TRUSPINE TECHNOLOGIES PLC

("TruSpine", the "Company" or "Group")

Interim Results - for the six months ended 30 September 2023

CHIEF EXECUTIVE'S REPORT

During the period under review and the period to date the Company is pleased to have made progress on three fronts namely :-

-      the FDA submission is progressing and has now reached the substantive phase which it is currently undergoing and the Company is hoping for more positive news in the New Year.

-      Following the registration of its IP title, the Company anticipates signing a distribution agreement in 2024.

-      Financing: the Company remains in pre-revenue stage and is in detailed discussions with various parties and hopes to agree a substantial fundraise during January 2024.

On 15 August 2023 the Company raised £50,000 through the issue of 2,000,000 new ordinary shares at a price of 2.5p per share.

The Company continues to be in a pre-revenue development phase and remains loss-making.  The loss before taxation for the six months to 30 September 2023 was £363k (2022: £545k) after administrative expenses of £348k (2022: £543k). Development spend for the six months to 30 September 2023 was £216k (2022: £216k). Consolidated net assets as at 30 September 2023 amounted to £2.46 million (2022: £2.89 million) including a bank overdraft of £8,640 (2022 cash and cash equivalents of £42,000).

As previously notified, the Company's working capital position remains weak given the lack of revenue generating operations, however the Company is prudently managing its limited working capital position. The Company is reviewing equity and debt financing options available to it and the Directors fully expect a successful resolution in securing adequate funding to meet the Company's working capital requirements in the near-term.

Further to the announcement of 27 November 2023, the Company continues to be in discussions to agree a new redistribution contract with Spartan Medical, Incorporated which the Company expects to sign in due course.

Proposed Director Appointments Update

Further to the announcement on 27 November 2023, the Company maintains its intention to appoint Victoria Sena and Samuel Ogunsalu, subject to standard regulatory due diligence and securing adequate funding to meet the Company's working capital requirements in the near-term.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

Enquiries:

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

GROUP STATEMENT OF COMPREHENSIVE INCOME

All results in the current and preceding financial period derive from continuing operations.

GROUP STATEMENT OF FINANCIAL POSITION

GROUP STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE FINANCIAL INFORMATION

1.               GENERAL INFORMATION

This financial information is for TruSpine Technologies Plc and its subsidiary undertakings. The principal activity of TruSpine Technologies Plc and its subsidiaries (together the "Group") is the development of products for the spinal fusion market. The Company is a public limited company and was listed on the Aquis Stock Exchange on 20 August 2020. The Company is incorporated and domiciled in England and the address of its registered office is located at Spectrum House AF33, Beehive Ring Road, Gatwick Airport, Gatwick, RH6 0LG, United Kingdom.

2.               BASIS OF PREPARATION

The interim consolidated financial information has been prepared with regard to International Financial Reporting Standards (IFRS) and interpretations adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The interim financial information incorporates the results for the group for the six month period from 30 March 2023 to 30 September 2023. The results for the year ended 29 March 2023 have been extracted from the statutory financial statements for the Company for the year ended 29 March 2023. The financial information set out in these interim consolidated financial information does not constitute statutory accounts as defined in S434 of the Companies Act 2006. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 29 March 2023, which contained an unqualified audit report and have been filed with the Registrar of Companies. They did not contain statements under S498 of the Companies Act 2006.

The same accounting policies, presentation and methods of computation have been followed in these unaudited interim financial statements as those which were applied in the preparation of the Group's annual financial statements for the year ended 29 March 2023.

The interim consolidated financial information incorporates the financial statements of TruSpine Technologies Plc and its subsidiaries.

The interim financial information for the six months ended 30 September 2023 was approved by the directors on 28 December 2023.

3.               TAXATION

                   Tax recognised in profit or loss

At 30 September 2023, the Group are carrying forward estimated tax losses of £2m in respect of various activities over the years. The Company did not recognise a deferred income tax credit due to uncertainty concerning the timescale of its recoverability.

4.               LOSS PER ORDINARY SHARE

Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares.

5.            SHARE CAPITAL

Share Capital - Amount subscribed for share capital at nominal value.

Share Premium - Amount subscribed for share capital in excess of nominal value.

6.            EVENTS AFTER THE REPORTING DATE

On 30 October 2023, the Company announced that it had received communication from the U.S. Food and Drug Administration ("FDA") that its FDA 510(k) application for Cervi-LOK had progressed to the substantive review stage.