Immunocore Holdings plc (IMCR)
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Performance Outlook
| Previous Close | 36.41 |
| Open | 36.63 |
| Bid | 36.50 x 1100 |
| Ask | 37.38 x 1800 |
| Day's Range | 36.08 - 37.60 |
| 52 Week Range | 30.92 - 61.99 |
| Volume | 13,983 |
| Avg. Volume | 178,911 |
| Market Cap | 1.611B |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 51.50 |
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- GlobeNewswire
Immunocore presents phase 3 data comparing tebentafusp with investigator’s choice in the clinical trial plenary session at the American Association for Cancer Research 2021 Annual Meeting
PRESS RELEASE Immunocore presents phase 3 data comparing tebentafusp with investigator’s choice in the clinical trial plenary session at the American Association for Cancer Research 2021 Annual Meeting Tebentafusp is the first investigational therapy to improve Overall Survival (OS) in patients with metastatic uveal melanoma First positive Phase 3 clinical trial for any T cell receptor therapeutic and first for any bispecific in a solid tumor (OXFORDSHIRE, England & CONSHOHOCKEN, Penn. & ROCKVILLE, Md., US, 12 April 2021) Immunocore (Nasdaq: IMCR), a late-stage biotechnology company pioneering the development of a novel class of T cell receptor (TCR) bispecific immunotherapies designed to treat a broad range of diseases, including cancer, infectious and autoimmune disease, presented data from a phase 3 randomized trial comparing tebentafusp (IMCgp100) with investigator’s choice in first-line metastatic uveal melanoma (mUM) in the clinical trial plenary session at the American Association for Cancer Research (AACR) Annual Meeting 2021. Tebentafusp demonstrated a statistically significant and clinically meaningful improvement in overall survival (OS) as a first-line treatment in mUM. The OS Hazard Ratio (HR) in the intent-to-treat population favored tebentafusp, HR=0.51 (95% CI: 0.37, 0.71); p< 0.0001, over investigator’s choice (82% pembrolizumab; 12% ipilimumab; 6% dacarbazine). Treatment-related adverse events were manageable and consistent with the proposed mechanism. “This is the first investigational therapy to demonstrate improved OS in metastatic uveal melanoma,” said Bahija Jallal, Chief Executive Officer of Immunocore. “We believe these data demonstrate that tebentafusp has the potential to provide a meaningful difference in the treatment of metastatic uveal melanoma, a highly aggressive disease for which there is no effective standard of care.” In a separate oral presentation on Monday April 12, Marcus O. Butler shared an analysis of previously treated uveal melanoma patients who had prolonged survival. Two posters from the phase 2 IMCgp100-102 study are also available for on-demand viewing at the AACR website. These analyses investigated the proposed mechanism of action (MoA), including inducing an increase in cytokines and T cell trafficking into the tumor. Tebentafusp has been granted Breakthrough Therapy Designation, Fast Track designation and orphan drug designation by the U.S. Food and Drug Administration (FDA) and Promising Innovative Medicine (PIM) designation under the UK Early Access to Medicines Scheme for metastatic uveal melanoma. Immunocore will be working with the FDA to complete submission of a BLA for tebentafusp in the third quarter of 2021. The Company will host a conference call for industry, health and investment professionals on Tuesday, April 13th at 7:30 am ET to discuss the phase 3 IMCgp100-202 trial. The webcast can be accessed directly through this link. A replay of the webcast will be made available shortly after the conclusion of the call and archived on the Investor Relations section of the Company’s website for at least 90 days. PLENARY AND ORAL PRESENTATIONS Title: Phase 3 randomized trial comparing tebentafusp with investigator’s choice in first line metastatic uveal melanoma Date and Time: Plenary session presentation (CT002), Saturday April 10th at 11:30am - 1:30pm ETPresenter: Jessica C. Hassel (PI), University Hospital Heidelberg, Heidelberg, GermanyAbstract #: 5342Session Title: Phase III Clinical Trials Title: Kinetics of radiographic response for tebentafusp (tebe) in previously treated metastatic uveal melanoma (mUM) patients (pts) achieving prolonged survival Date and Time: Oral presentation (CT038), Monday April 12th at 1:30pm – 3:15pm ETPresenter: Marcus O. Butler (PI), Princess Margaret Cancer Centre, Toronto, ON, CanadaAbstract #: 5338Session Title: Disease-Oriented Innovative Clinical Research and Trials POSTER PRESENTATIONS Title: Tebentafusp induces transient systemic inflammation and modifies the micro-environment to sensitize uveal melanoma tumors to cytotoxic CD8 cells Poster #: 517Presenter: Marcus O. Butler (PI) Title: Uveal melanoma study patients with low CD163:CD3 ratio in tumor biopsy and low serum IL-6 showed enhanced tumor shrinkage (TS) and overall survival (OS) on tebentafusp Poster #: 1673Presenter: Jessica Hassel (PI) ## About Immunocore Immunocore is a late-stage biotechnology company pioneering the development of a novel class of TCR bispecific immunotherapies called ImmTAX – Immune mobilizing monoclonal TCRs Against X disease – designed to treat a broad range of diseases, including cancer, infectious and autoimmune. Leveraging its proprietary, flexible, off-the-shelf ImmTAX platform, Immunocore is developing a deep pipeline in multiple therapeutic areas, including five clinical stage programs in oncology and infectious disease, advanced pre-clinical programs in autoimmune disease and multiple earlier pre-clinical programs. Immunocore’s most advanced oncology therapeutic candidate, tebentafusp, has demonstrated an overall survival benefit in a randomized Phase 3 clinical trial in metastatic uveal melanoma, a cancer that has historically proven to be insensitive to other immunotherapies. About ImmTAC® Molecules Immunocore’s proprietary T cell receptor (TCR) technology generates a novel class of bispecific biologics called ImmTAC (Immune mobilising monoclonal TCRs Against Cancer) molecules that are designed to redirect the immune system to recognise and kill cancerous cells. ImmTAC molecules are soluble TCRs engineered to recognise intracellular cancer antigens with ultra-high affinity and selectively kill these cancer cells via an anti-CD3 immune-activating effector function. Based on the demonstrated mechanism of T cell infiltration into human tumours, the ImmTAC mechanism of action holds the potential to treat hematologic and solid tumours, regardless of mutational burden or immune infiltration, including immune “cold” low mutation rate tumours. About Tebentafusp Tebentafusp is a novel bispecific protein comprised of a soluble T cell receptor fused to an anti-CD3 immune-effector function. Tebentafusp specifically targets gp100, a lineage antigen expressed in melanocytes and melanoma, and is the first molecule developed using Immunocore’s ImmTAC technology platform designed to redirect and activate T cells to recognise and kill tumour cells. Tebentafusp has been granted Breakthrough Therapy Designation, Fast Track designation and orphan drug designation by the FDA in the United States and Promising Innovative Medicine (PIM) designation under the UK Early Access to Medicines Scheme for metastatic uveal melanoma. For more information about enrolling tebentafusp clinical trials for metastatic uveal melanoma, please visit ClinicalTrials.gov (NCT03070392). About Uveal Melanoma Uveal melanoma is a rare and aggressive form of melanoma, which affects the eye. Metastatic uveal melanoma typically has a poor prognosis and has no currently accepted optimal management or treatment. Although it is the most common primary intraocular malignancy in adults, the diagnosis is rare, with approximately 8,000 new patients diagnosed globally each year (1,600-2,000 cases per year in the United States). Up to 50% of people with uveal melanoma will eventually develop metastatic disease. When the cancer spreads beyond the eye, only approximately half of patients will survive for one year. Forward Looking StatementsThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but are not limited to, statements regarding the efficacy, safety and therapeutic potential of tebentafusp, the design, progress, timing, scope and results of the Company’s clinical trials including IMCgp100-202, the anticipated timing of disclosure of results of clinical trials, plans for initiating future clinical trials and extension studies, the progress of the Company’s development programs including tebentafusp, the potential benefit of Breakthrough Therapy Designation or Orphan Drug Designation for tebentafusp, the timing of regulatory filings including estimates regarding the planned submission a BLA for tebentafusp, the likelihood of obtaining regulatory approval of any of the Company’s product candidates including tebentafusp, and the regulatory approval path for tebentafusp. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, many of which are beyond the Company’s control. These risks and uncertainties include, but are not limited to, the impacts of the COVID-19 pandemic on the Company’s business, clinical trials and financial position; unexpected safety or efficacy data observed during preclinical studies or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; changes in expected or existing competition; changes in the regulatory environment; and the uncertainties and timing of the regulatory approval process. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 25, 2021, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information except as required by law. CONTACT: Immunocore Debra Nielsen, Head of CommunicationsT: +1 (610) 368-8602E: debra.nielsen@immunocore.com Follow on Twitter: @Immunocore Consilium Strategic Communications (corporate and financial)Mary-Jane Elliott/ Chris Welsh/ Sukaina Virji/Jessica HodgsonT: +44 (0)203 709 5700E: Immunocore@consilium-comms.com Investor Relations Clayton Robertson, Head of Investor RelationsT: +1 215-384-4781E: ir@immunocore.com
- GlobeNewswire
Immunocore Provides Business Update and Reports Full Year 2020 Financial Results
Immunocore Provides Business Update and Reports Full Year 2020 Financial Results Breakthrough Therapy Designation granted by the FDA for tebentafusp in unresectable or metastatic uveal melanoma Tebentafusp Phase 3 randomized trial data subject of an oral presentation at the American Association for Cancer Research (AACR) 2021 Annual Meeting Cash position of $177 million as of December 31, 2020 with an additional $287 million in net proceeds from initial public offering and concurrent private placement in February 2021 (OXFORDSHIRE, England & CONSHOHOCKEN, Penn. & ROCKVILLE, Md., US, 25 March 2021) Immunocore (Nasdaq: IMCR), a late-stage biotechnology company pioneering the development of a novel class of T cell receptor (TCR) bispecific immunotherapies designed to treat a broad range of diseases, including cancer, infectious and autoimmune disease, today announced its results for the full year ended December 31, 2020. 2020 Highlights (including post-period) Lead product candidate tebentafusp demonstrated superior overall survival (OS) in a Phase 3 randomized clinical trial in metastatic uveal melanoma (mUM) where the OS Hazard Ratio (HR) in the intent-to-treat population favored tebentafusp, HR=0.51 (95% CI: 0.36, 0.71). Tebentafusp was granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration (FDA) for unresectable or metastatic uveal melanoma, and the Company anticipates completion of the submission of a Biologics License Application (BLA) in the third quarter of 2021. Continued development of ImmTAC (Immune mobilizing monoclonal T-cell receptors Against Cancer) clinical portfolio for multiple tumor types; IMC-C103C is currently in the dose escalation phase of a Phase 1 clinical trial in MAGE-A4 expressing solid tumors, with initial data expected to be presented in the second half of 2021; IMC-F106C is currently in a Phase 1 study in patients with PRAME-expressing solid tumors, with initial data expected to be presented mid-year 2022. Dosing in a Phase 1 clinical trial for patients with chronic hepatitis B virus (HBV) is anticipated for mid-year 2021. Cash position of $177 million as of December 31, 2020 with an additional $287 million in net proceeds raised from the Company’s initial public offering and a concurrent private placement in February 2021. Bahija Jallal, Chief Executive Officer of Immunocore, said: “Reflecting on 2020, we have made great strides in the clinical advancement of TCR therapeutics. We believe the tebentafusp clinical data represent the first positive Phase 3 clinical trial for a TCR therapeutic and the first bispecific immune-oncology therapy with demonstrated overall survival advantage in any solid tumor. These results were a culmination of disciplined work by the Immunocore team and strong support by our investors. Our initial public offering in February enables us to accelerate the development of our pipeline of TCR therapeutics and the planned BLA submission of our lead candidate tebentafusp in patients with uveal melanoma, as well as begin early commercialization activities assuming regulatory approval.” Key Pipeline Updates Tebentafusp In November 2020, the Company announced tebentafusp achieved the primary endpoint of superior overall survival compared to investigator’s choice in a randomized Phase 3 clinical trial (IMCgp100-202) in previously untreated metastatic uveal melanoma, a cancer that has historically proven to be insensitive to chemotherapy and other immunotherapies. The 378-patient study was unblinded by an independent data monitoring committee at the first pre-planned interim analysis when the OS Hazard Ratio (HR) in the intent-to-treat population favored tebentafusp, HR=0.51 (95% CI: 0.36, 0.71); p< 0.0001, over investigator’s choice (82% pembrolizumab; 12% ipilimumab; 6% dacarbazine). Immunocore will be working with the FDA to facilitate complete submission of a BLA for tebentafusp in the third quarter of 2021, followed by Marketing Authorization Application submission to the European Medicines Agency (EMA). In February 2021, tebentafusp was granted Breakthrough Therapy Designation by the FDA for unresectable or metastatic uveal melanoma. Additionally, in February 2021, the European Commission, upon recommendation of the EMA’s Committee for Orphan Medicinal Products (COMP) awarded tebentafusp Orphan Drug Designation for the treatment of uveal melanoma. Medicines that meet the EMA’s Orphan Drug Designation criteria qualify for several incentives, including ten years of market exclusivity, protocol assistance, and potentially reduced fees for regulatory activities. In March 2021, the Company announced that Phase 3 data from IMCgp100-202 Phase 3 clinical trial would be the subject of an oral presentation in the Phase 3 clinical trials plenary session at the AACR Annual Meeting 2021 which will be held virtually on April 10, 2021. Additional Clinical Programs IMC-C103C - MAGE-A4 As of year-end 2020, 21 patients had been dosed in the dose escalation portion of the IMC-C103C Phase 1/2 clinical trial in patients with solid tumors. Early pharmacodynamics data indicate that IMC-C103C monotherapy is demonstrating biological activity at the doses currently under evaluation. The Company plans to present Phase 1 data from this trial in the second half of 2021. The Company believes that IMC-C103C is the only clinical stage off-the-shelf therapy candidate in development against MAGE-A4—an X-chromosome-linked cancer/testis protein that is broadly expressed across a range of cancer indications, including non-small-cell lung cancer, among others. IMC-C103C is part of a co-development/co-promotion collaboration with Genentech under which Immunocore shares program costs and profits equally. IMC-F106C – PRAME As of year-end 2020, nine patients had been dosed in the dose escalation portion of the IMC-F106C Phase 1/2 clinical trial. The trial is designed to study the safety and preliminary activity of IMC-F106C as a monotherapy in patients with PRAME-expressing solid tumors. The Company plans to report initial Phase 1 data from this trial in mid-2022. IMC-F106C is an ImmTAC targeting a PRAME derived peptide presented by HLA-A*02:01 and is the first off-the-shelf therapeutic targeting PRAME. PRAME has the highest expression frequency of all cancer/testis antigens across a range of solid and hematologic cancers, notably non-small-cell lung cancer, and its expression is generally identified as a poor prognostic feature. Immunocore retains full rights to IMC-F106C. IMC-I109V – HBV In August 2020, the Company announced the publication of novel therapeutic approach with the potential to provide a functional cure for chronic hepatitis B, in leading peer-reviewed journal, Hepatology. These data support on-target efficacy of the lead HBV ImmTAV against HBV-infected hepatocytes. The Company plans to initiate dosing in the single ascending dosing portion of the trial in mid-2021. IMC-M113V – HIV In 2020, the Company advanced IMC-M113V through GMP manufacturing and IND supporting pre-clinical studies for human immunosuppression virus (HIV). The Company’s HIV programs are funded by the Bill & Melinda Gates Foundation, and regulatory submission to enable clinical testing is anticipated in the second half of 2021. GSK-01– NY-ESO The GSK-01 NY-ESO Phase 1 dose escalation study to determine safety, and which is enrolling several different tumor types, is still ongoing. An expansion phase was planned to initiate once the Phase 1 dose escalation was complete. However, following a portfolio review, Immunocore, in collaboration with GSK, have jointly elected not to plan for or initiate the efficacy determining expansion phase of the trial. The expansion arm was planned to be conducted in synovial sarcoma, an ultra-rare disease which is already addressed by other assets in the Company’s portfolio including MAGE-A4 and PRAME. Consequently, GSK has forgone their option to acquire an exclusive license to the NY-ESO program and Immunocore will retain ownership of the asset. Immunocore plans to present the data from the Phase 1 study in 2022. Corporate Updates Fundraising and initial public offering on Nasdaq In February 2021, the Company raised $312.1 million in aggregate financing and approximately $287 million in net proceeds from its initial public offering on Nasdaq of 11,426,280 American Depositary Shares (ADSs), including the exercise in full by the underwriters of their option to purchase an additional 1,490,384 ADSs, at an initial public offering price of $26.00 per ADS. In addition to the ADSs sold in the public offering, Immunocore announced the completion of the concurrent sale of an additional 576,923 ADSs at the initial offering price of $26.00 per ADS, for gross proceeds of approximately $15 million, in a private placement to the Bill & Melinda Gates Foundation. In December 2020, the Company completed a $75 million Series C private financing round led by existing and new investors. In November 2020, the Company closed a $100 million senior secured loan facility with Oxford Finance LLC. In March 2020, the Company completed a $130 million Series B private financing round. Financial Results Cash and cash equivalents at December 31, 2020 totaled $177 million, before including the $287 million in net proceeds from the initial public offering and concurrent private placement in February 2021. This compared to $97 million at December 31, 2019. Revenue for the year ended December 31, 2020 from collaboration agreements was £30.1 million compared to £25.7 million for the year ended December 31, 2019. For the year ended December 31, 2020, our research and development expenses were £74.8 million compared to £100.0 million for the year ended December 31, 2019. For the year ended December 31, 2020, administrative expenses were £45.7 million, compared to £44.2 million for the year ended December 31, 2019. Our loss for the year ending December 31, 2020 was £74.1 million, compared to million £103.9 million for the year ended December 31, 2019. The Company anticipates that its existing cash and cash equivalents, together with the net proceeds from its initial public offering and its debt facility, is sufficient to enable the Company to fund planned operating expenses and capital expenditure requirements through at the least the end of 2022. ## About Immunocore Immunocore is a late-stage biotechnology company pioneering the development of a novel class of TCR bispecific immunotherapies called ImmTAX – Immune mobilizing monoclonal TCRs Against X disease – designed to treat a broad range of diseases, including cancer, infectious and autoimmune. Leveraging its proprietary, flexible, off-the-shelf ImmTAX platform, Immunocore is developing a deep pipeline in multiple therapeutic areas, including five clinical stage programs in oncology and infectious disease, advanced pre-clinical programs in autoimmune disease and multiple earlier pre-clinical programs. Immunocore’s most advanced oncology therapeutic candidate, tebentafusp, has demonstrated an overall survival benefit in a randomized Phase 3 clinical trial in metastatic uveal melanoma, a cancer that has historically proven to be insensitive to other immunotherapies. Forward Looking StatementsThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but are not limited to, statements regarding the efficacy, safety and therapeutic potential of tebentafusp, the design, progress, timing, scope and results of the Company’s trials including IMCgp100-202, the anticipated timing of disclosure of results of clinical trials, plans for initiating future clinical trials and extension studies, the Company’s development programs including the discovery and development of new product candidates, the potential benefit of Breakthrough Therapy Designation or Orphan Drug Designation for tebentafusp, the timing of regulatory filings including estimates regarding the planned submission a BLA for tebentafusp, the likelihood of obtaining regulatory approval of any of the Company’s product candidates including tebentafusp, and the regulatory approval path for tebentafusp. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, many of which are beyond the Company’s control. These risks and uncertainties include, but are not limited to, the impacts of the COVID-19 pandemic on the Company’s business, clinical trials and financial position; unexpected safety or efficacy data observed during preclinical studies or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; changes in expected or existing competition; changes in the regulatory environment; and the uncertainties and timing of the regulatory approval process. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s final prospectus dated February 4, 2021 filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on February 8, 2021, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information, except as required by law. CONTACT: Immunocore Debra Nielsen, Head of CommunicationsT: +1 (610) 368-8602E: debra.nielsen@immunocore.com Follow on Twitter: @Immunocore Consilium Strategic Communications (corporate and financial)Mary-Jane Elliott/ Chris Welsh/ Sukaina Virji T: +44 (0)203 709 5700E: Immunocore@consilium-comms.com Investor Relations Clayton Robertson, Head of Investor RelationsT: +1 215-384-4781E: ir@immunocore.com Immunocore Limited Annual report and consolidated financial statementsDecember 31, 2020 Consolidated Statements of Financial Position as at December 31, 2020£’000 2019£’000 Non-current assets Property, plant and equipment 13,754 18,302 Right of use assets 23,093 36,578 Investment in sub-lease 776 591 Other non-current financial assets 4,410 4,390 Deferred tax asset 2,230 1,507 Total non-current assets 44,263 61,368 Current assets Trade and other receivables 10,280 9,639 Tax receivable 12,935 40,410 Embedded derivative assets - 266 Cash and cash equivalents 129,716 73,966 Total current assets 152,931 124,281 Total assets 197,194 185,649 Equity Share capital 1 - Share premium 386,230 283,250 Foreign currency translation reserve 163 (32)Share-based payment reserve 18,821 10,659 Accumulated deficit (349,869) (279,106)Total equity 55,346 14,771 Non-current liabilities Interest-bearing loans and borrowings 36,654 - Deferred liabilities 24,868 47,961 Lease liabilities 25,190 38,299 Provisions 138 105 Total non-current liabilities 86,850 86,365 Current liabilities Interest-bearing loans and borrowings - 19,157 Trade and other payables 25,728 29,501 Deferred liabilities 27,118 28,522 Tax payable - 72 Lease liabilities 2,043 1,951 Derivative liabilities - 5,127 Provisions 109 183 Total current liabilities 54,998 84,513 Total liabilities 141,848 170,878 Total equity and liabilities 197,194 185,649 Immunocore LimitedAnnual report and consolidated financial statementsDecember 31, 2020 Consolidated Statements of Loss and Other Comprehensive Income for the years ended December 31, 2020 2019 2018 £’000 £’000 £’000 Revenue 30,114 25,669 23,654 Total revenue 30,114 25,669 23,654 Net other operating income 4,242 185 622 Research and development costs (74,809) (99,991) (83,575)Administrative expenses (45,740) (44,183) (34,156)Operating loss (86,193) (118,320) (93,455) Other income — — 4,979 Finance income 2,208 1,510 1,140 Finance costs (3,375) (9,379) (842)Non-operating (expense) / income (1,167) (7,869) 5,277 Loss before taxation (87,360) (126,189) (88,178)Income tax credit 13,267 22,258 16,548 Loss for the year (74,093) (103,931) (71,630) Other comprehensive (expense) / income Exchange differences on translation of foreign operations 195 (99) 72 Income tax effect relating to the components of other comprehensive income — — 3,634 Total other comprehensive (expense) / income for the year, net of tax 195 (99) 3,706 Total comprehensive loss for the year, net of tax (73,898) (104,030) (67,924)Basic and diluted loss per share - £ (2.79) (4.66) (3.32) Cash Flows The following table summarizes the primary sources and uses of cash for each period presented: Year ended December 31, 2020 2019 2018 $000 £000 £000 £000 Cash and cash equivalents at beginning of the year 101,052 73,966 124,385 82,883 Net cash used in operating activities (82,756) (60,574) (101,376) (16,626)Net cash provided by / (used in) investing activities 638 467 (4,137) 58,014 Net cash provided by financing activities 158,399 115,941 55,127 101 Foreign exchange on cash held (115) (84) (33) 13 Cash and cash equivalents at end of the year 177,218 129,716 73,966 124,385
