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(EHP.L) Epistem Holdings PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 09-03-10 | RNS |
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RNS Number : 2311I Epistem Holdings plc 09 March 2010
FINAL DRAFT 9 March 2010 Epistem Holdings Plc ("Epistem") Change of Nominated Adviser and Broker Epistem (LSE: EHP), the rapidly growing UK biotechnology company with adult epithelial stem cell expertise in oncology, gastrointestinal and dermatological diseases today announces the appointment of KBC Peel Hunt Ltd as its nominated adviser and broker with immediate effect. For further information, please contact: Epistem Plc
KBC Peel Hunt Ltd
De Facto Communications
This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-03-10 | RNS |
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RNS Number : 2610I Epistem Holdings plc 09 March 2010 9 March 2010 Epistem Holdings Plc ("Epistem") Interim Report 2009 Epistem (LSE: EHP), the rapidly growing UK biotechnology company with adult epithelial stem cell expertise in oncology, gastrointestinal and dermatological diseases announces its interim results for the six month period ended 31 December 2009. During the period the Group made significant progress on a number of fronts: Highlights:
· Advancement of our biotherapeutics (Novel Therapies) drug discovery programme · Expansion of our Biomarker programme and firm demand for Contract Research Services
· Strengthening business model with reduced risk profile For further information, please contact: Epistem Plc
KBC Peel Hunt Ltd
De Facto Communications
Chairman and Chief Executive Officer Statement Epistem's first half results continued to advance our strategy of building a recognised world class biotechnology business with a strengthening financial position. We continue to differentiate our business model within the sector by delivering improved trading revenues, an improving commercial outlook and corresponding financial profile. Based on a solid first half revenue performance, a breakeven profit and the recently completed placing, the Board believes that the Company continues to provide a reduced risk business model with significant upside potential. This Half Year report covers the six-month period from the 1 July 2009 to 31 December 2009. Overview The reported 2009/10 Half Year results maintained continued growth set against challenging market conditions. Results for the first six months showed a year-on-year revenue increase of 90% to £2.8m (£1.5m: 2008/09), largely driven by revenues recognised from our Novel Therapies division following the collaboration entered into with Novartis AG in March 2009. A resilient first half performance by Contract Research Services saw revenue growth marginally increased to £1.2m (£1.1m: 2008/09). Customers continue to remain cautious over future commitments and this has held back new business development. Despite this, the Contract Research Services quality of business and sales order book remain firm as we move into the second half. Our Biomarker division saw continued technical and commercial development, with first half revenues of £0.3m (£0.3m: 2008/09), broadly in line with the same period of last year. Our hair biomarker platform continues to target key oncology pathways and we anticipate increased growth and a broadening industry take up over the coming months in line with our expectations. Our Novel Therapies division reported revenues of £1.3m (£0.0m: 2008/09) with good progress in the discovery and development of our therapeutic targets and leads in collaboration with Novartis. At the first anniversary of the collaboration, we are pleased with progress towards advancing our first therapeutic leads. We continue to build financial strength by driving revenue growth to further de-risk our business model. This approach is recognised and supported by our new and existing investors with the share price performing well over the period. Financial Review Sales revenues from business operations for the first six months of this financial year were £2.8m (£1.5m: 2008/09), a year-on-year increase of £1.3m. Revenue growth was primarily driven by the Novartis collaboration which dominates the work undertaken within the Novel Therapies division. Demand for our Contract Research Services and Biomarker businesses remained steady over the first half with revenues marginally increased over the period. Business revenues are anticipated to strengthen over the second half. Contract Research Services costs for the first half remained broadly consistent with last year, with Novel Therapies manpower growth in support of the Novartis collaboration showing the largest year-on-year cost increase. Biomarker costs remain conservative based on the early stage development of the division. Other costs remain under tight control. The business reported a breakeven figure of £0.0m (loss £0.5m: 2008/09) for the first half, reflecting the strengthening revenue position of the Company. We anticipate further revenue growth over the second half and an improving financial profile. The corresponding Earnings Per Share figure for the first half was 0p against a 7p loss for the previous year. Cash reserves at 31 December 2009 were £5.6m (£1.2m: 2008/09). Against a backdrop of uncertain market conditions, the Directors consider the Group's growing revenues, bolstered by significant cash reserves, maintain the business's strong position and rating in the sector, leaving the Company well-placed to take advantage of acquisition opportunities which may present themselves. Operational Review Contract Research Services experienced steady growth over the first half with our Inflammatory Bowel Disease and Immunohistochemistry services receiving strongest demand. The scope of work in support of the US National Institutes of Health (NIH) biodefence programme contract continues to expand and is expected to continue into the second half. We anticipate further growth in the Contract Research Division over the second half. Following the launch of the Biomarker division last year, new business and technical (preclinical/clinical) advances continue to unfold. In addition to our personalised hair pD/pK (Pharmacodynamic/Pharmacokinetic) biomarkers of drug effect, the business is working to advance its amplification technology into other new tissue areas. Whilst at the early stages of gathering clinical results and extending our commercial development, we anticipate further strengthening in the clinical take up and continued growth of Biomarker revenues over the remainder of the year. Novel Therapies collaboration with Novartis continues to develop with an objective of identifying new drug targets across a variety of epithelial disease areas. The collaboration builds on Epistem's stem cell expertise to identify the body's own key regulators of epithelial stem cells, together with Novartis's expertise in disease pathways, bioinformatics and drug development. The collaboration is advancing well to identify the best novel targets within these pathways for further development and future licensing. Strategy Epistem's continued growth is expected to result in a continued improvement in its financial profile. In addition, we will consider complementary acquisitions of technology and new business in order to continue to deliver attractive growth. The Board believes that Epistem's growing business model differentiates us within the biotech sector as a lower risk investment proposition with significant growth potential. Outlook We anticipate continuing growth and increasing revenues over the second half of the financial year from each of our operating divisions. This growth will comprise a mix of increasing revenues from both our Contract Research Services and Biomarker divisions. Our Novel Therapies collaboration will see the accelerated development of lead targets and therapeutics to identify key stem cell regulators. With an upbeat outlook, we will also look to build on our platform strength by acquiring complementary technologies and groups as opportunities arise. The Company is committed to maintaining its policy of employee share ownership and we have introduced an employee share investment plan to encourage share ownership in the Company. We believe that our heritage in stem cells, growing international status and expertise will enable Epistem to exploit its potential within the rapidly growing stem cell and regenerative medicine industry. The Board remains confident that the Group is well-placed to deliver increased shareholder value in the medium term based on its current performance and on the increased value opportunities now emerging.
8 March 2010 Statement of Consolidated Comprehensive Income
For the six months ended 31 December 2009
Earnings per share (pence)
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2009
Recognition of equity settled
Recognition of equity settled
Recognition of equity settled
Consolidated Balance Sheet
As at 31 December 2009
Non-current assets
Current assets
Liabilities Current liabilities
Non-current liabilities
Capital and reserves
Consolidated Statement of Cash Flows
For the six months ended 31 December 2009
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Analysis of Net Funds
Notes to the Interim Financial Statements Six months ended 31 December 2009
The interim financial statements have been prepared using policies which are consistent with International Financial Reporting Standards ("IFRS") as adopted by the European Union and therefore comply with Article 4 of the EU IAS Regulation, International Financial Reporting Interpretations Committee("IFRIC") interpretations and with those parts of the Companies Act 1985 and 2006 applicable to companies reporting under IFRS. These interim financial statements have not been audited and do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. The comparative figures for the financial year ended 30 June 2009 are not the statutory accounts for the financial year but are abridged from those accounts which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified. These interim financial statements were approved by the Board of Directors on 8 March 2010. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods represented in these consolidated financial statements.
Basis of consolidation The consolidated financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group"). They are presented in pounds sterling and all values are rounded to the nearest one thousand pounds (£k) except where otherwise indicated. Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Transactions between Group companies are eliminated on consolidation. On 16 March 2007, Epistem Holdings Plc merged with Epistem Limited, when the shareholders of Epistem Limited exchanged their shares for equivalent shares in Epistem Holdings Plc. As Epistem Holdings Plc was newly incorporated at the time of the transaction under the terms of IFRS 3 'Business Combinations', this transaction has been accounted for as a reverse acquisition, on the basis that the shareholders of Epistem Limited gained a controlling interest in the Group. The financial statements therefore represent a continuation of the financial statements of Epistem Limited. Revenue recognition a. Contract Revenue In respect of pre-clinical contract income, the Company generally invoices and reports as revenue 50% of the value of a new contract on signature. This policy is designed to recognise that, in negotiating contracts for new studies, the Company performs specific pre-contract work to establish the parameters of the study work. When the final report is issued, the remainder of the contract is invoiced and recognised as revenue, at that date. In other cases where the contract does not provide for income recognition on signature, revenue is recognised as the work is undertaken and invoiced. In respect of clinical contract income, revenue is recognised as the work is undertaken and invoiced. b. Collaboration and licensing revenue Contractually agreed upfront payments and similar non-refundable payments in respect of collaboration or licence agreements which are not directly related to ongoing research activity are recorded as deferred income and recognised as revenue over the anticipated duration of the agreement. Where the anticipated duration of the agreement is modified, the period over which revenue is recognised is also modified. Non-refundable milestone and other payments that are linked to the achievement of significant and substantive technological or regulatory hurdles in the research and development process are recognised as revenue on achievement of the specific milestone. Segment reporting A segment is a group of assets, liabilities and operations engaged in providing products or services that are subject to risks and returns that are different from those of other parts of the business. The Group's primary format for segment reporting is based on business segments. Research and development Research and development expenditure is written off in the year in which it is incurred. Share-based payments The Group issues equity settled and cash-settled share-based payments to certain employees (including directors). Equity settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity settled share-based payments is expensed on a straight-line basis over the vesting period, together with a corresponding increase in equity, based upon the Group's estimate of the shares that will eventually vest. Fair value is measured using the Black-Scholes pricing model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Where the terms of an equity settled transaction are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification. Where an equity settled transaction is cancelled, it is treated as if it had vested on the date of the cancellation, and any expense not yet recognised for the transaction is recognised immediately. However, if a new transaction is substituted for the cancelled transaction, and designated as a replacement transaction on the date that it is granted, the cancelled and new transactions are treated as if they were a modification of the original transaction, as described in the previous paragraph.
Six months ending 31 December 2009
Six months ending 31 December 2008
Twelve months ending 30 June 2009
This information is provided by RNS The company news service from the London Stock Exchange END
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| 24-02-10 | RNS |
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RNS Number : 5980H Epistem Holdings plc 24 February 2010 For release: 24 February 2010 Notification of Interim Results (Half Yearly Results) Epistem (AIM: EHP), the rapidly growing biotechnology company with adult epithelial stem cell expertise in oncology, gastrointestinal and dermatological diseases will announce its half-yearly results for the six months ended 31 December 2009 on Tuesday, 9 March 2010. An analysts' meeting will be held at 9.30am on Tuesday, 9 March 2010 at the offices of De Facto Communications, 330 High Holborn, London WC1V 7QD. For further information, please contact: Epistem Plc
John Rylands Finance Director Piper Jaffray Ltd.
Corporate Broking: Jamie Adams De Facto Communications
Notes to Editors Epistem is a biotechnology company commercialising its expertise in epithelial stem cells in the areas of oncology, gastrointestinal and dermatological diseases. Epistem develops innovative therapeutics and biomarkers and provides contract research services to drug development companies. The Group's expertise is focused on the regulation of adult stem cells located in epithelial tissue, which includes the gastrointestinal tract, skin, hair follicles, breast and prostate. Epistem does not conduct research in the areas of embryonic stem cells or stem cell transplantation. This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-01-10 | RNS |
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RNS Number : 9713E Epistem Holdings plc 04 January 2010 Epistem Holdings Plc ("Epistem" or the "Company") Directors' Shareholdings Epistem today provides an update regarding the Company's share investment plan, details of which were announced on 13 July 2009. As a result of the subscription for Partnership Shares and the award of Matching Shares, the executive Directors have each increased their beneficial interest in the Company by 258 ordinary shares of 1.5p each. These shares were acquired in tranches at the end of October, November and December at prices of 385p, 438p and 470p respectively. The current beneficial interests of the executive Directors are set out below:
For further details please contact:
Epistem Plc
Piper Jaffray Ltd. Neil Mackison / Rupert Winckler +44 20 3142 8700
This information is provided by RNS The company news service from the London Stock Exchange END
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| Fri 15:04 | ||||
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Source - Investors Chronicle
Epistem expect business revenues to strengthen in the current half year to end June 2010. £600,000 of research funded by Novartis in the six months to end 2009. Piper jaffray forecasting 12-month turnover (to end June 2010) up from £4m to £5.6m, with pre-tax profits of close to £400,000. Epistem says that it expects to know later this year whether Novartis wants to extend it's agreement beyond the initial two years. The Company intimates that it has rivals in the wings if Novartis does not want to extend. The content of my last post suggests to me that there is every chance that Novartis will want to extend the agreement. I would be surprised if they did not extend because they will have effectively 'given' Epistem 'Intellectual Property' on the 240 or so 'leads' that they (Novartis) 'brought to the party'. The strike price of the November 2009 placing at 400p was slightly higher than the market price at the time - indicating to the Investors Chronicle that some UK baby-bios have returned to favour - and it would appear to conclude that Epistem is one of those that is very much in favour. Very good long term prospects in my humble opinion. |
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| Thu 17:27 |
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Revenue soars 90%.
Profit before tax of £5,000 compared with loss of £615,000 the year before. Original 266 (protein) 'leads' for testing through Epistem's models, expanded to 500 or so showing things are going well with Novartis. Seeing first 'hits', some recognised and some new to Epistem, and possibly new channels could be open/available with/through Novartis. Any new company acquisition will be in the marketing/distribution side of things/the business. KBC Peel Hunt newly appointed house broker. Cash burn to be more or less neutral in next 6 months. Source - Sharecast. Directors will have been talking to analysts and doing presentations to Institutions in London over the last couple of days. All good news. |
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| 11-02-10 | ||||
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As far as I can tell the BUY advice issued in early February by Daniel Stewart represents an increased share price target.
I have not seen DS predicting £5 before now as far as I am aware. The Novartis/Epistem collaboration should have some 'product' by now with a bit of luck, and skill of course. Protein 'leads' will hopefully now have been manufactured in some numbers ready to be put through the Epistem 'models'. You never know, they may already have put some of these manufactured proteins through the proprietary preclinical efficacy models. I wonder if DS have had some encouraging news on this section of Novel Therapies work. I also note that Panmure Gordon are now 'making a market' in Epistem - that is now three market makers - impetus is with the Company. |
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| 03-02-10 | ||||
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Very positive article ! Large spread discouraged me from buying - but have bought a few with the profit from the recent spike in Angel.
I note that EHP has similar turnover to ABH but at least it is profitable. Nice rise today after a dip since I bought last week, now watching with added interest ! SJ |
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