  (1,902)
 Net current assets                             26,175    45,583   43,215
 Total assets less current liabilities          86,707   118,160  103,147

 Non-current liabilities

 Deferred tax liabilities                      (6,957)   (7,642)  (6,708)

 Provisions                                      (454)     (145)    (224)
                                               (7,411)   (7,787)  (6,932)

 Net assets                                    79, 296   110,373   96,215

 Shareholders' equity

 Share capital                                  10,592    10,468   10,480

 Share premium                                 122,015   119,649  119,783

 Shares to be issued                     6           -     2,273    2,273

 Other reserves                                 47,366    50,480   46,919

 Profit and loss account                     (100,677)  (72,497) (83,240)
 Total shareholders' equity                     79,296   110,373   96,215

Consolidated Statement of Changes in Equity
for the six months ended 31 December 2009

                                 Shares         Other    Other Profit 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
 2008          10,467  119,629    2,273       (1,259)   39,255   (68,158) 102,207

 income for
 the period          -        -       -        12,484         -   (4,965)    7,519

 New share
 issued              1       20       -             -         -         -       21

 value of
 services            -        -       -             -         -       626      626
 At 31
 2008           10,468  119,649   2,273        11,225    39,255  (72,497)  110,373

 At 1 July
 2008          10,467  119,629    2,273       (1,259)   39,255   (68,158) 102,207

 income for
 the year            -        -       -         8,923         -  (16,427)  (7,504)

 New share
 issued             13      154       -             -         -         -      167

 value of
 services            -        -       -             -         -     1,345    1,345
 At 30 June
 2009           10,480  119,783   2,273         7,664    39,255  (83,240)   96,215

 At 1 July
 2009           10,480  119,783   2,273         7,664    39,255  (83,240)   96,215

 income for
 the period          -        -       -           447         -  (18,280) (17,833)

 New share
 issued            112    2,232 (2,273)             -         -         -       71

 value of
 services            -        -       -             -         -       843      843
 At 31
 December 2009  10,592  122,015       -         8,111    39,255 (100,677)   79,296

Consolidated Statement of Cash Flows
for the six months ended 31 December 2009


                                                    6 months  6 months     Year
                                                    ended 31  ended 31 ended 30
                                                    December  December     June

                                                        2009      2008     2009

                                                   unaudited unaudited  audited

                                                       £'000     £'000    £'000

 Cash flows from operating activities

 Loss for the period/year                           (18,280)   (4,965) (16,427)

 Add back:

 Foreign exchange gain                                 (187)   (1,076)  (2,238)

 Finance income                                      (1,555)   (8,011)  (5,055)

 Tax credit                                          (1,502)   (1,493)  (3,161)

 Depreciation of property plant and equipment            337       318      650

 Impairment of intangible assets                         343         -        -

 Derecognition of an intangible asset                      -         -    8,750

 Share-based payments                                    843       626    1,345
 Operating cash flows before movement in working
 capital                                            (20,001)  (14,601) (16,136)

 (Increase)/decrease in debtors                        (319)     1,237      385

 Increase/(decrease) in creditors and provisions       1,643   (6,963)   12,829
 Cash used in operations                            (18,677)  (20,327)  (2,922)

 Interest received                                       243     1,136    1,951

 Income taxes received/(paid)                              2         -    (620)
 Net cash used in operating activities              (18,432)  (19,191)  (1,591)

 Cash flows from investing activities

 Purchase of property, plant and equipment             (330)     (200)    (232)

 Sale of property, plant and equipment                     -         -        8

 Purchase of intangible assets                             -   (1,779)  (1,779)

 Purchase of short-term deposits                    (14,443)         - (17,824)
 Net cash used in investing activities              (14,773)   (1,979) (19,827)

 Cash flows from financing activities

 Proceeds from issue of ordinary share capital            71        21      167
 Net cash generated from financing activities             71        21      167

 Net decrease in cash and cash equivalents          (33,134)  (21,149) (21,251)

 Exchange gains/(losses) on cash and bank
 overdrafts                                            1,296     6,988    3,605

 Cash and cash equivalents at beginning of the
 period                                               39,215    56,861   56,861
 Cash and cash equivalents at end of the period        7,377    42,700   39,215

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 2009 were approved by the Board of Directors on 24 September
2009 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

This condensed consolidated half-yearly financial information for the six months
ended 31 December 2009 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 2009, which have been
prepared in accordance with IFRS 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 2009, 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.

The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year beginning 1 July 2009 and
have been applied by the Group:

  * IAS 1 (revised), 'Presentation of financial statements'.  The revised
    standard prohibits the presentation of items of income and expenses (that is
    'non-owner changes in equity') in the statement of changes in equity,
    requiring 'non-owner changes in equity' to be presented separately from
    owner changes in equity.  All 'non-owner changes in equity' are required to
    be shown in a performance statement. Entities can choose whether to present
    one performance statement (the statement of comprehensive income) or two
    statements (the income statement and statement of comprehensive income).
    The Group has elected to present two statements.  The interim financial
    statements have been prepared under the revised disclosure requirements.
  * IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'.
    It requires a 'management approach' under which segment information is
    presented on the same basis as that used for internal reporting purposes.
    Management considers that there is only one reportable segment: drug
    development.  Operating segments are reported in a manner consistent with
    the internal reporting provided to the chief operating decision-maker.  The
    chief operating decision-maker has been identified as the Senior Management
    Team that makes strategic decisions.  Assets, liabilities and overheads are
    allocated to this one segment.
  * IFRS 2 (amendment), 'Share-based payment'. IFRS 2 (amendment) deals with
    vesting conditions and cancellations. The amendment does not have a material
    impact on the Group's financial statements.
  * IAS 32 (amendment), 'Financial instruments: Presentation'.  The amendment
    does not have a material impact on the Group's financial statements.

The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year beginning 1 July 2009 and
have been applied by, but are not currently relevant to the Group:

  * IAS 39 (amendment), 'Financial instruments: Recognition and measurement'.
    The amendment does not have an impact on the Group's financial statements.
  * IFRS 3 (revised), 'Business combinations' and consequential amendments to
    IAS 27, 'Consolidated and separate financial statements', IAS 28,
    'Investments in associates' and IAS 31, 'Interests in joint ventures',
    effective prospectively to business combinations for which the acquisition
    date is on or after the beginning of the first annual reporting period
    beginning on or after 1 July 2009.  The revised standard continues to apply
    the acquisition method to business combinations, with some significant

There are no other new Standards likely to have an effect on the financial
statements for the year ending 30 June 2010.

2. Segmental information

Antisoma's operating segments are being reported based on the financial
information provided to the Senior Management Team, which is used to make
strategic decisions.  The directors are of the opinion that under IFRS 8 -
'Operating segments' the Group has only one operating segment, being drug

The Senior Management Team assesses the performance of the operating segment on
financial information which is measured and presented in a manner consistent
with that in the financial statements.

All revenue is derived from customers whose operations are located in the US and

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

                    6 months      6 months
                       ended         ended     Year ended
                 31 Dec 2009   31 Dec 2008   30 June 2009

                       £'000         £'000          £'000
  Total assets

  UK                  89,301        97,030        105,331

  US                  27,806        31,644         26,825
  Total              117,107       128,674        132,156

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 2009   31 Dec 2008   30 June 2009

                              £'000         £'000          £'000
  Capital expenditure

  UK                            259        1,866           1,875

  US                             71          113             136
  Total                         330        1,979           2,011

3. Impairment of intangible assets and goodwill

During the period the Group announced that it was ceasing further development of
certain products (AS1402) and programmes (development of AS1411 for renal
cancer).  Under IAS 36, the cessation of further development is considered to be
an indication that the associated goodwill and intangible assets may be

Impairment reviews have been performed on the goodwill and intangible assets
associated with the products and indications where development has ceased in
order to determine the recoverable amounts of the assets, the recoverable amount
being the higher of value in use and the fair value of the asset less the costs
to sell. When development of a product is discontinued, management is of the
opinion that the value in use is nil.

Consequently, an impairment of £343,000 has been made to impair the carrying
value of such intangible assets to £nil.  The impairment has been recorded
within administrative expenses.  No impairment has been made to the intangible
asset in respect of AS1411 as the recoverable amount is not lower than the
carrying value.  The result of the impairment review is sensitive to the
following factors and assumptions, significant changes in which could lead to an
impairment of the intangible asset:

  * an increase in the strength of the dollar against sterling;
  * a decrease in the discount rate used to calculate the present value of
    future cash flows;
  * a lower probability of a successful outcome of the clinical trials; and
  * lower than estimated future sales and/or pricing.

4. Finance income

                                             6 months     6 months
                                                ended        ended   Year ended
                                          31 Dec 2009  31 Dec 2008 30 June 2009

                                                £'000        £'000        £'000
 Interest receivable:

 - On short-term deposits                         130         289         1,178

 - On cash and cash equivalents                   150       1,027           635

 Net foreign exchange gains on financing
 activities                                     1,275        6,695        3,242
 Total                                          1,555        8,011        5,055

5. Loss per ordinary share

                                           6 months     6 months
                                              ended        ended   Year ended
                                        31 Dec 2009  31 Dec 2008 30 June 2009
 Loss for the period (£'000)               (18,280)      (4,965)     (16,427)

 Weighted average number of shares
 ('000)                                     616,105      613,529      613,901
 Basic loss per ordinary share               (3.0)p       (0.8)p       (2.7)p

In the six months ended 31 December 2009, the six months ended 31 December 2008
and the year ended 30 June 2009, the Group had no dilutive potential ordinary
shares in issue because it was loss making.

6. Shares to be issued
On 17 December 2009, 9,568,960 shares of 1p each were issued to certain former
shareholders of Xanthus Pharmaceuticals, Inc. ("Xanthus") in relation to the
acquisition of Xanthus by the Group on 11 June 2008.  The shares were issued
with a fair market value of 23.75p being the closing share price on 10 June

7. Principal risks and uncertainties
The principal risks and uncertainties which could impact the Group's long-term
performance remain those detailed on page 10 of the Group's 2009 Annual Report
and Financial Statements, a copy of which is available on the Group's website: <>; these risks and uncertainties are
not expected to change in the next six months. The risks and uncertainties
include but are not limited to clinical, regulatory, competition, intellectual
property, economic and financial risks.

Statement of Directors' Responsibilities

The directors confirm that this condensed set of financial statements has been
prepared in accordance with IAS 34 as adopted by the European Union, and that
the interim management report herein 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

The directors of Antisoma plc are listed in the Antisoma plc Annual Report for
30 June 2009. A list of current directors is maintained on the Antisoma plc <>.

By order of the Board

Glyn Edwards
Chief Executive
17 February 2010

Eric Dodd
Chief Financial Officer
17 February 2010

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 2009, which comprises the Consolidated Income Statement, the
Consolidated Statement of Comprehensive Income, the Consolidated Statement of
Financial Position, the Consolidated Statement of Changes in Equity, the
Consolidated Statement of Cash Flows 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 opinion.


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 2009 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
17 February 2010


(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




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