Fusion IP plc announced its unaudited consolidated earnings results for the six months ended January 31, 2013. For the period, the company reported revenue of £288,000, loss from operating activities of £1,940,000, loss before taxation of £1,853,000 and loss attributable to owners of the parent of £1,724,000 or 2.37 pence per basic and fully diluted share compared with revenue of £313,000, loss from operating activities of £1,760,000, loss before taxation of £1,701,000 and loss attributable to owners of the parent of £1,623,000 or 2.69 pence per basic and fully diluted share a year ago period. Net cash outflow from operating activities was £824,000 against £939,000 a year ago period. Purchase of property, plant and equipment was £4,000 against £5,000 a year ago period. Excluding the amortisation of intangible assets, the Group achieved an underlying loss from operating activities of £946,000 compared to a loss of £765,000 for the six months ended 31 January 2012. The movement in reported losses mainly arose from additional spin out expenses due to new subsidiary companies.

Fusion IP plc announced a new portfolio company, PH Therapeutics Ltd, has been formed under its exclusive agreement with the University of Sheffield. PH Therapeutics, which is founded on the research of Dr. Allan Lawrie from the Department of Cardiovascular Science, aims to develop biologic treatments for the rare disease Pulmonary Arterial Hypertension (PAH). PAH is caused by the thickening of the walls in arteries that take blood from the heart to the lungs, making it harder for blood to flow through them resulting in high blood pressure. The increase in pressure puts a strain on the heart that can lead to difficulty in breathing and heart failure. Current therapies only attempt to alleviate the symptoms of this disease through relaxing the vessels. PH Therapeutics is developing therapies that specifically target molecules thought to be responsible for cell wall thickening. This may lead to control, and importantly reversal of the disease. PAH affects around 2 in 10,000 people in the European Union and is classed as an orphan disease. In accordance with its agreement with the University of Sheffield, Fusion will start with a 60% shareholding in PH Therapeutics Ltd.

Fusion IP plc Presents at Innovators & Investors Forum, Jan-29-2013 04:15 PM. Venue: Business Design Centre, 52 Upper Street, Islington, London N1 0QH, United Kingdom. Speakers: David G. Baynes, Chief Executive Officer and Executive Director.