LONDON, UK / ACCESSWIRE / July 17, 2019 / After a second-half punctuated by outstanding interim clinical results and partnering, which together contributed to a 430% year-to-date share price increase, the FY19 financial results now return to focus. The FY19 net loss decreased to Pound 14.3m (Pound 17.6m in FY18), driven by R&D spend of Pound 16.3m and an R&D tax credit of Pound 2.9m. We expect the year-end FY19 cash balance of Pound 26.4m to last into FY21.

We have updated our model for the FY19 preliminary results and made a number of other changes. We have increased our R&D spend in FY20 and FY21 to reflect the deferred spend from the delayed start to the PISCES III study. The Pound 16m illustrative debt represents either a licensing transaction or a fund-raising in FY21. These two changes reduced our valuation by c 3% but are more than offset by updating our model to reflect the Fosun milestones, R&D tax credits, and US dollar strength. Our valuation moves to Pound 198m or 625p per share, from Pound 193m or 610p per share previously. Our probabilities of success remain unchanged for now.

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