Ovoca Bio PLC Interim Results (2268C)
28 September 2018 - 4:00PM
UK Regulatory
TIDMOVB
RNS Number : 2268C
Ovoca Bio PLC
28 September 2018
Ovoca Bio plc ("Ovoca" or the "Company")
2018 Interim Results
Ovoca is pleased to announce its interim financial statements
and report covering the six-month period from 1 January 2018 to 30
June 2018.
Please click on the following link to view the full Half Year
Report:
http://www.rns-pdf.londonstockexchange.com/rns/2268C_1-2018-9-27.pdf
Highlights:
-- Cash and cash equivalents and equity investments at fair
value of EUR17.0 million as at 30 June 2018;
-- Total comprehensive loss for the six-month period of EUR4.3 million;
-- Dividend income received during the period of EUR0.3 million
from our holding of Polymetal International Plc shares;
-- Corporate changes to Company's: Direction, Name and the Board composition;
-- Fundamental change of business through the acquisition of the
controlling stake in the biotech company IVIX.
CEO's statement
Dear shareholders, it is my pleasure to report to you the
interim results for 2018.
It is an exciting time for our Company. In July, we agreed to
acquire up to 59.9% of IVIX LLC for a cash consideration of
approximately $6.2 million.
IVIX was formed in 2012 and since that time has sought to
develop and subsequently commercialise a proprietary drug
candidate, BP101 (known as "Libicore"), for the treatment of female
sexual dysfunctions. The development of a promising drug candidate,
backed by strong intellectual property, to target an attractive
market segment is an opportunity that has the potential to generate
significant returns for Shareholders.
The Board is focused on the continued development of Libicore
and completing the Phase 3 clinical trials in Russia. We are
looking forward to the results that we expect to receive by Q2
2019.
Of course, the change in direction of the Company triggered the
necessity to change the Board composition. I would like to take
this opportunity and to thank Mr. Donald Schissel and Mr. Kenneth
Kuchling for their long-term support and their productive service
on the Board. Their professional input helped us in successful
development of the Olcha and Stakhanovsky projects. On behalf of
the Company I would like to wish them the very best in their future
endeavors.
I would also like to welcome Mr. Nikolay Myasoedov, Mr.
Christopher Wiltshire and Mr. Romulo Colindres who joined the Board
of the Company. I strongly believe that with their background,
knowledge and expertise we have all the chances to build up new
success story in biotech sector with our promising project
IVIX.
As we announced recently the Company successfully completed the
Transaction and acquired the controlling stake in IVIX. Our focus
now will be concentrated on IVIX's Phase 3 clinical trials in
Russia, preparation for the start of the clinical trials in EU and
US, and on the smooth completion of the corporate changes in Ovoca
Bio Plc.
The geopolitical situation continues to raise volatility with
the stock of the Russia oriented companies. Despite continuing good
operational and financial results, regular dividends flow, the
stock price of Polymetal International Plc. dropped and as a
result, we have to recognize the comprehensive loss for the
six-month period of EUR4.3 million. In accordance with our
strategic plan there is no need for us to sell our holdings in
Polymetal in the nearest future as we have enough cash for our
operations.
In conclusion, I would like to stress that Ovoca Bio Plc. has an
attractive project with a clear development plan, a solid capital
position and an experienced team. The Board is focused on creating
value for our shareholders through the successful development of
IVIX.
Sincerely,
Kirill Golovanov
CEO
Enquiries:
Ovoca Bio plc
Kirill Golovanov, Chief Executive Tel: + 7 495 916 6029
Officer
Davy - NOMAD, ESM Adviser and Tel: +353 (1) 679 6363
Broker
John Frain / Daragh O'Reilly
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END
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