CAMBRIDGE, U.K., Aug. 8, 2003 (PRIMEZONE) -- CeNeS Pharmaceuticals plc ("CeNeS" or "the Company") (LSE:CEN) (Other OTC:CPHAF) is pleased to announce that, subject to the satisfaction of certain conditions, it has raised approximately (Pounds)675,000, before expenses, through a placing ("the Placing") with investors of 17,441,296 new ordinary shares of 1p each in the Company ("New Shares") at a price of 3.875 pence per New Share. This Placing is in conjunction with the announcement also made today by the Company in relation to the conversion and subsequent sale of all of Elan Corporation's interest in CeNeS.
The Placing is conditional on the admission of the New Shares to trading on AIM and on the approval by CeNeS Shareholders of certain resolutions as set out in the Company's notice of AGM which was posted on 15 July 2003, the passing of which are expected at the AGM to be held on 11th August 2003.
The net proceeds from the Placing will be used by the Company for general working capital purposes.
Certain of the Directors of the Company have conditionally subscribed, in aggregate, 645,164 New Shares. Following completion of these subscriptions, they have the following beneficial interests:
Name Subscription No. of Ordinary Percentage of
Shares after the enlarged issued
Placing share capital
after the
Placing
Alan Goodman 516,129 14,150,533 6.7
Neil Clark 129,035 181,635 0.08
As Alan Goodman and Neil Clark are Directors of the Company, the participation by them in the Placing constitutes a related party transaction (as defined in the AIM rules). Mr Ronald Irwin, the non-executive director who is not participating in the Placing, having consulted with Evolution Beeson Gregory Limited, the Company's nominated advisor, considers the terms of the transaction fair and reasonable insofar as the Company's shareholders are concerned.
Application will be made for the New Shares to be admitted to trading on AIM and dealings are expected to commence on 13 August 2003.
For more information please contact:
CeNeS Pharmaceuticals plc Alan Goodman Neil Clark Tel: +44 (0)1223 266466 Fax: +44 (0)1223 266467 Euro RSCG Life NRP Dr Douglas Pretsell Tel: +44 (0)20 7726 4452 Fax: +44 (0)20 7726 4453 Evolution Beeson Gregory Limited Matt Wood Tel: +44 (0) 20 7488 4040 Fax: +44 (0) 20 7481 3762
Please click on the link to view the pdf version of this pressrelease. If you have any questions please call Euro RSCG Life NRP on+44 (0) 20 7726 4452