SUFFOLK, U.K., June 13, 2003 (PRIMEZONE) -- GeneMedix plc ("GeneMedix" or "the Company") (LSE:GMX), the U.K. multi-sourced biopharmaceutical company with operations in Europe and Asia and with joint London and Singapore Stock Exchange listings, announces that, in response to investor demand it is raising approximately 1.5 million Pounds before expenses through a placing for cash of 8,983,003 new ordinary shares. The new shares, which represent approximately 3 per cent. of GeneMedix's issued share capital prior to the placing, have been placed with a number of investors in Singapore and Malaysia at a placing price of 16.65 pence per share. The placing price represents a discount of approximately 10 per cent. to the closing middle market price on London Stock Exchange on 11 June 2003.
Paul Edwards, Chief Executive Officer, commented: "As we announced today in a separate press release, we have signed a letter of intent to establish a new company in Malaysia to develop and commercialise our insulin know-how. As part of this venture, local investors in Malaysia and Singapore were contacted to secure equity financing for the new company. Some of these investors expressed an interest in investing directly in GeneMedix and this placing provides them with the opportunity to secure a valuable shareholding in GeneMedix."
The new shares will, when issued and fully paid, rank pari passu with the existing issued GeneMedix shares. Application will be made today to the UK Listing Authority for the new shares to be admitted to the Official List. Application will also be made to the London Stock Exchange for the new shares to be admitted to trading on its market for listing securities. It is expected that admission to listing of such securities will become effective and dealings on the London Stock Exchange will commence on 24 June 2003 and shortly thereafter in Singapore.