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Oscillate Plc - Interim Results For The Six Months Ended 31 May 2021

·10-min read

3 September 2021

Oscillate PLC (Formerly known as DiscovOre PLC)
(“Oscillate”or the “Company")

Interim Results For The Six Months Ended 31 May 2021

Burns Singh Tennent-Bhohi, Chairman’s Statement

I am pleased to present the interim results for Oscillate plc (AQSE: MUSH) for the period ending 31 May 2021. Of most significance, and a defining moment for the Company during the period, was the completion of a £3,500,000 brokered placing led by the Company’s broker, Peterhouse Capital, and serial entrepreneur Chris Akers. In conjunction with this financing, the Company announced its intention to adopt a broader investment policy to include medical psychedelics, and the Board welcomed a new officer in Narisha Ragoonanthun, as Jeremy Ross resigned from the Board of Directors.

In the months to follow, the Company has been focusing heavily on creating and developing a premier alternative health investment issuer that can offer investors a unique blend of optionality.

Importantly, as the Company enters this emerging category of investment, a great degree of attention has been placed on ensuring that potential investment opportunities offer the ability to generate material value, but also credible alignment, as the Company builds important foundations that can position Oscillate to build a broad audience in a market with limited access in direct market exposure.

In July 2021, Oscillate completed its legal opinion, thereby enabling it to lawfully invest in the medical psychedelics industry and positioned as one of the first listed investment issuers within U.K. capital markets permitted to invest in opportunities consistent with the legal opinion.

Investment Positions & Commercial Activity Post 31 May 2021:

IGRAINE PLC (AQSE: KING)

28 June 2021

No. of Shares Held: 21,312,460

As a % of the Enlarged: 24.64%

About Igraine:

Chairman, Professor Sir Christopher Evans OBE

Professor Sir Christopher Evans is a renowned scientist and highly successful entrepreneur with numerous prestigious awards and medals for his work over the last 30 years during which time he has built more than 50 medical companies from start-up and floated 20 new medical businesses on stock markets in six different countries.

He has created 11 successful academic spin-outs and companies worth over $2.4 billion, and has raised $2.6 billion from disposals. He directed the raising of approximately $450 million for Merlin Biosciences Funds and $2.6 billion from disposals, including the sale of BioVex Group, Inc. to Amgen Inc. and Piramed Limited to Roche Group. Through Merlin Ventures Limited he co-founded and advised Biotech Growth Trust plc. Arakis Limited, one of the companies developed by Chris Evans, was sold to Sosei Co. Ltd for $187 million. Chris Evans has founded notable companies such as Chiroscience, Celsis, ReNeuron, Vectura, Biovex and Merlin Biosciences Ltd. Appointed an OBE in 1995 for services to medical bioscience, he was knighted in 2001 for services to bioscience and enterprise. Latterly he was founder of Arix Bioscience plc (LSE: ARX), of the oncology specialist Ellipses Pharma Limited, and of Excalibur Healthcare Services Ltd.

The Business:

Igraine targets innovative technologies and discoveries using an extensive network of scientific, industry, and academic contacts, including eminent scientists and key opinion leaders. Its network also enables it to pursue relationships with pharmaceutical companies which are both a potential source of innovative opportunities and potential acquirers.

The team has developed relationships over many years with leading universities and other academic and research institutions globally and maintains close working relationships with premier professional advisers and fund managers.

Igraine works with institutional and individual investment partners and has a formal co-investment agreement with Excalibur Healthcare Services Ltd.

Igraine has invested in Excalibur Medicines Ltd (“EML”), a subsidiary of Excalibur Healthcare Services Ltd. EML has secured exclusive rights to and owns the COVID-19 patents on a drug, AZD1656, which is being developed as a potential therapeutic for diabetics suffering from COVID-19.

As there are very few new therapeutics in development for COVID-19 and associated virally transmitted diseases (most research is in combining existing treatments), this has the potential to be highly attractive to big pharma and biotech buyers. Further, if the trials are successful, it is likely the drug will be effective for the general population in COVID -19 and in other respiratory diseases.

Developments Intended by the Company’s Financial Year-End:

Excalibur Medicines Limited, a subsidiary of Excalibur Healthcare Services Ltd., announced that the clinical team will report on the ARCADIA trial in September.

Excalibur Medicines Ltd (“EML”) has secured exclusive rights to and owns the patents on a drug, AZD1656, which is being developed as a potential therapeutic for people with diabetes suffering from COVID-19. The ARCADIA trial which took place across 31 sites was completed in July this year.

The research project was arranged and structured by Professor Sir Chris Evans, Chairman and CEO of Excalibur Healthcare Services, through its subsidiary, Excalibur Medicines Ltd. Sir Chris worked closely with Professor John Martin and his team at St George Street, a UK-based biomedical research charity, which secured the initial project and permission to run the trial from AstraZeneca.


The aim of the ARCADIA trial is to determine whether AZD1656 improves clinical outcomes in diabetic patients hospitalised with COVID-19. The World Health Organisation’s (WHO) 8-point Ordinal Scale for Clinical Improvement will be used as the standard methodology for measuring patient outcomes. As at date of publication, 156 patients have been recruited and have completed treatment. The data is now being assessed and it is the intention of EML to seek a sale of the drug, a license or partnership deal as soon as possible after the data is published.

Igraine plc secured a 2% Equity Interest in Excalibur Medicines Ltd (“EML”), consistent with the terms of the co-investment agreement entered with Excalibur Healthcare Services.

SIRGARTAN THERAPEUTICS:

13 July 2021

Period of Exclusivity (Ongoing)

About Sirgartan:

Sirgartan is developing a novel glutamatergic therapy that could make a significant difference in the treatment of obsessive-compulsive disorder (“OCD”), a debilitating and common mental illness, and is then looking to augment it with a psychoactive compound as a co-therapy.

Sirgartan is an early-stage, pre-revenue therapeutics company aiming to transform the treatment landscape for patients with OCD and other related disorders through the development of an innovative glutamatergic therapy. The company was established in 2020 with the mission of improving treatment options for OCD, a field which has historically been underfunded and seen limited innovation.

Sirgartan has identified an obtainable market opportunity of >£300M for the treatment of OCD patients in the EU5 countries of France, Germany, Italy, Spain, and the UK. Following penetration of key EU5 markets, it plans to launch the product in other geographies for OCD and pursue steps for label expansion to other indications.

Developments Intended by Company’s Financial Year-End:

Conclude period of exclusivity with Sirgartan. An update on Sirgartan will be made by the Company in the near term as to current developments under the existing period of exclusivity.

PSYCH CAPITAL LIMITED

20 August 2021

No of Shares Held: 30,000,000

As a % of the Enlarged: 10.4%

About Psych Capital:

Psych Capital was created by a group of professionals who are focused on disruptive healthcare solutions that are rapidly becoming accepted in developed communities, which includes the recent rush to legalise the use of medicinal cannabis as the world begins to absorb and educate the true benefits of alternative drug application and interpretation.

Psych Capital is focused on leveraging its experienced team that were early innovators in the medicinal & recreational cannabis industry, and have developed a global network to replicate their success in the burgeoning medical psychedelic sector.

The company is focused on identifying, funding, and building future British and European leaders across psychedelic science and healthcare.

To date, Psych Capital has successfully advanced its business plan via, inter-alia:

  • The creation of a global audience through its PSYCH data and content platform that covers 80 countries, worldwide, reaching over 30,000 users ranging from investors to journalists and regulators to scientists.

  • The development of an Investor Network that has engaged 7,000 qualified investors, making Psych Capital one of the world’s largest psychedelic investor databases – and the largest of European and Asian Investors.

  • The drafting and publication of ‘Psychedelics as Medicine Report’, which has been accessed and read by over 60,000 people since its initial release in mid 2020 – (download report here)

  • Established a number of corporate partnerships and investment opportunities.

Developments Intended By Company’s Financial Year-End:

Psych Capital is currently focused on seeking admission to a recognised investment exchange in the U.K. via an Initial Public Offering (“IPO”) over the coming months.

OSCILLATE PLC - OTCQB LISTING

The Company has submitted all exchange-related documentation and continues to work with its sponsor/counsel in seeking its inter-listing on the OTCQB market, thereby allowing direct market access in its securities to the North American Market.

CLOSING STATEMENT

In what continues to be a highly active period for the Company, I am delighted to see the strong support of both existing and new shareholders. It is rare for companies in the public market arena to have such a high concentration of register support, and for that the Board is excited and humbled.

Having established a strong pool of assets that provide foundational depth for the Company, Oscillate will be continuing its commercial discussions with businesses with active operations in the medical psychedelics space that are seeking expansion and growth capital to further develop existing operations.

My co-directors and I consider this to be a critical theme as we look to provide our shareholders and interested investors with optionality spread across critical components within the medical psychedelics industry, provided they are consistent with the Company’s legal opinion. We view the future outlook for the Company with real optimism.

Burns Singh Tennent-Bhohi

Chairman, Oscillate plc

The Directors of the Company accept responsibility for the content of this announcement.

Enquiries:

Company

Oscillate PLC

Burns Singh Tennent-Bhohi/ Conrad Windham

Telephone: 020 3778 1106

Corporate Advisor

Peterhouse Capital Limited

Guy Miller & Mark Anwyl

Telephone: 020 7220 9796

Income Statement for the 6 months ended 31 May 2021

31 May 2021
Unaudited


30 November 2021
Audited


31 May 2020
Unaudited

£

£

£

Administrative expenses

(272,252)

(121,421)

(54,890)

Investment gains/ (losses)

5,086

222,057

-

Fair value movement

(23,525)

-

-

Other Income

-

73

72

Profit/(loss) before taxation

(290,692)

100,709

(54,818)

Taxation

-

-

-

Profit/(Loss) for the period

(290,692)

100,709

(54,818)

Basic earnings per share

(0.004)

0.003

(0.002)

Diluted earnings per share

(0.003)

0.002

(0.002)

Balance Sheet as at 31 May and 30 November

31 May

31 May

30 November

2021

2020

2020

Unaudited

Unaudited

Audited

Assets

£

£

£

Non-current assets

Investments

89,950

38,574

89,950

Current assets

Trade and other receivables

31,898

13,810

3,756

Investments

146,103

-

199,687

Cash and cash equivalents

3,201,385

55,028

23,288

3,379,386

68,838

226,731

Creditors: amounts falling due within one year

(20,766)

(53,678)

(77,420)


Net current assets

3,358,620

107,412

149,311


Total Assets less current liabilities

3,448,570

53,734

239,261

Capital and reserves

Called up share capital

1,228,309

1,210,810

1,210,810

Share premium account

4,935,050

1,150,383

1,452,549

Other reserves

29,753

239,369

29,753

Profit and loss reserve

(2,744,542)

(2,546,828)

(2,453,581)

Total equity

3,448,570

53,734

239,261

Statement of Changes in Equity as at 31 May and 30 November

Share

Share

Other

Profit and loss

capital

premium

Reserves

Reserves

Total

£

£

£

£

£

For the 6 months ended 31 May 2020

Balance at 1 December 19

1,210,810

1,452,549

29,753

(2,554,560)

138,552

Loss for the period

-

-

-

(54,818)

(54,818)

Balance at 31 May 2020

1,210,810

1,452,549

29,753

(2,609,378)

83,734

Profit for the period

-

-

-

100,709

100,709

Balance at 30 November 2020

1,210,810

1,452,549

29,753

(2,453,851)

239,261

Loss for the period

-

-

-

(290,692)

(290,692)

Total comprehensive income

-

-

-

-

-

Issue of shares

17,450

3,482,500

-

-

3,500,000

Balance at 31 May 2020

1,228,309

4,935,050

29,573

(2,744,542)

(3,448,570)

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