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Medici Bioventures (MEB)

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Thursday 03 November, 2005

Medici Bioventures

Interim Results

Medici Bioventures PLC
03 November 2005


                             Medici Bioventures plc

                          Interim Financial Statements
                    For the six months ended 31 August 2005


                              Chairman's Statement

On behalf of the board of Medici Bioventures plc, I am pleased to present the
Company's results for the six months ended 31 August 2005.

Medici Bioventures plc continues to investigate investment opportunities in the
life sciences sectors.  Medici Bioventures plc equity interest in any proposed
investment may range from a minority position to 100% ownership.  The proposed
investments may be either quoted or unquoted and may be in companies,
partnerships, joint ventures or direct interests in life science projects.
Whilst it is likely that the investments will be made in development stage
undertakings, the Directors may decide that the Company should invest in
commercialised assets.

The Company's focus is on life science opportunities in the United Kingdom where
the Directors believe that a number of opportunities exist to acquire interests
in suitable projects. The Company will also review opportunities in Europe and
Australasia. The Company will look to acquire holdings directly or in emergent
life science projects or companies.

The Directors are experienced in evaluating acquisition and investment
prospects, quoted and unquoted, both in the UK and overseas and are able to call
on independent expertise in the sector.

The Directors have reviewed a number of investment opportunities during the
reporting period but none to date have been viewed suitable or met our
investment strategy.


Anthony Barton
Chairman


The following financial information of Medici Bioventures plc is for the period
from date of incorporation on 8 February 2005 to 31 August 2005.


                                INCOME STATEMENT
                      For the period ended 31 August 2005

                                                                                  31 August 2005
CONTINUING OPERATIONS                                                                          £

Administrative expenses                                                                  (94,742)
Operating loss                                                                           (94,742)

Investment income                                                                           9,465

Loss before taxation                                                                     (85,277)
Income tax expense                                                                            -

Loss for the period                                                                      (85,277)

Loss per share                                                                           (0.0008)
Diluted loss per share                                                                   (0.0008)


                                 BALANCE SHEET
                              As at 31 August 2005
                                                                                   31 August 2005
                                                                                                £
ASSETS
Current assets
Cash and cash equivalents                                                                 467,551

Total assets                                                                              467,551

LIABILITIES
Current liabilities
Trade and other payables                                                                  (2,828)

Total liabilities                                                                         (2,828)

Net assets                                                                                464,723

EQUITY
Share capital                                                                             100,000
Share premium                                                                             450,000
Retained earnings                                                                        (85,277)

Total equity                                                                              464,723



                              CASH FLOW STATEMENT

                      For the period ended 31 August 2005

                                                                               31 August 2005
                                                                                            £

Net cash outflow from operating activities (Note 1)                                   (91,914)

Investing activities
Interest received                                                                        9,465

Financing activities
Net proceeds from issue of ordinary share capital                                      550,000

Net increase in cash and cash equivalents                                              467,551




                        Notes to the Cash Flow Statement
                                                                                  31 August 2005
                                                                                               £
1. Cash generated from operations
Net loss                                                                                 (94,742)

Changes in working capital:
Increase in payables                                                                        2,828
Cash generated from continuing operations                                                (91,914)




                       NOTES TO THE FINANCIAL INFORMATION
                      For the period ended 31 August 2005

     
1.   Accounting Policies

Basis of Accounting

The financial information has been prepared under the historical cost convention
and in accordance with International Financial Reporting Standards and IFRIC
interpretations and with the parts of the Companies Act 1985 applicable to
companies reporting under International Financial Reporting Standards.


Foreign Currencies

Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the rate of exchange ruling
at the balance sheet date. The resulting exchange gain or loss is dealt with in
the profit and loss account.

Investments

Fixed asset investments are carried at cost less provisions for any permanent
diminution in value.


2.   Share capital
                                                                                             Period ended
                                                                                           31 August 2005
                                                                                                        £
Authorised
10,000,000,000 Ordinary shares of £0.001 each                                                  10,000,000

Issued and fully paid
100,000,000 Ordinary shares                                                                       100,000

The Company was incorporated on 8 February 2005 with an authorised share capital
of £10,000,000 divided into 10,000,000,000 ordinary shares of £0.001 each, of
which 2 shares were issued fully paid, on incorporation.

On 22 February 2005 the founders subscribed for an aggregate of 49,999,998
Ordinary Shares, all at par value to raise £49,999.998.

On 11 March 2005 the Company allotted 50,000,000 Ordinary Shares for cash at
£0.01 per share to raise £500,000.

     
3.   No dividends were paid or proposed in respect of the period ended 31
     August 2005.




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

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