Statement re Subsidiary

    RNS Number : 2096Z
  Phoqus Pharmaceuticals PLC
  16 July 2008
   

    

    Appointment of administrator

    West Malling, UK, 16 July 2008: Phoqus Pharmaceuticals plc ("Phoqus" or the "Company" (LSE: PQS) announces that the Board has resolved
to place its principal trading subsidiary Phoqus Pharmaceuticals (UK) Ltd ("Subsidiary") into administration with immediate effect. 

    Phoqus has over recent months been in discussions with several third parties with a view to seeking a commercial partner for its lead
product Chronocort�. The Company recently announced that these discussions had effectively ceased without success. In light of this, the
Board of Phoqus has taken advice and with great regret no longer believes that the Subsidiary is in a position to continue operations. It is
expected that the appointment of Administrators will formally occur shortly.



    Enquiries:

    Phoqus Pharmaceuticals plc                                       Tel: 01732 870227
    Dr Richard Mason
    Dr Peter Johnson

    Nomura Code Securities Limited                                Tel:  020 7776 1200
    Phil Walker
    Juliet Thompson
         


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