Incanthera plc (AQSE: INC), the company focused on innovative technologies in dermatology and oncology is pleased to announce its audited final results for the year ended 31 March 2022.
Incanthera is dedicated to identifying and commercialising inspirational therapeutics, combined with uniquely targeted delivery technologies that show the potential to transform the future of healthcare.
Highlights:
- Progression on commercial deals for skin cancer asset Sol
- Commercial discussions have identified increasing potential for a full Sol product range
- Investment in infrastructure in preparation for the next steps of Sol’s commercialisation:
- Laboratory facilities established at Sheffield University for developing wider range of Sol formulations
- Commercial samples manufactured for deal discussions & technical due diligence
- Key formulation scientists added to team
- Endorsement of Sol’s technical capabilities by panel of UK’s leading dermatologists
- Registration of trademark Actino-Pro
- Preparing path for branding and marketing
- Protection of valuable IP across global territories
Financial Highlights:
- Total group loss for the year: £1,008k (2021: £905k)
- Operating expenses: £937k (2021: £979k)
- Year-end cash position: £295k (2021: £957k)
Post year end events:
In light of the current difficult financial markets, on 24 August 2022, Simon Ward and Tim McCarthy, directors of the Company, agreed to provide an interest free, unsecured financing facility for the Company of up to £190,000 (“Directors’ Loan Facility”) rather than seeking to raise additional funding through an issue of new equity. Following the agreement of the Directors’ Loan Facility, £50,000 has been advanced to the Company. The board has further agreed a programme of cost restructuring with certain creditors to extend the Company’s cash runway.
On 31 August 2022, the Company entered into a Variation and Deferred Payment Agreement with the UOB whereby amounts due (from June 2022 to 31 December 2023) under the UOB Pipeline Agreement amounting to approximately £300,000 were deferred by the UOB. These deferred payments may be repaid by the Company at any time up to 31 December 2023 or the UOB may elect to convert any amounts outstanding during the same period to ordinary shares of the Company (at the prevailing share price on the conversion date).
To further support the company, directors have also agreed to waive directors’ remuneration until the Company is in a more positive financial position to reinstate these.
These actions to support the Company extend the Company’s cash runway (including the directors’ loan facility) to support its operations until Q4 2023, enabling the Company to further progress Sol towards a commercial deal.
Pursuant to rule 4.6 of the AQSE Growth Market Rules, both the Directors’ Loan Agreement and the Variation and Deferred Payment Agreement with UOB, a substantial shareholder of the Company, are related party transactions.
Simon Ward, Chief Executive Officer, commented:
“This has been a very important year in Incanthera’s progression.
While commercial discussions continue for our skin cancer asset, Sol, we have invested in infrastructure and market positioning, in readiness for next steps.
This includes manufacturing and laboratory facilities in Sheffield, staffed by our expert formulation team and contracting additional resource with the Skin Sciences team at the University of Bradford.
We registered the trademark, Actino-Pro, for Sol, to create a valuable brand and market asset, ready for commercial use with global protection for the potential treatment of actinic keratosis and prevention of skin cancer.
To enhance Sol’s commercial offering, we also sought and received excellent independent endorsement through the UK’s ten leading dermatologists, further enhancing our commercial offering.
The team and I remain devoted to progressing the right commercial deal for Sol, towards successful conclusion for our Company and our Shareholders.
We also continue to work closely with the Institute of Cancer Therapeutics at the University of Bradford, whose dedication to discover and develop targeted therapeutics and delivery systems, continue to inspire.
I thank our team, advisors and our Shareholders for their support and loyalty to our Company. We look forward to advising further on our progression.”
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
The directors of the Company take responsibility for this announcement.
For further enquires:
Incanthera plc
www.incanthera.com
Tim McCarthy, Chairman
+44 (0) 7831 675747
tim.mccarthy@incanthera.com
Simon Ward, Chief Executive Officer
+44 (0) 7747 625506
simon.ward@incanthera.com
Suzanne Brocks, Head of Communications
+44 (0) 7776 234600
suzanne.brocks@incanthera.com
Aquis Exchange Corporate Adviser:
Cairn Financial Advisers LLP
Jo Turner/James Lewis
+44 (0) 20 7213 0880
Broker:
Stanford Capital Partners Ltd
Patrick Claridge/Tom Price/John Howes/Bob Pountney
+44 (0) 20 3815 8880
Notes to Editors
Incanthera is dedicated to innovative technologies in dermatology and oncology. It seeks to identify and commercialise inspirational therapeutics combined with uniquely targeted delivery systems, for innovative solutions to clinical, commercially relevant unmet needs.
The Company's current lead product and focus is Sol, a potentially innovative topical product for the treatment of solar keratosis and the prevention of skin cancers. The Company is currently focussed upon delivering Sol to a commercial partner.
Originating from the Institute of Cancer Therapeutics ("ICT") at the University of Bradford, the Company has acquired and developed a portfolio of specific cancer-targeting therapeutics, with a strategy to develop each candidate from initial acquisition/discovery to commercially valuable partnerships at the earliest opportunity in its development pathway.
For more information on the Company please visit: www.incanthera.com