Cambridge, UK, Dec. 13, 2004 (PRIMEZONE) --
Press Release 9 December 2004
BioProgress plc
("BioProgress" or the "Company")
Damages assessment to proceed in High Court case
BioProgress plc (AIM: BPRG; NASDAQ: BPRG) advises that the UK Patents Court has rejected the attempt by Stanelco Fibre Optics Limited ("Stanelco") to re-open the case, and has awarded the relevant legal costs to BioProgress. Stanelco has been granted permission to appeal this latest decision but this will not hold up the process for assessing the damages to be paid by Stanelco to the Company's wholly owned subsidiary BioProgress Technology Limited.
Stanelco must now comply with the Court's previous order and disclose all material details relevant to the misuse of the information previously given to them in confidence by BioProgress. These details will allow BioProgress to formulate its damages claim which will then be assessed by the Court.
Graham Hind, Chief Executive of BioProgress, said: "We are clearly pleased that the Court has quickly rejected Stanelco's application for a re-trial on the single issue of breach of confidence, and has stuck by its previous judgment. This decision further vindicates the position we have taken throughout these proceedings."
Forward-Looking Information.
The Ordinary Shares of BioProgress plc are registered under the US Securities and Exchange Act of 1934. This announcement contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. The forward-looking statements in this release include statements addressing future financial and operating results and the timing and benefits of the reorganisation. Detailed information about factors pertinent to the business of the company that could cause actual results to differ is set forth in the Company's filings with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaim any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This announcement is for information only and does not constitute an offer or invitation to acquire or dispose of any securities or investment advice. The distribution of the announcement and/or issue of securities in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about and to observe such restrictions.
Notes to editors:
BioProgress listed on AIM in May 2003 and on NASDAQ in October 2004, and is engaged in the research, development, and design of patented encapsulation systems that use water soluble and biodegradable films for the dietary supplement, pharmaceutical and other sectors. The Company's portfolio comprises over 80 patents granted or in application within 24 patent families and has product development agreements and strategic alliances with several global companies. BioProgress aims to provide a cost effective and animal-free encapsulation process for pharmaceutical drugs in liquids, tablets and powders, thereby addressing the needs of the entire market for oral dosage forms while providing novel delivery mechanisms not possible with traditional processes.
The Company has also developed patented and licensed the world's first flushable ostomy pouch that offers a newly enhanced quality of life not previously possible for the end user. Market research shows the global ostomy market to be worth $1 billion annually.
The Company's business model provides it with several significant revenue streams including sales of encapsulating machines and film, plus licence and fees for research development services.
This information is provided by RNS
The company news service from the London Stock Exchange