TIDMAMYT
RNS Number : 9509A
Amryt Pharma PLC
30 March 2017
30 March 2017
AIM: AMYT
ESM: AYP
Amryt Pharma plc
("Amryt" or the "Company")
Final Results for the year ended 31 December 2016
Amryt, the pharmaceutical company focused on best-in-class
treatments for rare and orphan diseases, is pleased to present the
Company's final results for the year ended 31 December 2016.
Key Points
Operational
-- Significant strategic and operational progress since RTO in April 2016
-- Transformational acquisition in December 2016, with
in-licensing of Lojuxta (lomitapide), which treats a rare,
life-threatening disorder that causes abnormally high levels of
"bad" cholesterol
- current run rate revenues of c. EUR10.5m p.a., with significant growth potential
- immediately cash generative
- exclusive licence over certain territories including EU, MENA, Turkey and Israel
- sales and distribution infrastructure can be leveraged for other assets
-- Lead development asset, AP101 (Episalvan) (a potential
treatment for rare, genetic skin condition, Epidermolysis Bullosa
("EB")), made significant progress
- key patents secured in US and Europe, and in Japan post year end
- design of pivotal Phase 3 clinical trial agreed with Food and
Drug Administration ("FDA") and European Medicines Agency
("EMA")
- phase 3 pivotal clinical trial ("EASE") now commenced, with
first patient to be initiated imminently
-- Pre-clinical asset, AP102, a potential treatment for rare
neuroendocrine diseases, including acromegaly, progressing well
towards clinical trials in humans
- orphan drug designation secured from FDA in November
- outcome of diabetic rat study met expectations
-- Non-dilutive funding secured from European Investment Bank of up to EUR20m
- secures the Company's near and mid-term funding needs for
AP101 as well as funds the on-going development of AP102
-- Board and Senior Management Team strengthened
Financial
-- Placing, with RTO, raised GBP10.0m (gross) (EUR12.6m) in April 2016
-- Revenues totalled EUR1.35m, in line with management expectations
- included one month's revenue from Lojuxta which was in-licenced in December, and
- 8.5 months of contribution from Imlan following the acquisition of Birken
-- Operating loss before RTO and acquisition related expenses of
EUR5.85m, including EUR0.23m of non-cash share based payments
(2015: EUR0.6m)
-- Cash balances of EUR8.3m at 31 December (2015: EUR0.2m)
-- Board view prospects for Company's ongoing development very positively
Joe Wiley, CEO of Amryt Pharma, said:
"It has been a tremendously exciting year for the Company. Amryt
has made significant progress, both strategically and
operationally. A landmark point came in December 2016 when we
reached an agreement to in-license the drug, Lojuxta, which treats
a rare, life-threatening disorder, HoFH. The agreement has provided
us with a cash generative product, with untapped sales potential,
as well as a pan-European infrastructure which we can use for other
drug assets. Building Lojuxta sales will be a major focus for us
over 2017.
We also made very good progress with our drug candidates -
AP101, a potential treatment for EB, a rare and distressing skin
disorder with no approved treatment, and AP102, an earlier stage
asset with the potential to treat acromegaly. In December we
secured a favourable funding facility from the EIB which will
support our continuing development.
We have started the new financial year in excellent shape. Very
encouragingly, since the year end we have continued to experience
strong sales of Lojuxta and this week we announced the commencement
of our pivotal trial, EASE. We expect to initiate the first patient
imminently and anticipate the results of an interim analysis of
this study in EB in early 2018.
We view prospects for the Company's ongoing development very
positively and look forward to providing further updates."
Enquiries:
Amryt Pharma plc C/o KTZ Communications
Joe Wiley, CEO
Rory Nealon, CFO/COO
+44 (0) 20
Shore Capital 7408 4090
Nomad and Joint Broker
Bidhi Bhoma, Edward Mansfield
+353 (1) 679
Davy 6363
ESM Adviser and Joint
Broker
John Frain, Anthony Farrell
+44 (0) 20
Stifel 7710 7600
Joint Broker
Jonathan Senior, Ben
Maddison
+44 (0) 20
KTZ Communications 3178 6378
Katie Tzouliadis, Emma
Pearson
Chairman and CEO's Statement
Introduction
We are pleased to present the annual report and consolidated
financial statements of Amryt Pharma plc ("Amryt" or the "Company")
for the year ended 31 December 2016. The publication of this annual
report follows the reverse takeover of Fastnet Equity plc by Amryt
Pharmaceuticals DAC ("Amryt DAC"), the subsequent name change to
Amryt Pharma plc and the re-admission of the shares to trading on
AIM and ESM.
The financial results comprise the results of Amryt DAC for the
period from 1 January 2016 to 18 April 2016 and those of the new
consolidated Amryt group from 19 April 2016 to 31 December
2016.
Company focus
Amryt is a specialty pharmaceutical company focused on
developing and delivering innovative new treatments to help improve
the lives of patients with rare or orphan diseases. The Company is
building a diversified portfolio of best-in-class, proprietary new
drugs to help address some of these rare and debilitating illnesses
where there is significant unmet medical need.
Significant progress made to date
On 18 April 2016, Amryt DAC successfully completed the reverse
takeover of Fastnet Equity plc ("RTO") and raised GBP10 million
before costs in a share placing. On the same date Amryt DAC
completed the acquisitions of Birken AG ("Birken") and
SomPharmaceuticals ("SOM") and Fastnet Equity plc was renamed Amryt
Pharma plc.
Since the RTO, the Group has made excellent progress. This
progress included advancing its existing product candidates,
completing an exclusive licensing deal for a further commercial
product, Lojuxta, and securing access to non-dilutive funding from
the European Investment Bank ("EIB") of up to EUR20 million.
In addition, the Company has continued to make strong progress
in developing its lead product AP101 (Episalvan) as a new treatment
for Epidermolysis Bullosa ("EB"). This is a rare and distressing
genetic skin disorder which affects young children and adults. In
March 2017, the Company reached an agreement with both the Food and
Drug Administration ("FDA") and the European Medicines Agency
("EMA") for the design of a pivotal phase 3 clinical trial for
AP101 in EB. We also appointed INC Research as the contract
research organisation for this study which has now commenced with
the first site initiated on 29 March 2017. Approximately 30
clinical trial sites in 15 countries have been pre-qualified. We
expect the study to be completed within the next 18 months or so
with top line data to be available in H2 2018. As part of the study
an independent data monitoring committee will conduct an un-blinded
interim efficacy analysis after 50% enrolment.
During the year, we secured key patents for AP101 in Europe and
the US with expiry dates in 2030. Since the year end, we have
secured a further patent for AP101 covering Japan, with the patent
lasting until 2030. We believe that we have a very robust patent
portfolio which will protect AP101 for a considerable period of
time.
We also obtained orphan designation from the FDA for our
pre-clinical asset, AP102. AP102 is a somatostatin analogue therapy
with the potential to treat acromegaly, a disorder that results
from excess growth hormone. In addition we conducted a pre-clinical
study in diabetic rats that compared AP102 with pasireotide, an
existing approved product for treating patients with resistant
acromegaly. Significantly, AP102 did not demonstrate the potential
to cause diabetes, an observation which if replicated in clinical
studies, could be clinically beneficial in treating acromegaly.
Towards the end of the financial year in December 2016, the
Company signed an exclusive licensing agreement with Aegerion
Pharmaceuticals, Inc. ("Aegerion"). This was a transformational
agreement and has secured us the exclusive rights to sell Lojuxta
(lomitapide) across certain territories. Lojuxta is a drug therapy
used to treat a very rare life-threatening disease called
Homozygous Familial Hypercholesterolemia ("HoFH"), which causes
excessive levels of LDL "bad" cholesterol. Our exclusive licence
covers the treatment of adults with HoFH in the European Economic
Area (predominantly the EU), the Middle East, North Africa, Turkey
and Israel. The licensing deal is transformational because it makes
Amryt into a fully-fledged commercial pharma company with a sales
and distribution infrastructure that can also be leveraged for
other assets, including AP101 in EB if the upcoming Phase 3
clinical trial is successful.
Our in-licensing agreement for Lojuxta has been immediately cash
generative from the effective date of the agreement. Based on
revenues from the first three months of operations, we believe it
is capable of generating annualised revenues of approximately
EUR10.5 million in 2017. The business is growing and we see good
growth potential beyond 2017. We believe that this deal is
indicative of the opportunities which Amryt can capitalise on in
the coming years.
Corporate and Financial
Revenues for the year to 31 December 2016 totalled EUR1,351,000
and comprised approximately one month's contribution from Lojuxta
as well as well as a partial year's contribution from Imlan, the
Company's derma-cosmetics range of products. The Lojuxta sales are
for the period since the completion date on 2 December 2016 and
totalled EUR775,000 in December. Very encouragingly, since the year
end, Amryt recorded sales of EUR1,859,000 in January and February.
Based on this, we expect Lojuxta to generate revenues of
approximately EUR10.5 million on an annualised basis.
The loss for the year amounted to EUR7,804,000 (2015: loss of
EUR1,194,000). This includes an operating loss before one-off items
associated with the RTO and the acquisitions of Birken and SOM of
EUR5,845,000. The operating loss of EUR5,845,000 includes non-cash
share based payments of EUR229,000.
In April 2016, as part of the RTO, the Company successfully
raised EUR12.6 million (GBP10 million) before costs. As at 31
December 2016 the Company had a strong balance sheet with EUR8.3
million in cash reserves (2015: EUR0.2 million). In December 2016,
the Company entered into a EUR20 million facility agreement
("Facility") with the EIB on highly attractive terms for the
Company. The Facility is significant because it provides
non-dilutive funding that secures the Company's near and mid-term
funding needs for its lead product, AP101. It also provides the
funding required to progress the Company's acromegaly drug
compound, AP102, through pre-clinical development. The facility
from the EIB has not yet been drawn down.
Senior Management and Board appointments
We strengthened the Board and senior management team with two
appointments since completion of the RTO. In June 2016, we
appointed Markus Ziener to the Board as a non-executive Director.
Mr Ziener is the CFO of Software AG Stiftung, a 20.9% shareholder
in Amryt. He has also been a long term supporter of the Birken
business and was Chairman of the Birken Supervisory Board until the
Company acquired the business on 18 April 2016.
In September 2016, we were delighted to welcome Dr Mark Sumeray
as Chief Medical Officer of the Company. Dr Sumeray has over 17
years' experience in the pharmaceutical, medical devices and
biotech sectors both in the US and UK. Most recently, he spent
approximately five years as Chief Medical Officer at Aegerion and
has extensive knowledge of interacting with the FDA and EMA and
managing late stage clinical trials. Dr Sumeray, is very familiar
with Lojuxta, having previously led the clinical development and
regulatory approval of the drug at Aegerion.
After the year end, in March 2017, we appointed David Allmond as
Chief Commercial Officer. Mr. Allmond has over 20 years' experience
in the pharmaceutical industry in commercial roles. He joins the
Company from Aegerion Pharmaceutials where he was President of EMEA
and, in particular, involved in the commercialisation of Lojuxta
(lomitapide), the drug used to treat Homozygous Familial
Hypercholesterolemia (HoFH). Mr Allmond replaces Michele
Bellandi.
Having served on Amryt's Board for approximately a year, Cathal
Friel is stepping down from the Board of Directors with effect from
28 March 2017. Cathal was one of the original founders of Fastnet
Equity plc and instrumental to the RTO of Fastnet Equity plc and
creation of Amryt in April 2016. We would like to thank him for his
important contribution to the business and his guidance during our
first year as a public company.
Future developments and outlook
The Company achieved important milestones in 2016 and we remain
confident of continuing significant progress over 2017. Our Phase 3
clinical trial for our lead product AP101 has just commenced and we
are optimistic of receiving top-line data in H2 2018. In the
meantime, we will have the results of our interim analysis which
will be an assessment of the progress of our study by an
independent data safety monitoring board. We expect to have the
results of this assessment in Q1 2018.
During 2017, our goal is to complete our pre-clinical assessment
of AP102, our potential treatment for acromegaly, and to seek
approval from the regulatory authorities to commence clinical
trials in humans.
We also remain very excited about growth prospects for our
Lojuxta business. Revenues for the first three months are exceeding
our original expectations and we believe that there is a
significant opportunity to grow revenues, with material untapped
opportunities in our licenced territories. These will be a major
focus for us over the coming quarters.
Amryt has made excellent operational and strategic progress to
date and we look forward to reporting on further progress as we
continue to develop the business.
Harry Stratford
Non-executive Chairman
30 March 2017
Joe Wiley
CEO
30 March 2017
Operations Review
Lojuxta
In December 2016, we were delighted to reach an agreement with
Aegerion Pharmaceuticals, Inc. ("Aegerion"), a NASDAQ-listed
biopharmaceutical company, for the exclusive rights to sell
Aegerion's drug, Lojuxta (lomitapide) in certain territories. These
territories comprise the European Economic Area ("EEA"), Middle
East and North Africa ("MENA"), Turkey and Israel and our exclusive
licence became effective on 2 December 2016. As anticipated, the
licence agreement has been immediately cash generative for
Amryt.
Lojuxta is used to treat a rare life-threatening disease called
Homozygous Familial Hypercholesterolemia ("HoFH") and was approved
in the EU in late 2013. HoFH is a genetic life threatening disorder
that impairs the body's ability to remove LDL cholesterol ("bad"
cholesterol) from the blood. This typically results in extremely
high blood LDL cholesterol levels leading to aggressive and
premature narrowing and blocking of arterial blood vessels
manifesting as cardiovascular disease. If left untreated, heart
attack or sudden death may occur in childhood or early
adulthood.
Current treatment options include statin drugs, PCSK9 inhibitors
and apheresis (a blood filtration technique similar to dialysis).
However, they are not adequate to control LDL cholesterol levels in
some patients, particularly those with the most severe genetic
mutations. HoFH was historically estimated to occur in about 1 in
1,000,000 people worldwide although more recent studies suggest it
may affect up to 1 in 300,000 people. Amryt believes that there is
significant potential for the drug to become a mainstay treatment
for patients with HoFH. Lojuxta is currently licenced for use in
adults and as part of the post approval commitments with the EMA we
will be conducting a paediatric study that if successful could
extend the label to children also.
Licence Agreement Terms
Under the terms of our licence agreement, Amryt has the
exclusive right to sell Lojuxta across its licenced territories in
return for which Amryt will:
-- make royalty payments to Aegerion, paid quarterly, based on a
percentage of net sales during a calendar year. The royalty
percentage is 18% of net sales of the product less than
US$15,000,000 and 20% of net sales more than US$15,000,000;
-- make once-off commercial milestone payments, subject to
achieving certain sales targets. A one-off milestone payment of
US$1,000,000 is due the first time that aggregate net sales in a
calendar year equals US$20,000,000 with a further one-off
US$1,500,000 milestone payment due on reaching US$30,000,000 net
sales in a calendar year; and
-- take on the ongoing regulatory and post-marketing obligations
and commitments in support of Lojuxta as above.
Our licence agreement has an initial term until 1 January 2024
and we may, at our discretion, extend the licence agreement for a
further five years, with the right to extend in further five year
periods.
2016 Revenue and Plans
In December 2016, Lojuxta generated net product sales
EUR775,000. Very encouragingly, since the year end Amryt recorded
sales of EUR1,859,000 in January and February. Based on Lojuxta
revenues for the first three months annualised revenues total
EUR10.5 million.
We are currently establishing the relatively limited additional
commercial, medical and regulatory infrastructure required to
support the commercialisation of Lojuxta across our licenced
territories. We will defer these costs until revenues increase so
that, even during the roll-out of this infrastructure, the Lojuxta
business will be a positive cash contributor to the Company.
Furthermore the Company will also be in a position to leverage this
pan-European and Middle-East infrastructure for other drug assets,
in particular our lead development asset, AP101, if its Phase 3
clinical trial in EB proves to be successful.
AP101 (Episalvan)
Amryt's lead product, AP101 (Episalvan), received marketing
approval for the treatment of partial-thickness wounds ("PTWs")
from the European Commission in January 2016. Amryt intends to
develop AP101 as a new treatment for Epidermolysis Bullosa ("EB")
and after the year end, on 27 March 2017, commenced a pivotal phase
3 trial, EASE, to examine AP101's efficacy.
EB is a chronic and debilitating condition for which there is
currently no approved product and significant unmet medical need.
Reflecting the extremely fragile nature of their skin, children
born with the condition are often referred to as 'butterfly
children'. All forms of the disorder are considered serious and the
most severe are disfiguring and cause intense suffering. The
patient advocacy group, Debra International, estimates that there
are approximately 500,000 people living with EB worldwide, with
some 30,000 in Europe. The Department of Dermatology at Stanford
University estimates that there are 25,000 people living with EB in
the US. The combined US and European market for a treatment in EB
is estimated by management to be in excess of EUR1.3 billion.
AP101 has already demonstrated encouraging preliminary data in
EB in a Phase 2a clinical trial completed in 2011. In addition,
three successful phase 3 clinical studies in the broad indication
partial thickness wounds ("PTWs") have been conducted with AP101.
In each of these studies, AP101 successfully demonstrated faster
healing in both recent wounds and chronic wounds compared with
standard of care therapy.
Extended patents and regulatory approvals
In January 2016, we secured approval from the European Medicines
Agency ("EMA") for the use of AP101 in the European Union for the
treatment of all PTWs. We subsequently secured a European method of
use patent for the treatment of EB in March 2016 and obtained a US
method of use patent for the treatment of EB in September 2016.
After year end, in February 2017, Amryt was granted a patent in
Japan by the Japanese Patent Office for AP101 for the treatment of
EB. All these patents expire in 2030.
Forward plan and clinical trials
In Q1 2017, we completed discussions with the Food and Drug
Administration ("FDA") and EMA regarding the design of our pivotal
phase 3 clinical trial for AP101 (Efficacy And Safety of
Oleogel-S10 in EB, the "EASE Study") as a potential treatment for
EB. With these discussions now completed and the design of the
clinical trial established, we initiated our first site for the
EASE Study on 27 March 2017 and expect to have our first patient
enrolled imminently.
We have appointed INC Research as the contract research
organisation for the phase 3 EASE Study, and approximately 30
clinical trial sites in 15 countries have already been
pre-qualified.
Adult and paediatric patients with EB will be enrolled into a
randomised double blind placebo controlled trial. A total of 164
evaluable patients will be treated for a 90 day blinded period. The
proportion of patients with completely healed target wounds within
45 days will be evaluated as the primary endpoint. Secondary
endpoints include the time to achieve wound healing and changes in
pain and pruritus (itch).
We have also agreed with the regulatory authorities to conduct
some further non-clinical studies in parallel with this phase 3
study.
An important component of the phase 3 EASE Study is an
independent data monitoring committee that will conduct an
un-blinded interim efficacy analysis after 50% enrolment. The
potential outcomes of this interim analysis include continuation of
the study unchanged, discontinuation of the study for futility, or
an increase in the number of patients in the study to preserve
adequate statistical power.
AP102
AP102 is an early stage drug asset, which shows promise as a
novel, next generation somatostatin analogue ("SSA") peptide
medicines for patients with rare neuroendocrine diseases, where
there is a high unmet medical need, including acromegaly.
Acromegaly is a rare endocrine disorder in which the body produces
excessive growth hormone, leading to abnormal growth throughout the
body over time.
In November 2016, we secured orphan drug designation for AP102
from the FDA. The FDA's Orphan Drug Designation program provides
orphan status to drugs and biologics that are being developed to
address rare diseases or disorders that affect fewer than 200,000
people in the United States. With orphan designation, AP102
qualifies for various incentives, including tax credits for
qualified clinical trials and market exclusivity upon regulatory
approval.
After the year end, in February 2017, we received positive
results from a pre-clinical study that compared AP102 with
pasireotide, an approved product for treating patients with
resistant acromegaly. Significantly, AP102 did not demonstrate the
potential to cause diabetes, an observation which, if replicated in
clinical studies, could be clinically beneficial in treating
acromegaly. Amryt's study used a well-established diabetic rat
model to examine whether or not AP102 has an effect on glucose
levels or on food/water intake compared with controls. The study
results showed that AP102 had no effect on either in diabetic rats
compared with controls. This indicates no impairment in glucose
control in these diabetic animals when treated with AP102.
We will continue preparing AP102 for clinical trials in 2017 and
anticipate submitting a request to conduct clinical trials in
humans by the end of 2017.
Imlan
Amryt has a range of dermo cosmetic products that we acquired
with the Birken transaction, which are sold under the Imlan brand.
Completely free of emulsifiers, preservatives, colorants and
fragrances and other additives or irritants, Imlan is marketed as a
treatment for sensitive, allergy-prone and dry skin. It is also
recommended for the basic care of eczema or psoriasis.
In the period from the acquisition of Birken AG in April 2016 to
31 December 2016, Imlan generated EUR571,000 in gross revenues.
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2016
12 months For the period
to ended
31 December 31 December
2016 2015
EUR'000 EUR'000
--------------------------------------- ------------- ---------------
Revenue 1,351 -
Cost of sales (586) -
--------------------------------------- ------------- ---------------
Gross profit 765 -
--------------------------------------- ------------- ---------------
Administrative, selling and
marketing expenses (4,037) (66)
Share based payment expenses (229) -
Reverse takeover and acquisition
related costs (867) (484)
Non-cash deemed cost of reverse (971) -
takeover
--------------------------------------- ------------- ---------------
Total administrative, selling
and marketing expenses (6,104) (550)
Research and development expenses (2,344) -
--------------------------------------- ------------- ---------------
Operating loss before finance
expense (7,683) (550)
--------------------------------------- ------------- ---------------
Net finance expense (121) (644)
--------------------------------------- ------------- ---------------
Loss on ordinary activities
before taxation (7,804) (1,194)
--------------------------------------- ------------- ---------------
Tax on loss on ordinary activities - -
--------------------------------------- ------------- ---------------
Loss for the year attributable
to the equity holders of the
Company (7,804) (1,194)
--------------------------------------- ------------- ---------------
Other comprehensive loss attributable
to the equity holders of the
Company
Exchange translation differences (5) -
which may be reclassified through
the profit and loss account
--------------------------------------- ------------- ---------------
Total other comprehensive loss (5) -
--------------------------------------- ------------- ---------------
Total comprehensive loss for
the year attributable to the
equity holders of the Company (7,809) (1,194)
--------------------------------------- ------------- ---------------
Loss per share:
Loss per share - basic and
diluted, attributable to ordinary
equity holders of the parent
(cent) (4.78) (2.14)
Consolidated Statement of Financial Position
As at 31 December 2016
31 December 31 December
2016 2015
EUR'000 EUR'000
------------------------------- ------------ ------------
Assets
Non-current assets
Intangible assets 52,521 -
Property, plant and equipment 1,183 -
Total non-current assets 53,704 -
------------------------------- ------------ ------------
Current assets
Trade and other receivables 2,540 1,599
Inventories 770 -
Cash and cash equivalents 8,271 171
Total current assets 11,581 1,770
------------------------------- ------------ ------------
Total assets 65,285 1,770
------------------------------- ------------ ------------
Equity and liabilities
Equity attributable to owners
of the parent
Share capital 20,419 1
Share premium 43,695 -
Other reserves (22,079) -
Accumulated deficit (8,998) (1,194)
------------------------------- ------------ ------------
Total equity 33,037 (1,193)
------------------------------- ------------ ------------
Non-current liabilities
Contingent consideration 23,314 -
Deferred tax liability 5,384 -
Total non-current liabilities 28,698 -
Current liabilities
Trade and other payables 3,550 2,963
------------------------------- ------------ ------------
Total current liabilities 3,550 2,963
------------------------------- ------------ ------------
Total liabilities 32,248 2,963
------------------------------- ------------ ------------
Total equity and liabilities 65,285 1,770
------------------------------- ------------ ------------
Consolidated Statement of Cash Flows
For the year ended 31 December 2016
12 months For the period
to ended
31 December 31 December
2016 2015
EUR'000 EUR'000
------------------------------------------ ------------- ---------------
Cash flows from operating activities
Loss on ordinary activities
before taxation (7,804) (1,194)
Net finance expense 121 644
Depreciation and amortisation 194 -
Share based payment expense 229 -
Non-cash deemed cost of reverse 971 -
takeover
Movements in working capital
and other adjustments:
Change in trade and other receivables (1,975) (54)
Change in trade and other payables 2,236 322
Change in inventories (83) -
Net cash flow used in operating
activities (6,111) (282)
------------------------------------------ ------------- ---------------
Cash flow from investing activities
Cash consideration on acquisition
of Birken AG (10,150) (1,000)
Cash consideration on acquisition (89) -
of SOM
Cash inflow on acquisition 705 -
of Birken AG
Cash inflow on reverse takeover 11,993 -
of Fastnet Equity plc
Payments for property, plant (12) -
and equipment
Cash inflow on sale of property,
plant and equipment 10
Deposit interest received 1 -
Net cash flow from/(used in)
investing activities 2,458 (1,000)
------------------------------------------ ------------- ---------------
Cash flow from financing activities
Proceeds from issue of equity
instruments - net of expenses 11,251 1
Issue of convertible debenture
securities 545 1,455
Short term loans received - 1,000
Repayment of short term loans (47) (1,003)
Net cash flow from financing
activities 11,749 1,453
------------------------------------------ ------------- ---------------
Exchange and other movements 4 -
------------------------------------------ ------------- ---------------
Net change in cash and cash
equivalents 8,100 171
Cash and cash equivalents at 171 -
beginning of year/period
------------------------------------------ ------------- ---------------
Cash and cash equivalents at
end of year/period 8,271 171
------------------------------------------ ------------- ---------------
Statement of Changes in Equity
For the year ended 31 December 2016
Share Share Share Merger Reverse Exchange Accumulated Total
capital premium based reserve acquisition translation deficit
payment reserve reserve
reserve
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
--------------- --------- ---------- ---------- ---------- ------------- ------------- ------------- ---------
Balance at 17 - - - - - - - -
August
2015
Loss and total
comprehensive
loss for the
period - - - - - - (1,194) (1,194)
Issue of
shares 1 - - - - - - 1
Balance at 31
December
2015 1 - - - - - (1,194) (1,193)
--------------- --------- ---------- ---------- ---------- ------------- ------------- ------------- ---------
Balance at 1
January
2016 1 - - - - - (1,194) (1,193)
Loss for the
year - - - - - - (7,804) (7,804)
Foreign
exchange
translation
reserve - - - - - (5) - (5)
--------------- --------- ---------- ---------- ---------- ------------- ------------- ------------- ---------
Total
comprehensive
income - - - - - (5) (7,804) (7,809)
--------------- --------- ---------- ---------- ---------- ------------- ------------- ------------- ---------
Issue of share
by
Amryt DAC on
acquisition
of Birken - 11,179 - - - - - 11,179
Issue of share
by
Amryt DAC on
acquisition
of SOM - 3,715 - - - - - 3,715
Issue of share
by
Amryt DAC on
conversion
of
convertible
debenture
securities - 2,600 - - - - - 2,600
Issue of
shares on
acquisition
of Amryt
DAC 1,557 - - 35,818 - - - 37,375
Issue of
placing
shares
- net of
costs 526 10,725 - - - - - 11,251
Issue of
placing
warrants - (2,251) 2,251 - - - - -
Share based
payments - - 229 - - - - 229
Reverse
acquisition
adjustment 18,335 17,727 1,735 - (62,107) - - (24,310)
Balance at 31
December
2016 20,419 43,695 4,215 35,818 (62,107) (5) (8,998) 33,037
--------------- --------- ---------- ---------- ---------- ------------- ------------- ------------- ---------
Notes
1 General information
Amryt Pharma plc ("Amryt" or the "Company") is a company
incorporated in England and Wales. The Company is listed on the AIM
market of the London Stock Exchange (ticker: AMYT.L) and the
Enterprise Securities Market of the Irish Stock Exchange (ticker:
AYP). Amryt is a specialty biopharmaceutical company focused on the
development and commercialisation of new medicines for rare
conditions with unmet needs and is committed to bring new hope to
people affected by these rare diseases.
2 Basis of preparation
The consolidated Financial Statements consolidate those of the
Company and its subsidiaries (together the "Group"). The
consolidated Financial Statements of the Group have been prepared
in accordance with International Financial Reporting Standards
("IFRS") and their interpretations issued by the International
Accounting Standards Board ("IASB") as adopted by the EU and with
those parts of the Companies Act 2006 applicable to companies
reporting under IFRS.
The financial information for the year ended 31 December 2016
does not constitute statutory accounts as defined by section 435 of
the Companies Act 2006 but is extracted from the audited accounts
for the year. The 31 December 2015 accounts, which relate to Amryt
Pharmaceuticals DAC, have been delivered to the Companies
Registration Office in Ireland. The 31 December 2016 accounts will
be delivered to Companies House within the statutory filing
deadline. The auditors have reported on those accounts. Their
report was unqualified and did not contain statements under Section
498 (2) of (3) of the Companies Act 2006.
Reverse Acquisition
On 18 April 2016 Fastnet Equity plc ("Fastnet") became the legal
parent company of Amryt Pharmaceuticals DAC ("Amryt DAC") in a
share for share transaction, and on the same date changed its name
from Fastnet to Amryt Pharma plc ("Amryt"). On the same date Amryt
DAC completed the acquisitions of Birken AG ("Birken") and
SomPharmaceuticals ("SOM"). The acquisition of Birken by Amryt DAC
constitutes a business combination. Due to the relative size of
Amryt DAC and Fastnet, Amryt DAC's shareholders became the majority
shareholders of the enlarged share capital (before a share placing
on the same date). In addition, the Company's continuing operations
and executive management became those of Amryt DAC. Management
considers that the acquisition constitutes a reverse acquisition of
Fastnet by Amryt DAC. It would normally be necessary for the
Company's consolidated accounts to follow the legal form of the
business combination - with Amryt DAC's results from the
acquisition date of 18 April 2016 consolidated into the Group
results. In this case, the consolidated accounts have been treated
as being a continuation of the accounts of Amryt DAC with Fastnet
being treated for accounting purposes as the acquired entity.
As the consolidated group results represent a continuation of
the financial statements of the legal subsidiary (Amryt DAC), the
assets and liabilities of Amryt DAC have been recognised and
measured in the consolidated results at their pre-combination
carrying amounts. The accumulated deficit and other equity balances
recognised are the accumulated deficit and other equity balances of
Amryt DAC immediately before the business combination and the
amount recognised as issued equity instruments has been determined
by adding to the issued equity of Amryt DAC immediately before the
business combination the cost of the combination, being the value
of notional shares issued by Amryt DAC. To comply with UK company
law, adjustments have been made to the consolidated reserves to
reflect the equity structure of the legal parent company, Amryt
Pharma Plc.
Comparative Information
The comparative figures presented in the consolidated financial
statements are those for Amryt DAC and relate to the period from
incorporation on 17 August 2015 to 31 December 2015.
Except as indicated above, the financial statements have been
prepared on a basis consistent with that reported for the period
ended 31 December 2015.
Summary of Significant Accounting Policies
R&D expenses
The costs relating to the development of products are accounted
for in accordance with IAS 38 "Intangible Assets", where they meet
the criteria for capitalization.
Development costs are capitalised as an intangible asset if all
of the following criteria are met:
1. The technical feasibility of completing the asset so that it
will be available for use or sale;
2. The intention to complete the asset and use or sell it;
3. The ability to use or sell the asset;
4. The asset will generate probable future economic benefits and
demonstrate the existence of a market or the usefulness of the
asset if it is to be used internally;
5. The availability of adequate technical, financial and other
resources to complete the development and to use or sell it;
and
6. The ability to measure reliably the expenditure attributable to the intangible asset.
Research costs are expensed when they are incurred.
The assessment whether development costs can be capitalized
requires management to make significant judgements. Management has
reviewed the facts and circumstances of each project in relation to
the above criteria and in management's opinion, the criteria
prescribed under IAS 38.57 "Intangible Assets" for capitalising
development costs as assets have not yet been met by the Company in
relation to AP101 or AP102. Accordingly, all of the Company's costs
related to research and development projects are recognised as
expenses in the income statement in the period in which they are
incurred. Management expects that the above criteria will be met on
filing of a submission to the regulatory authority for final drug
approval or potentially in advance of that on the receipt of
information that strongly indicates that the development will be
successful.
Revenue recognition
Revenue comprises the fair value of consideration received or
receivable for the sale of products. Revenue is recorded
immediately where substantially all the risks and rewards of
ownership have transferred to the customer, this normally occurs on
the despatch of products.
The Company uses third parties in the distribution of
pharmaceutical products to its customers. The Company's revenue
recognition for these arrangements is the same as that which
applies to direct product sales and normally occurs on the despatch
of the products by the distributors to the customers.
Contingent consideration
Contingent consideration arising as a result of business
combinations is initially recognised at fair value using a
probability adjusted present value model. Key inputs in the model
include the probability of success and the expected timing of
potential revenues. The fair value of the contingent consideration
will be updated at each reporting date. Adjustments to contingent
consideration are recognised in the income statement.
Business combinations
Business combinations are accounted for using the acquisition
method. The cost of an acquisition is measured as the aggregate of
the consideration transferred, measured at acquisition date fair
value and the amount of any non-controlling interest in the
acquiree. Fair values are attributed to the identifiable assets and
liabilities and contingent considerations unless the fair value
cannot be measured reliably, in which case the value is subsumed
into goodwill. In the consolidated Financial Statements,
acquisition costs incurred are expensed and included in general and
administrative expenses.
Frequently, the acquisition of pharmaceutical patents and
licences is effected through a non-operating corporate structure.
As these structures do not represent a business, it is considered
that the transactions do not meet the definition of a business
combination. Accordingly, the transactions are accounted for as the
acquisition of an asset. The net assets acquired are recognised at
cost.
Acquired intangible assets
Acquired intangible assets are stated at the lower of cost less
provision for amortisation and impairment or the recoverable
amount. Acquired intangibles assets are amortised over their
expected useful economic life on a straight line basis and are
tested for impairment annually. In determining the useful economic
life each acquisition is reviewed separately and consideration
given to the period over which the Group expects to derive economic
benefit.
Intangibles assets acquired during the current year as part of
the acquisitions of Birken AG and SomPharmaceuticals are currently
not being amortised as it is the Company's policy not to amortise
assets in development that are not ready for use.
Software that is purchased is valued at cost and amortized on a
straight line basis over a useful economic life of three to ten
years.
Only intangible assets acquired from third parties have been
capitalised, as the conditions have not been met for the
capitalisation of self-created intangible assets.
3 Loss per share - basic and diluted
The Group presents basic and diluted loss per share ("LPS") data
for its ordinary shares. Basic LPS is calculated by dividing the
loss attributable to ordinary shareholders of the Company by the
weighted average number of ordinary shares outstanding during the
year. Diluted LPS is determined by adjusting the loss attributable
to ordinary shareholders and the weighted average number of
ordinary shares outstanding for the effects of all dilutive
potential ordinary shares, which comprise warrants and share
options granted by the Company.
In the current year, the weighted average number of shares in
the loss per share ("LPS") calculation, reflects the legal
subsidiary's, Amryt Pharmaceuticals DAC ("Amryt DAC"), weighted
average pre-combination ordinary shares multiplied by the exchange
ratio established in the acquisition, and the weighted average
total actual shares of the legal parent, Amryt Pharma plc
("Amryt"), in issue after the date of acquisition.
The comparative LPS figure is based on Amryt DAC's reported loss
for the period divided by the weighted average number of shares in
issue in Amryt DAC for the period multiplied by the exchange ratio
established in the acquisition.
Issued share capital - ordinary shares of GBP0.01 each
Weighted
Number of average
shares shares
-------------------------------------------- ------------ ------------
17 August 2015 - Shares on Incorporation 11,615,044
-------------------------------------------- ------------ ------------
24 August 2015 - Issue of shares
by Amryt DAC (1) 46,460,177
-------------------------------------------- ------------ ------------
31 December 2015 58,075,221 55,683,886
-------------------------------------------- ------------ ------------
18 April 2016 - Issue of shares
by Amryt DAC on acquisition of
Birken 37,048,622
18 April 2016 - Issue of shares
by Amryt DAC on acquisition of
SOM 12,277,102
18 April 2016 - Issue of shares
by Amryt DAC on conversion of
convertible debentures securities 8,590,365
19 April 2016 - Issue of shares
by Amryt Pharma plc - share for
share exchange on acquisition
of Amryt DAC B ordinary shares
(1) 7,503,786
19 April 2016 - Issue of shares
by Amryt Pharma plc - share consolidation 43,171,134
19 April 2016 - Issue of shares
by Amryt Pharma plc - share placing 41,673,402
31 December 2016 208,339,632 163,336,437
-------------------------------------------- ------------ ------------
(1) As part of the 24 August 2015 share placing, Amryt DAC
issued B ordinary shares. These shares have not been included in
the pre-acquisition weighted average number of shares as they did
not carry rights to dividends or repayment of capital on the
winding up of Amryt DAC.
The calculation of loss per share is based on the following:
12 months Period
to to
31 December 31 December
2016 2015
------------------------------------------ ------------- -------------
Loss after tax attributable to equity
holders of the Company (EUR'000) (7,804) (1,194)
Weighted average number of ordinary
shares in issue 163,336,437 55,683,886
Fully diluted average number of ordinary
shares in issue 163,336,437 55,683,886
------------------------------------------ ------------- -------------
Basic and diluted loss per share (cent) (4.78) (2.14)
------------------------------------------ ------------- -------------
Where a loss has occurred, basic and diluted LPS are the same
because the outstanding share options and warrants are
anti-dilutive. Accordingly, diluted LPS equals the basic LPS. The
share options and warrants outstanding as at 31 December 2016
totalled 39,102,583 (31 December 2015: 1,307,466) and are
potentially dilutive.
4 Business Combinations and Asset Acquisitions
Reverse Acquisition of Fastnet Equity Group plc by Amryt
Pharmaceuticals DAC
On 16 October 2015, Fastnet Equity plc ("Fastnet") signed
non-binding heads of terms with Amryt Pharmaceuticals DAC ("Amryt
DAC"), for the acquisition of Amryt DAC's entire issued and to be
issued share capital. The acquisition was completed on 18 April
2016 and on the same date Amryt DAC completed the acquisitions of
Birken AG ("Birken") and SomPharmaceuticals ("SOM"), for
consideration satisfied by the issue of new ordinary shares in
Amryt DAC. To complete the acquisition of Amryt DAC a total of
123,495,095 new ordinary shares of 1p in Fastnet were issued at an
issue price of 24p per share ("Consideration Shares").
As detailed in note 2 the acquisition by Fastnet of Amryt DAC
has been treated for accounting purposes as a reverse acquisition
by Amryt DAC of Fastnet. In a reverse acquisition, the cost of the
business combination is deemed to have been incurred by the legal
subsidiary (Amryt DAC) in the form of notional equity instruments
issued to the owners of the legal parent. The value of the notional
shares is calculated by reference to the proportion of shares that
would be needed to be issued by Amryt DAC to Fastnet if the old
shareholder base of Fastnet was to acquire the same percentage
holding in Amryt DAC as it received in the combined Group.
The value of these notional shares issued by Amryt DAC was
compared to the Net Asset value of Fastnet on the date of
acquisition and the excess (EUR971,000) was charged to the
Statement of Comprehensive Income as a deemed share based payment
cost of the business combination.
In addition, EUR867,000 in professional fees was charged to the
Statement of Comprehensive Income in the current year (2015:
EUR484,000) as part of the costs associated with the reverse
acquisition and acquisition of Birken and SOM (see details below).
These costs include legal, due diligence, accounting and tax
advisory and corporate finance.
Acquisition of Birken
Amryt DAC signed a conditional share purchase agreement to
acquire Birken on 16 October 2015 ("Birken SPA"). The Birken SPA
was completed on 18 April 2016 with Amryt DAC acquiring the entire
issued share capital of Birken. The consideration comprises:
-- Initial cash consideration of EUR1,000,000 (paid by Amryt DAC
prior to its acquisition by the Company);
-- Milestone payments of:
o EUR10,000,000 on receipt of first marketing approval by the
EMA of Episalvan, paid on the completion date (18 April 2016);
o Either (1) EUR5,000,000 once net ex-factory sales of Episalvan
have been at least EUR100,000 or (ii) if no commercial sales are
made within 24 months of EMA first marketing approval (being 14
January 2016), EUR2,000,000 24 months after receipt of such
approval and EUR3,000,000 following the first commercial sale;
o EUR10,000,000 on receipt of marketing approval by the EMA or
FDA of a pharmaceutical product containing Betulin as its API for
the treatment of Epidermolysis Bullosa;
o EUR10,000,000 once net ex-factory sales/net revenue in any
calendar year exceed EUR50,000,000;
o EUR15,000,000 once net ex-factory sales/ net revenue in any
calendar year exceed EUR100,000,000;
-- Cash consideration of EUR150,000, due and paid on the completion date (18 April 2016);
-- Royalties of 9% on sales of Episalvan products for 10 years from first commercial sale; and
-- Shares in Amryt DAC that equated to a 30% equity shareholding
prior to the acquisition of Amryt DAC by the Company. The Birken
sellers received 37,048,622 in Consideration Shares (valued at
EUR11.2 million) for their shareholding in Amryt DAC.
Provisional Fair Value Measurement of Contingent
Consideration
Contingent consideration comprises the milestone payments and
sales royalties detailed above. As at the acquisition date, the
fair value of the contingent consideration was estimated to be
EUR23,314,000. The fair value of the royalty payments was
determined using probability weighted revenue forecasts and the
fair value of the milestones payments was determined using
probability adjusted present values. The probability adjusted
present values took into account published orphan drug research
data and statistics which were adjusted by management to reflect
the specific circumstances applicable to the drugs acquired in the
Birken transaction. A discount rate of 28.5% was used in the
calculation of the fair value of the contingent consideration and
this was sense checked by Management against the implied rate of
return ("IRR") on the project. As noted earlier in the report the
size of the market for the products under development provides a
real opportunity to the Company to meet its forecast revenue
targets and therefore the milestone targets which underpin the
contingent consideration payments. At present management anticipate
that AP101 for EB will be ready to launch in 2019. However,
management note that due to issues outside their control (i.e.
regulatory requirements and the commercial success of the product)
the timing of when such revenue targets may occur may change. Such
changes may have a material impact on the assessment of the fair
value of the contingent consideration.
Provisional Fair Value Measurement of Assets Acquired
A fair value exercise was performed on the identifiable assets
and liabilities of Birken AG as at the acquisition date. An income
based approach was used to value the intangible assets acquired.
Key assumptions of the approach include the probability of success,
the discount factor applied, the timing of future revenue flows,
market penetration and peak sales and expenditure required to
complete development.
Assets acquired and liabilities acquired:
Provisional
FV at
date
of acquisition
EUR'000
------------------------------------------ ----------------
Assets
Intangible assets 48,461
Property, plant and equipment 1,373
Cash and cash equivalents 705
Inventories 687
Trade and other receivables 133
Total assets 51,359
------------------------------------------ ----------------
Liabilities
Accounts payable and accrued liabilities 332
Deferred tax liability 5,384
------------------------------------------ ----------------
Total liabilities 5,716
------------------------------------------ ----------------
Total net assets 45,643
------------------------------------------ ----------------
Consideration
Issue of fully paid ordinary shares 11,179
Cash consideration 11,150
Contingent consideration 23,314
Total consideration 45,643
------------------------------------------ ----------------
The fair values set out above are provisional figures which will
be finalised in the 2017 interim financial statements following
management's final review of key judgemental areas relating to the
business combination of Birken AG. Under IFRS 3, business
combination accounting needs to be finalised within 12 months of
the acquisition date.
SOM Acquisition
Amryt DAC entered into conditional stock purchase agreements to
acquire SomPharmaceuticals SA and SomTherapeutics, Corp on 15
December 2015 and 4 December 2015 respectively ("Som SPAs"). The
aggregate consideration payable under the Som SPAs was US$4.25
million which was satisfied by the issue of US$4.15 million in new
ordinary shares in Amryt DAC and US$100,000 (EUR89,000) in cash to
the shareholders of SOM. The SOM SPAs were completed on 18 April
2016. The SOM sellers received 12,277,102 of Consideration Shares
for their shareholding in Amryt DAC. The acquisition of SOM has
been treated for accounting purposes as an asset acquisition with
the value of the consideration issued, EUR4,062,000, recognised as
an Intangible Asset.
5 Intangible Assets
In process Software Total
R&D
EUR'000 EUR'000 EUR'000
----------------------------------- ------------ ---------- --------
Cost
At 17 August 2015 and 31 December - -
2015 -
Acquired on acquisition of
Birken 48,453 8 48,461
Acquired on acquisition of
SOM 4,062 - 4,062
At 31 December 2016 52,515 8 52,523
Accumulated amortisation
At 17 August 2015 and 31 December - -
2015 -
Amortisation charge - 2 2
At 31 December 2016 - 2 2
----------------------------------- ------------ ---------- --------
Net book value
----------------------------------- ------------ ---------- --------
Net book value at 17 August - -
2015 -
----------------------------------- ------------ ---------- --------
Net book value at 31 December - -
2015 -
----------------------------------- ------------ ---------- --------
Net book value at 31 December
2016 52,515 6 52,521
----------------------------------- ------------ ---------- --------
The Company reviews the carrying amounts of its intangible
assets to determine whether there are any indications that those
assets have suffered an impairment loss. If any such indications
exist, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss. Impairment indications
include events causing significant changes in any of the underlying
assumptions used in the income approach utilised in valuing in
process R&D. These key assumptions are: the probability of
success; the discount factor; the timing of future revenue flows;
market penetration and peak sales assumptions; and expenditures
required to complete development. During the year the Group did not
identify any potential changes in the assumptions used in the
assessment of the carrying value of the assets.
6 Share-based payments
The Company has issued share options as an incentive to certain
senior management and staff. In addition, the Company has issued
warrants to key consultants, advisers and suppliers in payment or
part payment for services or supplies provided to the Group. All
share options granted during the year were granted under the terms
of the Amryt Share Option Plan and are subject to vesting
conditions. All warrants granted during the year were granted under
individual agreements as part of the April 2016 share placing. In
addition to the share options and warrants granted during the year
a total of 1,307,466 share options and warrants were in existence
at 31 December 2015 that relate to the old oil and gas
business.
Each share option and warrant converts into one ordinary share
of Amryt Pharma plc on exercise and are accounted for as
equity-settled share-based payments. The options and warrants may
be exercised at any time from the date of vesting to the date of
their expiry. The equity instruments granted carry neither rights
to dividends nor voting rights.
Share options and warrants in issue:
Share Options(1) Warrants(1)
----------------------- -----------------------
Weighted Weighted
average average
exercise exercise
Units price Units price
------------------- ----------- ---------- ----------- ----------
Balance at 17
August 2015 1,415,954 133.6p 661,512 120.8p
Lapsed during
the period (600,000) 201.6p 170,000) 176.0p
Balance at 31
December 2015 815,954 84.0p 491,512 102.4p
------------------- ----------- ---------- ----------- ----------
Exercisable at
31 December 2015 815,954 84.0p 491,512 102.4p
------------------- ----------- ---------- ----------- ----------
Balance at 1
January 2016 815,954 84.0p 491,512 102.4p
Granted during
the year 15,451,564 19.1p 22,909,951 24.0p
Lapsed during
the year (472,204) 110.0p (94,194) 112.0p
Balance at 31
December 2016 15,795,314 19.8p 23,307,269 25.3p
------------------- ----------- ---------- ----------- ----------
Exercisable at
31 December 2016 343,750 48.0p 21,234,014 25.4p
------------------- ----------- ---------- ----------- ----------
(1) Following the 19 April 2016 share consolidation, all
existing rights attached to share options and warrants were amended
to reflect the new share structure. The rights are now over Amryt
Pharma plc new ordinary shares of 1p, with the original units
divided by a factor of 8 and the original exercise price increased
by a factor of 8. The pre 19 April 2016 numbers included in the
table above have been adjusted to take into account the share
consolidation.
The fair value is estimated at the date of grant using the
Black-Scholes pricing model, taking into account the terms and
conditions attached to the grant. The following are the inputs to
the model for the equity instruments granted during the year:
Options Warrant
Inputs Inputs
---------------------- ------------ ------------
Days to Expiry 2,555 1,006-1,844
Volatility 43%-50% 50%
Risk free interest
rate 0.64%-0.82% 0.82%
Share price at grant 15.5p-24p 24p
---------------------- ------------ ------------
During the current year a total of 15,451,564 share options
exercisable at a weighted average price of GBP0.191 were granted.
The fair value of share options granted during the period is
EUR1,642,000. The share options outstanding as at 31 December 2016
have a weighted remaining contractual life of 6.39 years with
exercise prices ranging from GBP0.155 to GBP0.48.
During the current year, as part of the share placing that
coincided with the completion of the reverse takeover of the
Company, a total of 22,909,951 warrants exercisable at a weighted
average price of GBP0.24 were granted. The fair value of warrants
granted during the period is EUR2,251,000. The warrants outstanding
as at 31 December 2016 have a weighted remaining contractual life
of 2.19 years with exercise prices ranging from GBP0.24 to
GBP1.12.
The value of share options and warrants charged to the Statement
of Comprehensive Income during the year is as follows:
12 months Period
to to
31 December 31 December
2016 2015
EUR'000 EUR'000
--------------- ------------- -------------
Share options 229 -
Total 229 -
--------------- ------------- -------------
In addition to the above charges, a further EUR2,251,000 was
charged to share premium during the year.
7 Annual Report and Annual General Meeting ("AGM")
The Annual Report for the year ended 31 December 2016 will be
posted to shareholders on 6 April 2017 and will be available to
download from the Company's website at www.amrytpharma.com on 6
April 2017.
Notice of the AGM will be posted to shareholders on 6 April
2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EANDNAEAXEFF
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