DRM Dermasalve

    RNS Number : 1450I
  Dermasalve Sciences PLC
  13 November 2008
   

    DERMASALVE SCIENCES PLC
    ("DermaSalve" or the "Company")

    INSOLVENCY PROCEEDINGS


    Having considered the Company's financial position, the Directors have today resolved that the Company cannot, by reason of its
liabilities, continue in business and that it ought to be wound up voluntarily. Accordingly, the Directors have instructed an Insolvency
Practitioner to assist with the convening of Meetings of Shareholders and Creditors, pursuant to Section 98 of the Insolvency Act 1986, in
order that the Company be placed into Creditors' Voluntary Liquidation.  Formal notices will be circulated to all known shareholders and
creditors shortly.  The notices will provide full details of the time, date and venue of the Meetings.  The same course of action is also to
be undertaken in respect of the Company's wholly owned subsidiaries, Dermasalve Limited and Healthy and Essential Limited.

    This decision by the Directors follows the exhaustive pursuit of many possible sources of financing over recent months.  Several debt
and equity based options have been pursued as well as third party collaborations and the potential sale of the Company's assets in part and
whole. During this time market conditions have been extremely challenging.

    Unfortunately none of these initiatives have come to fruition and the Board was forced to seek the appointment of the Insolvency
Practitioner.  The Board very much regrets this highly unsatisfactory outcome.

    The Company has today received notice of the resignation of Hanson Westhouse Limited as nominated adviser and broker with immediate
effect. The Company's shares are currently suspended from trading on AIM due to the failure to publish both the annual accounts for the year
ended 31 December 2007 in accordance with AIM Rule 19 and the half yearly report for the six months ended 30 June 2008 in accordance with
AIM Rule 18. The resignation of the Company's nominated adviser is a further reason for the continuing suspension of trading in the shares.
In accordance with AIM Rule 1, if the Company fails to appoint a new nominated adviser within one month, the admission of the Company's
shares to trading on AIM will be cancelled at 7.00 a.m. on 15 December 2008. 


    Enquiries:


 David Rubin & Partners            Tel: 020 7400 7900
 26-28 Bedford Row                 Fax: 020 7242 3233
 London WC1R 4HE


This information is provided by RNS
The company news service from the London Stock Exchange
 
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