Trading Update
29 6월 2009 - 3:00PM
UK Regulatory
TIDMAZM
RNS Number : 6374U
Alizyme PLC
29 June 2009
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| For immediate release | 29 June 2009 |
+----------------------------------------+-------------------------------------+
ALIZYME PLC
Trading Update
Cambridge UK, 29 June 2009: Alizyme plc (LSE:AZM) ("Alizyme" or "the Company")
today gives an update on the Company's financial position.
Alizyme has licensing and development agreements with regard to COLAL-PRED with
various parties. These agreements provide for payments to Alizyme tied to the
achievement of specified milestones and royalties. As previously reported, the
Company is dependent on the milestone income in order to continue as a going
concern. As a result of potential significantly increased funding obligations
under these contracts and the status of ongoing discussions with various parties
to mitigate the potential impact on the Company these funding obligations may
have, there is now material uncertainty as to the receipt of milestone
payments due. Accordingly, the Company does not now expect to have sufficient
funding to last beyond the end of August 2009 and will be unable to continue as
a going concern without the raising of additional funds. The Company is in
discussions with its advisers in relation to such funding. In the absence of
additional funds, the Company may face going into administration or liquidation.
The Board of Alizyme is reviewing the overall strategy and structure of the
Company, and has implemented a consultation process with its employees with
respect to a redundancy programme where it is anticipated that the number of
employees will be significantly reduced.
The Company, with its advisers, is also considering the suitability of the
Company's current main market listing given its market capitalisation and
limited resources.
For further information, please contact:
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| ALIZYME PLC | Tel: + 44 (0) 1223 896000 |
| Alan Goodman, Director | |
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| BUCHANAN COMMUNICATIONS | Tel: + 44 (0) 20 7466 5000 |
| Lisa Baderoon | Tel: + 44 (0) 7721 413496 |
| | |
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Further information on Alizyme can be found on the Company's website:
www.alizyme.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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