Preliminary Status Report


 

TIDMMDX 
 
RNS Number : 1765M 
Meldex International PLC 
23 January 2009 
 

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| For Immediate Release               |                     23 January 2009 | 
+-------------------------------------+-------------------------------------+ 
 
 
 
Meldex International Plc ("Meldex " or "the Company") 
 
 
Preliminary Status Report and Update on Winding-up Petition 
 
 
 
 
Cambridge, UK, 23 January, 2009: Meldex International Plc (AIM: MDX), the Board 
of Meldex today provides an update on various matters arising from a preliminary 
strategic review of the Company's and its subsidiaries' business activities. The 
strategic review is ongoing and a further update will be provided on or before 
30 January 2009. 
 
 
Winding-up Petition 
On 21st January 2009 the Company was informed that Rotating Equipment Limited 
("Rotating") has joined the Petition claiming an amount owed of GBP282,197.28. 
Today, Rotating has agreed with the Company to withdraw its support of the 
petition and to issue a credit note to the Company in the full amount of 
GBP282,197.28. 
 
 
Financial Statements 
Meldex had conducted more than one barter deal in 2007 and 2008. Under the 
bartering arrangement, obsolescent stock is sold to the barter company at full 
value and in return the Company receives marketing credits. The principle behind 
this arrangement is that for the Company to receive full value for the sale of 
goods it must spend four times such sum with the barter company for marketing 
and advertising services. This type of transaction is quite common and 
recognition of the value is allowed for under accounting rules. However, in the 
case of such transactions conducted by the Company, which would require a 
marketing and advertising spend beyond the Company's financial resources, it is 
highly unlikely that this will occur, therefore Meldex will be restating its 
financial statements accordingly. 
 
 
Intellectual Property 
The directors have established that the Company's intellectual property 
portfolio is secure and as previously informed to the market. 
 
 
Core-Tech Development Programmes 
The Company's core-tech development programmes have been starved of working 
capital since early 2008. The Company is carrying out a detailed review of all 
of its core-tech and pipeline products and will report in more detail on or 
before 30th January, 2009. 
 
 
Preliminary review: 
 
 
The TabWrap(TM) machine is in storage awaiting funds to incorporate 
modifications required to enable TabWrap(TM) products to be produced in 
commercial volumes. The funding required is estimated to be GBP650,000. 
 
 
The Meltums(TM) laboratory machine is functional and capable of producing sample 
batches of products. 
 
 
NRobe(TM) is the responsibility of FMC Magenta and the directors are satisfied 
with the overall progress of the project. 
 
 
The Company, as previously announced, is concentrating on a selected number of 
pipeline development projects. Meldex's innovative analgesic, DBP167, is 
currently under review by the UK Regulatory authorities with the expectation 
that approval will be sometime late 2009. This project will still incorporate a 
range of different pharmaceutical formulations, timings of which are still to be 
announced. 
 
 
Benzocaine Oradisc, DBP149, for the treatment of pain associated with aphthous 
ulcers, is currently at an advanced stage with regulatory review scheduled to 
commence in during H1 2009. This product will be commercialized with third party 
partners. 
 
 
The Company is still pursuing its developments in nicotine containing orally 
dissolving films. Meldex is currently assessing the different manufacturing 
options with regards to these products and will update the market at a later 
date. 
 
 
Meldex is continuing its Soluleaves(TM) and WaferTab development with two third 
party customers, one for a pharmaceutical product and the other for the food and 
beverage industry. 
 
 
Review of Previous RNS Announcement 
The directors and AIM Regulators are currently reviewing previous RNS 
announcements made by the Company. 
 
 
Manufacturing Agreement 
On October 16th October 2007 by RNS the Company announced the following: "it has 
commenced a long term manufacturing agreement with a large undisclosed party for 
XGel(TM) film. The contract has forecasted annual revenue of $5-6M which has 
commenced immediately. The contract remains well within the capacity of the 
Group's manufacturing capability." On 18th February 2008 the Company's Chief 
Executive Officer informed a meeting of the directors that the large undisclosed 
party had pulled out of the contract announced on 16th October 2007. 
 
 
Duties and Responsibilities of Directors 
The Company is reviewing the activities and performance of all directors of the 
Company since flotation on AIM and will report its findings in due course. 
 
 
Appointment of a Nominated Advisor ("NOMAD") 
The directors are seeking to appoint a NOMAD on or prior to 16th February 2009. 
There can be no assurance that such appointment can be secured. 
 
 
Finance 
The directors are considering various funding proposals including a convertible 
loan note to be available on equal terms to all shareholders. 
 
 
 
 
 
 
For information contact: 
Gary Cressman    +44 (0) 1223 394 250 
Meldex International plc 
 
 
 
 
Barry Muncaster    +44 (0) 1223 394 250 
Meldex International plc 
BJM@meldexinternational.com 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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