Commitments Test Entity - Second Quarter Report

Document date:  Thu 31 Jan 2002
Published:  Thu 31 Jan 2002 00:00:00
Document No:  186629
Document part:  A
Market Flag:  Y
Classification: 

ANTISENSE THERAPEUTICS LIMITED                2002-01-31  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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                        APPENDIX 4C
               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Antisense Therapeutics Limited

ACN or ARBN                Quarter ended ("current quarter")
41 095 060 745                31/12/2001

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                          Current   Year to date 
operating activities                           Quarter   (6 months)
                                               AUD'000      AUD'000

1.1  Receipts from customers                         -            -
1.2  Payments for         
       (a) staff costs                            (25)         (49)
       (b) advertising & marketing                   -            -
       (c) research & development                (391)        (625)
       (d) leased assets                             -            -
       (e) other working capital                  (88)        (160)
1.3  Dividends received                              -            -
1.4  Interest and other items of
     a similar nature received                       2            7
1.5  Interest and other costs of
     finance paid                                    -            -
1.6  Income taxes paid                               -            -
1.7  Other (provide details if material)     
      GST received from ATO                         15           34

1.8  Net Operating Cash Flows                    (487)        (793)

Cash flows related to investing activities                
1.9  Payment for acquisition of:        
       (a) businesses (item 5)                       -            -
       (b) equity investments                        -            -   
       (c) intellectual property                     -            -   
       (d) physical non-current assets             (7)          (8)   
       (e) other non-current assets                  -            -
1.10  Proceeds from disposal of:        
       (a) businesses                                -            -
       (b) equity investments                        -            -   
       (c) intellectual property                     -            -   
       (d) physical non-current assets               -            -   
       (e) other non-current assets                  -            -
1.11 Loans to other entities                         -            -
1.12 Loans repaid by other entities                  -            -
1.13 Other (provide details if material)             -             

     Net investing cash flows                      (7)          (8)
 
1.14 Total operating and
     investing cash flows                        (494)        (801)

Cash flows related to financing activities                
1.15 Proceeds from issues of
     shares, options, etc.                      16,974       16,974
1.16 Proceeds from sale of
     forfeited shares                                -            -
1.17 Proceeds from borrowings                      100          100
1.18 Repayment of borrowings                     (100)        (138)
1.19 Dividends paid                                  -            -
1.20 Other (provide details if material)             -            -

     Net financing cash flows                   16,974       16,936

     Net increase (decrease) in cash held       16,480       16,135

1.21 Cash at beginning of quarter/
     year to date                                  290          635

1.22 Exchange rate adjustments to item 1.20          -            -

1.23 Cash at end of quarter                     16,770       16,770


PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS
PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES

                                                       Current Quarter
                                                           AUD'000

1.24 Aggregate amount of payments to
     the parties included in item 1.2                         (31)

1.25 Aggregate amount of loans to the 
     parties included in item 1.11                               -

1.26 Explanation necessary for an understanding
     of the transactions

Item 1.24 above mostly comprises salaries paid to executive directors.

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have had a
     material effect on consolidated assets and liabilities but did
     not involve cash flows

* 30 million shares were issued to Isis Pharmaceuticals Inc in
exchange for certain rights granted to the company by Isis
Pharmaceuticals Inc (which give rise to an intangible asset -
intellectual property). These shares are escrowed for a period of two
years. The directors estimated the fair value to be attributed to
the shares of 15 cents each, which represents a 25% discount to the
initial public offer price. The discount was determined after
consideration of the conditions and restrictions attached to these
shares, specifically the price effect of the escrow conditions. In
addition to the share issue, 20 million options were issued to Isis
Pharmaceuticals Inc for a consideration of 1 cent per option.

* 11.25 million shares were issued to the Murdoch Childrens Research
Institute in exchange for certain rights granted to the company by
the Murdoch Childrens Research Institute (which gave rise to an
intangible asset - intellectual property). The fair value attributed
to the shares issued was determined on the same basis as above.


2.2  Details of outlays made by other entities to establish or
     increase their share in businesses in which the reporting entity
     has an interest
        
 N/A


FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.

                                                Amount       Amount
                                              available       used
                                               AUD'000      AUD'000

3.1  Loan facilities                                 -            -
3.2  Credit standby arrangements                     -            -



RECONCILIATION OF CASH

Reconciliation of cash at the end              Current     Previous
of the quarter (as shown in the                quarter      quarter
consolidated statement of cash flows)          AUD'000      AUD'000
to the related items in the accounts 
is as follows.

4.1  Cash on hand and at bank                    5,770          140
4.2  Deposits at call                           11,000          150
4.3  Bank overdraft                                  -            -
4.4  Other (provide details)                         -            -

     Total: cash at end of quarter (item 1.22)  16,770          290




ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                                 Acquisitions        Disposals
                                 (item 1.9(a))      (Item 1.10(a))

5.1 Name of entity               N/A               N/A            

5.2 Place of incorporation
    or registration              -                 -              

5.3 Consideration for
    acquisition or disposal      -                 -              

5.4 Total net assets             -                 -              

5.5 Nature of business           -                 -              



COMPLIANCE STATEMENT

1. This statement has been prepared under accounting policies which
   comply with accounting standards as defined in the Corporations Law
   or other standards acceptable to ASX.

2. This statement does give a true and fair view
   of the matters disclosed.

N Korchev                     
COMPANY SECRETARY            Date: 31/01/2002