Update on strategic review
16 Novembre 2005 - 8:01AM
UK Regulatory
RNS Number:1865U
Provalis PLC
16 November 2005
Provalis plc
Update on strategic review
Provalis plc (LSE: PRO), the international medical diagnostics and
pharmaceuticals group, is today providing an update on its previously announced
strategic review. This review was initiated by the interim Chief Executive,
Peter Woodford, following his appointment on 10 August 2005.
As part of this review, the Board decided to examine the possibility of selling
the pharmaceutical business and to that end advisers have been appointed. To
date the Board has received several indicative offers which are currently being
progressed.
In the Group's preliminary results released on 19 October, the Board stated
that, with regard to the medical diagnostic business, it was still too early to
predict future sales of in2itTM, and that more permanent funding would be
required in due course to develop the Group.
Sales of in2itTM into the US market continue to be disappointing and significant
sales are unlikely to be achieved until certain technical issues, the
consequences of which have only recently come to light, are addressed. The
Board is focussed on resolving these issues, as well as determining how to
generate the best value from the in2itTM technology and the diagnostics business
as a whole.
As part of the strategic review, external consultants have been appointed to
validate and review in2itTM, as well as its capability to be used as a more
broadly based diagnostic testing platform.
The Board is also implementing the results of a cost review, which will
significantly reduce the cash outflow of the Group in the short and medium term.
The overall strategic review is therefore being widened to consider all
strategic and funding options available to the Group and how best the Board can
maximise value for shareholders. Rothschild is assisting Peter Woodford with
this review.
16 November 2005
Enquiries:
Provalis plc www.provalis.com 01244 288888
Peter Woodford, Chief Executive
Peter Bream, Finance Director
NM Rothschild & Sons Limited
David Forbes 0113 2001900
Lynn Drummond 020 72805000
College Hill 020 7457 2020
Adrian Duffield/Corinna Dorward
"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of
1995: Statements in this announcement that relate to future plans, expectations,
events, performances and the like are forward-looking statements as defined in
the US Private Securities Litigation Reform Act of 1995. Actual results of
events could differ materially from those described in the forward-looking
statements due to a variety of factors. Such factors include, among others: the
viability of the Group's products, which are at various stages of development;
the generation of sufficient operating cash flow by the Group's pharmaceutical
and medical diagnostic businesses to finance the ongoing development of these
businesses as well as the Group's research and development activities; the
success of the Group's research and development strategy and activities;
uncertainties related to future clinical trial results and the associated
regulatory process; the execution and success of collaborative agreements with
third parties; availability and level of reimbursement for the Group's products
from government health administration authorities or other third-party payors;
the rate of net cash utilisation within the Group and, hence, the Group's
possible need for additional capital in the short, medium and/or long term; the
Group's intellectual property position and the success of patent applications
for its products and technologies; the Group's dependence on key personnel;
general business and economic conditions; the impact of future laws, regulations
and policies; stock market trends in the Group's sector; and other factors
beyond the Group's control that may cause the Group's available capital
resources to be used more quickly than expected. These and other factors that
could affect the Company's future results are more fully described in its
filings with the US Securities and Exchange Commission, in particular the latest
20-F filing, copies of which are available from the Company Secretary at the
Company's registered address.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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