ADD to BW1111, CHIROSCIENCE-GROUP Issued Earlier Today.LONDON--(BW HealthWire)--Sept. 24, 1998-- Chiroscience Chiroscience Group Plc was a British-based biotech company, founded by Christopher Evans. The company was taken over by Celltech, which was acquired in 2004 by UCB. External links
August 31, 1998; Notice of Conference Call REMINDER: CONFERENCE CALL TODAY AT 11:00 AM (EASTERN). The dial-in number is 800-289-0436. Please call Taylor Taylor, city (1990 pop. 70,811), Wayne co., SE Mich., a suburb of Detroit adjacent to Dearborn; founded 1847 as a township, inc. as a city 1968. A small rural village until World War II, it developed significantly in the second half of the 20th cent. Rafferty Rafferty or Rafferty's rules Noun, pl Austral & NZ slang no rules at all [origin unknown] Associates at (212)889-4350 for replay information. ADD to BW1111 (CHIROSCIENCE-GROUP): --FINANCIAL TABLES FOLLOW-- -0-
Chiroscience Group plc
Unaudited Consolidated Profit and Loss Account
6 months to 6 months to 12 months to
8/31/98 8/31/97 2/28/98
(pound)m's (pound)m's (pound)m's
Revenues 11.4 9.2 26.2
Cost of sales (6.2) (3.3) (9.4)
----- ----- -----
Gross profit 5.2 5.9 16.8
Research and development costs (13.5) (19.0) (36.4)
Selling, general and (2.9) (2.7) (6.1)
administrative expenses
Exceptional administrative (1.4) - -
expense
(note 3)
Operating loss (12.6) (15.8) (25.7)
Net interest receivable 1.2 1.4 2.4
--- --- ---
Loss on ordinary activities (11.4) (14.4) (23.3)
before taxation
Tax on loss on ordinary - - -
activities
Retained loss (11.4) (14.4) (23.3)
------ ------ ------
Loss per share - basic (note 4) (10.3p) (13.6p) (21.6p)
Statement of Total Recognized Gains and Losses
6 months to 6 months to 12 months to
8/31/98 8/31/97 2/28/98
(pound)m's (pound)m's (pound)m's
Consolidated loss for the period (11.4) (14.4) (23.3)
Discount on share options 0.1 0.2 0.3
Exchange adjustments on foreign 0.1 0.1 (0.1)
currency investments --- --- -----
Total recognized gains and (11.2) (14.1) (23.1)
losses for period ------ ------ ------
Chiroscience Group plc
Unaudited Consolidated Balance Sheet
8/31/98 8/31/97 2/28/98
(pound)m's (pound)m's (pound)m's
Fixed assets
Tangible assets 9.7 8.5 8.1
Investments (note 6) 2.7 3.9 3.9
--- --- ---
12.4 12.4 12.0
---- ---- ----
Current assets
Stock 3.9 1.0 1.3
Debtors 5.5 4.0 8.9
Investments in short term 28.0 36.7 21.8
securities
Cash at bank and in hand 0.8 0.7 4.9
--- --- ---
Total current assets 38.2 42.4 36.9
Creditors: amounts due (9.2) (9.1) (11.7)
----- ----- ------
within one year
Net current assets 29.0 33.3 25.2
---- ---- ----
Net assets 41.4 45.7 37.2
---- ---- ----
Capital and reserves
Called up share capital 5.6 5.4 5.4
Share premium account 91.2 75.6 76.0
Other reserves 23.7 23.6 23.6
Profit and loss account (79.1) (58.9) (67.8)
------ ------ ------
Shareholders' funds 41.4 45.7 37.2
---- ---- ----
Reconciliation of Movement
in Shareholders' Funds
6 months to 6 months to 12 months to
8/31/98 8/31/97 2/28/98
(pound)m's (pound)m's (pound)m's
Total recognized gains and losses (11.2) (14.1) (23.1)
for period
Share capital issued 15.4 0.4 0.9
---- --- ---
Net change in shareholders' funds 4.2 (13.7) (22.2)
Shareholders' funds at start of 37.2 59.4 59.4
period ---- ---- ----
Shareholders' funds at end of 41.4 45.7 37.2
period ---- ---- ----
Chiroscience Group plc
Unaudited Consolidated Cash Flow Statement
6 months to 6 months to 12 months to
8/31/98 8/31/97 2/28/98
(pound)m's (pound)m's (pound)m's
Cashflow from operating (11.5) (15.0) (25.8)
activities (note 5)
Returns on investments and
servicing of finance
Interest received 1.2 1.4 2.3
Capital expenditure and financial
investments
Fixed assets acquired (net) (3.1) (0.9) (2.1)
----- ----- -----
Cash outflow before management of
liquid resources and financing (13.4) (14.5) (25.6)
Financing
Shared issued, net of expenses 15.4 0.4 0.9
---- --- ---
Change in net funds from cashflows 2.0 (14.1) (24.7)
Exchange gain 0.1 0.1 0.0
--- --- ---
Movement in net funds in period 2.1 (14.0) (24.7)
(see below)
Net funds at start of period 26.7 51.4 51.4
---- ---- ----
Net funds at end of period 28.8 37.4 26.7
---- ---- ----
Change in cash in the period (4.1) 0.1 4.3
Net transfers between cash and 6.2 (14.1) (29.0)
investments --- ------ ------
Movement in net funds in period 2.1 (14.0) (24.7)
--- ------ ------
Chiroscience Group plc Notes to the Financial Statements Notes to the financial statements A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements. at August 31, 1998 1. BASIS OF PREPARATION The financial information contained in this report has been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the accounting policies set out in the Group's Annual Report for the year ended February February: see month. 28, 1998 and two new UK reporting standards, FRS FRS abbr. Fellow of the Royal Society FRS, n “flexed rotated side-bent,” an osteopathic abbreviation used to describe vertebral position in cases of spinal dysfunction. 10 and FRS11, adopted by the Group since that date. FRS 10, issued on December December: see month. 4, 1997, requires purchased goodwill to be capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. and amortized through the profit and loss account. In accordance with the transitional rules contained in the standard, the Group has elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. not to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. goodwill previously written off to reserves. FRS11, issued on July July: see month. 2, 1998 sets out the principals and methodology for accounting for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → and capitalized goodwill. The adoption of these standards has not resulted in any material changes or effects on the results reported herein. The financial information as set out in this report is unaudited and does not comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise statutory accounts for the purposes of section 240 of the Companies Act 1985. The figures for the six months ended August 31, 1997 form part of the results contained in the statutory accounts for the year ended February 28, 1998. The information for the year to February 28, 1998 has been extracted from the same statutory accounts, which carry an unqualified report and have been delivered to the Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . The Interim Report will be posted to shareholders on September September: see month. 30, 1998. Copies of the report will be available from the Company's registered office: 283 Cambridge Science Park The Cambridge Science Park, founded by Trinity College, Cambridge in 1970, is the oldest science park in the United Kingdom. , Milton Milton, town (1990 pop. 25,725), Norfolk co., E Mass., a residential suburb of Boston, on the Neponset River; settled 1636, set off from Dorchester and inc. 1662. Granite quarries are nearby. Road, Cambridge Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. CB4 4WE. 2. SEGMENTAL segmental /seg·men·tal/ (seg-men´t'l) 1. pertaining to or forming a segment or a product of division, especially into serially arranged or nearly equal parts. 2. undergoing segmentation. INFORMATION
6 months 6 months 12 months
to to to
8/31/98 8/31/97 2/28/98
(pound)m's (pound)m's (pound)m's
Revenues by business
Drug discovery & 4.5 3.3 10.2
development
ChiroTech 6.8 5.9 16.0
Rapigene 0.1 - -
11.4 9.2 26.2
---- --- ----
Operating profit/(loss) by
division
Drug discovery & (11.2) (16.4) (29.5)
development
ChiroTech 2.5 2.3 7.1
Rapigene (1.0) - -
(9.7) (14.1) (22.4)
Central activities (2.9) (1.7) (3.3)
----- ----- -----
Group operating loss (12.6) (15.8) (25.7)
------ ------ ------
3. EXCEPTIONAL EXPENSE The expense of (pound)1.4 million represents the charge for settling a dispute with a former director after taking into account the costs of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and provisions made in prior years. 4. LOSS PER SHARE The loss per share is based on losses of (pound)11.4 million (8.31.97: loss of (pound)14.4 million and year to 2.28.98: loss of (pound)23.3 million), and on 110.8 million Ordinary Shares (8.31.97: 106.4 million Ordinary Shares, and 2.28.98: 106.9 million Ordinary Shares), being the weighted average number of shares in issue during the period. The Directors do not recommend payment of a dividend. 5. RECONCILIATION OF OPERATING LOSS operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
6 months 6 months 12 months
to to to
8/31/98 8/31/97 2/28/98
(pound)m's (pound)m's (pound)m's
Operating loss (12.6) (15.8) (25.7)
Depreciation 1.5 1.5 3.1
Non-cash element of 1.2 0.0 0.0
exceptional expense
Provision of free of charge 0.0 (0.3) (0.5)
services
Discount on share options 0.1 0.2 0.3
Movements in:
Stocks (2.6) 0.0 (0.3)
Debtors 3.4 (0.4) (5.3)
Creditors (2.5) (0.2) 2.6
------ ------ ------
Net cash outflow from (11.5) (15.0) (25.8)
operating activities ------ ------ ------
6. FIXED ASSET INVESTMENTS Represents the 1.8 million shares (8.31.97 and 2.28.98: 2.6 million shares) held by the Chiroscience Employee Share Ownership Plan at cost. The market value of the shares at 8.31.98 was (pound)3.7 million. During the period to 8.31.98 the ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). sold 0.8 million of the shares held by the trust in order to meet a liability to a former employee and director of the Group. As a result a provision of (pound)1.2 million has been made against the amount receivable from the ESOP, being the value of those (pound)0.8 million shares at cost of (pound)1.50 per share. 7. POST-BALANCE SHEET EVENTS On September 1, 1998 the Group sold a 30% stake in the shares of its' subsidiary company, ChiroTech Technology Limited, to Ascot Ascot (ăs`kət), town, Windsor and Maidenhead, S central England. The famous horse races instituted by Queen Anne in 1711 are held annually in June on Ascot Heath. Ascot remains an important social and fashion event, attended by the royal family. plc for (pound)30 million. The proceeds were received in cash at completion. Costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the transaction amount to (pound)1 million and the net gain on the sale was (pound)28 million. It is estimated that there will be no liability to pay tax on this transaction, having taken into account the base cost in the ChiroTech assets in computing computing - computer the taxable gain Taxable Gain The portion of a sale that is liable to taxation. Notes: When redistributing mutual fund shares that have increased in value, returns may be subject to taxation. See also: Capital gain, Income Tax arising and then using current year's trading losses The following contains a list of trading losses which eventually forced major corporations to go bankrupt or restructure parts of their organisation. This list is not exhaustive. to offset the tax liability on that gain. The net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of ChiroTech at completion were (pound)0.8 million, with the profits of ChiroTech prior to that date having been distributed to the parent company by way of dividend. Ascot will receive a minimum dividend of (pound)3 million pa from ChiroTech, payable six monthly. Chiroscience will receive dividends dependent on the profitability and working capital needs of ChiroTech. Chiroscience will consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. the results, balance sheet and cashflows of ChiroTech as it remains a 70% subsidiary of the Group. In order to simplify the balance sheet of ChiroTech Technology Limited, the Directors intend to apply to the Courts to cancel (character) Cancel - (CAN, Control-X) ASCII character 24. the share premium account within that company, which currently stands at (pound)13.9 million, and seek to distribute the funds in that account as a dividend to Chiroscience Group plc. On September 7, 1998 the Group licensed the Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and rights to Chirocaine to Maruishi for upfront fees of (pound)3.3 million, (pound)0.8 million of which was recognized in the current period as an option fee. |
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