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RNS Number : 6213Z
4d Pharma PLC
21 May 2019
 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

 

21 MAY 2019

 

4D PHARMA PLC

("4D", the "Company" or, together with its subsidiaries, the "Group")

 

Final Results for the year ended 31 December 2018

 

4D pharma plc (AIM: DDDD), a pharmaceutical company focusing on the development of live biotherapeutics, is pleased to announce the final results for the Group for the year ended 31 December 2018.

 

Financial highlights for the year:
 

·      Net assets of £45.8 million (2017: £69.8 million)

·      Cash and cash equivalents (including cash on deposit) of £26.2 million (2017: £50.0 million)

·      Total comprehensive loss after tax of £24.3 million (2017: £19.4 million)

·      Adjusted loss per share of 36.17 pence (2017: 26.08 pence)

·      Basic and diluted loss per share of 36.17 pence (2017: 31.41 pence)

Operational highlights for the year:

Oncology:

·      Clinical collaboration with Merck & Co., Inc. to evaluate MRx0518 in combination with Keytruda® (pembrolizumab)

·      Partnership with University of Texas MD Anderson Cancer Center to evaluate our oncology candidates in various cancer settings

·      Progression of lead oncology candidate, MRx0518, into Phase I/II clinical studies

Phase I/II combination study with KEYTRUDA® (pembrolizumab) in solid tumours

Phase I monotherapy study of MRx0518 for solid tumours in a neoadjuvant setting

Gastrointestinal disease:

·      Initiation of Phase II clinical study of Blautix® in Irritable Bowel Syndrome

·      Successful completion of Phase Ib Thetanix® study in paediatric Crohn's disease

Respiratory disease:

·      Regulatory progress for a Phase I/II study in asthma, expected to commence in coming months

Research:

·      Progression in identifying the efficacy and mechanism of our core focus Live Biotherapeutics leading to significant publications

·      Identification of two lead candidates for Parkinson's disease via the MicroRx® platform

·      Increased intellectual property portfolio with 56 patent families and over 400 patents granted

 

 

David Norwood, Chairman of 4D pharma, commented "I am pleased to be able to announce the Group's final results for the year ended 31 December 2018. The year has seen significant progress towards our goal of producing Live Biotherapeutics as safe and effective therapies. I would like to thank everyone in the Group for their contribution to the progress we have made in 2018."

 

Duncan Peyton, Chief Executive Officer, commented "2018 has been an exciting year for us with a number of clinical and research goals achieved. I look forward to the coming year as we prepare for clinical readouts that could revolutionise our quest to make microbiome medicines a reality for patients. "

 

The Annual Report, together with a notice of the Company's Annual General Meeting, will be posted to shareholders and made available on the Company's website, www.4dpharmaplc.com, by 28 May 2019. The Annual General Meeting will be held on Thursday 20 June 2019 at 10 a.m. in the Chicago Room, Sofitel, Terminal 5, Wentworth Drive, London Heathrow Airport, Hounslow TW6 2GD.

 

 

For further information please contact:

 

4D

 

Duncan Peyton, Chief Executive Officer

+ 44 (0) 113 895 0130

Fay Weston, Head of Investor Relations

+ 44 (0)7990 381713

 

 

Zeus Capital Limited - Nomad and Joint Broker

Dan Bate/Jordan Warburton

+44 (0) 161 831 1512

Dominic King

 

+44 (0) 20 3829 5000

 

 

Bryan, Garnier & Co. Limited - Joint Broker

+44 (0) 20 7332 2500

Dominic Wilson

Phil Walker

 

Information on 4D

www.4dpharmaplc.com

 

Chairman's Statement

David Norwood, Non-executive Chairman

 

Performance

Since our last report, 4D has made significant progress taking its Live Biotherapeutic products through the clinic in oncology, gastrointestinal and respiratory disease. We now have four products in clinical development with two studies ongoing in oncology, two in gastrointestinal disease and another in respiratory disease. The speed at which 4D has been able to enter clinical development is a reflection of the reduced preclinical work necessary to take singlestrain Live Biotherapeutics into the clinic.

As we move forward, our key goal is to deliver meaningful clinical data to support the use of Live Biotherapeutics across multiple indications in oncology, gastrointestinal, respiratory and central nervous system diseases. We believe that through our ongoing programme of clinical trials, we are well positioned to achieve this.

Our research teams continue to further the understanding, both of our programmes and their mechanisms, and of the microbiome generally. Meanwhile our increasing intellectual property estate helps secure our leading position in the field.

Our culture

The success of 4D is based on close collaboration between the teams involved in all aspects of the business from discovery to manufacturing and beyond. We could not have achieved what we have without the continued support of our staff throughout our sites in Europe and those involved in our wider collaborations. I would like to thank them all for their contribution to the progress we have made in 2018.

Board and governance

We were delighted to appoint Ed Baracchini, PhD, and Professor Axel Glasmacher, MD, as independent NonExecutive Directors in January 2019. We are already seeing benefits from their advice in terms of commercial and clinical development.

The Board is committed to maintaining high standards of governance, both at Board level and operationally throughout the business. The Group's Corporate Governance Statement will be published in the Annual Report.

Outlook

2018 has been an exciting year for 4D with numerous clinical goals achieved. I look forward to the coming year and beyond with great anticipation as we prepare for clinical readouts that could revolutionise our quest to make microbiome medicines a reality for patients.

David Norwood

Non-Executive Chairman

20 May 2019

 

Chief Executive Officer's Report

Duncan Peyton, Chief Executive Officer

 

Building towards our goal of delivering Live Biotherapeutics to the market, 2018 has been an important year for 4D.

We continue to focus our attention on our oncology portfolio and expand our footprint in the US, having struck partnerships with Merck & Co., Inc. (known as MSD outside the United States and Canada) and MD Anderson Cancer Center to develop our Live Biotherapeutics in the field of oncology. Our collaboration with Merck & Co. advances the clinical development of MRx0518, combining it with the world-leading oncology product, whilst also providing further validation of our capabilities. Our strategic collaboration with MD Anderson Cancer Center will provide a long-term platform to evaluate our Live Biotherapeutics across a range of clinical cancer settings with some of the world's leading clinicians in this field.

We have maintained our clinical and regulatory progress throughout the year. Having received regulatory clearance from the FDA, MHRA and HPRA in November 2018 we commenced a large Phase II study of Blautix® in patients with IBS, further demonstrating our commitment to generating the robust clinical data required to support the approval of our products. This is not only an important trial for 4D but also for the microbiome medicine space being the largest trial in the space and is designed to deliver statistically significant data.

Research

We have always believed in the importance of understanding the mechanism and identifying the effector molecules of our products in the same way that is done with more traditional drug candidates. The continued effort by our research teams has generated further data supporting our functionality approach helping 4D define the field and identify novel ways forward. This not only gives us a leading edge in the field but also translates into more straightforward interactions with clinicians, regulators and the broader pharmaceutical industry.

Over the past twelve months the Group has continued work on expanding the use of the MicroRx® platform to further understand the mechanism of action of the Live Biotherapeutic Products in the product pipeline. This has led to the successful publication of a number of papers in peer-reviewed scientific journals. The insights provided are proving vital to decisions about the optimal clinical pathway for our products and in ongoing discussions with regulatory bodies and potential collaborators.

The expansion of MicroRx® has also allowed 4D to explore business development opportunities beyond the core focus programmes in oncology, gastrointestinal disease, respiratory disease and CNS disease and we anticipate that this will lead to further partnering opportunities in the coming year.

Oncology

We were delighted to announce our agreement with Merck & Co. in June to conduct a clinical study evaluating the combination of Keytruda® (pembrolizumab), an anti-PD-1 therapy, and MRx0518 in patients with solid tumours. The Phase I/II study is evaluating safety, tolerability and anti-tumour effect in patients with advanced cancers who have progressed on prior anti-PD-1 therapy. The study opened in early January and recruitment is ongoing at the MD Anderson Cancer Center where the study is taking place.

A second clinical study, a randomised, placebo-controlled Phase Ib study of MRx0518 as a monotherapy in a neoadjuvant setting for patients due to undergo surgery as a first treatment for solid tumours, is also ongoing. This study is taking place in the UK at Imperial College London and will assess the safety, tolerability and anti-cancer effects of MRx0518. These patients will receive MRx0518 as a neoadjuvant for two to four weeks prior to surgery. As participants will be treatment naïve, the study allows an unambiguous assessment of the anti-tumour immunological effects of MRx0518 in a clinical setting.

Throughout the year we have continued our work identifying the mechanism of action of our lead candidate, MRx0518. We published a key paper in January 2019, which outlines the role of the bacterial flagellin in stimulating the immune system.

In light of the focus on oncology, 4D has sought to engage with the best partners in the field as we progress our programmes through the clinic. In January 2018 we formally announced our strategic collaboration with the University of Texas MD Anderson Cancer Center which we have been working with through 2018. The alliance brings together MD Anderson's translational medicine and clinical research capabilities with 4D's expertise in the discovery and development of Live Biotherapeutics ("LBPs"). The collaboration will evaluate our LBP oncology pipeline across a range of cancer settings, including pancreatic cancer with a near-term focus on MRx0518.

Gastrointestinal disease

Our lead product in gastrointestinal disease, Blautix®, for IBS has made significant progress. We secured regulatory approvals in both the US and EU to commence our Phase II study of Blautix® in moderate to severe constipation-predominant IBS and diarrhoea-predominant IBS. This Phase II randomised, double-blind, placebo-controlled, multicentre study is now enrolling and will recruit up to 500 participants at sites across the US and EU. We believe that this study represents the largest clinical trial of a Live Biotherapeutic to date. It should be noted that the primary endpoint, overall response rate, is an FDA-approved endpoint for the registration of new IBS products.

During 2018 we also completed the Phase Ib study of Thetanix®, our product for Crohn's disease. This study in paediatric patients successfully met the primary outcomes of safety and tolerability and demonstrated results that match to the preclinical data.

Building on the data from the Phase I study we have been consulting with leading figures in the field and it has become clear that the need for a safe and effective solution in the paediatric population is growing in importance.

Respiratory disease

We have significantly advanced our asthma programme this year and received regulatory approval for our Phase I/II placebo-controlled study in poorly controlled asthma from the UK's MHRA in December. This study will primarily evaluate the safety and tolerability of MRx-4DP0004 in combination with existing maintenance therapy and has a range of secondary endpoints designed to evaluate efficacy. Further regulatory submissions are ongoing in the EU and US and we anticipate commencing the study in these territories shortly.

As with all our LBP programmes we have also focussed on furthering understanding the function and potential mechanism of our candidate. To this end in August we published a paper demonstrating the activity of MRx-4DP0004 in preclinical models of severe asthma. MRX-4DP0004 protects against airway inflammation by reducing both neutrophilic and eosinophilic infiltration concurrently as this is something that is not achievable with current therapies. This gives us further confidence that 4D has the capabilities to develop novel therapies for complex diseases.

Intellectual property

Since its inception, 4D has sought to establish a sector-leading IP portfolio robustly protecting its candidate therapies. By implementing an aggressive approach to securing patent protection, supported by first class science, 4D now has the largest and most comprehensive IP portfolio in the Live Biotherapeutics space with over 400 granted patents across over 50 patent families. Statutory exclusions to the patentability of naturally occurring matter, perceived by some to preclude meaningful patent protection for LBPs, have not constituted a barrier to 4D. All candidates in clinical development are protected by granted patents in the US, Europe and Japan with pending applications in all other significant jurisdictions.

Financial summary

In the year to December 2018, our cash and cash equivalents and short-term deposits reduced from £50.0 million to £26.2 million, with a loss before tax of £28.4 million (compared with £24.0 million in the year to December 2017). Our claim for research and development tax credit was £4.7 million (compared with £3.5 million in the year to December 2017).

Our cash burn for the year was in line with expectation, reflecting the increased costs of taking existing and new clinical programmes forward and preparing for upcoming Phase I and II trials.

The Group continues to manage its cash deposits prudently and invests its funds across a number of financial institutions which have investment grade credit ratings. The Board has continued to operate a robust set of financial controls including rolling short-term and long-term forecasts to assist in the control and prioritisation of resources.

The Directors estimate that the cash held by the Group together with known receivables will be sufficient to support the current level of activities into the fourth quarter of 2019. The Directors are continuing to explore sources of finance available to the Group and have a reasonable expectation that they will be able to secure sufficient cash inflows into the Group to continue its activities for not less than twelve months from the date of approval of these accounts. They have therefore prepared the financial statements on a going concern basis.

Because the additional finance is not committed at the date of approval of these financial statements, these circumstances represent an uncertainty as to the Group's ability to continue as a going concern.

Should the Group be unable to obtain further finance such that the going concern basis of preparation was no longer appropriate, adjustments would be required including to reduce the carrying value of assets to their recoverable amounts, and to provide for future liabilities that may arise.

Outlook

Throughout 2018, 4D made significant progress towards its goal of producing Live Biotherapeutics as safe and effective therapies. 4D, at the forefront of this revolutionary field, is well positioned to deliver positive clinical results to establish confidence in the potential of this new class of medicines. Over the next 12 to 24 months, the Group will lead the way in generating robust clinical data to support the use of this new class of drugs across indications including oncology, gastrointestinal and respiratory disease. Our research programme and the progression of the MicroRx® platform continue to advance our understanding as we continue developing our novel Live Biotherapeutics at the forefront of this revolutionary field.

Duncan Peyton

Chief Executive Officer

20 May 2019

 

Group Statement of Total Comprehensive Income

For the year ended 31 December 2018

 

 

 

31 December

31

December

 

 

2018

2017

 

Notes

£000

£000

Research and development costs

 

(24,908)

(16,911)

Administrative expenses

 

(4,212)

(3,529)

Foreign currency gains/(losses)

 

749

(431)

Operating loss before non-recurring costs

 

(28,371)

(20,871)

Non-recurring costs

3

-

(3,474)

Operating loss after non-recurring costs

 

(28,371)

(24,345)

Finance income

 

282

482

Finance expense

 

(348)

(123)

Loss before taxation

 

(28,437)

(23,986)

Taxation

 

4,747

3,541

Loss for the year

 

(23,690)

(20,445)

Other comprehensive income

 

 

 

Exchange differences on translating foreign operations

 

(601)

1,057

Loss for the year and total comprehensive income for the year

 

(24,291)

(19,388)

Loss per share

 

 

 

Basic and diluted for the year

4

(36.17)p

(31.41)p

 

The basic and diluted loss per share are the same as the effect of share options is anti-dilutive.

 

Group Statement of Financial Position

At 31 December 2018

Registered no. 08840579

 

 

 

At

At

 

 

31 December

31 December

 

 

2018

2017

 

 

£000

£000

Assets

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

 

4,865

5,211

Intangible assets

 

14,445

14,674

Taxation receivables

 

137

56

 

 

19,447

19,941

Current assets

 

 

 

Inventories

 

290

253

Trade and other receivables

 

1,248

3,238

Taxation receivables

 

5,393

4,308

Short-term investments and cash on deposit

 

10,174

38,133

Cash and cash equivalents

 

16,053

11,865

 

 

33,158

57,797

Total assets

 

52,605

77,738

Liabilities

 

 

 

Current liabilities

 

 

 

Trade and other payables

 

5,177

4,982

 

 

5,177

4,982

Non-current liabilities

 

 

 

Deferred tax

 

966

965

Other payables

 

699

2,005

 

 

1,665

2,970

Total liabilities

 

6,842

7,952

Net assets

 

45,763

69,786

Capital and reserves

 

 

 

Share capital

 

164

164

Share premium

 

108,296

108,296

Merger reserve

 

958

958

Translation reserve

 

67

668

Other reserve

 

(864)

(864)

Share-based payments reserve

 

708

440

Retained earnings

 

(63,566)

(39,876)

Total equity

 

45,763

69,786

 

Group Statement of Changes in Equity

For the year ended 31 December 2018

 

 

 

 

 

 

 

Share-based

 

 

 

Share

Share

Merger

Translation

Other

payment

Retained

Total

 

capital

premium

reserve

reserve

reserve

reserve

earnings

equity

 

£000

£000

£000

£000

£000

£000

£000

£000

At 1 January 2017

162

105,909

958

(389)

(864)

138

(19,431)

86,483

Issue of share capital (net of expenses)

2

2,387

-

-

-

-

-

2,389

Total transactions with owners recognised in equity for the year

2

2,387

-

-

-

-

-

2,389

Loss and total comprehensive income
for the year

-

-

-

1,057

-

-

(20,445)

(19,388)

Share-based compensation

-

-

-

-

-

302

-

302

At 31 December 2017

164

108,296

958

668

(864)

440

(39,876)

69,786

Total transactions with owners recognised in equity for the year

-

-

-

-

-

-

-

-

Loss and total comprehensive income
for the year

-

-

-

(601)

-

-

(23,690)

(24,291)

 

 

 

 

 

 

 

 

 

Share-based compensation

-

-

-

-

-

268

-

268

At 31 December 2018

164

108,296

958

67

(864)

708

(63,566)

45,763

 

Group Cash Flow Statement

For the year ended 31 December 2018

 

 

 

31 December

31 December

 

 

2018

2017

 

 

£000

£000

Loss after taxation

 

(23,690)

(20,445)

Adjustments for:

 

 

 

Depreciation of property, plant and equipment

 

905

730

Amortisation of intangible assets

 

296

252

Loss on disposal of property, plant and equipment

 

1

79

Finance income

 

(282)

(482)

Finance expense

 

348

123

Share-based commitment

 

-

3,474

Share-based compensation

 

268

302

Cash flows from operations before movements in working capital

 

(22,154)

(15,967)

Changes in working capital:

 

 

 

Increase in inventories

 

(37)

(15)

Decrease/(increase) in trade and other receivables

 

1,894

(588)

Increase in taxation receivables

 

(1,166)

(1,009)

(Decrease)/increase in trade and other payables

 

(1,474)

389

Cash outflow from operating activities

 

(22,937)

(17,190)

Cash flows from investing activities

 

 

 

Purchases of property, plant and equipment

 

(537)

(1,885)

Purchases of software and other intangibles

 

(4)

(194)

Acquisition of subsidiaries net of cash acquired

 

(660)

-

Interest received

 

378

509

Monies drawn from deposit

 

27,959

1,978

Net cash inflow from investing activities

 

27,136

408

Cash flows from financing activities

 

 

 

Hire purchase payments

 

(10)

(14)

Interest paid

 

(1)

-

Net cash inflow from financing activities

 

(11)

(14)

Increase/(decrease) in cash and cash equivalents

 

4,188

(16,796)

Cash and cash equivalents at the start of the year

 

11,865

28,661

Cash and cash equivalents at the end of the year

 

16,053

11,865

 

The cash outflow of £660,000 in respect of the acquisition of subsidiaries net of cash acquired relates to the investment by the Group in 4D Pharma Leon S.L.U. in 2016. The outflow in the current reporting period represents the final instrument of deferred consideration concerning successful GMP certification attained during the previous reporting period.

 

Notes to the Financial Information

For the year ended 31 December 2018

 

1. Basis of preparation

The financial information set out herein does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2018 has been extracted from the Company's audited financial statements which were approved by the Board of Directors on 20 May 2019 and which, if adopted by the members at the Annual General Meeting, will be delivered to the Registrar of Companies for England and Wales.

The financial information for the year ended 31 December 2017 has been extracted from the Company's audited financial statements which were approved by the Board of Directors on 20 April 2018 and which have been delivered to the Registrar of Companies for England and Wales.

The figures for the year ended 31 December 2017 have been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies for England and Wales.

The report of the auditor on these financial statements was unqualified, did not contain a statement under Section 498(2) or Section 498(3) of the Companies Act 2006, and did not include a matter to which the auditors drew attention by way of emphasis without qualifying their report.

 

The report of the auditor on the 31 December 2018 financial statements was unqualified, did not contain a statement under Section 498(2) or Section 498(3) of the Companies Act 2006 but did include a matter to which the auditors drew attention by way of emphasis without qualifying their report relating to the basis of preparation which is reproduced below:

 

'Material uncertainty related to going concern

We draw attention to the accounting policy on going concern on page 39 of the financial statements, which indicates that the cash flow forecast prepared by the directors estimate that the Group has sufficient funds to support the current level of activities to the final quarter of 2019 and therefore needs to raise additional funds. As stated in the accounting policy on going concern, these events or conditions, along with the other matters as set forth on page 27 indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.'

 

The information included in this preliminary announcement has been prepared on a going concern basis under the historical cost convention, and in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the International Financial Reporting Interpretations Committee (IFRIC) interpretations issued by the International Accounting Standards Board ("IASB") that are effective or issued and early adopted as at the date of this financial information and in accordance with the provisions of the Companies Act 2006.

The information in this preliminary statement has been extracted from the audited financial statements for the year ended 30 September 2018 and as such, does not contain all the information required to be disclosed in the financial statements prepared in accordance with the International Financial Reporting Standards ('IFRS').

The Company is a public limited company incorporated and domiciled in England & Wales and whose shares are quoted on AIM, a market operated by The London Stock Exchange. The Company is incorporated in England and Wales. The registered office is 9 Bond Court, Leeds LS1 2JZ.

2. Going concern

The Group and parent company are subject to a number of risks similar to those of other development stage pharmaceutical companies. These risks include, amongst others, generation of revenues in due course from the development portfolio and risks associated with research, development and obtaining regulatory approvals of its products. Ultimately, the attainment of profitable operations is dependent on future uncertain events which include obtaining adequate financing to fulfil the Group's commercial and development activities and generating a level of revenue to support the Group's cost structure.

 

The Directors have prepared detailed financial forecasts and cash flows looking beyond twelve months from the date of the approval of these financial statements. In developing these forecasts, the Directors have made assumptions based upon their view of the current and future economic conditions that are expected to prevail over the forecast period. The Directors estimate that the cash held by the Group together with known receivables will be sufficient to support the current level of activities into the fourth quarter of 2019. The Directors are continuing to explore sources of finance available to the Group and have a reasonable expectation that they will be able to secure sufficient cash inflows into the Group to continue its activities for not less than twelve months from the date of approval of these accounts. They have therefore prepared the financial statements on a going concern basis.

 

Because the additional finance is not committed at the date of approval of these financial statements, these circumstances represent an uncertainty as to the Group's ability to continue as a going concern. Should the Group be unable to obtain further finance such that the going concern basis of preparation were no longer appropriate, adjustments would be required including to reduce the balance sheet values of assets to their recoverable amounts, and to provide for future liabilities that may arise.

3. Non-recurring costs

As detailed in other payables on 23 August 2017 contingent consideration became due following the achievement of 4D Pharma Cork Ltd's initial milestone.

The contingent liability was initially calculated upon the acquisition based on the discounted probability of the potential liability at the time of acquisition. With the successful completion of the first milestone the management had to reassess the probability of success of subsequent milestones and therefore increase the contingent liability. This resulted in the non-recurring cost in the year to 31 December 2018 of £Nil (31 December 2017: £3.474 million).

4. Loss per share

(a) Basic and diluted

 

Year to

Year to

 

31 December

31

December

 

2018

2017

 

£000

£000

Loss for the year attributable to equity shareholders

(23,690)

(20,445)

Weighted average number of shares

 

 

Ordinary shares in issue

 65,493,842

65,084,561

Basic loss per share (pence)

(36.17)p

(31.41)p

 

The basic and diluted loss per share are the same as the effect of share options is anti-dilutive.

(b) Adjusted

Adjusted loss per share is calculated after adjusting for the effect of non-recurring expenses in relation to the reassessment of the contingent liability.

Reconciliation of adjusted loss after tax:

 

Year to

Year to

 

31 December

31

December

 

2018

2017

 

£000

£000

Reported loss after tax

(23,690)

(20,445)

Non-recurring costs

-

3,474

Adjusted loss after tax

(23,690)

(16,971)

Adjusted basic loss per share (pence)

(36.17)p

(26.08)p

 

5. Related party transactions

 

 

Year to

Year to

 

31 December

31

December

 

2018

2017

Key management compensation

£000

£000

Executive Directors

 

 

Salaries and short-term benefits

204

202

Employer's National Insurance and social security costs

25

25

 

229

227

Fees for services provided as Non-Executive Directors

 

 

Salaries and short-term benefits

50

50

Employer's National Insurance and social security costs

5

4

 

55

54

Other key management

 

 

Salaries and short-term benefits

1,054

775

Employer's National Insurance and social security costs

175

134

Employer's pension contributions

39

26

Share-based payment charge

268

302

 

 1,536

 1,237

 

Group

Transactions with Directors and related entities

During the year Aquarius Equity Partners Limited, an entity controlled by Duncan Peyton and Dr Alexander Stevenson, charged the Group £Nil for consultancy and other office expenses (31 December 2017: £2,116). As at 31 December 2018 £Nil was due to Aquarius Equity Partners Limited (31 December 2017: £Nil).

Transactions with key personnel and related entities

During the year summ.it assist llp, an entity in which Stephen Dunbar is a partner, recharged the Group £1,337 for IT equipment and software (31 December 2017: £3,593), £90 for IT support (31 December 2017: £377) and £20,211 for accounting and bookkeeping services (31 December 2017: £65,939); there were no staff recruitment fees for the year (31 December 2017: £12,500) but £2,391 was charged for other costs (31 December 2017: £3,718). At the year end £2,392 was due to summ.it assist llp (31 December 2017: £5,065).

Biomar Microbial Technologies, an entity in which Antonio Fernandez is a director, charged rent and building service costs to the Group of £17,756 (31 December 2017: £302,487) and the Group charged Biomar £32,981 for services (31 December 2017: £Nil). At the year end £3,557 was due from Biomar Microbial Technologies (31 December 2017: £5,469 was due to Biomar Microbial Technologies).

All related party transactions during the current and previous year were considered to be at arm's length.

6. Report and accounts

A copy of the Annual Report and Accounts will be sent to all shareholders with notice of the Annual General Meeting, and will be made available on the Company's website, www.4dpharmaplc.com, by 28 May 2019.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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