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Henderson Morley PLC (HML)

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Tuesday 11 May, 2010

Henderson Morley PLC

Letter of Intent

RNS Number : 6906L
Henderson Morley PLC
11 May 2010
 



11 MAY 2010

 

 

HENDERSON MORLEY PLC

 

(AIM: HML)

 

UPDATE REGARDING LETTER OF INTENT

 

The Board of Henderson Morley plc ("Henderson Morley" or the "Company"), the AIM quoted biotechnology company, today updates the market regarding the Letter of Intent ("LOI") signed by specialist therapeutic drug development company, KMS Therapeutics, ("KMS").

 

KMS remains committed to the LOI, which as previously stated, is in respect of the intellectual property rights (IPR) of its ionic contra-viral therapy ("ICVT") human portfolio. On completion of the transaction, which is conditional on satisfactory due diligence, KMS has agreed to pay Henderson Morley an additional payment of not less than $250,000 in exchange for consultancy services or other specialized work as directed by KMS, and agreed to by Henderson Morley, to help accelerate the time to markets for the products. 

 

Additionally, subsequent to the announcement on 12 March 2010, KMS has requested an extension to the due diligence period to 14 July 2010 which Henderson Morley has granted. All other points in the LOI remain unchanged.

 

Commenting Executive Chairman Andrew Knight said: "We are encouraged that KMS has agreed to pay an additional minimum of $250,000, subject to completion of the transaction, which further demonstrates their confidence in the ICVT platform technology. They have also informed the Company that they now expect to be in a position to complete the due diligence, and make the first milestone payment by the extended date."

 

Martin Marino, VP of KMS Therapeutics added: "The due diligence is proceeding well and we remain focussed on the completion of this agreement. We have also now agreed a consultancy fee, payable to Henderson Morley, of not less than $250,000, in recognition of the contribution it will make to the development project. It is anticipated that Henderson Morley will commence its work immediately after closing and that the first $250,000 will be earned within the initial twelve month period." 

 

 

 

 

-END-

 

 

 

Enquires

 

HENDERSON MORLEY PLC                                                          0121 442 4600

Andrew Knight, Chairman                                              

 

BISHOPSGATECOMMUNICATIONS LTD                                        0207 562 3350

Maxine Barnes

Gemma O'Hara

 

BREWIN DOLPHIN INVESTMENT BANKING                                   0845 213 4730

Neil Baldwin

 

RIVINGTON STREET CORPORATE FINANCE                                 0207 562 3380

Jon Levinson

 

Further information on Henderson Morley plc can be accessed through the Company's website at www.henderson-morley.com

 

Notes to Editors

 

KMS is a specialist therapeutic drug development company that was established by a number of former Merck Generics Senior Executives including Hank Klakurka, former CEO, Steve Self, former Global R&D Director and Martin Marino, former Chief Legal Counsel. This company's model takes high potential drug candidates through clinical trials, regulatory and into production and sales. It currently has four development projects in its pipeline, one of which is a respiratory project and the other three are anti-infectives. 

 


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