Information  X 
Enter a valid email address

Veos PLC (VEO)

  Print      Mail a friend

Thursday 11 October, 2001

Veos PLC

ADR Programme

Veos PLC
11 October 2001



Veos plc ('Veos' or 'the Company')

ADR Programme


In the interim statement for the six months to 30 June 2001 released on 28
September 2001, the Board stated that it is currently considering a number of
options to resolve its funding need and that it would write to shareholders
when one or more of these options have become further advanced.

Those options include a potential fund raising in the United States through a
private placing of its ordinary shares, subject to shareholder approval.
Josephberg Grosz & Co., Inc., a New York City based firm, has been appointed
to assist in the private placement for Veos in the US.

The Board is also pleased to announce that The Bank of New York, which has
been appointed as depositary bank, has filed a registration statement to allow
trading of American Depositary Receipts ('ADRs') for Veos in the United
States. For the longer term this ADR facility is expected to improve the
liquidity of the Company's ordinary shares, which should facilitate the
raising of additional funds. The Company expects that its ADRs will begin
trading by mid-October 2001. Veos intends to seek a listing of its ADRs on the
American Stock Exchange.

The initial sponsoring market maker for Veos' ADRs is Somerset Financial
Group, a financial group based in Connecticut. US based Friedland Capital is
acting as advisor to Veos in connection with the creation of the ADRs.

Veos is a female healthcare company, which is traded through the Alternative
Investment Market of the London Stock Exchange. Veos' main business is the
marketing of its Oves female barrier contraceptive product in the United
Kingdom. Veos reached an agreement in March 2001 with Boots the Chemist in the
UK, to sell the product over the counter in 420 outlets and to make the
product available by order in the remainder of its 1,400 stores. The Company
has also signed contracts with Digital Wellbeing, a health and beauty website
to enable consumers to fulfill orders for the Oves cap online, and FP Sales
Limited to extend distribution to family planning clinics throughout the UK.
Protocol for a new UK study on the efficacy of Oves has been accepted by the
Multi-Centre Research Ethics Committee and is being led by Mr. Ali Kubba, a
leading UK gynaecologist and family planning practitioner.

Veos is currently conducting efficacy and tolerability trials in the UK for
submission to the FDA for its contraceptive product, and is in the development
phase with a drug-loaded device to combat sexually transmitted disease. The
Company has also received FDA approval for its conception product in the US.
Dr. Erica Gollub, Assistant Professor of Epidemiology at the University of
Pennsylvania, who is widely published and well known in research and practical
application of sexual health issues, is heading the Company's Scientific
Advisory Board. Veos has a number of patents and its long-term objectives are
for the Company to offer an innovative range of contraception, conception, and
drug delivery products.


For additional information:

Paul Lever

Chairman, Veos plc, London

+44 (0) 207 960 6066


Paul Lewakowski

Veos USA Inc

001-847-735-0003


David Simonson/ Clare Maciocia

Merlin Financial

+44 (0) 207 606 1244




                                                                                
                                                                                
                                                             

a d v e r t i s e m e n t