NPXe Files Chapter 11 to implement Asset Sale

RNS Number : 3259Y

Inspiration Healthcare Group PLC

31 December 2019

 

Inspiration Healthcare Group plc

("Inspiration Healthcare", the "Company" or the "Group")

NPXe Files Voluntary Chapter 11 to implement Asset Sale

Inspiration Healthcare Group plc (AIM:IHC), the global medical technology company has been made aware that NPXe Limited ("NPXe") a company in which Inspiration Healthcare holds circa 8.6% of the issued share capital, that NPXe has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. NPXe has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.

NPXe is a Phase III pharmaceutical and drug delivery device company developing XENEX™ (xenon gas for inhalation) for neuro- and cardio-protection and improvement in survival for post-cardiac arrest syndrome.

For further information on the process and timetable, please contact NeuroproteXeon directly (www.npxe.com).

Inspiration Healthcare's holding in NPXe is currently valued at £111,000 on its balance sheet. Should the sale of NXPe proceed the Company will issue a further statement  to update shareholders on details of any proceeds receivable from the sale.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

Inspiration Healthcare Group plc Neil Campbell, Chief Executive Officer Mike Briant, Chief Financial Officer	Tel: [phone]
Nominated Adviser & Broker Cenkos Securities plc Mark Connelly / Stephen Keys Cameron MacRitchie	Tel: [phone]
Cadogan PR                                                                                          Alex Walters [e-mail]	Tel: [phone]

About Inspiration Healthcare

Inspiration Healthcare (AIM: IHC) is a global provider of medical technology for use in critical care & operating theatres. The Company provides high quality innovative products to patients around the world which help to improve patient outcomes and it actively invests in innovative product opportunities and disruptive technologies. 

Through investment in research and development the Company has 6 key own brand products that can be used within the first 6 hours of life to help premature and sick babies; helping with assessment, resuscitation, stabilisation as well as preventing brain damage. Additionally the Company has its own range of products for maintaining normothermia pre- during and post-surgery.

With product availability extending to over 50 countries through a distribution network, Inspiration Healthcare's success has been built on continuous innovation, excellent customer service and an inherent commitment to improving patient outcomes, working in close collaboration with key opinion leaders across the globe.

In the UK and Ireland the Company has a direct sales team selling Inspiration Branded and complementary products from third parties, with an additional range of home healthcare products.  This is supported by Technical Support for planned preventative maintenance and emergency assistance.

Further information on Inspiration Healthcare can be seen at www.inspiration-healthcare.com

 

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