Tekcapital plc (“Tekcapital”, “the Company” or “the Group”) Unaudited Half-Yearly Report

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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

LONDON, Aug. 16, 2021 (GLOBE NEWSWIRE) — Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group focused on transforming university discoveries into valuable products to improve quality of life, is pleased to announce its results for the six-month period ended 31 May 2021.

Financial highlights

  • Net Assets increased 56% to US$51.1m (30 Nov 2020: US$32.7m)
  • NAV per share US$0.39 (30 Nov 2020: US$0.35)
  • Total Revenue of US$14.5m (H1 2020: US$2.9m)
    • Net increase of US$13.8m in fair value of portfolio companies
    • Revenue from services US$715,323 (H1 2020: $557,684)
  • Profit before tax of US$13.0m (H1 2020: US$1.9m)
  • Completed a placing of 38,000,000 new ordinary shares of 0.4 pence in the Company (“Ordinary Shares”) at a price of 10 pence each to raise US$5.28m before expenses on 18 March 2021.
  • Cash position of US$2.5m as of 31 May 2021.

Operational highlights: Portfolio Companies

Belluscura® Plc (“Belluscura”) (15% ownership) www.belluscura.com

  • On 8 March 2021, Belluscura plc announced the receipt of 510(k) Clearance from the US Food and Drug Administration (the “FDA”) for its X-PLO2R™ portable oxygen concentrator.
  • In April 2021, Tekcapital converted its warrants and options held in Belluscura for new ordinary shares of 1 pence each in Belluscura, bringing total shares held to 17.1 million
  • On May 28 2021, Belluscura consummated its IPO and commenced trading on the AIM Market of the London Stock Exchange. At the IPO Price of 45 pence per Belluscura share, Tekcapital’s holding was worth ~ US$10.8m, compared to the book value of US$2m as at 30 November 2020.

Lucyd® Ltd (“Lucyd”) www.lucyd.co

  • On 6 January 2021, Lucyd announced the launch of Lucyd® Lyte™ its tech-enhanced, prescription eyewear for active lifestyles. As of the date of this report Lucyd Lytes have received more than 200 total 5-star ratings on Amazon and Lucyd.co websites.
  • On 22 March 2021, Lucyd announced it had signed a distribution agreement with D. Landstrom Associates, to build distribution of Lucyd Lyte™ bluetooth e-glasses in big box retail stores in the U.S.
  • On 1 April 2021, Lucyd announced that its US subsidiary Innovative Eyewear Inc had closed an over-subscribed Regulation Crowdfund, raising approximately US$1m. Following completion of the crowdfund, Lucyd owned 75% of shares of Innovative Eyewear Inc.
  • On 5 May 2021, Innovative Eyewear Inc announced hiring of Frank Rescigna, head of global sales, Ken Strominger, director of sports & electronics marketing and Alex Rivera, manager of graphics and photography, expanding is go to market capabilities following the successful crowdfund.

Tekcapital owns 100% of shares of Lucyd. Lucyd owns approximately 80% of shares in Innovative Eyewear, its US operating subsidiary.

Guident Ltd (“Guident”) www.guident.co

  • On 5 May 2021 Guident demonstrated its low-latency, vehicle control software to power its Remote Monitoring and Control Center (RMCC). This is expected to be used in its first RMCC for AVs, to be launched later this year in Boca Raton, Florida. The RMCC will be able to monitor multiple vehicles from a remote, secure monitoring centre, akin to air traffic control for ground-based vehicles.
  • During H1 2021, the company defined its go to market strategy and engaged advisors with relevant industry experience.
  • During H1 2021, the company has also progressed the engineering development of its prototype regenerative shock absorbers.

Tekcapital owns 100% of shares of Guident. Guident owns approximately 91% of shares in Guident CORP, its US operating subsidiary.

Salarius® Ltd (“Salarius”) www.salarius.co

  • On 2 December 2020, Salarius successfully launched its innovative SaltMe!® snack line on Amazon in North America, with demonstrable sales growth since the launch.
  • On 5 February 2021, MicroSalt, Inc, a U.S. subsidiary of Salarius, commenced its Regulation Crowdfunding program on the MicroVentures platform, where it is seeking to raise approximately US$750K at a US$5m pre-money valuation (with approximately US$600k raised to-date).
  • On 10 March 2021, Salarius announced it has appointed Eduardo Souchon as V.P. of Business Development and Jay Shah, M.D., a Mayo Clinic cardiologist as a medical advisor.
  • During the period, the company progressed its B2B sales pipeline for MicroSalt®, including advancement to pricing discussions and successful development of different flavor mixes using MicroSalt® for a number of snack manufacturers.

Tekcapital owns 97.2% ownership of Salarius. Salarius owns approximately 80% of shares in MicroSalt Inc, its US operating subsidiary.

Operational highlights: Corporate
As part of our continuing efforts to develop our team and expand our services:

  • Tekcapital participated as sponsor and exhibitor at the virtual 2021 Canadian Region Meeting by the Association of University Technology Managers (AUTM), where hundreds of tech transfer professionals and industry experts met. 
  • Tekcapital participated as sponsor and exhibitor at the virtual 2021 Central Region Meeting held by AUTM. 
  • Tekcapital delivered a successful webinar series “The Impact of Nanotechnology” to more than 60 participants from the technology and innovations ecosystem in LATAM.
  • Tekcapital has delivered more than 100 Invention Evaluator reports to assess the market potential of new university technologies in 2021.

Post period end highlights:

On 5 July 2021, Lucyd’s U.S. operating company, Innovative Eyewear, Inc. signed an exclusive purchase and distribution agreement with 8 Points Inc, a subsidiary of Marca Eyewear Group Inc. a leading Canadian eyewear distributor that provides high-end spectacles for optical stores and eye care professionals. This agreement sets out a minimum purchase requirement of US$4.6m worth of Lucyd® Lyte® e-glasses over 30 months, to maintain retail distribution exclusivity in Canada. 

Post period end, Innovative Eyewear, Inc launched its second crowdfund with StartEngine LLC at a US$20m pre-money valuation, raising over US$100,000 as of the date of this report.

Dr. Clifford M. Gross, Chairman said: ‘We are glad to report strong half-year performance for the Group. Our key portfolio companies are progressing well and should reach significant additional milestones by the end of 2021. We are also pleased to highlight Belluscura’s successful IPO during the period. We are excited about what we have achieved in the first half of 2021 and are bullish about our prospects for the remainder of the year.” 

For further information, please contact: 

Tekcapital Plc    Via Flagstaff
Clifford M. Gross, Ph.D.     
     
Skyline Corporate Communications Group, LLC (U.S.)   +1 646 893 5835
Matthew Abenante/Scott Powell    


About Tekcapital plc

Tekcapital creates value from investing in new, university-developed discoveries that can enhance people’s lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.

LEI: 213800GOJTOV19FIFZ85

General Risk Factors and Forward-Looking Statements
The information contained in this document has been prepared and distributed by the Company and is subject to material updating, completion, revision, verification and further amendment. This Report is directed only at Relevant Persons and must not be acted on or relied upon by persons who are not Relevant Persons. Any other person who receives this Report should not rely or act upon it. By accepting this Report the recipient is deemed to represent and warrant that: (i) they are a person who falls within the above description of persons entitled to receive the Report; (ii) they have read, agree and will comply with the contents of this notice. The securities mentioned herein have not been and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under any U.S. State securities laws, and may not be offered or sold in the United States of America or its territories or possessions…

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