Evolutec Group PLC
20 April 2005
For immediate release 20 April 2005
EVOLUTEC GROUP PLC
('Evolutec' or 'the Company')
Result of EGM
Evolutec Group plc (AIM: EVC), a biopharmaceutical company developing novel
products for the treatment of allergic, inflammatory and autoimmune diseases,
is pleased to announce that all of the resolutions at the EGM of the Company,
held today, were duly passed.
The EGM was in respect of a Placing to raise approximately £9.5 million, net of
expenses, as announced on 23 March 2005 and consequently the Placing has now
been completed.
Application has been made for the Ordinary Shares to be issued under the Placing
to be admitted to trading on AIM. Admission to AIM is expected to become
effective at 8.00am on 21 April 2005.
ENDS
For further information:
Evolutec 01865 784070
Mark Carnegie Brown, Chief Executive Officer
Nicholas Badman, Chief Financial Officer
www.evolutec.co.uk
Collins Stewart 020 7523 8350
Chris Howard
Buchanan Communications 020 7466 5000
Mark Court/Tim Anderson/Mary-Jane Johnson
Notes for Editors:
About Evolutec
Evolutec, which is based in Oxford, UK, is a clinical stage biopharmaceutical
company with a focus on allergy, inflammation and autoimmune diseases.
The Company's lead product, rEV131, is a histamine-binding protein that has
progressed to Phase II trials in allergic conjunctivitis, rhinitis and ocular
inflammation. Positive pre-clinical data has also been generated in asthma.
rEV131 is understood to be the only product currently in clinical trials that
impacts the recently discovered H4 receptor, a receptor implicated in many forms
of inflammatory disease. The Company intends to carryout proof of concept Phase
II clinical trials with rEV131 in allergic rhinitis and post-cataract surgery in
2005.
The Company has two further products in pre-clinical development: rEV598, which
is being evaluated in carcinoid syndrome and CINV (chemotherapy-induced nausea
and vomiting), and rEV576, a complement inhibitor.
Evolutec was founded in 1998 to exploit research carried out by the Natural
Environment Research Council. Evolutec's drugs were first isolated from the
saliva of ticks. The tick remains undetected by its hosts, including humans, by
injecting an array of molecules into the skin that suppresses normal defence
mechanisms. These stealth molecules have evolved over millions of years to
enable the tick to take a blood meal from its host. Evolutec employs the tick's
evolutionary stealth technology to offer the potential of treating human
diseases.
Safe Harbour statement: this news release may contain forward-looking statements
that reflect the current expectations of the Company regarding future events.
Forward-looking statements involve risks and uncertainties. Actual events could
differ materially from those projected herein and depend on a number of factors
including the success of the Company's research strategies, the applicability of
the discoveries made therein, the successful and timely completion of clinical
studies, the uncertainties related to the regulatory process, the successful
integration of completed mergers and acquisitions and achievement of expected
synergies from such transactions, and the ability of the Company to identify and
consummate suitable strategic and business combination transactions.
This information is provided by RNS
The company news service from the London Stock Exchange
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