Cheshire, UK--(Marketwire - November 2, 2007) -
Protherics PLC
Issue of EUR300,000 nominal value of Unsecured Convertible
Loan Notes 2026
London, UK; Brentwood, TN; 2 November 2007 - Protherics PLC ("Protherics"
or the Company"), the international biopharmaceutical company focused on
critical care and cancer, announces that, today, €300,000 nominal value
of Unsecured Convertible Loan Notes 2026 (the "Loan Notes") were issued
to CoVaccine B.V. ("CoVaccine"), under the terms of an agreement between
CoVaccine and Protherics for the acquisition of CoVaccine's novel
adjuvant CoVaccine HT™, details of which were announced on 7 June
2006. The Loan Notes are issuable following the attainment of the first
development related milestone represented by the agreement between
Protherics and Nobilon International B.V. for the licensing of CoVaccine
HT™ for use in pandemic influenza vaccines and seasonal influenza
vaccines in elderly people.
Each £1 of nominal value of the Loan Notes gives CoVaccine the right to
convert into ordinary shares of 2p each in the capital of the Company
("Ordinary Shares") at a price of £0.8175 per Ordinary Share using a
UK/Euro exchange rate of £0.69/Euro. Therefore, the total number of
shares issuable under the Loan Notes is 253,211 Ordinary Shares (0.07% of
the Company's current issued share capital of 339,346,822 Ordinary
Shares).
| Ends |
For further information please contact:
Protherics
Nick Staples, Director of Corporate Affairs +44 (0) 7919 480510
Julie Vickers, Company Secretary +44 (0)1928 518010
Financial Dynamics - press enquiries
London: Ben Atwell, Lara Mott +44 (0) 20 7831 3113
New York: John Capodanno, Jonathan Birt +1 212 850 5600
Or visit
www.protherics.com
Notes for Editors:
About the CoVaccine HT™ Adjuvant
On 6 June 2006 Protherics signed an agreement with CoVaccine BV to acquire
CoVaccine HT™. CoVaccine HT™ was selected by Protherics for
inclusion in the Angiotensin Therapeutic Vaccine, for the treatment of
hypertension. An adjuvant is a substance which enhances the immune
response and so helps maximise the production of antibodies. The
CoVaccine HT™ adjuvant is a sucrose fatty acid sulphate ester that
increases both humoral and cell-mediated immune responses to experimental
vaccines following intramuscular administration. In nonclinical studies,
the adjuvant has been well-tolerated with no limiting local toxicity, and
has produced encouraging immune responses. On the 26 September 2007
Nobilon licensed the CoVaccine HT™ adjuvant for use in pandemic
influenza vaccines and seasonal influenza vaccines in elderly people. The
licensing agreement gives Nobilon the exclusive global rights, excluding
the US, to develop, manufacture and commercialize two new influenza
vaccines containing CoVaccine HT™. For the press release announcing
the deal please visit:
http://www.protherics.com/News/news.aspx
About Protherics
Protherics (LSE: PTI, NASDAQ: PTIL) is a leading biopharmaceutical company
focused on the development, manufacture and marketing of specialised
products for critical care and cancer.
Protherics has developed and manufactures two critical care products
currently sold in the US: CroFab™, a pit viper antivenom and
DigiFab™, a digoxin antidote. The Company's strategy is to use the
revenues generated from its marketed and out-licensed products to help
fund the advancement of its broad, late stage pipeline.
Protherics has two major development opportunities in its critical care
portfolio. CytoFab™ is being developed by AstraZeneca, for the
treatment of severe sepsis, following a major £195 million (more than
$340 million) licensing deal in December 2005. An additional, expanded
phase 2 programme is planned to start in the second half of 2007. In
addition, Protherics is currently undertaking a phase 2b study with
Digoxin Immune Fab for the treatment of pre-eclampsia. This study is
expected to report in the first half of 2008.
Protherics has a pipeline of four novel cancer products in clinical
development, and intends to undertake the sales and marketing of these
products in the US or the EU. Protherics is preparing to resubmit a BLA
for Voraxaze™, an adjunct to high dose methotrexate therapy, under a
rolling submission in the US starting in early 2008.
Protherics has a strong cash position, with unaudited cash balances at 30
June 2007 of £45m. With headquarters in London, the Company has
approximately 270 employees across its operations in the UK, US and
Australia.
For further information visit:
www.protherics.com
Disclaimer
This document contains forward-looking statements that involve risks and
uncertainties, including with respect to Protherics' product pipeline and
anticipated development and clinical trials for product candidates.
Although we believe that the expectations reflected in such forward-
looking statements are reasonable at this time, we can give no assurance
that such expectations will prove to be correct. Given these
uncertainties, readers are cautioned not to place undue reliance on such
forward-looking statements. Actual results could differ materially from
those anticipated in these forward-looking statements due to many
important factors, including the factors discussed in Protherics' Annual
Report on Form 20-F and other reports filed from time to time with the
U.S. Securities and Exchange Commission. We do not undertake to update
any oral or written forward-looking statements that may be made by or on
behalf of Protherics.
This information is provided by RNS
The company news service from the London Stock Exchange