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CYX Cytomyx Hldgs

1.10
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
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

Directorate Change

28/11/2006 12:11pm

UK Regulatory


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

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