Bioventix plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009
Farnham, UK, 7 April 2010. Bioventix plc (BVXP) ("Bioventix" or "the Company"),
a UK company that specialises in the development and commercial supply of
high-affinity monoclonal antibodies for applications in clinical diagnostics,
announces its unaudited interim financial results for the six-month period
ending 31 December 2009.
Highlights
* Profit before tax of £386,210 on turnover of £768,419 during period (profit
before tax for the full year ended 30 June 2009 was £857,080 on turnover of
£1.65 million)
* Strong cash position of £1.48 million at 31 December 2009 (£1,18 million at
30 June 2009)
* Continued development of the Bioventix antibody pipeline including the
supply of novel vitamin D (25-OH D) antibodies to multiple customers
Post Balance Sheet Events
* Issue of 6,250 Preference shares in full settlement of the convertible loan
note and a capital reorganisation resulting in 5,050,000 ordinary shares
and no preference shares in issue
* The Company re-registered as a public company under the name Bioventix plc
on 11 March 2010
* Interim dividend of 4p per share (based on a share capital of 5,050,000
ordinary shares) was paid on 31 March 2010
* Bioventix shares were admitted to trading on PLUS-quoted (BVXP) on 7 April
2010
Chairman's and Chief Executive's Statement
The activities of the company remained largely unchanged during the financial
period. Resources continued to be focused on the creation and supply of sheep
monoclonal antibodies for use on clinical diagnostics machines used at
hospitals, clinics and other laboratories. Such machines, provided by large
multinational diagnostics companies such as Roche Diagnostics (Mannheim),
Abbott Laboratories (Chicago), Siemens Healthcare Diagnostics (Deerfield) and
others, are used for the analysis of blood, urine and other samples from human
patients.
Over the last 18 months, there has been significant growth in revenues from the
supply of purified antibodies to such multinational companies but also due to a
significant increase in royalty payments derived from the sale of certain tests
that feature Bioventix antibodies. The advent of these substantial ongoing
royalty payments marks an inflection point in the company's profitability and
financial strength as well as signifying the maturity of certain sheep
monoclonal antibodies reagents as commercial products.
The profitability of the business was broadly maintained during the half-year
further strengthening the balance sheet. In addition, the company continued
with its research and development activities aimed at augmenting the pipeline
of future antibodies for commercialisation at Bioventix customers.
The substantial progress of Bioventix during the period is due above all to the
contributions of its employees and their commitment to Bioventix's future. On
behalf of the Board, we would like to thank them for their efforts which have
underpinned our success.
P J Harrison
Chief Executive Officer
I J Nicholson
Non-Executive Chairman
For further information, please contact:
Bioventix plc
Peter Harrison
Tel: +44 (0)1252 728001
Keith, Bayley, Rogers & Co. Limited
David Coffman
Tel: +44 (0)20 3100 8300
Citigate Dewe Rogerson
Chris Gardner or Mark Swallow
+44 (0)207 282 2995 / +44(0)207 282 2948
About Bioventix plc
Bioventix (www.bioventix.com) specialises in the development and commercial
supply of high-affinity monoclonal antibodies with a primary focus on their
application in clinical diagnostics, such as in automated immunoassays used in
blood testing. The antibodies created at Bioventix are generated in sheep and
are of particular benefit where the target is present at low concentration and
where conventional monoclonal or polyclonal antibodies have failed to produce a
suitable reagent. Bioventix currently offers a portfolio of antibodies to
customers for both commercial use and R&D purposes, for the diagnosis or
monitoring of a broad range of conditions, including heart disease, cancer,
fertility, thyroid function and drug abuse. Bioventix currently supplies
antibody products and services to the majority of multinational clinical
diagnostics companies.
Bioventix is based in Farnham, UK and its shares (BVXP) were admitted to
trading on PLUS-quoted in April 2010.
PROFIT AND LOSS ACCOUNT
for the six month period ended 31 December 2009
Six months
ended Year ended
31 Dec 2009 30 June 2009
£ £
(Restated)
TURNOVER 768,419 1,647,679
Cost of sales (99,014) (160,356)
GROSS PROFIT 669,405 1,487,323
Administrative expenses (285,282) (503,259)
Other operating income 75 100
OPERATING PROFIT 384,198 984,164
Interest receivable 2,012 13,897
Interest payable - (140,981)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 386,210 857,080
Tax on profit on ordinary activities (92,997) (221,164)
PROFIT FOR THE FINANCIAL PERIOD 293,213 635,916
BALANCE SHEET
as at 31 December 2009
31 Dec 2009 30 June 2009
£ £
FIXED ASSETS (Restated)
Intangible fixed assets 80,000 90,000
Tangible fixed assets 457,929 460,028
537,929 550,028
CURRENT ASSETS
Stocks 107,544 118,899
Debtors 487,910 525,359
Cash at bank and in hand 1,475,671 1,184,471
2,071,125 1,828,729
CREDITORS:amounts falling due within one (309,117) (371,568)
year
: convertible loan note (1,071,438) (1,071,438)
NET CURRENT ASSETS 690,570 385,723
TOTAL ASSETS LESS CURRENT LIABILITIES 1,228,499 935,751
PROVISIONS FOR LIABILITIES
Deferred Tax (84,867) (85,332)
NET ASSETS 1,143,632 850,419
CAPITAL AND RESERVES
Called up share capital 3,850 3,850
Share premium account 166,681 166,681
Other reserves 369,728 369,728
Profit and loss account 603,373 310,160
SHAREHOLDERS' FUNDS 1,143,632 850,419
Notes to the financial information
1. Prior Year Adjustment
In prior years, FRS 25 'Financial Instruments: Presentation' had not been
correctly applied to the convertible loan notes. Thus, a prior year adjustment
has been recognised to separately disclose the equity and liability components
of that debt and to recognise the interest charges related to the amortisation
of the liability component.
Additional interest costs have been recognised in the year ended 30 June 2009
of £43,581 and in prior years of £326,247 and related tax has been adjusted
accordingly.
The company has restated the profit and loss account and balance sheet for the
year ended 30 June 2009 accordingly.
2. Post Balance Sheet Events
On 8 March 2010 the Company issued 6,250 Preferred Ordinary Shares of £1 each
in full settlement of the convertible loan
On 9 March 2010 the following resolutions were passed:
* that all the issued and unissued Preferred Ordinary Shares of £1 each in
the capital of the Company be re-designated as Ordinary Shares of £1 each;
* that a bonus issue be undertaken under which 24 new Ordinary Shares be
issued for every 1 Ordinary Share in issue;
* that each Ordinary Share of £1 each be sub-divided into 20 Ordinary Shares
of £0.05 each;
* that the capital of the Company be reduced by the cancellation of the
entire amount credited to the share premium account (being the sum of £
989,468.50), such reserve arising as a result of this is to be treated as a
realised profit.
The reduction in the share premium account was registered and became effective
on 11 March 2010.
* that the company would pay an interim Dividend of 4p per share on 31 March
2010.
On 12 March 2010 the following resolution was passed:
* that the Company be re-registered as a public company under the Companies
Act 2006 by the name of Bioventix plc.
3. While the interim financial information has been prepared using the
company's accounting policies and in accordance with UK GAAP, the
announcement does not itself contain sufficient information to comply with
UK GAAP.
4. This interim financial statement has not been audited or reviewed by the
auditors.
The financial information in this interim financial statement does not
constitute statutory accounts within the meaning of section 434(3) of the
Companies Act 2006. The audited accounts of the Company for the financial
period ended 30 June 2009 have been reported on by the Company's auditors and
have been delivered to the Registrar of Companies. The report of the auditors
was unqualified and did not contain a statement under sections 498(2) or 498(3)
of the Companies Act 2006.
The Directors of Bioventix plc accept responsibility for this announcement.
END
BIOVENTIX PLC
