STOCKHOLM, Sweden, Aug. 05, 2005 (PRIMEZONE) -- The Board of Directors of Biotage has resolved to convene an extraordinary general meeting in order to adopt a resolution to authorize the Board of Directors to issue a total maximum of 20,000,000 new shares, or convertible debentures corresponding to such number of shares, with or without deviation from the shareholders preferential right, against payment in cash, through an issue in kind or through set-off, whereof not more than 10,000,000 new shares may be issued to others than the company's shareholders.
In connection with a directed issue against payment in cash, the subscription price for the new shares shall be determined in close connection with the share price for the Biotage share on Stockholmsborsen (the Stockholm stock exchange) at the time of the new issue. In connection with an issue of convertible debentures, with deviation from the shareholders preferential right, against payment in cash, the subscription price as well as terms and condition for the debentures shall be on market terms. Issues may be made in order to secure repayment of the debt financing attributable to the acquisition of Argonaut. In case of full exercise of the authorization, the dilution effect amounts to around 28 per cent of the share capital and the votes.
An extraordinary general meeting will be held on Tuesday 30 August, 2005 at 17 p.m. and notice convening the general meeting will be made public shortly.
About Biotage
Biotage is a global company active in life science research with strong technologies, a broad range of operations and a long-term view of the market. The company offers solutions, knowledge and experience in the areas of genetic analysis and medicinal chemistry. The customers include the world's top 30 pharma companies, the world's top 20 biotech companies, and leading academic institutes. The company is headquartered in Uppsala and has offices in the U.S., Japan, UK and several other European countries. Biotage has approx. 340 employees and had pro-forma sales of approx. 500 MSEK in 2004. Biotage is listed on the Stockholm stock exchange. Website: www.biotage.com
Certain statements in this press release are forward-looking. These may be identified by the use of forward- looking words or phrases such as "believe," "expect," "intend," and "should," among others. These forward-looking statements are based on Biotage's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Biotage notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the microwave synthesis and flash purification in the drug discovery market, DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for Biotage's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors.
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