RNS Number : 2750W
Alizyme PLC
24 July 2009
FOR IMMEDIATE RELEASE 24 JULY 2009
ALIZYME PLC
SUSPENSION OF SHARES FOR TRADING ON THE OFFICIAL LIST, COMPANY TO BE PLACED INTO ADMINISTRATION
Alizyme plc (LSE: AZM) ("Alizyme" or the "Company")
Cambridge UK, 24 July 2009: Alizyme PLC announces that, at its own request, trading in the Company's ordinary shares has been suspended with effect from 3.30 pm on 24 July 2009, following which the Board has agreed to appoint Ian Carr and Nigel Morrison of Grant Thornton UK LLP to act as Administrators of the Company.
On 29 June 2009, the Company announced in a trading update that it did not expect to have sufficient funding to last beyond the end of August 2009 and that it would be unable to continue as a going concern without urgently raising additional funds. As part of the trading update, the Company also announced that it was in discussions with its commercial partners to mitigate potential increased funding obligations under its licensing and development agreements with regard to COLAL-PRED®.
The Company was today notified by Prometheus Laboratories Inc ("Prometheus") that a complaint had been filed with the United States District Court, Southern District of California, regarding an alleged breach of a Licence Agreement between Prometheus and Alizyme Therapeutics Limited, a wholly owned subsidiary of Alizyme. The complaint was filed on 21 July 2009, but has not been served on Alizyme Therapeutics Limited or Alizyme.
The Company no longer believes that it will be able to conclude successfully the discussions with its commercial partners, and therefore does not believe that refinancing of the Company could now be completed, within a timeframe during which the Company would have sufficient cash reserves to continue trading.
As a result, the Board of Alizyme has taken advice and with great regret no longer believes that the Company is in a position to continue its operations. It is expected that the appointment of Administrators will take place either today or on Monday 27 July 2009, following which the Administrators will take such measures as they believe appropriate, including seeking a buyer for the Company and/or its assets.
The Board of Directors of Alizyme Therapeutics Limited ("ATL") has also agreed to appoint the above named persons from Grant Thornton UK LLP to act as administrators of ATL.
In addition, the Annual General Meeting, which had been convened for 12.00 pm on Wednesday, 29 July 2009, will no longer take place.
For further information please call:
Ian Carr
Grant Thornton UK LLP
Byron House
Cambridge Business Park
Cambridge
CB4 0WZ
Telephone: +44 (0) 1223 225600
Email: ian.carr@gtuk.com
Press Enquiries:
Cathy Connan
PR and Communication
Connan Limited
Telephone: +44 (0) 7976 669089
Email: cathy@cathyconnan.com
This information is provided by RNS
The company news service from the London Stock Exchange
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