Business
Press Release
Press Release.
About this update from Proteome Sciences Plc
[{"type":"text","content":"\n \n \n\n \n\nPROTEOME SCIENCES plc\n\n \n\nPRESS RELEASE\n\n \n\n \n\n21st February, 2007. Since the publication of the Interim Results, Proteome\nSciences has made considerable progress as evidenced by recent developments in\nits intellectual property portfolio.\n\nMatters have advanced at a particularly fast pace for the TMT® patents over the\nlast few months as demonstrated in the December 2006 press releases on this\nsubject. The notice of intention to grant in Europe is very important and the\nUS appears to be close behind and in its final stages. The Board is very\npleased with the way the process is proceeding.\n\nThe six press releases since October 2006, in particular the 18th December TMT®\nannouncement that estimated that the market for isobaric mass tags (TMT®) over\nthe patent life has increased to $0.6-$1.4bn, provide a strong indicator as to\nwhat is happening. In these circumstances, the Board remains confident of the\nsuccessful commercialisation of TMT®.\n\n \n\nAs set out in the 2005 Report and Accounts, Proteome Sciences filed a claim for\nthe breach of certain warranties provided by Sanofi-Aventis Deutschland GmbH\n at the time of the acquisition of Xzillion Proteomics GmbH & Co. KG under\nwhich it is seeking damages of up to €30m. This action is being vigorously\npursued and the final submission is close to completion.\n\nOn 29th June 2006, the company entered into an agreement with C.D.J. Pearce,\nthe Chief Executive of the Company, under which he agreed to provide a loan\nfacility of up to £2m to the company, available from 1st August, 2006 that\ncarries interest at 2.5% above the base rate of Barclays Bank Plc. In order to\nprovide additional working capital, Mr. Pearce has offered to increase the\ntotal size of the facility on the same terms to £4m.\n\n \n\nIn view of the size of the loan facility, it has been agreed that security for\nthe loan should be charged against the company's patent portfolio up to the\nvalue of the loan outstanding and that the loan should be convertible into\nordinary shares of the Company at the lower of market price on the date of\nconversion or the average price over the lowest consecutive ten day trading\nperiod since the 29th June, 2006 (the date on which details of the original\nloan agreement were disclosed).\n\n \n\nThe Directors of the Company, (with the...