Half Yearly Report

RNS Number : 8091J

Provexis PLC

22 December 2015

 

22 December 2015                                                  Provexis plc

UNAUDITED INTERIM RESULTS FOR SIX MONTHS TO 30 SEPTEMBER 2015

Provexis plc ("Provexis" or the "Company"), the business that develops and licenses the proprietary, scientifically-proven Fruitflow® heart-health functional food ingredient, announces its unaudited interim results for the six months ended 30 September 2015.

Key highlights

·   Revenue from profit sharing Alliance for the period £41k (2014: £8k), a near fivefold increase from the prior year. Revenue for the half year to September 2015 exceeds revenue for the full year to March 2015.

·    Over 45 regional consumer healthcare brands containing Fruitflow® now launched by DSM's customers; DSM's total revenues for Fruitflow® for the year ended 30 September 2015 grew by more than 33% year on year, reflecting strong interest in the product and the success of the powder format, further sales growth expected in the quarter to December 2015.

·    An increasing number of further commercial projects have been initiated by DSM with prospective customers, including some prospective customers which are part of global businesses.

·    Significantly enhanced financial terms agreed in June 2015 for the Company's long-term Alliance Agreement with DSM for Fruitflow®, backdated to 1 January 2015, increasing the ongoing profit share payable to the Company.

·    Marketing initiatives for Fruitflow® continue:

The new product video for Fruitflow® has been viewed by a wide variety of current and prospective customers, and a further video is now envisaged;

Fruitflow® has been promoted at several major food ingredient and dietary supplement trade shows;

Fruitflow® has also been promoted at some cardiovascular health events, targeting greater medical advocacy for the product;

Company is in the process of submitting some of the underlying scientific studies for Fruitflow® for publication in scientific journals.

·    Encouraging key results released in June 2015 from the Company's collaboration agreement with the University of Oslo to undertake further research into the relationship between Fruitflow® and blood pressure regulation. Stage one of the two stage agreement provided strong evidence that a standard dose of Fruitflow® has the potential to give a clinically relevant reduction in systolic blood pressure. Ethics approval granted for the stage two small clinical trial which will commence shortly.

·    Company is in the process of launching a high quality dietary supplement product containing Fruitflow® and Omega-3 which will be sold initially from the Company's website; expected to provide an additional income and profit stream.

·     Underlying operating loss* £196k (2014: £180k) reflecting planned increase in R&D expenditure for new patents.

·   Cash £350k at 30 September (2014: £366k) following fundraising of £267k through the online equity crowdfunding platform PrimaryBid.com in July 2015. The Company remains keen to minimise dilution to shareholders and it is focussed on moving into profitability as Fruitflow® revenues increase, but while the Company remains in a loss making position it will need to raise working capital on occasions, and based on its current level of cash it will be seeking to raise funds over the next three to nine months.

*before share based payments of £34k (2014: £31k), as set out on the face of the Consolidated Statement of Comprehensive Income

Provexis Executive Chairman Dawson Buck commented:

"The Company's Alliance partner DSM Nutritional Products has continued to develop the market actively for Fruitflow® in all global markets, with over 45 regional consumer healthcare brands now having been launched by DSM customers and with strong growth in DSM's underlying sales of the product.

The significantly enhanced financial terms agreed in June 2015 with DSM for the Company's long-term Alliance Agreement for Fruitflow® will have a significant positive effect on the Company's ongoing profit share from the Alliance, an effect which is evident from the near fivefold increase in revenue for the first half of the year, relative to the prior year.

The Company and DSM are committed to a number of ongoing marketing initiatives for Fruitflow®, seeking to give the product further global exposure. The Company is very pleased with the encouraging results from the first stage of the Company's blood pressure collaboration with the University of Oslo, with strong evidence that a standard dose of Fruitflow® has the potential to give a clinically relevant reduction in systolic blood pressure. The Company is in the process of launching a Fruitflow® + Omega-3 dietary supplement product which will be sold initially from the Company's website, and is expected to provide the Company with an additional income and profit stream.

The first six months of the year have seen a number of very positive developments for the business, and with the Company's low operational costs we are well positioned to drive value for shareholders. We remain positive about the outlook for the business for the second half of the year and beyond."

-ends-

For further information please contact:

Provexis plc                                                                    Tel:         [phone]

Dawson Buck, Chairman                                                 [e-mail]

Ian Ford, Finance Director

Cenkos Securities plc                                                      Tel:         [phone]

Bobbie Hilliam

 

Chairman's statement

The Company has had a strong first six months of the year, to include a significant increase in revenue.

The Company's Alliance partner DSM Nutritional Products has continued to develop the market actively for the Company's novel, patented Fruitflow® heart-health ingredient in all global markets, with over 45 regional consumer healthcare brands now having been launched by DSM customers. DSM's total revenues for Fruitflow® for the year ended 30 September 2015, which are denominated in Euros, grew strongly by more than 33% year on year, reflecting strong interest in Fruitflow® and the success of the powder format which is being used in an increasing number of new product launches.

In June 2015 the Company announced that it had agreed significantly enhanced financial terms for its long-term Alliance Agreement with DSM for Fruitflow®, backdated to 1 January 2015, which will have a significant positive effect on the Company's ongoing profit share from the Alliance.

Revenues from the profit sharing Alliance for the period were £41k (2014: £8k), a near fivefold increase relative to the prior year. Revenue for the half year to September 2015 exceeds revenue for the full year to March 2015.

Underlying operating loss was £196k (2014: £180k), reflecting a planned increase in R&D expenditure for new patents.

Fruitflow®

The Company's Alliance partner DSM Nutritional Products has continued to make good progress marketing Fruitflow®, with more than 15 new consumer brands having been launched by DSM customers over the past year.

An increasing number of further commercial projects have been initiated by DSM with prospective customers, including some prospective customers which are part of global businesses, with good prospects for these projects to be launched as consumer products. Interest in the technology exists in all major global markets, and the total value of the prospective sales pipeline is increasing.

The powder format of Fruitflow® which was launched in 2013 has broad potential applications in tablet, gel capsule and dietary supplement products, and interest from potential customers for this format remains strong.

The Company's Alliance Agreement with DSM Nutritional Products for Fruitflow® includes a financial model which is based upon the division of profits between the two partners on an agreed basis, linked to certain revenue targets, following the deduction of the cost of goods and a fixed level of overhead from sales. In June 2015 the Company announced that it had agreed significantly enhanced financial terms for the Alliance Agreement with DSM, under which the fixed level of overhead deduction from sales permanently decreased with effect from 1 January 2015, backdated, thus increasing the ongoing profit share payable to the Company.

Revenues accruing to the Company from the profit sharing Alliance for the period were £41k (2014: £8k), a near fivefold increase relative to the prior year, with the increase due to (i) the revised fixed level of overhead deduction from sales, (ii) an improvement in underlying trading margins and (iii) an increase in DSM's total revenues for Fruitflow®. Revenue for the half year to September 2015 exceeds revenue for the full year to March 2015, and further sales growth is expected in the quarter to December 2015.

DSM has invested substantial resource into establishing a commercial scale supply chain for powder manufacturing. DSM's manufacturing and technical teams remain highly focused on reducing Fruitflow® production costs and as manufacturing volume increases unit costs will further decrease, enabling more positive margins to the expected commercial benefit of Fruitflow® and the Provexis business. Further cost reductions will continue to be sought across all aspects of the supply chain and manufacturing process.

Marketing efforts for Fruitflow® have seen the product being promoted at several major food ingredient and dietary supplement trade shows. The product has been featured in numerous publications and it has been the subject of several trade seminars and presentations, some of which are available to view in the news section of the Company's website www.provexis.com.

The Company and DSM are keen to secure greater medical advocacy for the product, particularly with reference to the US Food and Drug Administration's guidance in May 2014 concerning the use of low dose Aspirin which remains a strong opportunity for Fruitflow®. Fruitflow® has accordingly been promoted at some major cardiovascular health events, including the European Society of Cardiology's annual congress in London which was attended by more than 30,000 healthcare professionals.

Marketing initiatives have also included DSM's new product video for Fruitflow® which is primarily targeted at potential business customers for Fruitflow® in the consumer healthcare sector. The video has been a good opportunity to promote Fruitflow® more widely, and it has been viewed by a wide variety of current and prospective customers for Fruitflow®. Further bespoke versions of the video are likely to be released in due course, and a further promotional video is now envisaged. The video is available to view via the Company's website www.provexis.com.

The Company remains in the process of submitting some of the underlying scientific studies for Fruitflow® for publication in appropriate scientific journals, to include the Company's Aspirin Comparison Human Trial for Fruitflow®. Publication of the studies is expected to be a significant opportunity to promote Fruitflow® further.

Fruitflow® and Blood Pressure - Collaboration with University of Oslo

In November 2014 the Company signed a two stage collaboration agreement with the University of Oslo to undertake further research into the relationship between Fruitflow® and blood pressure regulation. Recent work undertaken by the University has shown that the Company's Fruitflow® technology has a potential new bioactivity, leading to blood pressure lowering effects which would be of relevance to a large number of consumers and patients with a wide range of cardiovascular conditions.

The first stage of the collaboration work has now been completed. First stage work focussed on developing the science, with major areas including fractionation, testing, bioactivity, dosage and further IP development.

The key results from this first stage have been very encouraging, with strong evidence from the laboratory based work that a standard 150mg dose of Fruitflow® in powder format has the potential to give a clinically relevant reduction in systolic blood pressure.

The Company and the University are now proceeding with the second stage of the collaboration work, which is seeing the parties conduct a small clinical trial by way of a proof of principle study. Study designs were submitted for ethics approval before finalisation, with a potential dosage for the study of 150mg Fruitflow® in powder format twice per day. The independent research ethics committee for the project has approved the clinical trial, which means that the proof of principle study can commence.

The University of Oslo's research team is led by Professor Asim Duttaroy, Group Leader of Chronic Disease at the Faculty of Medicine and a member of the Company's Scientific Advisory Board. Professor Duttaroy was the original inventor of Fruitflow®.

Fruitflow® + Omega-3 dietary supplement product

The Company is in the process of launching a high quality dietary supplement product containing Fruitflow® and Omega-3 which will be sold initially from the Company's website on a mail order basis. The new dietary supplement product is expected to provide the Company with an additional income and profit stream.

Fruitflow® and Omega-3 have separate, positive EFSA health claims and the packaging for the product reflects these strongly.

The first batch of the product has been ordered, with a longer than first anticipated lead time for this initial batch. The Company has been working on the marketing, sales and fulfilment aspects of this new e-commerce channel with the judicious use of expert outsourced partners, and it has continued to seek to minimise setup costs.

The Company plans to launch the product as soon as possible on a separate, dedicated website www.fruitflowplus.com which will be able to accommodate further potential Fruitflow® combination product derivatives.

The Company is keen to increase the brand awareness and potential sales of its new dietary supplement product, along with the brand awareness of Fruitflow® more widely, and further sales channel opportunities are under review.

Intellectual property

The Company is responsible for filing and maintaining patents and trade marks for Fruitflow® as part of the Alliance Agreement with DSM. We are pursuing a strategy to strengthen the breadth and duration of our patent coverage to maximise the commercial returns that can be achieved from the technology. Trade marks were originally registered in the larger global territories, and new registrations are typically now sought in additional territories in response to requests from current or prospective DSM customers for Fruitflow®.

In December 2013 British and international patent applications were filed for the use of Fruitflow® in mitigating exercise-induced inflammation and for promoting recovery from intense exercise, seeking to enhance further the potential of the technology in the sports nutrition sector. Patents are being sought in Europe, the US, China and ten other territories, and this patent application has now entered the national phase, with potential patent protection out to December 2033.

The Company's patent application for Fruit Extracts, relating to part of the production process for Fruitflow®, is now expected to proceed to grant in Europe in the coming months, giving patent protection out to November 2029.

Trade marks for Fruitflow® have been registered in the EU, US, China, Japan and a further eleven international territories, and trade marks have been applied for in a further nine territories to support existing and forthcoming consumer brands across all major global markets.

Crohn's disease intellectual property

The Group continues to maintain the Crohn's disease intellectual property registered in Provexis (IBD) Limited, a company which is 75% owned by Provexis plc and 25% owned by The University of Liverpool. The Group continues to investigate further options for the Crohn's disease project seeking to maximise its value, and in September 2015 Provexis (IBD) Limited was party to a significant academic grant application, acting at minimal cost as the commercial partner. The result of the grant application is expected in mid 2016, with a successful application likely to lead to an increase in the value of the Crohn's disease intellectual property.

Capital structure and funding

In June 2015 the Company joined PrimaryBid.com (www.primarybid.com), the online platform dedicated to equity crowdfunding for AIM-listed companies, as a result of which the Company's existing 10 September 2013 equity financing agreement with Darwin Strategic Limited was cancelled. In July 2015 the Company announced that it had raised net proceeds of £267k through the new PrimaryBid.com platform.

The Company is seeking to maximise the commercial returns that can be achieved from its Fruitflow® technology, and the Company's cost base and its resources continue to be very tightly managed. The Company remains keen to minimise dilution to shareholders and it is focussed on moving into profitability as Fruitflow® revenues increase, but while the Company remains in a loss making position it will need to raise working capital on occasions, and based on its current level of cash it will be seeking to raise funds over the next three to nine months.

Outlook

The Company's Alliance partner DSM Nutritional Products has continued to develop the market actively for Fruitflow® in all global markets, with over 45 regional consumer healthcare brands now having been launched by DSM customers and with strong growth in DSM's underlying sales of the product.

The significantly enhanced financial terms agreed in June 2015 with DSM for the Company's long-term Alliance Agreement for Fruitflow® will have a significant positive effect on the Company's ongoing profit share from the Alliance, an effect which is evident from the near fivefold increase in revenue for the first half of the year, relative to the prior year.

The Company and DSM are committed to a number of ongoing marketing initiatives for Fruitflow®, seeking to give the product further global exposure. The Company is very pleased with the encouraging results from the first stage of the Company's blood pressure collaboration with the University of Oslo, with strong evidence that a standard dose of Fruitflow® has the potential to give a clinically relevant reduction in systolic blood pressure. The Company is in the process of launching a Fruitflow® + Omega-3 dietary supplement product which will be sold initially from the Company's website, and is expected to provide the Company with an additional income and profit stream.

The first six months of the year have seen a number of very positive developments for the business, and with the Company's low operational costs we are well positioned to drive value for shareholders. We remain positive about the outlook for the business for the second half of the year and beyond.

Dawson Buck

Chairman

 

Consolidated statement of comprehensive income		Unaudited	Unaudited	Audited
Six months ended 30 September 2015		six months	six months	year
		ended	ended	ended
		30 September	30 September	31 March
		2015	2014	2015
		£	£	£
	Notes
Revenue		40,908	8,261	38,224
Research and development costs		(93,938)	(44,952)	(180,497)
Administrative costs		(177,172)	(173,890)	(355,964)
Underlying operating loss		(196,045)	(179,920)	(408,862)
Share based payment charges		(34,157)	(30,661)	(89,375)
Loss from operations		(230,202)	(210,581)	(498,237)
Finance income		1,755	3,039	5,077
Loss before taxation		(228,447)	(207,542)	(493,160)
Taxation		6,040	1,500	5,407
Loss and total comprehensive expense for the period		(222,407)	(206,042)	(487,753)
Attributable to:
Owners of the parent		(207,557)	(181,096)	(435,598)
Non-controlling interests		(14,850)	(24,946)	(52,155)
Loss and total comprehensive expense for the period		(222,407)	(206,042)	(487,753)
Loss per share to owners of the parent
Basic and diluted - pence	3	(0.01)	(0.01)	(0.03)

All amounts relate to continuing operations.

 

Consolidated statement of financial position	Unaudited	Unaudited	Audited
30 September 2015	30 September	30 September	31 March
	2015	2014	2015
	£	£	£
Assets
Current assets
Trade and other receivables	78,654	99,970	53,348
Corporation tax asset	11,448	17,323	21,230
Cash and cash equivalents	350,178	365,572	285,403
Total current assets	440,280	482,865	359,981
Total assets	440,280	482,865	359,981
Liabilities
Current liabilities
Trade and other payables	(115,230)	(85,295)	(114,081)
Total current liabilities	(115,230)	(85,295)	(114,081)
Net current assets	325,050	397,570	245,900
Total liabilities	(115,230)	(85,295)	(114,081)
Total net assets	325,050	397,570	245,900
Capital and reserves attributable to
owners of the parent company
Share capital	1,647,068	1,561,816	1,584,846
Share premium reserve	16,503,221	16,222,145	16,298,043
Warrant reserve	26,200	26,200	26,200
Merger reserve	6,599,174	6,599,174	6,599,174
Retained earnings	(24,060,136)	(23,663,347)	(23,886,736)
	715,527	745,988	621,527
Non-controlling interest	(390,477)	(348,418)	(375,627)
Total equity	325,050	397,570	245,900

 

Consolidated statement of cash flows	Unaudited	Unaudited	Audited
30 September 2015	six months	six months	Year
	ended	ended	ended
	30 September	30 September	31 March
	2015	2014	2015
	£	£	£
Cash flows from operating activities
Loss after tax	(222,407)	(206,042)	(487,753)
Net finance income	(1,755)	(3,039)	(5,077)
Taxation	(6,040)	(1,500)	(5,407)
Share-based payment charge	34,157	30,661	89,375
Changes in trade and other receivables	(25,336)	5,161	(1,783)
Changes in trade and other payables	1,149	(22,917)	5,869
Total cash outflow from operations	(220,232)	(197,676)	(404,776)
Tax credits received	15,822	-	-
Total cash outflow from operating activities	(204,410)	(197,676)	(404,776)
Cash flow from investing activities
Interest received	1,785	3,018	4,949
Total cash inflow from investing activities	1,785	3,018	4,949
Cash flow from financing activities
Proceeds from issue of share capital	267,400	45,403	170,403
Total cash inflow from financing activities	267,400	45,403	170,403
Net increase / (decrease) in cash and cash equivalents	64,775	(149,255)	(229,424)
Opening cash and cash equivalents	285,403	514,827	514,827
Closing cash and cash equivalents	350,178	365,572	285,403

 

Consolidated statement of changes in equity	Share	Share	Warrant	Merger	Retained	Total equity	Non-	Total
30 September 2015	capital	premium	reserve	reserve	earnings	attributable to owners of	controlling interests	equity
						the parent
	£	£	£	£	£	£	£	£
At 31 March 2014	1,554,816	16,183,870	26,200	6,599,174	(23,505,513)	858,547	(323,472)	535,075
Share-based charges	-	-	-	-	30,661	30,661	-	30,661
Equity financing facility fee - charge for period	-	-	-	-	(7,399)	(7,399)	-	(7,399)
Issue of shares - equity financing facility 29 April 2014	7,000	38,403	-	-	-	45,403	-	45,403
Equity financing facility - warrants charged to share premium account	-	(128)	-	-	-	(128)	-	(128)
Total comprehensive expense for the period	-	-	-	-	(181,096)	(181,096)	(24,946)	(206,042)
At 30 September 2014	1,561,816	16,222,145	26,200	6,599,174	(23,663,347)	745,988	(348,418)	397,570
Share-based charges	-	-	-	-	58,714	58,714	-	58,714
Equity financing facility fee - charge for period	-	-	-	-	(27,601)	(27,601)	-	(27,601)
Issue of shares - equity financing facility 15 December 2014	23,030	101,970	-	-	-	125,000	-	125,000
Equity financing facility - warrants charged to share premium account	-	(26,072)	-	-	-	(26,072)	-	(26,072)
Total comprehensive expense for the period	-	-	-	-	(254,502)	(254,502)	(27,209)	(281,711)
At 31 March 2015	1,584,846	16,298,043	26,200	6,599,174	(23,886,736)	621,527	(375,627)	245,900
Share-based charges	-	-	-	-	34,157	34,157	-	34,157
Issue of shares - PrimaryBid placing 9 July 2015	62,222	205,178	-	-	-	267,400	-	267,400
Total comprehensive expense for the period	-	-	-	-	(207,557)	(207,557)	(14,850)	(222,407)
At 30 September 2015	1,647,068	16,503,221	26,200	6,599,174	(24,060,136)	715,527	(390,477)	325,050

 

1. General information, basis of preparation and accounting policies

General information

Provexis plc is a public limited company incorporated and domiciled in the United Kingdom (registration number 05102907). The address of the registered office is Prospect House, 58 Queens Road, Reading, Berkshire RG1 4RP, UK.

The main activities of the Group are those of developing and licensing the proprietary, scientifically-proven Fruitflow® heart-health functional food ingredient.

Basis of preparation

This condensed financial information has been prepared using accounting policies consistent with International Financial Reporting Standards in the European Union (IFRS).

The same accounting policies, presentation and methods of computation are followed in this condensed financial information as are applied in the Group's latest annual audited financial statements, except as set out below. While the financial figures included in this half-yearly report have been computed in accordance with IFRS applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.

Use of non-GAAP profit measure - underlying operating profit

The directors believe that the operating loss before share based payments measure provides additional useful information for shareholders on underlying trends and performance. This measure is used for internal performance analysis. Underlying operating loss is not defined by IFRS and therefore may not be directly comparable with other companies' adjusted profit measures. It is not intended to be a substitute for, or superior to IFRS measurements of profit.

The interim financial information does not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and has been neither audited nor reviewed by the Company's auditors Moore Stephens LLP pursuant to guidance issued by the Auditing Practices Board.

The results for the year ended 31 March 2015 are not statutory accounts. The statutory accounts for the last year ended 31 March 2015 were approved by the Board on 3 September 2015 and are filed at Companies House. The report of the auditors on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 of the Companies Act 2006.

The interim report for the six months ended 30 September 2015 can be downloaded from the Company's website www.provexis.com. Further copies of the interim report and copies of the 2015 annual report and accounts can be obtained by writing to the Company Secretary, Provexis plc, Prospect House, 58 Queens Road, Reading, Berkshire RG1 4RP, UK.

This announcement was approved by the Board of Provexis plc for release on 22 December 2015.

Going concern

The Group made a loss for the period from operations of £222,407 (2014: £206,042) and expects to make a further loss during the remainder of the year ending 31 March 2016. The total cash outflow from operations in the period was £220,232 (2014: £197,676).

For the year ended 31 March 2015 the Group made a loss from operations of £487,753 (2014: £998,264). The total cash outflow from operations in the year ended 31 March 2015 was £404,776 (2014: £780,928).

At 30 September 2015 the Group had cash balances of £350,178 (2014: £365,572).

On 4 June 2015 the Group announced that it had agreed significantly enhanced financial terms for its long-term Alliance Agreement with DSM, involving a reduction in the fixed level of overhead deduction from sales which permanently decreased with effect from 1 January 2015, backdated, thus increasing the profit share payable to the Company.

On 4 June 2015 the Group also announced that it had joined PrimaryBid.com (www.primarybid.com), an online platform dedicated to equity crowdfunding for AIM-listed companies. On 3 July 2015 the Group announced that it had raised net proceeds of £267,400 via a placing with investors using the Primarybid.com platform.

The directors have prepared projected cash flow information for a period of more than twelve months from the date of approval of these financial statements and have reviewed this information as at the date of these financial statements.

The Group has access to future equity financings, either through the Group's existing PrimaryBid.com platform or through a separate equity fundraising with the Company's shareholders, as potential additional sources of funding.

The Company remains keen to minimise dilution to shareholders and it is focussed on moving into profitability as Fruitflow® revenues increase, but while the Company remains in a loss making position it will need to raise working capital on occasions, and based on its current level of cash it will be seeking to raise funds over the next three to nine months.

Based on the level of existing cash, projected income and expenditure, and including the potential additional sources of equity funding, the directors are of the opinion that at 22 December 2015 the Company and the Group have adequate resources to continue in business for the foreseeable future, and accordingly the going concern basis has been used in preparing the financial statements.

Accounting policies

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2015, as described in those annual financial statements.

2. Segmental reporting

The Directors have determined that only one operating segment exists under the terms of International Financial Reporting Standard 8 'Operating Segments', as the Group is organised and operates as a single business unit.

3. Earnings per share

Basic earnings per share amounts are calculated by dividing the profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the period.

Diluted earnings per share amounts are calculated by dividing the profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the period, adjusted for the effects of potentially dilutive options. The dilutive effect is calculated on the full exercise of all potentially dilutive ordinary share options granted by the Group.

There were 118,617,620 share options in issue at 30 September 2015 (2014: 110,640,510) and 10,000,000 warrants (2014: 10,000,000) in issue that are currently anti-dilutive and have therefore been excluded from the calculations of the diluted loss per share.

	Unaudited	Unaudited	Audited
	six months	six months	Year
	ended	ended	ended
	30 September	30 September	31 March
	2015	2014	2015
Loss for the period attributable to owners of the parent - £	(207,557)	(181,096)	(435,598)
Weighted average number of shares	1,613,066,952	1,560,706,324	1,567,947,710
Basic and diluted loss per share - pence	(0.01)	(0.01)	(0.03)

4. Share capital

On 3 July 2015 the Group announced that it had raised net proceeds of £267,400 via the placing of 62,222,223 new ordinary shares of 0.1p each at a gross 0.45p per share ('the placing shares') with investors using the Primarybid.com platform. The placing shares were admitted to AIM on 9 July 2015.

Further details of the PrimaryBid.com agreement is available to download from the announcements section of the Company's website www.provexis.com.

At 22 December 2015, the date of this announcement, the Company's issued share capital comprises 1,647,068,167 ordinary shares with voting rights. The Company does not hold any shares in treasury.

5. Cautionary statement

This document contains certain forward-looking statements with respect to the financial condition, results and operations of the business. These statements involve risk and uncertainty as they relate to events and depend on circumstances that will incur in the future. Nothing in this interim report should be construed as a profit forecast.

 

END

 

 

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