Appendix 4E Financial Report
Sydney, Feb 19, 2015 AEST (ABN Newswire) - On the 2 April 2014, Reproductive Health Science Ltd (
ASX:RHS) successfully completed the acquisition of Reproductive Health Science Pty Ltd (now RHS Subsidiary Pty Ltd, 'RHS Subsidiary '), resulting in the issue of 19,120,704 fully paid shares in the Company. Concurrently, under a prospectus dated 7 March 2014, the Company issued 15,000,000 fully paid shares to investors and raised a total of $3,000,000 in gross proceeds to fund the development of RHS Subsidiary's patent family for biotechnology technologies in Australia and overseas.
Following the completion of the acquisition of RHS Subsidiary, the Company has continued to progress the product development and commercialisation of its patent portfolio. The Company's focus has been the commercialisation and marketing of the EmbryoCellect(TM) product. EmbryoCellect(TM) is a research only kit that has an immediate application to improve the success rate of In-Vitro Fertilisation (IVF). Following 10 years of research and development, Reproductive Health Science has developed this test specifically to assess embryos for chromosomal number prior to implantation as part of an IVF cycle. On 23 December 2014, the Company announced that it had signed a three year exclusive distribution agreement with Tani Medikal for the sale of its EmbryoCellect(TM) product in Turkey. Subsequent to the balance date, the Company has made further progress entering into several other distributor agreements, refer to note 7 for further information in relation to these developments.
During the year ended 31 December 2014, the Group incurred a loss of $6,091,210 (31 December 2013: $405,506). This loss primarily was driven by transaction costs incurred by the Group of $3,849,237, which amounted to the total accounting cost of acquiring Reproductive Health Science. A significant portion of these costs were non-cash in nature and affected by the accounting treatment of the acquisition. Please refer to the notes to the financial statements for further information.
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http://media.abnnewswire.net/media/en/docs/ASX-RHS-710321.pdf
About Reproductive Health Science Ltd
Reproductive Health Science (ASX:RHS) is an advanced biotech company that has successfully developed a test to assess embryos for chromosomal abnormalities prior to implantation as part of an of In-Vitro Fertilisation (IVF) cycle. The two component system has an immediate application to improve the success rate of IVF. The Company's lead product EmbryoCellect(TM) is aimed at improving health and research outcomes through the application of its frontier technologies with the initial primary focus of improving IVF success. Launched in 2014, EmbryoCellect(TM) contains reagents for 20 tests at a list price of AUD$3,600 per kit. RHS's assumption for business modelling purposes, based on IVF industry experience, is that there are 4 embryos per IVF cycle.
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