HUDDINGE, Sweden, Oct. 23, 2002 (PRIMEZONE) -- Tripep AB:- A new Board of Directors was elected at the extraordinary shareholders' meeting held on 17 September 2002. The new Board consistsof Rolf L. Nordstrom, Erik Nerpin, Matti Sallberg and Anders Vahlne.
- At the following Board meeting on 17 September, Rolf L. Nordstrom was appointed Chairman of the Board and Johan Ihre became the new President and CEO.
- A candidate drug (CD) has been identified within the ChronVac-C(TM)-project. Preparations have begun for the clinical phase, and discussions are also under way with industrial partners.
- Research is continuing into the antiviral activity of GPG andits metabolites.
- Talks are being held with several partners concerning the consolidation of the operations.
- Discussions are also under way with potential partners concerning acquisition of clinical projects.
- An application for remission of the loan from Industrifonden has been submitted.
- The Swedish district court has granted permission for a reduction in the share premium reserve and transfer to non-restricted equity.
- The burn-rate has been substantially reduced.
- The Board of Directors stands by the statement issued at the extraordinary shareholders' meeting held on 17 September concerning asubstantial dividend or other form of repayment to the shareholders, andthe options at hand are being investigated.
Tripep is a biotechnology research company that develops andcommercialises candidate drugs based on patented technologies. Its mainfocuses are:research and development of a potential HIV-inhibiting drug,preclinical research focusing on the development of therapeutic and prophylactic vaccines against HIV and Hepatitis C, and the RAS(TM) technology platform.
For more details of the company's technologies, please refer to the company's web site at www.tripep.se
Financial calendar Preliminary year-end report for 2002 31 January 2003 Annual report for 2002 March 2003 Annual General Meeting for 2002 April 2003
This report has not been reviewed by the company's auditor.
For more information, please contact Johan Ihre, President and CEO Tel.: +46 8 449 84 80, mobile phone: +46 707 33 44 25 e-mail: johan.ihre@tripep.se Anders Vahlne, VP, Head of Research Tel.: +46 8 5858 1313, mobile phone: +46 709 28 05 28 e-mail: anders.vahlne@impi.ki.se Web site: www.tripep.se
Accounting principlesThis interim report complies with recommendation RR20 (Interim reports)of the Swedish Financial Accounting Standards Council (Redovisningsradet). The same accounting principles as those used in the 2001 annual report have been applied, and the new recommendations of the Swedish Financial Accounting Standards Council that came into force on 1 January 2002 have been implemented.
These recommendations are RR 21 (Loan costs) and RR 23 (Details concerning associates). The recommendations adopted have had no impact on the profit/loss figures or financial position of the company compared with the principles previously applied.
Changes to estimates and assessments: When assessing the capitalisation of development costs, the company has chosen from now on only to capitalise these when projects have reached clinical phase.
This means that previously capitalised development costs of SEK 3.4 million have now been booked as costs.
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