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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cytomyx Hldgs | LSE:CYX | London | Ordinary Share | GB0033942276 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8283M Cytomyx Holdings PLC 28 November 2006 CYTOMYX HOLDINGS PLC ("Cytomyx" or the "Company") New Loan, Board Changes and Appointment of European Distributor Cytomyx Holdings plc (AIM: CYX), announces that it has entered into a new loan agreement and the appointment of Cambridge BioScience Limited as its new European distributor. Several changes to the Board of Directors are also announced today. The Company has entered into a new loan agreement which provides the company with a facility of $266,000. The new lenders are Bioscience Ventures II LP (Rockville, USA), Cambridge BioScience Limited (Cambridge, UK) and Michael Kerins, a director of the Company. The new loan has a 2-year term. The Company has now repaid the outstanding principle of $1,900,000 on a loan to Laurus Funds. At a meeting of the Board of directors Dr. Bill Mason (Chairman) and Max Dyer Bartlett (Finance Director) resigned as directors of the Company. In addition, Michael Kerins resigned from his position as Chief Executive, but will continue to serve as a non-executive Director. Glenn Gershon, General Manager of Cytomyx LLC remains as an Executive Director. At the meeting Dr. Wei-Wu He was appointed as the new Chairman and Chief Executive with immediate effect. Dr. He is a General Partner and Co-founder of Emerging Technology Partners LLC which manages the Biosciences Ventures II fund. He was also one of the first employees of Human Genome Sciences, Inc. (NSDQ: HGSI). Dr. He has been involved in over 20 biotech companies through his career. The Company also announces today that its operating subsidiary, Cytomyx LLC, has entered into a new Europe-wide distribution agreement with Cambridge BioScience Limited. Cambridge BioScience, which was previously a subsidiary of the Company, is a well established marketing partner for life science technology companies wishing to build their business in European markets. The initial term of the appointment is 1 year, which may be extended subject to Cambridge BioScience achieving certain minimum purchase levels. Commenting on these developments, Dr. He said; "We are pleased to be able to provide the Company with this new loan facility, which will be used to provide short-term working capital. I will be exploring a number of options for the future development of the Company. Cytomyx LLC is an exciting business with a unique offering that can be of great value to its clients in the pharmaceutical industry. The appointment of Cambridge BioScience as our European distributor will provide us with extended reach into the important European market place. I would like to thank Dr. Mason and Mr. Dyer-Bartlett for their efforts on behalf of the Company, during what have at times proved to be challenging circumstances". For further information, please contact: Cytomyx Holdings plc +1 301 222 2200 Dr Wei-Wu He, Chief Executive Dr Wei-Wu He, aged 41, is currently a director or partner of the following companies and partnerships: Emerging Technology Partners Origene Technologies, Inc. Intradigm, Inc. MithraGen, Inc. Amnis, Inc. In addition, Dr He has been, within the previous five years, a director or partner of the following companies and partnerships: Aptus Pharmaceutical, Inc. InforMax, Inc FasGen, Inc. There is no further information required to be disclosed pursuant to Schedule 2 of the AIM Rules. This information is provided by RNS The company news service from the London Stock Exchange END BOALVLFLQFBBFBK
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