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Incanthera plc: Results for the year ended 31 March 2020

Successful Admission to AQSE Growth Market raising £1.2m February 2020

Incanthera plc (AQSE:INC), the specialist oncology company focused on transforming cancer treatment, is pleased to present its results following the successful flotation of the Company to the Aquis Stock Exchange Growth Market (AQSE Growth Market) in February this year.

The Company raised a total of £1.205 million (gross) by way of a Placing and Subscriptions from institutional investors, existing shareholders, the Board of directors and the management team.

Incanthera is focused on transforming cancer treatment by creating environments in which cancer cannot survive. It seeks to identify and develop innovative solutions to current clinical, commercially relevant unmet needs, utilising new technology from leading academic institutions.

Highlights:

Incanthera successfully admitted its shares to trading to the AQSE Growth Market on 28 February 2020, raising funds of £1.205m (gross) by way of a Placing and Subscriptions from institutional investors, existing shareholders, the Board of directors and the management team.
The Company’s flotation was well received, with support for investment into its near to market asset, Sol, a potentially innovative topical product for the treatment of solar keratosis and the prevention of skin cancers.
Since flotation, the Company has continued further technological formulation developments of Sol, towards enhanced status for commercial opportunity.

Financial Highlights:

Operating losses for the period reduced, 2020: £1,128k, 2019: £1,988k
Year end cash position strengthened, 2020: £392k, 2019: £176k
Following the IPO, the Company’s financial position is strengthened and secured for the year ahead
Shareholder base significantly enhanced with institutional, retail and management team investments

Simon Ward, Chief Executive Officer, commented:

“We are delighted to present Incanthera’s first set of results.

This has been a pivotal year for our Company, following our successful flotation in February, and we are now fortunate to be in a strong position operationally and with added financial security, as we commence our first full year as a plc.

We will use this platform to further develop our skin cancer asset, Sol, which received very positive support from investors during our fundraising, and we are already making great progress towards its commercialisation.

Whilst the world is currently facing the effects of Covid-19 on political and industrial landscapes, we believe, given the structure of our business, that we are relatively protected from risk, and that we can confidently continue our promise to shareholders to seek an optimal position for potential commercialisation opportunities.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.