DRM Dermasalve

    RNS Number : 5353E
  Dermasalve Sciences PLC
  29 September 2008
   

    DERMASALVE SCIENCES PLC

    UPDATE


    Further to the announcement on 30 June 2008, Dermasalve Sciences plc ("Dermasalve" or the "Company") announces an update on the ongoing
suspension from trading of the Company's shares and the requirement for additional funding.

    On 30 June 2008, the Company's shares were suspended from trading on AIM due to its failure to publish the annual accounts for the year
ended 31 December 2007 by that date. Under Rule 18 of the AIM Rules for Companies, the Company's half yearly report for the six months ended
30 June 2008 is due to be notified by 30 September 2008. Due to the requirement for new funding, the Company is currently not in a position
to publish either the annual accounts or the half yearly report and so the shares will remain suspended from trading until both have been
published.

    Prior to and since 30 June 2008, the Directors have been exploring a number of potential sources of funding, both equity and debt, but
these have not, as yet, come to fruition. Market conditions in both the equity and debt markets have contributed to this position.

    The Company is in discussions with Trafalgar Capital Specialised Investment Fund ("Trafalgar") concerning the outstanding convertible
loan with a principal value of approximately �632,000 held by Trafalgar. Due to the Company's financial position, it is not currently in a
position to make the required cash payments to Trafalgar.

    The Company has mandated a corporate financial consulting and advisory firm with offices in the US and Europe to source new funding,
which could take the form of equity, debt or a combination.

    The infection control gel, SafeCleanse has recently gained national registration in the South African healthcare system and the Company
is currently fulfilling an initial purchase order under contract.

    A further announcement will be made in due course.

    Enquiries:


 DermaSalve Sciences plc             +44 (0)191 260 5070
 Dr. Mark Randle, CEO
 Phil Pattison, Finance Director
                                      www.dermasalve.com

 Hanson Westhouse Limited            +44 (0)113 246 2610
 Tim Feather / Matthew Johnson


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