Released: 18/02/2010
London, UK, and Cambridge, MA: 18 February 2010 Antisoma plc (LSE: ASM; USOTC: ATSMY)
announces its interim financial information for the period ended 31 December 2009.
Highlights
Potential blockbuster ASA404 advancing with Novartis
* Enrolment completed in first-line lung cancer phase III trial
* First-line lung cancer phase III data expected in mid-2011 (announced today); Novartis
plans filings in 2011
* Enrolment ongoing in second-line lung cancer phase III trial
* Plans announced for phase Ib/II trial in breast cancer
* Investigator-initiated trials started in other cancers (announced today)
Novel blood cancer treatment AS1413 leads US commercial strategy
* Positive final data reported from secondary AML phase II trial
* Secondary AML phase III trial now over half enrolled (announced today)
* Preparations underway for potential commercialisation in US
* Antisoma plans first filings in 2011
Aptamer AS1411 continues to show potential
* Clinical data suggest distinctive efficacy and safety profile
* Renal cancer phase II trial provides new evidence of activity
* Other indications prioritised over renal cancer for commercial reasons
* Plans announced for phase IIb trial in AML
Financial highlights
* Loss after tax of GBP 18.3 million (H1 2008: loss after tax of GBP 5.0 million)
* Cash at 31 December 2009 of GBP 49.6 million (31 December 2008: GBP 52.7 million)
* No revenues in this period (2008: GBP 5.5 million); recognition of GBP 19.7 million
from oral fludarabine divestment expected in half-year ended 30 June 2010
Glyn Edwards, CEO of Antisoma, said: "We now have two drugs - ASA404 and AS1413 - that
are well into pivotal phase III trials. Success with either drug will enable us to make
a rapid transition into a company directly involved in product commercialisation and
capable of generating recurring revenues based on product sales."
Eric Dodd, Antisoma's CFO, added: "We continue to manage our cash resources prudently
and to focus our investment on key products with potential to create significant value
for shareholders."
A webcast and conference call will be held today at 9.30 am GMT. The webcast can be
accessed via Antisoma's website at www.antisoma.com http://www.antisoma.com/ and the
call by dialling +44 (0)20 7075 1520 and using the participant PIN code 468563#.
A second conference call will be held at 2.00 pm GMT/9.00 am EST. Call numbers are
+44(0)20 7075 1520 or from the US (toll-free) 1 866 793 4273; the participant PIN code
for this call is 468563#.
A recording of the webcast will be available afterwards on Antisoma's website.
Enquiries:
Antisoma plc + 44 (0) 7909 915068
Glyn Edwards, Chief Executive Officer
Eric Dodd, Chief Financial Officer
Daniel Elger, VP, Marketing & Communications
Buchanan Communications +44 (0)20 7466 5000
(All media enquiries)
Mark Court, Lisa Baderoon, Catherine Breen
The Trout Group +1 617 583 1308
(US investor enquiries)
Seth Lewis
Except for the historical information presented, certain matters discussed in this
statement are forward looking statements that are subject to a number of risks and
uncertainties that could cause actual results to differ materially from results,
performance or achievements expressed or implied by such statements. These risks and
uncertainties may be associated with product discovery and development, including
statements regarding the Group's clinical development programmes, the expected timing of
clinical trials and regulatory filings. Such statements are based on management's
current expectations, but actual results may differ materially.
Chairman's report
Overview
During the past six months, our two most important products, ASA404 and AS1413, made
substantial progress through their pivotal phase III studies. With Novartis funding all
development work on ASA404 and the phase III trial of AS1413 over half way to
completion, our need for further investment to reach key data on these drugs is now
limited. As a result, we are able to devote some of our cash resources of almost GBP 50
million to investment in earlier stage programmes, which could enhance long-term value,
and to the start of preparations for commercialisation of AS1413 in the US.
Significant progress for potential blockbuster ASA404
The key registration trial of ASA404 is the phase III ATTRACT-1 study testing the drug
in combination with chemotherapy as a first-line treatment for non-small cell lung
cancer. In September, we announced that this trial had completed enrolment of 1200
patients. We are now in the follow-up phase of the study. An interim look will take
place soon, but unless this shows clear futility or dramatic early efficacy, neither of
which we expect, the study will continue until its scheduled completion. Latest
information, based on death rates in the study, indicates that data are likely to be
available in mid-2011. Novartis plans to file for marketing authorisations during 2011
if these data are positive.
Novartis is also conducting another phase III trial, called ATTRACT-2, in patients with
non-small cell lung cancer who have already received treatment with other drugs. This
study is designed to support applications to market ASA404 as a second-line treatment.
Enrolment of 900 patients is ongoing.
At the company's R&D Day in December, Novartis outlined plans to evaluate ASA404 in
another major indication, HER2-negative metastatic breast cancer. A phase Ib/II trial
combining ASA404 with taxanes will begin this year.
Investigator-initiated trials with ASA404 have begun. These include two phase II studies
combining ASA404 with taxane-based regimens, one in bladder cancer and the other in
small cell lung cancer, and a phase I study evaluating ASA404 combined with carboplatin,
paclitaxel and cetuximab in patients with a variety of solid tumours.
Antisoma has the option to co-commercialise ASA404 with Novartis in the US, which fits
with Antisoma's plans to become directly involved in the commercialisation of its
products. The arrangement with Novartis could yield substantial milestone payments based
on the progress of ASA404 as well as royalties on all sales of the drug worldwide.
Exciting blood cancer drug AS1413 is on track
AS1413 is being tested in a pivotal phase III trial (ACCEDE) in patients with secondary
acute myeloid leukaemia (secondary AML). This form of leukaemia follows previous bone
marrow disease or treatment for other cancers, and it responds poorly to currently
available treatments.
In December, we reported positive final data from a phase II trial of AS1413 in
secondary AML. We saw an encouraging number of longer-term responders, and 30% of
patients who achieved remission after treatment with AS1413 were still alive after 2
years. This adds to earlier findings from the trial showing a response rate of 39% that
compares favourably with historical data in similar patients.
The ACCEDE study seeks to build on our promising phase II data. It is a randomised
controlled trial that compares AS1413 plus cytarabine (the treatment given in our phase
II trial) to standard current treatment for AML: daunorubicin plus cytarabine. We are
now over half way towards the enrolment target of 450 patients, and expect to see the
results of the trial in late 2010 or early 2011.
Should the ACCEDE study be positive, we plan to market the drug ourselves in the US
while seeking partners for marketing in other territories.
AS1411 shows promise
In December, we announced that our phase II study of AS1411 in renal cancer had
provided further evidence of activity in this setting, and reinforcement of the findings
from previous trials that the drug is very well tolerated. Because of the now highly
competitive nature of the renal cancer market, we have decided not to pursue further
development of AS1411 for this indication. However, the latest data add to a picture of
activity across various cancers.
In the immediate future, our focus with AS1411 is in AML, where we have reported
positive data from a randomised phase II trial. A phase IIb trial combining AS1411 with
cytarabine in patients with relapsed and refractory AML will start soon, and is intended
to pave the way for a potential registration study in this setting.
Other pipeline developments
During the period, we discontinued development of AS1402 after early data from a phase
II trial in breast cancer indicated that the drug would be unlikely to offer a
significant benefit to patients. We are strong believers in running robust "go/no-go"
trials during early development, so that our resources can be focused on drugs likely to
offer real benefits to patients and consequent commercial success.
In August, we divested a phase I product, P2045, to Bryan Oncor, a company focusing on
the development of radiopharmaceutical products.
Financial review
Overview
We have a solid financial position that reflects the careful use of the substantial
cash resources we have built up, notably from last year's divestment of oral fludarabine
to sanofi-aventis and from payments made by Novartis, our development and
commercialisation partner for ASA404. Novartis is funding all development work on ASA404
while we are investing in our other pipeline products, particularly AS1413, which is in
a pivotal phase III trial.
Results of operations
The group had no revenues in the period.
Total operating expenses for the six months ended 31 December 2009 were £21.3 million
(2008: £20.0 million). Research and development expenditure has increased by £1.3m,
reflecting continued investment in the phase III trial of AS1413. Within administrative
expenses, we have recognised impairment losses of £0.3 million, reflecting
discontinuation of certain projects.
During the period, foreign exchange rates have been less volatile than in the previous
year. We have made exchange gains of £1.3 million on translation of our US dollar and
Euro balances into sterling (2008: £6.7 million).
Our loss of £18.3 million reflects the difference between our revenues, finance income
and tax credit and our operating expenses, as we continue to invest in our cancer drug
pipeline.
Liquidity and capital resources
Cash, cash equivalents and short-term deposits amounted to £49.6 million as at 31
December 2009 (30 June 2009: £67.0 million; 31 December 2008: £52.7 million). Net cash
used in operating activities for the six months ended 31 December 2009 was £18.4 million
(six months ended 31 December 2008: £19.2 million).
In managing our cash resources, we have maintained a conservative treasury policy with
short deposit terms and diversified counterparty risk.
Taxation
We have recognised a credit of £1.5 million in respect of an R&D tax credit receivable
for the first six months of the financial year.
Loss per share
The basic loss per share for the half-year ended 31 December 2009 was 3.0p. The loss
per share for the half-year ended 31 December 2008 was 0.8p.
Outlook
We are moving forward with our plans to transition from a company focused on developing
cancer drugs into one that can also successfully commercialise them. While our principal
focus is the completion of phase III trials on ASA404 and AS1413, we also continue to
advance the earlier stage products in our portfolio and to explore opportunities to add
new drugs to the pipeline.
Barry Price
Chairman
Interim Report for the six months ended 31 December 2009
Consolidated Income Statement
for the six months ended 31 December 2009
6 months 6 months Year
ended 31 ended 31 ended 30
December December June
2009 2008 2009
unaudited unaudited audited
Notes £'000 £'000 £'000
Revenue - 5,514 25,230
Cost of sales - - (9,085)
Gross profit - 5,514 16,145
Research and development expenditure (18,040) (16,775) (35,904)
Administrative expenses (3,297) (3,208) (4,884)
Total operating expenses (21,337) (19,983) (40,788)
Operating loss (21,337) (14,469) (24,643)
Finance income 4 1,555 8,011 5,055
Loss before taxation (19,782) (6,458) (19,588)
Taxation 1,502 1,493 3,161
Loss for the period (18,280) (4,965) (16,427)
Loss per ordinary share
Basic 5 (3.0)p (0.8)p (2.7)p
Diluted 5 (3.0)p (0.8)p (2.7)p
Consolidated Statement of Comprehensive Income
for the six months ended 31 December 2009
6 months 6 months Year
ended 31 ended 31 ended 30
December December June
2009 2008 2009
unaudited unaudited audited
£'000 £'000 £'000
Loss for the period (18,280) (4,965) (16,427)
Exchange translation difference on consolidation 447 12,484 8,923
Other comprehensive income for the period net of tax 447 12,484 8,923
Total comprehensive income for the period (17,833) 7,519 (7,504)
Consolidated Statement of Financial Position
as at 31 December 2009
As at 31 As at 31 As at 30
December December June
2009 2008 2009
unaudited unaudited audited
Notes £'000 £'000 £'000
A
ASSETS
Non-current assets
Goodwill 6,957 7,642 6,708
Intangible assets 51,615 62,653 51,257
Property, plant and equipment 1,960 2,282 1,967
60,532 72,577 59,932
Current assets
Trade and other receivables 1,947 1,904 1,701
Current tax receivable 4,984 1,493 3,484
Short-term deposits 42,267 10,000 27,824
Cash and cash equivalents 7,377 42,700 39,215
56,575 56,097 72,224
LIABILITIES
Current liabilities
Trade and other payables (8,046) (9,740) (7,417)
Current tax payable - (297) -
Deferred income (19,690) - (19,690)
Provisions (2,664) (477) (1,902)
Net current assets 26,175 45,583 43,215
Total assets less current liabilities 86,707 118,160 103,147
Non-current liabilities
Deferred tax liabilities (6,957) (7,642) (6,708)
Provisions (454) (145) (224)
(7,411) (7,787) (6,932)
Net assets 79, 296 110,373 96,215
Shareholders' equity
Share capital 10,592 10,468 10,480
Share premium 122,015 119,649 119,783
Shares to be issued 6 - 2,273 2,273
Other reserves 47,366 50,480 46,919
Profit and loss account (100,677) (72,497) (83,240)
Total shareholders' equity 79,296 110,373 96,215
Consolidated Statement of Changes in Equity
for the six months ended 31 December 2009
Share Share Shares Other Other Profit and Total
to be reserve: reserve: loss
capital premium issued retranslation merger account
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2008 10,467 119,629 2,273 (1,259) 39,255 (68,158) 102,207
Total comprehensive income for the period - - - 12,484 - (4,965) 7,519
New share capital issued 1 20 - - - - 21
Share options: value of employee services - - - - - 626 626
At 31 December 2008 10,468 119,649 2,273 11,225 39,255 (72,497) 110,373
At 1 July 2008 10,467 119,629 2,273 (1,259) 39,255 (68,158) 102,207
Total comprehensive income for the year - - - 8,923 - (16,427) (7,504)
New share capital issued 13 154 - - - - 167
Share options: value of employee services - - - - - 1,345 1,345
At 30 June 2009 10,480 119,783 2,273 7,664 39,255 (83,240) 96,215
At 1 July 2009 10,480 119,783 2,273 7,664 39,255 (83,240) 96,215
Total comprehensive income for the period - - - 447 - (18,280) (17,833)
New share capital issued 112 2,232 (2,273) - - - 71
Share options: value of employee services - - - - - 843 843
At 31 December 2009 10,592 122,015 - 8,111 39,255 (100,677) 79,296
Consolidated Statement of Cash Flows
for the six months ended 31 December 2009
6 months 6 months Year
ended 31 ended 31 ended 30
December December June
2009 2008 2009
unaudited unaudited audited
£'000 £'000 £'000
Cash flows from operating activities
Loss for the period/year (18,280) (4,965) (16,427)
Add back:
Foreign exchange gain (187) (1,076) (2,238)
Finance income (1,555) (8,011) (5,055)
Tax credit (1,502) (1,493) (3,161)
Depreciation of property plant and equipment 337 318 650
Impairment of intangible assets 343 - -
Derecognition of an intangible asset - - 8,750
Share-based payments 843 626 1,345
Operating cash flows before movement in working capital (20,001) (14,601) (16,136)
(Increase)/decrease in debtors (319) 1,237 385
Increase/(decrease) in creditors and provisions 1,643 (6,963) 12,829
Cash used in operations (18,677) (20,327) (2,922)
Interest received 243 1,136 1,951
Income taxes received/(paid) 2 - (620)
Net cash used in operating activities (18,432) (19,191) (1,591)
Cash flows from investing activities
Purchase of property, plant and equipment (330) (200) (232)
Sale of property, plant and equipment - - 8
Purchase of intangible assets - (1,779) (1,779)
Purchase of short-term deposits (14,443) - (17,824)
Net cash used in investing activities (14,773) (1,979) (19,827)
Cash flows from financing activities
Proceeds from issue of ordinary share capital 71 21 167
Net cash generated from financing activities 71 21 167
Net decrease in cash and cash equivalents (33,134) (21,149) (21,251)
Exchange gains/(losses) on cash and bank overdrafts 1,296 6,988 3,605
Cash and cash equivalents at beginning of the period 39,215 56,861 56,861
Cash and cash equivalents at end of the period 7,377 42,700 39,215
Notes to the interim accounts
1. Basis of Preparation and Accounting Policies
The interim financial statements do not comprise statutory accounts within the meaning
of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June
2009 were approved by the Board of Directors on 24 September 2009 and delivered to the
Registrar of Companies. The report of the auditors on those accounts was unqualified,
did not contain an emphasis of matter paragraph and did not contain any statement under
Section 498 of the Companies Act 2006. This condensed consolidated interim financial
information has been reviewed, not audited.
This condensed consolidated half-yearly financial information for the six months ended
31 December 2009 has been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Services Authority and with IAS 34 - 'Interim Financial
Reporting' as adopted by the European Union. This half-yearly condensed consolidated
financial report should be read in conjunction with the annual financial statements for
the year ended 30 June 2009, which have been prepared in accordance with IFRS as adopted
by the European Union. Except as described below, the accounting policies adopted are
consistent with those of the annual financial statements for the year ended 30 June
2009, as described in those financial statements.
Taxes on income in interim periods are accrued using the tax rate that would be
applicable to total expected annual earnings.
The following new standards, amendments to standards or interpretations are mandatory
for the first time for the financial year beginning 1 July 2009 and have been applied by
the Group:
* IAS 1 (revised), 'Presentation of financial statements'. The revised standard
prohibits the presentation of items of income and expenses (that is 'non-owner changes
in equity') in the statement of changes in equity, requiring 'non-owner changes in
equity' to be presented separately from owner changes in equity. All 'non-owner changes
in equity' are required to be shown in a performance statement. Entities can choose
whether to present one performance statement (the statement of comprehensive income) or
two statements (the income statement and statement of comprehensive income). The Group
has elected to present two statements. The interim financial statements have been
prepared under the revised disclosure requirements.
* IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. It requires
a 'management approach' under which segment information is presented on the same basis
as that used for internal reporting purposes. Management considers that there is only
one reportable segment: drug development. Operating segments are reported in a manner
consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker has been identified as the Senior Management Team
that makes strategic decisions. Assets, liabilities and overheads are allocated to this
one segment.
* IFRS 2 (amendment), 'Share-based payment'. IFRS 2 (amendment) deals with vesting
conditions and cancellations. The amendment does not have a material impact on the
Group's financial statements.
* IAS 32 (amendment), 'Financial instruments: Presentation'. The amendment does not
have a material impact on the Group's financial statements.
The following new standards, amendments to standards or interpretations are mandatory
for the first time for the financial year beginning 1 July 2009 and have been applied
by, but are not currently relevant to the Group:
* IAS 39 (amendment), 'Financial instruments: Recognition and measurement'. The
amendment does not have an impact on the Group's financial statements.
* IFRS 3 (revised), 'Business combinations' and consequential amendments to IAS 27,
'Consolidated and separate financial statements', IAS 28, 'Investments in associates'
and IAS 31, 'Interests in joint ventures', effective prospectively to business
combinations for which the acquisition date is on or after the beginning of the first
annual reporting period beginning on or after 1 July 2009. The revised standard
continues to apply the acquisition method to business combinations, with some
significant changes.
There are no other new Standards likely to have an effect on the financial statements
for the year ending 30 June 2010.
2. Segmental information
Antisoma's operating segments are being reported based on the financial information
provided to the Senior Management Team, which is used to make strategic decisions. The
directors are of the opinion that under IFRS 8 - 'Operating segments' the Group has only
one operating segment, being drug development.
The Senior Management Team assesses the performance of the operating segment on
financial information which is measured and presented in a manner consistent with that
in the financial statements.
All revenue is derived from customers whose operations are located in the US and Europe.
The following table shows the carrying value of segment assets by location of assets:
6 months 6 months Year ended
ended ended 30 June 2009
31 Dec 2009 31 Dec 2008
£'000 £'000 £'000
Total assets
UK 89,301 97,030 105,331
US 27,806 31,644 26,825
Total 117,107 128,674 132,156
Total assets are allocated based on where the assets are located.
The following table shows the costs in the period to acquire property, plant, equipment
and intangibles by location of assets:
6 months 6 months Year ended
ended ended 30 June 2009
31 Dec 2009 31 Dec 2008
£'000 £'000 £'000
Capital expenditure
UK 259 1,866 1,875
US 71 113 136
Total 330 1,979 2,011
3. Impairment of intangible assets and goodwill
During the period the Group announced that it was ceasing further development of certain
products (AS1402) and programmes (development of AS1411 for renal cancer). Under IAS
36, the cessation of further development is considered to be an indication that the
associated goodwill and intangible assets may be impaired.
Impairment reviews have been performed on the goodwill and intangible assets associated
with the products and indications where development has ceased in order to determine the
recoverable amounts of the assets, the recoverable amount being the higher of value in
use and the fair value of the asset less the costs to sell. When development of a
product is discontinued, management is of the opinion that the value in use is nil.
Consequently, an impairment of £343,000 has been made to impair the carrying value of
such intangible assets to £nil. The impairment has been recorded within administrative
expenses. No impairment has been made to the intangible asset in respect of AS1411 as
the recoverable amount is not lower than the carrying value. The result of the
impairment review is sensitive to the following factors and assumptions, significant
changes in which could lead to an impairment of the intangible asset:
* an increase in the strength of the dollar against sterling;
* a decrease in the discount rate used to calculate the present value of future cash
flows;
* a lower probability of a successful outcome of the clinical trials; and
* lower than estimated future sales and/or pricing.
4. Finance income
6 months 6 months Year ended
ended ended 30 June 2009
31 Dec 2009 31 Dec 2008
£'000 £'000 £'000
Interest receivable:
- On short-term deposits 130 289 1,178
- On cash and cash equivalents 150 1,027 635
Net foreign exchange gains on financing activities 1,275 6,695 3,242
Total 1,555 8,011 5,055
5. Loss per ordinary share
6 months 6 months Year ended
ended ended 30 June 2009
31 Dec 2009 31 Dec 2008
Loss for the period (£'000) (18,280) (4,965) (16,427)
Weighted average number of shares ('000) 616,105 613,529 613,901
Basic loss per ordinary share (3.0)p (0.8)p (2.7)p
In the six months ended 31 December 2009, the six months ended 31 December 2008 and the
year ended 30 June 2009, the Group had no dilutive potential ordinary shares in issue
because it was loss making.
6. Shares to be issued
On 17 December 2009, 9,568,960 shares of 1p each were issued to certain former
shareholders of Xanthus Pharmaceuticals, Inc. ("Xanthus") in relation to the acquisition
of Xanthus by the Group on 11 June 2008. The shares were issued with a fair market
value of 23.75p being the closing share price on 10 June 2008.
7. Principal risks and uncertainties
The principal risks and uncertainties which could impact the Group's long-term
performance remain those detailed on page 10 of the Group's 2009 Annual Report and
Financial Statements, a copy of which is available on the Group's website:
www.antisoma.com http://www.antisoma.com/ ; these risks and uncertainties are not
expected to change in the next six months. The risks and uncertainties include but are
not limited to clinical, regulatory, competition, intellectual property, economic and
financial risks.
Statement of Directors' Responsibilities
The directors confirm that this condensed set of financial statements has been prepared
in accordance with IAS 34 as adopted by the European Union, and that the interim
management report herein includes a fair review of the information required by DTR 4.2.7
and DTR 4.2.8, namely:
* An indication of important events that have occurred during the first six months and
their impact on the condensed set of financial statements, and a description of the
principal risks and uncertainties for the remaining six months of the financial year;
and
* Material related party transactions in the first six months and any material changes
in the related party transactions described in the last Annual Report.
The directors of Antisoma plc are listed in the Antisoma plc Annual Report for 30 June
2009. A list of current directors is maintained on the Antisoma plc website:
www.antisoma.com http://www.antisoma.com/ .
By order of the Board
Glyn Edwards
Chief Executive
17 February 2010
Eric Dodd
Chief Financial Officer
17 February 2010
Independent review report to Antisoma plc
Introduction
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 Comprehensive
Income, the Consolidated Statement of Financial Position, the Consolidated Statement of
Changes in Equity, the Consolidated Statement of Cash Flows and related notes. 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.
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 Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority.
As disclosed in note 1, the annual financial statements of the group are prepared in
accordance with IFRSs as adopted by the European Union. The condensed set of financial
statements included in this half-yearly financial report has been prepared in accordance
with International Accounting Standard 34, "Interim Financial Reporting", as adopted by
the European Union.
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. This
report, including the conclusion, has been prepared for and only for the company for the
purpose of the Disclosure and Transparency Rules of the Financial Services Authority and
for no other purpose. We do not, in producing this report, accept or assume
responsibility for any other purpose or to any other person to whom this report is shown
or into whose hands it may come save where expressly agreed by our prior consent in
writing.
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 enquiries,
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 International Accounting Standard 34 as adopted by the European Union
and the Disclosure and Transparency Rules of the United Kingdom's Financial Services
Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
17 February 2010
Reading
Notes:
(a) The maintenance and integrity of the Antisoma plc website is the responsibility of
the directors; the work carried out by the auditors does not involve consideration of
these matters and, accordingly, the auditors accept no responsibility for any changes
that may have occurred to the financial statements since they were initially presented
on the website.
(b) Legislation in the United Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions.
HUG#1385770