NPH Neuropharm

|                                             |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
| Adjustments for:                            |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
| Amortisation of intangible assets           |       - |       2 |       2 | 
+---------------------------------------------+---------+---------+---------+ 
| Impairment of intangibles assets            |       - |      40 |      40 | 
+---------------------------------------------+---------+---------+---------+ 
| Depreciation of property, plant and         |       5 |      21 |      28 | 
| equipment                                   |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
| Impairment of property, plant and equipment |       - |     149 |     149 | 
+---------------------------------------------+---------+---------+---------+ 
| Share option expense                        |      91 |     308 |     450 | 
+---------------------------------------------+---------+---------+---------+ 
|                                             |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
| Operating cash flows before movements in    | (1,149) | (3,993) | (6,966) | 
| working capital                             |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
|                                             |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
| Decrease in receivables                     |      13 |     342 |     446 | 
+---------------------------------------------+---------+---------+---------+ 
| Decrease in payables                        |   (343) |   (233) |   (875) | 
+---------------------------------------------+---------+---------+---------+ 
| Increase in valuation of derivative         |       - |   (148) |       2 | 
| financial investments                       |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
|                                             |         |         |         | 
+---------------------------------------------+---------+---------+---------+ 
| Net cash used in operations                 | (1,479) | (4,032) | (7,393) | 
+---------------------------------------------+---------+---------+---------+ 
 
Cash and cash equivalents (which are presented as a single class of assets on 
the face of the balance sheet) comprise cash at bank and other short-term highly 
liquid investments with a maturity of three months or less. 
 
 
Independent review report to Neuropharm Group plc 
 
We have been engaged by the company to review the condensed set of financial 
statements in the half-yearly financial report for the six months ended 31 
December 2009 which comprises the consolidated income statement, the 
consolidated statement of changes in equity, the consolidated balance sheet, the 
consolidated cash flow statement and related notes 1 to 8. We have read the 
other information contained in the half-yearly financial report and considered 
whether it contains any apparent misstatements or material inconsistencies with 
the information in the condensed set of financial statements. 
This report is made solely to the company in accordance with International 
Standard on Review Engagements 2410 issued by the Auditing Practices Board.  Our 
work has been undertaken so that we might state to the company those matters we 
are required to state to them in an independent review report and for no other 
purpose. To the fullest extent permitted by law, we do not accept or assume 
responsibility to anyone other than the company, for our review work, for this 
report, or for the conclusions we have formed. 
Directors' responsibilities 
The half-yearly financial report is the responsibility of, and has been approved 
by, the directors.  The directors are responsible for preparing the half-yearly 
financial report in accordance with the AIM Rules of the London Stock Exchange 
As disclosed in note 2, the annual financial statements of the group are 
prepared in accordance with IFRS as adopted by the European Union.  The 
condensed set of financial statements included in this half-yearly financial 
report have been prepared in accordance with the accounting policies the group 
intends to use in preparing its next annual financial statements. 
Our responsibility 
Our responsibility is to express to the Company a conclusion on the condensed 
set of financial statements in the half-yearly financial report based on our 
review. 
Scope of Review 
We conducted our review in accordance with International Standard on Review 
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information 
Performed by the Independent Auditor of the Entity" issued by the Auditing 
Practices Board for use in the United Kingdom. A review of interim financial 
information consists of making inquiries, primarily of persons responsible for 
financial and accounting matters, and applying analytical and other review 
procedures. A review is substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing (UK and Ireland) and 
consequently does not enable us to obtain assurance that we would become aware 
of all significant matters that might be identified in an audit. Accordingly, we 
do not express an audit opinion. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe 
that the condensed set of financial statements in the half-yearly financial 
report for the six months ended 31 December 2009 is not prepared, in all 
material respects, in accordance with the AIM Rules of the London Stock 
Exchange. 
Emphasis of matter - going concern 
Without qualifying our conclusion, we draw attention to the disclosures made 
under the heading "Going concern" in note 2 of the condensed financial 
statements which state, inter alia, that the Board has resolved to explore a 
return of cash to shareholders.  If this return of cash were to be achieved by 
way of a Members Voluntary Liquidation ("MVL") then the going concern basis of 
preparation would no longer be appropriate.  Therefore, whilst the Directors are 
satisfied that there is sufficient discretion and control as to the timing and 
quantum of cash outflows to ensure that the Group is able to meet its 
liabilities as they fall due for at least the next 12 months, the possibility of 
entering into a MVL indicates the existence of a material uncertainty which may 
cast significant doubt about the Group's ability to continue as a going concern. 
The interim report does not include the adjustments that would result if the 
Group's condensed financial statements were prepared on a basis other than going 
concern as it is not practicable to determine or quantify them. 
 
 
Deloitte LLP 
Chartered Accountants and Statutory Auditors 
Cambridge, United Kingdom 
22 March 2010 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR LLLLLBXFFBBF 
 

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