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Veos PLC (VEO)

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Wednesday 02 January, 2002

Veos PLC

Issue of Equity

Veos PLC
2 January 2002

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

                            Placing of New Shares




The Board announced on 11 October 2001 that it was pursuing the possibility of
raising funds in the United States through a private placing of its ordinary
shares, subject to shareholder approval. On 11 December 2001, it was further
announced that discussions were progressing with potential investors and that
the Board hoped to be able to inform shareholders as to the outcome of those
discussions in the near future.


Further to those earlier announcements, the Board is pleased to announce that
it has today completed a placing for cash (the 'Placing') of 519,894 new
ordinary shares of 10p each in the Company. The placing price was 10.5p per
new ordinary share to raise approximately £52,000 (net of expenses), which
will be used to provide short term working capital for the Company.
Application has been made for the new ordinary shares to be admitted to
trading on the Alternative Investment Market of the London Stock Exchange and
dealings are expected to commence on 8 January 2002. The shares will rank pari
passu with the existing ordinary shares of the Company.


The Directors believe that further funds will be required in the near future
to develop the business: to provide consumer support for the Oves
contraceptive cap in the UK, to exploit the potential for new products already
inherent in the Company's designs and intellectual property and to complete
the UK efficacy study with a view to securing US Food & Drug Administration
approval for the Oves cap. Discussions are therefore continuing with other
potential investors to subscribe additional capital. No indication has been
given as to the likely price of an issue of shares at this stage. Details of
any firm proposal will be announced as soon as possible. In order to be able
to respond swiftly once ongoing discussions come to fruition, a notice to
convene an extraordinary general meeting of the Company was sent to
shareholders on 19 December 2001. The notice contained resolutions to increase
the authorised share capital of the Company and to grant the Directors new
authorities to allot new ordinary shares following the Placing.


Veos is a female healthcare company. The Company's main business is the
marketing of its Oves female barrier contraceptive in the United Kingdom,
including a distribution agreement with the UK retailer Boots The Chemist.
Veos holds a number of patents and its long-term objective is to offer an
innovative range of contraception, conception and drug delivery products.


Enquiries:

Peggy Czyzak Dannenbaum  CEO, Veos plc                  Tel: 020 7960 6066

Rob Wilkinson            Finance Director, Veos plc     Tel: 020 7960 6066

Paul Lewakowski          President, Veos USA Inc        Tel: 001 847 7350003


                                                                                
                                              

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