Update on the Acquisition of Evocutis plc

RNS Number : 6000C

Venn Life Sciences Holdings PLC

18 March 2014

 



Venn Life Sciences Holdings Plc

("Venn" or the "Company")

Update on the Acquisition of the trading assets of Evocutis plc

Issue of Consideration Shares

Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces the following update on the acquisition of the intellectual property rights in Labskin™, SYN1113 and related equipment of Evocutis plc, for £210,000 in new ordinary shares in Venn.

Further to the announcement issued on 13 March 2014 the Company can confirm that it has issued 864,706 new ordinary shares to Evocutis plc, at an effective price of 24.3 pence per share, in consideration for the assets described above.

The new ordinary shares have been credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 0.1 pence each in the capital of the Company in issue, including the right to receive all dividends and other distributions declared, made or paid in respect of such shares after the date of issue of the shares.

Following completion of the acquisition on admission of the new ordinary shares on 19 March 2014, the Company's issued share capital will consist of 22,927,283 ordinary shares. There are no ordinary shares held in treasury. Therefore, in accordance with the FCA's Disclosure and Transparency Rule 5.6.1, the Company confirms that following Admission, the total number of voting rights in the Company will be 22,927,283.

Enquiries:

Venn Life Sciences Holdings Plc.
Tony Richardson, Chief Executive Officer	Tel: [phone]
Paul Foulger, Finance Director	Tel: [phone]
Orla McGuinness, Marketing Manager	Tel: [phone]
Zeus Capital (Nominated Adviser and Broker)
Ross Andrews/Andrew Jones (Corporate Finance)	Tel: [phone]
John Goold/Dominic Wilson/Alex Davies (Institutional Sales)		Tel: [phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Lianne Cawthorne	Mob: [phone]

Additional Information:

About Venn Life Sciences Limited: www.vennlifesciences.com

Venn Life Sciences is a Clinical Research Organisation ("CRO") providing a suite of clinical trial management services to pharmaceutical, biotechnology and medical device organisations. With operations in France, Germany, Ireland, the Netherlands, Russia, the UK, and a branch office in Switzerland, the Venn Group also includes a Clinical Resourcing business placing experienced clinical teams and individuals on projects throughout Europe.  The company's near term objectives are the expansion of its CRO business throughout Europe, whilst enhancing the portfolio of their innovative technologies division, InnoVenn, with ground breaking new products and services.

About Evocutis: www.evocutis.com

Evocutis plc is a dermatology company offering a unique combination of contract research for laboratory testing, advanced skin models and clinical testing, they provide a complete service for the development of skincare products and ingredients, enabling customers to develop products which actually work.  

 

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