Interim Results

RNS Number : 2268C

Ovoca Bio PLC

28 September 2018

 

Ovoca Bio plc ("Ovoca" or the "Company")

2018 Interim Results

Ovoca is pleased to announce its interim financial statements and report covering the six-month period from 1 January 2018 to 30 June 2018.

Please click on the following link to view the full Half Year Report:

http://www.rns-pdf.londonstockexchange.com/rns/2268C_1-2018-9-27.pdf

Highlights:

•    Cash and cash equivalents and equity investments at fair value of €17.0 million as at 30 June 2018;

•    Total comprehensive loss for the six-month period of €4.3 million;

•    Dividend income received during the period of €0.3 million from our holding of Polymetal International Plc shares;

•    Corporate changes to Company's: Direction, Name and the Board composition;

•    Fundamental change of business through the acquisition of the controlling stake in the biotech company IVIX.

CEO's statement

Dear shareholders, it is my pleasure to report to you the interim results for 2018.

It is an exciting time for our Company. In July, we agreed to acquire up to 59.9% of IVIX LLC for a cash consideration of approximately $6.2 million. 

IVIX was formed in 2012 and since that time has sought to develop and subsequently commercialise a proprietary drug candidate, BP101 (known as "Libicore"), for the treatment of female sexual dysfunctions.  The development of a promising drug candidate, backed by strong intellectual property, to target an attractive market segment is an opportunity that has the potential to generate significant returns for Shareholders. 

The Board is focused on the continued development of Libicore and completing the Phase 3 clinical trials in Russia.  We are looking forward to the results that we expect to receive by Q2 2019.

Of course, the change in direction of the Company triggered the necessity to change the Board composition. I would like to take this opportunity and to thank Mr. Donald Schissel and Mr. Kenneth Kuchling for their long-term support and their productive service on the Board. Their professional input helped us in successful development of the Olcha and Stakhanovsky projects. On behalf of the Company I would like to wish them the very best in their future endeavors.

I would also like to welcome Mr. Nikolay Myasoedov, Mr. Christopher Wiltshire and Mr. Romulo Colindres who joined the Board of the Company. I strongly believe that with their background, knowledge and expertise we have all the chances to build up new success story in biotech sector with our promising project IVIX. 

As we announced recently the Company successfully completed the Transaction and acquired the controlling stake in IVIX. Our focus now will be concentrated on IVIX's Phase 3 clinical trials in Russia, preparation for the start of the clinical trials in EU and US, and on the smooth completion of the corporate changes in Ovoca Bio Plc. 

The geopolitical situation continues to raise volatility with the stock of the Russia oriented companies. Despite continuing good operational and financial results, regular dividends flow, the stock price of Polymetal International Plc. dropped and as a result, we have to recognize the comprehensive loss for the six-month period of €4.3 million. In accordance with our strategic plan there is no need for us to sell our holdings in Polymetal in the nearest future as we have enough cash for our operations.

In conclusion, I would like to stress that Ovoca Bio Plc. has an attractive project with a clear development plan, a solid capital position and an experienced team. The Board is focused on creating value for our shareholders through the successful development of IVIX.

Sincerely,

Kirill Golovanov

CEO

Enquiries:

Ovoca Bio plc
Kirill Golovanov, Chief Executive Officer	Tel: + 7 495 916 6029
Davy - NOMAD, ESM Adviser and Broker	Tel: [phone]
John Frain / Daragh O'Reilly

 

END

 

 

IR PGUQPBUPRGAM