RNS Number : 0724C
AOI Medical, Inc.
27 August 2008
AOI Medical, Inc.
("AOI" or "the Company")
Interim Results
London, UK, 27 August 2008 - AOI Medical, Inc., (AIM: AOI), the medical device company focusing on the development and commercialisation
of innovative orthopaedic medial devices for the spine and trauma markets, today announces its interim results for the six months ended 30
June 2008.
Highlights
* FDA granted AOI approval in April 2008 to proceed with 60 patient confirmatory clinical study for Ascendx* VCF Reduction System
("Ascendx*") (treatment for vertebral compression fractures)
* Clinical trial for Ascendx* commenced in June 2008
* First three patients met acute procedural success criteria demanded by protocol
* Trial progress consistent with planned regulatory filing with FDA later this year with market launch expected shortly thereafter
* Intellectual Property Portfolio further expanded with three new patent applications submitted
* Clinical advisory board further expanded
* Shareholder approval gained for waiving of pre-emption rights in connection with a possible issue of up to 15 million new common
shares to secure the future financing of the Company
* Cash and money market investments at 30 June 2008 of $7.0m
Bill Christy, CEO of AOI said:
"During the first half we commenced the clinical trial for Ascendx* and are making good progress. We believe that the product has
substantial potential and we are pleased to report that we are broadly in line with where we expected to be. Meanwhile, we have worked to
preserve our cash resources with actual cash spend below budgeted spend in the year to date.
"Behind this lead programme, we have continued to build on our estate of intellectual property for our other technology platforms, which
leads us to look to the future with confidence."
Enquiries:
AOI Medical Inc. Tel: +1 407 770 1800
William J. Christy, CEO
Angela Johnston, CFO
Financial Dynamics Tel: +44 (0) 20 783 3113
Ben Atwell
Susan Quigley
Numis Securities Ltd Tel: +44 (0)20 7260 1000
Nominated adviser: Michael Meade / Brent Nabbs
Corporate broking: David Poutney
Background to AOI Medical, Inc.
AOI is a medical device company focusing on the development and commercialisation of innovative orthopaedic medical devices for the
spine and trauma markets. It is progressing the development of three separate technology platforms: Ascendx* VCF Reduction System, BAMF
Trauma and Cervical Plate. Further information can be found at www.aoimedical.net
Overview
In the first half of the year we have gained approval from the FDA to commence a 60 patient confirmatory trial on Ascendx* and the trial
commenced in June. Since then, we have made good progress and we believe that the trial, at current recruitment rates, will be on track to
complete later this year. If we gain the results that we expect, we are hopeful of commencing market launch in the United States shortly
thereafter. We are currently preparing for a potential launch and putting in place the infrastructure and personnel required to penetrate
this $600 million market.
Ascendx* VCF Reduction System ("Ascendx*")
Ascendx* is a set of tools designed to treat vertebral compression fractures of the spine caused by osteoporosis, cancer or trauma.
Ascendx* will comprise two main instruments: a cutting device that creates a cavity in the cancellous bone, and a reduction device that is
used to restore the height of the fractured vertebra and which can deliver and contain the bio-material (bonding agent) in the cavity.
AOI received final approval from the FDA on 23 April 2008, to commence a 60 patient confirmatory clinical trial for its Ascendx*
technology. The primary end point will be acute procedural success defined as successful device deployment, cement delivery, device
withdrawal and no serious device-related adverse events. On 3 June 2008, AOI announced that surgical procedures had been successfully
completed on the first three patients as part of this trial.
Ascendx* presents an attractive market opportunity. The size of the market is estimated to be in the region of $600 million annually,
rising to over $900 million by 2012 (source: CRT Capital, LLC 2008)
BAMF Trauma (Balloon Assisted Management of Trauma Fractures)
BAMF Trauma (Balloon Assisted Management of Trauma Fractures) is a removable, inflatable nail for the stabilisation of fractures of the
long bones of the arms and legs. AOI's BAMF Trauma differs from the nails currently on the market in that it is a combination of a stainless
steel nail inside a balloon.
Progress with the BAMF trauma products has continued in the first half, with our efforts focussed on the design and development of the
intramedullary nail. Initial histological data has demonstrated that the device is well tolerated with no tissue reaction and we are
planning further laboratory testing to further assess the safety and efficacy profile of the product. We propose to follow the 510(k)
approval process with the FDA with clinical data route for BAMF Trauma, with clinical studies carried out under an investigational device
exemption ("IDE").
AOI continues to believe that BAMF Trauma will have an advantage over existing products in the market because it will potentially:
require a smaller gauge at the point of insertion; provide a firm structure; adapt to the bone cavity while in place; and be easily removed
by deflating the balloon, thus narrowing the diameter of the device again. This last feature should make the device particularly useful for
treatment of children, for whom growth in the affected limb can be impaired if a stabilisation device is left in place.
Sales of intramedullary nails in 2007 were approximately $865 million, rising to a projected $947 million by 2009 (source: Frost and
Sullivan, Primary Market Research, 2006).
Cervical Plate (Motion Preserving Cervical Dynamic Stabilization Plate)
The Cervical Plate (Motion Preserving Cervical Dynamic Stabilization Plate) is an anterior, semi-constrained artificial ligament
designed to provide some translational and rotational motion when used subsequent to a cervical spine disc replacement surgery. The current
practice for severe intractable disc disease is spinal fusion, the failure rate after lumbar fusion has been reported to be as high as 40 -
50 per cent. (source: www.Spine-Health.com August 2007).
The Company is planning to obtain FDA approval via the 510(k) approval process with supportive clinical data for Cervical Plate and will
apply for an IDE for the product to establish range of motion data. Provided that an appropriate motion preserving disc or nucleus
replacement device is identified by the end of 2008, AOI estimates that the initial sales of the Cervical Plate will commence in the fourth
quarter of 2009 through the IDE. The Company aims to gain FDA approval, with range of motion, in the fourth quarter of 2011, when full
commercialisation will begin.
The current market in the US for a cervical plate featuring dynamic stabilisation is estimated at $410 million and is forecast to grow
to almost $500 million by 2010 (source: Bank of America LLC, 15 February 2008 and AOI internal pricing estimates).
Clinical Advisory Board
Last year we made excellent progress in building a clinical advisory board consisting of orthopedic surgeons, neurosurgeons and
interventional radiologists that have a broad range of experience and background in the development of innovative orthopedic medical
devices. During the first half, we added additional key physicians that will form an integral part of our product development efforts and
overall commercialization strategy. The opportunity to discuss and interact on a daily basis with orthopaedic thought leaders, orthopaedic
surgeons, neurosurgeons, interventional radiologists, and physicians who have a keen understanding of what doctors and patients require will
help us to continue our development of novel medical devices that meet the needs of the market.
Intellectual Property (Patent) Protection
The Company's intellectual property is fundamental to our commercial strategy. AOI's intellectual property portfolio consists of
licensed patents and patent applications. In the first half of the year, the Intellectual Property Portfolio of the Company was further
expanded through the submission of three new patent applications.
As of 30 June 2008, AOI has licensed three granted patents (one for Ascendx*, and two relating to Cervical Plate) and has ten patent
applications pending, three of which have been licensed to AOI. Of these ten pending patent applications, seven relate to Ascendx* or BAMF
Trauma, one relates to Cervical Plate and two relate to other technologies.
Since medical devices in general, and the orthopaedics segment specifically, are areas that are driven by innovation, we understand that
litigation is possible, and we therefore believe that the full commercial exploitation of such innovation is only possible with strong
intellectual property protection.
Marketing and Commercializing AOI's Products
As we approach commercialization of our first product, we have placed an increasing effort on our marketing strategy. We intend to
follow a broad approach that includes setting up our own marketing and distribution infrastructure and proprietary sales force, and
alongside that will find a co-marketing partner in each of the different markets we are pursuing. Talks have commenced and a further
announcement will be made in due course.
Cash resources
At 30 June 2008, the Company had total cash resources of $7.0m, consisting of cash and cash equivalents of $1.1m and money market
securities of $5.9m. During the period, we have worked to preserve our cash resources with actual cash spend below budgeted spend in the
year to date.
Possible fundraise
Due to the delay of the commercial launch of Ascendx*, resulting primarily from the FDA requiring the Company to conduct a confirmatory
study of its Ascendx* technology, the Company has positioned itself to be able to raise additional capital through the issue of further
common shares or convertible securities. The primary use of proceeds is intended to be utilized for hiring a salesforce in advance of the
commercialization of Ascendx*.
On 30 April 2008, the Company sent a circular and a Notice convening a Special Meeting to its shareholders seeking a waiver of the
pre-emption rights set out in the Company's By-laws for the issuance of up to 15,000,000 common shares in the Company in order to give the
Directors the maximum flexibility to attract new investors to the Company and to thereby secure the future financing of the Company. The
resolution proposed at the Special Meeting was duly passed on 15 May 2008.
The Company is currently in discussions with its advisers in relation to the precise nature and timing of any issuance of common shares
and/or convertible securities, however, in deciding the final form of any such issuance, the Directors will have regard to the best
interests of the shareholders of the Company.
Outlook
AOI is making good progress towards commercializing its lead product, Ascendx* . During the first half the Company has attracted the
support of a strong clinical advisory board and has commenced a 60 patient confirmatory trial for Ascendx*. Results thus far have been very
encouraging. We believe that the product has significant potential and expect to complete the trial by the end of the year leading to a
launch in the United States shortly thereafter. Behind this lead programme, we have also continued to make progress on our other technology
platforms whilst building the Company's intellectual property portfolio, a fundamental part of our commercial strategy.
The organization continues to grow and with a strong infrastructure in place we are confident of further growth for the remainder of the
year. During this time we will finalize our strategy and bring our lead product, Ascendx*, significantly closer to commercialization.
FINANCIAL REVIEW
INCOME STATEMENT
Revenue
AOI is an early stage medical device company and as such currently has no source of direct revenue.
Expenses
Operating expenses increased by $1.7 million to $3.5 million versus the six months ended 30 June 2007 ("H1 2007") $1.8 million. $830,000
of the increase was due to increased investment in research and development ("R&D") activities in the six months ended 30 June 2008 ("H1
2008"). Salaries and employee benefits in other departments reflect an increase of $305,000 from H1 2007. H1 2008 also reported an increase
in non-R&D professional fees of $494,000 over H1 2007. The increases resulted largely from increased activity in R&D, increased headcount in
all departments and increased compliance related expenses as a result of being a public company including public relations, legal fees,
accounting fees and annual report and board of directors related expenses.
Net other expense decreased from $49,000 in H1 2007 to $15,000 in H1 2008. H1 2007 includes interest expense of $64,000 and interest
income of $15,000. No interest expense was incurred in H1 2008 as all outstanding debt converted into common shares upon the Company's IPO
in June 2007. H1 2008 includes a net loss of approximately $15,000 related to the sale of fixed income trading securities, net related
interest income. All capital held in trading securities was then reinvested in money market securities in H1 2008 and are reflected in other
current assets in the accompanying balance sheet.
BALANCE SHEET
Cash and cash equivalents
The Company had cash and cash equivalents of $1.1 million at 30 June 2008 compared with $9.3 million at 30 June 2007. The decrease in
cash and cash equivalents reflects the $8.7 million of cash and cash equivalents invested in fixed income trading securities subsequent to
30 June 2007.
Other current assets
The Company had other current assets of $7.1 million at 30 June 2008 compared with $4.0 million at 30 June 2007. At 30 June 2008 other
current assets consist primarily of investments of $5.9 million, inventory of $511,000 and deferred charges of $563,000. At 30 June 2007
other current assets consist primarily of investments of $4 million. The increase in investments reflects the $8.7 million invested in fixed
income trading securities subsequent to 30 June 2007 less investment proceeds used to fund operations. Deferred charges at 30 June 2008 are
costs incurred related to the Company's potential capital raise that is expected to occur during H2 2008.
Property and equipment, net
Property and equipment, net increased from $553,000 at 30 June 2007 to $670,000 at 30 June 2008. Of this net increase, $459,000 reflects
the purchase of tooling, machinery and equipment needed for research and development and production efforts. The remaining $94,000 of the
increase relates to the acquisition of furniture, fixtures and equipment for the leased space and increased headcount.
Intangible Assets, net
Intangible Assets, net of $507,000 (H1 2007: $384,000) is comprised primarily of capitalized patent costs of $132,000 (H1 2007:
$119,000) and capitalized license costs of $371,000 (H1 2007: $265,000), net of accumulated amortization of $44,000 (H1 2007: $21,000). The
increase over H1 2007 largely reflects a payment of $51,000 in cash and the grant of options to purchase up to 13,242 shares of common stock
to a licensor in accordance with the achievement of certain milestones. The fair market value of these options on the grant date was $41,000
and is a non-cash item.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses increased to $1.4 million in H1 2008 from $881,000 in H1 2007 largely due to outstanding amounts
relating to the potential capital raise, inventory and Ascendx* clinical trial costs.
Share capital
The Company had 8,430,720 USD$0.0001 ordinary shares issued and outstanding at 30 June 2008 (30 June 2007: 8,422,569).
STATEMENTS OF OPERATIONS
Unaudited Six months Unaudited Six months Audited Year ended
ended 30 June 2008 ended 30 June 2007 31 December 2007
Notes $'000 $'000 $'000
Revenues - - -
Cost of Sales - - -
Gross Profit - - -
Research and development 1,407 577 1,578
Operations 49 65 113
Sales and marketing 415 172 607
General and administrative 1,580 974 2,487
Total operating expenses 3,451 1,788 4,785
Operating loss (3,451) (1,788) (4,785)
Other income (expense) net (15) (49) 298
Net loss (3,466) (1,837) (4,487)
Basic and diluted loss per 2 (0.41) (0.32) (0.63)
share - dollars
Balance Sheets
Notes Unaudited Six months Unaudited Six months Audited Year ended
ended 30 June 2008 Ended 30 June 2007 31 December 2007
($'000) ($'000) ($'000)
ASSETS
Current assets:
Cash and cash equivalents 1 1,127 9,269 3,358
Other current assets 7,072 4,045 7,260
Total current assets 8,199 13,314 10,618
Property and equipment, net 670 117 539
Intangible assets, net 507 384 402
Other assets 32 18 31
Total Other Assets 1,209 519 972
TOTAL ASSETS 9,408 13,833 11,590
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable and accrued 1,376 881 765
expenses
Note payable - 1 -
Total current liabilities 1,376 882 765
Deferred rent 43 - 47
Total long-term liabilities 43 - 47
Stockholders' Equity:
Common stock 3 1 1 1
Additional paid-in capital 3 18,977 17,822 18,300
Deficit accumulated during 3 (10,989) (4,872) (7,523)
development stage
Total stockholders' equity 7,989 12,951 10,778
TOTAL LIABILITIES AND 9,408 13,833 11,590
STOCKHOLDERS' EQUITY
STATEMENTS OF CASH FLOWS
Unaudited Six months Unaudited Six months Audited year ended
ended 30 June ended 30 June 31 December
2008 2007 2007
$'000 $'000 $'000
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss (3,466) (1,837) (4,487)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Depreciation and 103 23 68
amortization
Loss on disposal of property 5 - 2
and equipment
Realized loss on investments 171 - -
Stock grants and options 547 180 436
Deferred compensation 88 6 251
Unrealized gain on - (3) (45)
investments
Changes in operating assets
and liabilities:
Investments 1,000 (4,000) (7,000)
Other receivables 47 - (57)
Inventory (511) - -
Prepaid expenses 44 (24) (141)
Other assets - (3) (15)
Accounts payable and accrued 384 799 683
expenses
Deferred rent (4) - 47
Net cash used in operating (1,592) (4,859) (10,258)
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Increase in intangible assets (77) (95) (125)
Purchase of property and (227) (84) (554)
equipment
Proceeds from disposition of - - 13
property and equipment
Net cash used in investing (304) (179) (666)
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Increase in deferred charges (335) - -
Repayment of convertible - (25) (25)
promissory note
Repayment of notes payable - (64) (66)
Issuance of stock - 13,439 13,416
Net cash provided by (used (335) 13,350 13,325
in) financing activities
NET INCREASE (DECREASE) IN (2,231) 8,312 2,401
CASH AND CASH EQUIVALENTS
Cash and cash equivalents, 3,358 957 957
beginning of period
CASH AND CASH EQUIVALENTS, END 1,127 9,269 3,358
OF PERIOD
Supplemental cash flow
information:
Cash paid during the year - 12 12
for interest
Supplemental disclosure of
non-cash activity:
Issuance of stock options 41 452 452
and warrants
Deferred charges unpaid at 229 - -
end of period
Conversion of convertible
promissory notes and related
accrued
interest to common shares - 1,543 1,543
upon IPO
NOTES TO THE UNAUDITED INTERIM RESULTS
1. BASIS OF PREPARATION
The interim financial information has been prepared on the basis of the accounting policies set out in the Company's audited financial
statements for the year ended 31 December 2007.
Results for the periods ended 30 June 2008 and 30 June 2007 have not been audited. The results for the period ended 31 December 2007
have been extracted from the audited financial statements.
Copies of the interim results for the six months ended 30 June 2008 can be found on the Company's website at www.aoimedical.net.
Cash and Cash Equivalents
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash
equivalents.
Inventory
Inventory is stated at the lower of cost or market. The Company uses the average cost method of determining cost for its inventory.
Deferred Charges
Deferred charges represent costs incurred directly related to a capital raise, which would be offset against any proceeds raised.
Property and Equipment
Property and equipment are stated at cost. Depreciation and amortization are computed on a straight-line basis over the estimated useful
lives of the related assets, ranging from two to seven years. Amortization of leasehold improvements is estimated on a straight-line basis
over the estimated lives of the related asset or applicable lease term, if shorter. Repairs and maintenance are charged to operations as
incurred, while significant improvements are capitalized. Long-lived assets held and used by the Company are reviewed for impairment
whenever changes in circumstances indicate the carrying value of an asset may not be recoverable.
Research and Development
Expenditures for research and development are expensed as incurred.
Intangible Assets
Intangible assets consist of capitalized patent costs and capitalized license costs, net of accumulated amortization.
Patent costs include legal costs incurred for various patent applications and filing fees. Once the patent is granted, the Company will
amortize the capitalized patent costs over the remaining life of the patent using the straight-line method. If the patent is not granted,
the Company will write-off any capitalized patent cost at that time.
License costs include payments to the licensor and legal costs incurred to obtain certain license agreements. Costs to obtain the
licenses are capitalized as incurred per the license agreements. The Company amortizes capitalized license costs over the estimated useful
life of the licenses.
The Company records the acquisition and amortization of patents and license fees in accordance with Statement of Financial Accounting
Standards ("SFAS") No. 142, "Goodwill and other Intangible Assets". The Company reviews patents and license fees for impairment in
accordance with SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets". Internal and external facts and
circumstances are considered for indication of the ability to recover the carrying value of the unamortized patent costs and license fees.
Investments
Investments include trading securities. Such investments are carried at fair value. Unrealized gains and losses are charged to
operations and the investment is carried at its new cost basis.
Fair Values of Financial Instruments
The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:
Cash and cash equivalents and accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets approximate
fair values because of the short maturities of those instruments.
Revenue Recognition
The Company will recognize revenue upon shipment to distributors or customers as title to such product transfers and collectibility is
deemed probable. During the six months ended June 30, 2008, surgical procedures were completed on the first three patients as part of the
Food and Drug Administration approved clinical study for AscendxTM. Gross Sales of approximately $7,500 related to these surgical procedures
will be recognized when collectibility is reasonably assured per Staff Accounting Bulletin No. 104, Revenue Recognition.
Income Taxes
Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently
payable plus deferred taxes related primarily to tax loss carryforwards. Any applicable deferred tax assets and liabilities represent the
future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are
recovered or settled.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
Stock-Based Compensation
The Company follows SFAS No. 123R, Share Based Payment, for stock-based compensation, which establishes a fair value based method of
accounting for such stock-based compensation. Stock-based compensation cost is measured at the grant date based on the fair value of the
award, taking into consideration estimated forfeitures, and is recognized as compensation expense over the vesting period. The Company
provides the disclosure requirements of SFAS No. 123, Accounting for Stock-Based Compensation, and SFAS No. 148, Accounting for Stock-Based
Compensation - Transition and Disclosure, and Amendment of FAS No.123, for employee arrangements. Stock-based awards to non-employees are
accounted for under SFAS 123, related amendments and related interpretations.
Recent Accounting Pronouncements
In June 2006 the Financial Accounting Standards Board issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an
Interpretation of SFAS No. 109, Accounting for Income Taxes ("FIN 48"), to create a single model to address accounting for uncertainty in
tax positions. FIN 48 clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is
required to meet before being recognized in the financial statements. FIN 48 also provides guidance on derecognition, measurement,
classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company adopted FIN 48 as of January
1, 2008, as required. The adoption of FIN 48 has not had a material effect on the Company's financial position, results of operations, or
cash flows.
2. LOSS PER SHARE
The Company computes loss per share in accordance with SFAS No. 128, Earnings per Share. SFAS No. 128 provides for the calculation of
basic and diluted earnings per share. Basic earnings per share includes no dilution and is computed by dividing income available to common
stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential
dilution of securities that could share in the earnings of the Company. The impact of stock options was anti-dilutive, therefore basic and
diluted net loss per share are the same. All options, warrants and convertible debt were excluded for the periods ended June 30, 2008 and
2007 and the year ended December 31, 2007.
Unaudited six months Unaudited six months Audited year ended 31
ended 30 June 2008 ended 30 June 2007 December 2007
Loss attributable to common (3,466) (1,837) (4,487)
shareholders
Weighted average number of 8,431 5,802 7,127
common shares
Basic and diluted loss per $(0.41) $(0.32) $(0.63)
share
3 RECONCILIATION OF CHANGES IN STOCKHOLDERS' EQUITY
Common Shares Additional Paid-in Accumulated Deficit Total
($'000) Capital ($'000)
($'000) ($'000)
Balance 31 December 2007 1 18,300 (7,523) 10,778
Issuance of stock options - 589 - 589
Deferred compensation - 88 - 88
Net loss - - (3,466) (3,466)
Balance 30 June 2008 1 18,977 (10,989) 7,989
4. STOCK BASED COMPENSATION
During H1 2008, the Company granted options to purchase 35,000 shares of common stock to employees and consultants at option prices
ranging from $4.34 to $4.55 per share. These options vest 25% per year from the grant date and have a five year life.
During H1 2008, the Company granted options to purchase 13,242 shares of common stock to a certain licensor, pursuant to a license
agreement, at an option price of $4.51 per share. These options were fully vested upon issuance, have a ten year life, and the fair value of
$41,060 was recorded in intangible assets and additional paid-in capital.
The following table summarizes the stock option activity during the six months ended 30 June 2008:
Number of Options Weighted Average
Exercise Price
Outstanding at December 31, 2007 502,917 $ 4.64
Granted 48,242 $ 4.47
Forfeited (17,000) $ 5.10
Outstanding at June 30, 2008 534,159 $ 4.61
Exercisable at June 30, 2008 276,514 $ 3.46
The following table shows total stock-based compensation expense for the six months ended 30 June:
2008 2007
Research and development $ 205,818 $ 100,309
Sales and marketing 12,066 66,587
General and administrative 329,498 13,356
$ 547,382 $ 180,252
The options outstanding and exercisable at 30 June 2008 are as follows:
Options Outstanding
Range of Exercise Prices Number outstanding Weighted Average Weighted Average Aggregate Intrinsic
Remaining Expected Exercise Price Value
Life in Years
$0.01 - $3.45 155,000 3.1 $ 1.23 $ 520,550
$4.04 - $5.99 150,242 4.3 4.99 7,712
$6.04 - $6.75 222,611 4.6 6.63 -
$7.05 - $7.07 6,306 4.1 7.07 -
534,159 4.1 $ 4.61 $ 528,262
Options Exercisable
Range of Exercise Prices Options Exercisable Weighted Average Aggregate Intrinsic
Exercise Price Value
$0.01 - $3.45 155,000 $ 1.23 $ 520,550
$4.04 - $5.99 33,242 5.32 132
$6.04 - $6.75 81,966 6.63 -
$7.05 - $7.07 6,306 7.07 -
276,514 $ 3.46 $ 520,682
The fair value of the options issued during the six months ended 30 June 2008 using the Black Scholes Options Pricing Model was
determined to be $134,847, using a weighted average forfeiture rate of 3.6%. At 30 June 2008, approximately $457,000 of deferred
compensation expense remained to be expensed over a weighted average period of 2.7 years.
The following weighted average assumptions were used to determine the fair value of the stock options issued during the six months ended
30 June 2008:
Risk free interest rate 3.61%
Expected life of options 4.09 years
Expected dividends 0%
Volatility 83%
This information is provided by RNS
The company news service from the London Stock Exchange
END
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