Notice of General Meeting
08 Novembre 2007 - 6:51PM
UK Regulatory
RNS Number:3392H
EiRx Therapeutics PLC
08 November 2007
For immediate release 8th November 2007
EIRX THERAPEUTICS PLC ("EiRx" or "the Company")
Notice of general meeting
Business update
The Company is today posting to shareholders a notice convening a general
meeting to be held at noon on 5th December 2007 at the offices of Shepherd and
Wedderburn LLP, Condor House, 10 St Paul's Churchyard, London EC4M 8AL, at which
shareholders will be asked to approve a reorganisation of the Company's share
capital including the division of each EiRx Therapeutics plc ordinary share of
0.2p each into one ordinary share of 0.001p and one deferred share of 0.199p and
the division of each unissued EiRx ordinary share of 0.2p into 200 ordinary
shares of 0.001p. Shareholders are also being asked to give the directors
additional authorities to issue shares for cash.
The Company currently generates limited revenue and needs to raise funds to
support its operations. It has been able to postpone a fundraising for longer
than anticipated through careful control of expenditure and greater than
anticipated grant income. The Company is also pleased to announce that it has
secured a bank overdraft facility of #200,000 that has been guaranteed by Peter
Hoskins. As part of these arrangements, a charge has been granted over the EiRx
group's assets. Even with the benefit of that facility, the Company will need
to raise additional funds by the end of January 2008 in order to continue
trading.
The resolutions are being proposed to enable EiRx to raise funds through a
placing of shares, for which it has received indications of interest, which it
is unable to undertake at present because the current market price of the
Company's shares is below their nominal value. Should the placing be
successful, the funds raised will provide working capital to enable the Company
to continue its drug development programme and its business development
activities. In this regard, the Company is pleased to be announcing today an
update of its drug discovery efforts, including details of new patents filed to
protect novel drug candidates discovered using its EnPAD(TM) cellular screening
technology platform.
The general meeting will be preceded by a technical briefing which will commence
at 10:30 a.m.
For further information, please contact:
EiRx Therapeutics plc +353 (0)21 432 0847
Colin Telfer PhD, Chief Executive Officer
Grant Thornton Corporate Finance +44 (0)20 7383 5100
Philip Secrett / Colin Aaronson
Buchanan Communications +44 (0)20 7466 5000
Tim Anderson / Mary-Jane Johnson
ENDS
About EiRx
EiRx Therapeutics (AIM: ERX) is a research-driven healthcare company developing
cutting-edge targeted therapies for the treatment of cancer. EiRx is
headquartered in Cork, Ireland, conducts drug discovery from its laboratories in
Cork and in Aberdeen, Scotland. The Company has an initial focus on tumours
arising due to anomalies in apoptosis and cellular growth regulatory pathways,
with particular relation to breast and colorectal tumours, currently two of the
four leading causes of death from cancer world-wide.
EiRx is built on leading scientific expertise in the areas of apoptosis biology,
cancer pathway biology, biomarker technologies and the metabolic basis of drug
resistance in tumours. It has established technical capabilities in target
identification, validation and cell-based screening, and is combining unique
resources such as the ACCRI-BANK clinical tissue bank, the ALIBI(TM) functional
genomics platform and the Engineered Pathway Dependence ("EnPAD(TM)") isogenic
cellular screening technology to create a product development engine
specialising in discovery and development of small-molecule targeted cancer
therapies and the discovery and validation of cancer biomarkers.
Notable achievements in 2006/7 include:
* Development of the EnPAD(TM) drug screening technology to enable
identification of compounds that specifically target cell survival
pathways.
* Filing of patent applications on first series of potential
anti-cancer compounds identified using EnPAD(TM), which target the
b-catenin signalling pathway to selectively kill colorectal and breast
cancer cells in vitro.
* Collaborative research agreement with international diagnostics major
bioMerieux SA.
* A total of #2.2M raised for research and development by issue of new
shares, comprising three placements of #1.2M, #0.5M and #0.5M on 31st March
2006, 21st September 2006 and 4th January 2007 respectively.
* An R&D alliance with the Analytical & Biological Chemistry Research
Facility ("ABCRF") at University College Cork, to apply the medicinal
chemistry expertise of Professor Anita Maguire and her team to the
optimisation of potential new cancer drugs from EiRx's EnPAD(TM) discovery
platform.
* A Euro362,000 grant from Enterprise Ireland's Innovation Partnership
programme, to support the collaborative drug development alliance with
Professor Maguire and the ABCRF.
For further information please see our website at http://www.eirx.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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