TIDMETX
RNS Number : 9407O
e-Therapeutics plc
16 March 2009
?
+------------------------------------+------------------------------------+
| Press Release | 16 March 2009 |
+------------------------------------+------------------------------------+
e-Therapeutics plc
("e-therapeutics" or the "Company")
Result of General Meeting
Completion of Placing
e-Therapeutics is pleased to confirm that at its General Meeting held earlier
today all resolutions were duly approved and that accordingly, pursuant to the
placing agreement dated 24 February 2009 made between (i) the Company; (ii) the
Directors of the Company; (iii) Octopus Investments Nominees Limited; (iv) the
Funds (as defined therein) and (v) Octopus Ventures Limited ("Octopus"), and
conditional only on admission of the Placing Shares to trading on AIM, Octopus,
and its related investment funds and investors have subscribed for
3,169,189 ordinary shares at a price of 30 pence per ordinary share (the
"Placing Price") (the "Placing Shares") and GBP1,049,233 worth of loan notes
(the "Loan Notes"), together with associated warrants, on the terms set out
below, to raise GBP1,999,990 before expenses (the "Fundraising").
Terms of the Loan Notes
As announced on 25 February 2009, the Loan Notes are repayable in full on the
date being five years after the date of issue, although they may be repaid in
whole or in part earlier at the Company's discretion. The Loan Notes bear
interest at the rate of 12 per cent per annum, payable at six monthly intervals
and are secured by a floating charge over the intellectual property rights of
the Company. The floating charge created by the charge will be capable of being
converted into a fixed charge upon the occurrence of certain events including
the failure of the Company to pay amounts due in respect of the Loan Notes when
due and in the event of insolvency proceedings being instituted.
In addition, the subscribers to the Loan Notes will be issued with warrants
over 3,497,443 ordinary shares. These warrants can be exercised at any time for
a period of 5 years from the date of issue and are exercisable at the Placing
Price. It is agreed that if any further new ordinary shares are issued at a
price below the Placing Price at any time before the date that the Warrants
expire, the exercise price of the Warrants will be reduced accordingly.
Admission
Application has been made to admit the Placing Shares to trading on AIM and
dealings in the Placing Shares are expected to commence on 17 March 2009.
Orderly Market Agreement
As a condition of the Placing, each of RAB Special Situations (Master) Fund
Limited ("RAB") and Octopus have entered into an Orderly Marketing Agreement
("OMA") under which it undertakes to the Company and to the Company's Nominated
Adviser that it will not (save in certain limited circumstances defined in the
OMA) dispose of any of the Ordinary Shares beneficially owned by it (which, in
the case of RAB is 17,207,950 Ordinary Shares) for a period of 18 months from
the date of the General Meeting save with the prior consent of the Company's
Nominated Adviser, and where such sale is to be effected by the Company's
broker, so as to ensure an orderly market in the Company's shares.
About Octopus Ventures Limited (www.octopusventures.com)
Octopus Ventures Limited is a subsidiary of Octopus Investments Limited and is a
venture capital company with support from a dedicated Octopus Investor Group.
About Octopus Investments Limited (www.octopusinvestments.com)
Established in 2000, Octopus Investments is one of the UK's fastest growing
alternative investment specialists, providing investors with access to a growing
range of innovative investment products including venture capital trusts,
enterprise investment schemes, inheritance tax solutions, business property
relief products and a range of UK equity OEICs.
Enquiries:
+-------------------------------------+----------------------------------+
| John Cordiner, e-Therapeutics plc | +44 (0) 191 233 1317 |
| | |
+-------------------------------------+----------------------------------+
| Katy Mitchell/David Youngman WH | +44 (0) 113 394 6628 |
| Ireland Limited | |
+-------------------------------------+----------------------------------+
Media enquiries for e-Therapeutics:
+---------------------------------------+------------------------------------+
| Abchurch | www.abchurch-group.com |
| | +44 (0) 207 398 7700 |
+---------------------------------------+------------------------------------+
| Heather Salmond | +44 (0) 207 398 7704 |
| heather.salmond@abchurch-group.com | |
+---------------------------------------+------------------------------------+
| Stephanie Cuthbert | +44 (0) 207 398 7718 |
| stephanie.cuthbert@abchurch-group.com | |
+---------------------------------------+------------------------------------+
| Simone Alves | +44 (0) 207 398 7728 |
| simone.alves@abchurch-group.com | |
+---------------------------------------+------------------------------------+
Media Enquires for Octopus:
+----------------------------+-------------------------------------------+
| Octopus Investments Ltd: | +44 (0) 20 7710 2840 |
| Rob Forbes, Head of PR | rforbes@octopusinvestments.com |
| | |
+----------------------------+-------------------------------------------+
| The Millbrook Partnership: | +44 (0) 20 7520 9455 |
| Michaela Hopkins/Emily | ov@millbrookpartnership.com |
| Bastin | |
| | |
+----------------------------+-------------------------------------------+
About e-Therapeutics
e-Therapeutics plc is a drug discovery and development company. It has developed
proprietary computational systems to swiftly and accurately analyse and predict
how medicines interact with cells in the body. This optimises the probability of
identifying drug candidates with desirable efficacy and low toxicity. The
Company applies its novel, systematic approach in three areas of activity:
+---------+--------------------------------------------------------------+
| * | Discovery of new de-risked drugs; |
+---------+--------------------------------------------------------------+
| * | Discovering novel uses for existing drugs; and |
+---------+--------------------------------------------------------------+
| * | Analysis of the interactions between different drugs. |
+---------+--------------------------------------------------------------+
Amongst e-Therapeutics' pipeline of compounds in development are an oral asthma
treatment in Phase II clinical trials, a novel-mechanism antidepressant, also in
Phase II clinical trials, novel antibiotics that have been shown to kill the
"superbug" MRSA, and a novel cancer chemotherapy that has been shown to kill
malignant cells at safe doses in a very short time. The Company is currently in
negotiations with a number of pharmaceutical companies and is progressing the
preclinical and clinical development of these products.
For further information on e-Therapeutics visit www.etherapeutics.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
REGSFLFMMSUSEDD
|