Incanthera plc (AQSE: INC), the specialist company focused on innovative technologies in dermatology and oncology is pleased to announce its audited final results for the year ended 31 March 2023.
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:
- Commercial deal discussions concentrated towards conclusion
- Refinement of dermatological product formula range
- Infrastructure investment:
- Final product formula range manufactured
- Key commercial relationships established
- Protection of valuable IP across global territories
Financial Highlights:
- Financial performance for the year in line with the Board’s expectations
- Total group loss for the year: £1,372k (2022: £1,008k)
- Operating expenses: £811k (2022: £937k)
- Year-end cash position: £3k (2022: £295k)
- Tight cost controls remain across a lean model
Post year end events:
On 5 April 2023, warrants issued in conjunction with the fundraising on 31 March 2021, have been amended such that they now expire on the 12 April 2024 and have an exercise price of 10p.
On 25 July 2023, 360,000 ordinary shares of 2p were issued at a price of 6.95p per share to Dr Simon Ward, a Director, generating proceeds of £32,000.
On 19 August 2023, the Immupharma warrants Subscription period was extended by 12 months, to the 6 September 2024.
Simon Ward, Chief Executive Officer, commented:
”Our pursuit of the right global deal for our technologies, has positively resulted in our formulation and delivery technologies being greater than our original blueprint, through potential product range, and therefore global market capacity.
Our formulators have refined and perfected our product range and our virtual infrastructure has moved up several gears to formulation sampling, production, branding and packaging. These are critically strong components to securing the global potential ahead.
I thank our team, and I want to show recognition of the faith and belief shown by our loyal shareholders, as we look forward to providing the market with further news.”
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.
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/Liam Murray
+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 focus is a range of dermatological applications utilising its unique formulation and delivery technologies to meet cosmetic and clinically unmet needs. This range will include the Company’s potentially innovative topical product for the treatment of solar keratosis and the prevention of skin cancers. The Company is currently focussed upon delivering this range 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