Business
Interim Management Statement
Interim Management Statement.
About this update from Aura Renewable Acquisitions Plc
[{"type":"text","content":"\n Ardana PLC\n19 February 2008\n\n Ardana plc\n\n INTERIM MANAGEMENT STATEMENT\n THREE MONTHS ENDED 31 DECEMBER 2007\n\nEdinburgh, UK, February 19, 2008: Ardana plc (LSE:ARA), the emerging\npharmaceutical company focused on the discovery, development and marketing of\ninnovative products to improve human reproductive health, is today issuing its\nthird quarter Interim Management Statement ('IMS') and provides an update on the\nbusiness. This IMS has been produced solely to provide additional information\nto shareholders as a body to meet the relevant requirements of the UK Listing\nAuthority's Disclosure and Transparency Rules. It should not be relied upon by\nany other party or for any other purpose.\n\nThis IMS relates to the three month period from 1 October 2007 to 31 December\n2007 and contains information that covers this period and the period from 1\nJanuary 2008 up to the publication of this IMS ('the period'), unless otherwise\nspecified.\n\nArdana has announced today in a separate press release that:\n\n • it is seeking to sell or merge the Company and Piper Jaffray Ltd. has been\n appointed to advise in connection with this process; and\n • it has put in place a restructuring programme to reduce the Company's\n cash commitments.\n\nPROPOSED SALE OR MERGER OF THE COMPANY\n\nIn December 2007 the Company announced the results of a strategic review as a\nresult of which the Board has directed the Company's efforts and resources on\nthe high-value, nearer term opportunities in Ardana's pipeline, such as\nTeverelix LA and Testosterone Cream. Ardana has reported positive clinical\nresults in both these product candidates during the period and believes that\nthey both have substantial commercial potential. Partnering discussions\ncontinue on the co-development of Teverelix LA and for the co-development and\ncommercialisation of Testosterone Cream in the USA. Interest has also been\nexpressed for other assets within the Company's portfolio of clinical products.\n\nFollowing the strategic review announcement Ardana has had consultations with\nits major shareholders to explore the options available to the Company to\nrealise increased value for its pipeline. As a result of these discussions and\nthe prevailing market conditions, the Board has concluded that shareholder value\nis more likely to be maximised through seeking a...