Admission to AIM
16 Febrero 2007 - 2:00AM
UK Regulatory
RNS Number:3685R
GeneMedix PLC
16 February 2007
16 February 2007
GeneMedix plc
Dealings commence on AIM
GeneMedix plc (AIM:GMX) ('GeneMedix' or 'the Company'), the UK biopharmaceutical
company, is pleased to announce that its shares have been admitted to trading on
AIM today.
The admission marks the completion of the Proposal approved by shareholders on
12 January 2007, and the end of the restructuring process initiated in October
2005. As part of the Proposal Reliance Life Sciences Pvt Ltd ("RLS") has
acquired a controlling interest in GeneMedix by way of a subscription for
Ordinary Shares, and the right to invest up to a further #17.5 million through
exercise of a 5 year Warrant Instrument. The Board believes that RLS, which is
an affiliate of Reliance Group, the largest private sector enterprise in India,
is an excellent partner for GeneMedix. The backing of RLS will not only provide
funding for the Company's main programmes, allowing it to bring in a portfolio
of new products, but also significant infrastructure support and future
commercial scale manufacturing facilities as well as the ability to restructure
or repay all major debt instruments on its balance sheet.
RLS has made it clear that it intends to maintain GeneMedix as an independent
publicly listed company so as to allow the Company to be able to raise funds
from an external investor base in the future.
As a result of the transfer of the Company's primary listing from the Official
List of the London Stock Exchange to AIM, the Company is no longer able to
maintain its secondary listing on the Singapore Stock Exchange. We will
therefore be contacting Singapore-based shareholders in due course with details
of alternative means for trading GeneMedix securities in that territory.
Julian Attfield, Chief Executive of GeneMedix, said:
"The agreement with RLS represents a major breakthrough for GeneMedix and should
enhance long-term shareholder value. We look forward to a long and successful
relationship with RLS and the move to AIM marks the start of an exciting new
chapter in the Company's life."
For further information, please contact:
GeneMedix plc +44 (0)1638 663320
Julian Attfield, Chief Executive Officer
RLS +91 223 911 8022
Vinay Ranade, General Manager, Finance and Commercial
Bankside Consultants +44 (0)20 7367 8888
Michael Padley / Daniela Hale
Background on GeneMedix
GeneMedix is a biopharmaceutical company with operations in Europe. The Company
was set up to develop a range of generic biopharmaceuticals (now known as
Biosimilars) and has three of the largest market products under development.
These are:
* EPO, a stimulant of red blood cell production used mainly for patients
with chronic renal failure or undergoing chemotherapy;
* G-CSF, which is also a chemotherapy adjunct, but used to boost the
generation of white blood cells; and
* Interferon-alfa, used in the treatment of Hepatitis B and C.
The first generation products of these large molecule therapeutic proteins,
which can only be made using biological process, have either just come off
patent in the EU or are coming off patent in the next year or two and this has
opened up an opportunity for a generic market for these expensive products. The
regulation of these Biosimilars is a complex process as quality control levels
are extremely high due to complexity of manufacture and the potential to cause
unexpected severe immune reactions in certain cases. There has been significant
delay by the regulatory authorities in introducing the legal and regulatory
pathway for Biosimilars in the EU, but these were finalised for EPO and G-CSF in
the first quarter of last year. This has given a commercial opportunity for
GeneMedix, as there are not likely to be many companies operating in the EU
biosimilar market place in the early years of its development and the
relationship with RLS has opened up potential opportunities in the Asian markets
at an earlier stage.
Background on Reliance Life Sciences
RLS is part of the Reliance Group, which is India's largest private sector
enterprise. The flagship company, Reliance Industries Limited, is a Fortune
Global 500 company. Global revenues of the Reliance Group are approximately USD
22 billion, with around 25,000 employees worldwide.
RLS is a new millennium initiative of the Reliance Group and is a
research-driven, biotechnology-led, life sciences organisation. It is developing
business opportunities in the domains of medical biotechnology, plant
biotechnology, industrial biotechnology, clinical research services and contract
manufacturing. These opportunities encompass biopharmaceuticals, molecular
diagnostics, genetics, cell-based therapies, biofuels, clinical research
services and contract manufacturing.
RLS has its own portfolio of Biosimilar products. It is currently constructing
manufacturing facilities in India, which are anticipated to operate to full
international standards and has a large infrastructure of analytical testing and
animal testing facilities. RLS is looking to introduce its products into the EU
through collaboration with GeneMedix, and to leverage its own manufacturing
capabilities by manufacturing the Company's products.
Key Statistics (post Consolidation):
Number of Percentage (%)
Ordinary Shares of Enlarged
Share Capital
Number of
Existing
Ordinary
Shares 37,157,340 23.9%
Issue of
Conversion
Shares 1,735,076 1.1%
Issue of
Subscription
Shares 116,825,457 75.0%
-------------
Enlarged Share
Capital 155,717,873 100.0%
-------------
Note:
It is expected that on or before the 31st March 2007 a further 2,127,266
Conversion shares will be issued pursuant to the Proposal. RLS hold a 5 year
Warrant Instrument to subscribe for a total of 140,374,297 Ordinary Shares.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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