Reliance Genemedix Share Discussion Threads

[alexwalia] 01/3/2004 11:46

when do we find out about merger or take over,

[andyprice5569] 26/2/2004 15:37

Just recieved and email from Genemedix saying they have appointed their US Investment Bankers.

Hmmmm... seems to be about 6 weeks late

:-/

Andy

[nil pd] 26/2/2004 09:33

S'alright, here they are:



RNS Number:8443V
GeneMedix PLC
26 February 2004


GENEMEDIX PLC

Preliminary Results for the year ended 30th November 2003

GeneMedix plc ("GeneMedix" or "the Company"), the UK multi-sourced
biopharmaceutical company with operations in Europe and Asia and with joint
London and Singapore Stock Exchange listings, announces its preliminary results
for the year ended 30th November 2003. GeneMedix is involved in the development
and manufacture of therapeutic proteins using recombinant DNA technology and
novel cell culture.

Highlights for the year:

* Significant progress in the Erythropoietin (EPO) process development
programme

* Collaborative Agreement signed with Penang Development Corporation of
Malaysia to set up a facility for the manufacture of human insulin. Additional
cash inflows of $2 million expected shortly

* Additional funds raised during the period

* Free cash balances of #1.1 million at 30th November 2003 but #0.5 million
short-term debt finance received post period. Reduced cash burn

Post period

* Letter of intent signed for contract manufacturing of biopharmaceutical
product in the Irish facility

* US advisorappointed

* ADR programme announced

Paul Edwards, Chief Executive Officer, commented:

"The past 12 months have seen GeneMedix achieve significant success especially
with our EPO, which has allowed us to continue to progress towards our goal of
launching a first biogeneric product (Epostim) on the European market by the end
of 2006. Whilst we have been concentrating primarily on the European market, an
improvement in investor sentiment has made us shift focus more towards the
opportunities available in the US.

"Although we have an immediate funding requirement that will require additional
cash in-flows to be received within three months, the Directors are confident
that the Company will meet the anticipated shortfall. We are actively pursuing a
number of opportunities that either offer cash in-flows from commercial or
technology out-licensing collaborations, which will meet our needs in both the
short and long term. This coupled with other initiatives to generate cash from
under-utilised assets, we believe, will underpin our future.

"Overall, we have made further progress towards our aim of becoming an
international biogeneric company and, although cash remains tight, the Directors
are confident of the Company's prospects."

26th February 2004

ENQUIRIES:

GeneMedix plc Tel: [phone]
Paul Edwards, Chief Executive Officer

Bankside Consultants Tel: [phone]
Michael Padley/Susan Scott

Chief Executive's Report
The past 12 months have seen GeneMedix press forward with its development
programmes, and maintain progress towards its goal of getting a first biogeneric
product (Epostim) onto the European market by the end of 2006. Whilst we have
been focussing primarily on the European market, events over the past few months
have made us shift focus more towards the US opportunities. Driven by the
well-publicisedrequirement to reduce healthcare spend, we have noticed an
increased public awareness regarding the regulatory pathways for registering
"biogenerics" in the USA and, as a result, a marked increase in interest in the
biogenerics field from within theUS investment community and from the US
generic medicines industry.

Statements such as these from Senator Orrin Hatch (Chairman of the Senate
Judiciary Committee and co-sponsor of the Hatch-Waxman Act, 1984) and Mark
McClellan, FDA Commissioner, have heightened awareness of the need to define a
regulatory pathway for these products.

Senator Orrin Hatch said,

"Enactment of Medicare prescription drug legislation clears the way for Congress
to consider legislation creating mechanisms for rapid review of generic versions
of off-patent biologics" and:

"We must proceed carefully but we must proceed, with the creation of a fast
track approval system for off-patent biologic products"

Mark McClellan was quoted in BioWorld Today (April 2, 2003) as saying,

"The agency's long term goal is to create a regulatory and scientific pathway
for generic biologics"

To capitalise on this increased interest, we have appointed Global Markets
Capital Group (GMCG) of New York, as our financial and strategic advisors in the
USA, and we are embarking on an American Depository Receipt programme, to make
direct investment in the Company's shares available to the US market.

We see the US interest as a major opportunity for our Company to unlock the
value of its product portfolio and to find partners who will help create
additional value for the company and fund its development programmes. By these
and other means we shall seek to fund the on-going business and to utilise our
existing infrastructure to accelerate revenues.

In response to recent speculation about a possible acquisition of GeneMedix plc,
we were required by the Singapore Stock Exchange and UK regulators to issue a
number of statements relating to a significant transaction with a potential
collaborator, with whom we are in early stage negotiations. This potential
partner has an infrastructure in biogenerics which is complementary to
GeneMedix' manufacturing and product portfolio and it would also provide
financing opportunities to help us achieve our business plan. This opportunity
is exciting in that it, potentially, gives us access to new products, new
markets, additional manufacturing capability and a marketing network, all of
which would help us generate revenues at an earlier stage. This potential
opportunity is one of a number of initiatives currently being undertaken that
are intended to secure the Company's future and to raise additional financing
for the on-going business.

Products and development programmes

We have continued to make significant steps forward in our product development
programme for EPO, which is being run out of our facility in Tullamore, Ireland.
Our development programme is now nearing completion and we believewe can
produce a product, which, under stringent analytical testing, can be shown to be
similar in all essential respects to the innovator product. This substantial
progress has been made against a background environment that has highlighted the
complexity of the technological issues surrounding the establishment of
comparable pharmaceuticals in Western Europe. However, we remain confident that
our clinical programmes are well designed and that they will enable us to
demonstrate comparability with the marketed product. We have always relied on a
strong scientific basis for the design of our clinical strategy, and the
scientific advice that we have received from the CPMP, the scientific advisory
body to the European Regulatory Agency, on the regulatory pathway for the
approval of EPO, Epostim, has strengthened that belief.

We have a projected product launch date for late 2006 in Europe, once EPO has
come off patent and the European Regulators have set the regulatory pathway. We
arealso moving towards completion of the validation of our facility in Ireland
and have built up a strong development team, with expertise in mammalian cell
culture, at the facility.

The programme for the development of our insulin technology has been continuing,
and this will eventually be transferred into the facility to be built in Penang,
Malaysia. This important project, which the Directors believe will add
significant value to the Company, requires a total investment of $34 million,
and we expect to be funded entirely by South-East Asian investors and the
National and Regional Governments of Malaysia. We anticipate that the initial
stage of funding will be completed in the near future. Following completion
there is expected to be a cash in-flow of $2million for this project.

Other programmes have taken a lower priority of late, however we have an
exciting product portfolio, which offers some excellent opportunities, including
IFN-beta and G-CSF.

It clearly remains the primary focus of the Directors to secure sufficient
funding to be able to develop all our programmes at the desired rate and it is
evident that we shall not be able to do this by relying solely on funds being
generated through the existing commercial operations. We are actively pursuing a
number of opportunities, which will potentially bring in cash in-flows from
commercial or technology out-licensing collaborations. This is coupled with
other international initiatives to generate cash from under-utilised assets. As
part of one such initiative, we are pleased to announce that we have signed a
letter of intent to contract-manufacture an additional biopharmaceutical, which,
if finalised, should bring us revenues from outside Western Europe in 2005.

In the meantime, we have continued to exercise prudent cost control measures and
are focusing predominantly on our main development programmes. The investment in
our Chinese facility has been completed, and revalidation will commence shortly.
However, as is discussed in the financial review, the Board is reviewing its
options in respect of this facility.

Overall, the Company has made further progress towards its aim of becoming an
international biogeneric company and, although cash remains tight, the Directors
have expressed confidence in bringing in near-term funding for the Company.

Financial review

Operating expenditure for the year was below plan as we preserved cash in the
latter part of the financial year and focussed predominantly on core activities.
Operating losses of #6.9 million included a #750,000 impairment charge on the
investment in SGB in China. Revenues in China have been poor during the year, as
the facility has been closed since April whilst a #370,000 upgrade was carried
out. The Board has for some time been reviewing its options for the facility in
China. Commercial opportunities for GM-CSF have now opened up in export markets
following the successful completion of our clinical study in Malaysia and the
receipt of other export licenses. We are similarly in a better position to
address the domestic markets with approval to market additional presentations of
GM-CSF having been obtained. Despite this however, it is the Directors'
intention to seek a purchaser for this facility. Not only will this raise cash
for the business, but also it will allow senior management to focus on the
Company's opportunities in the more lucrative European and US markets. A formal
sales document has been prepared and interested purchasers sought. Discussions
are currently on going with a potential purchaser, but at this time we are
unable to disclose the terms being discussed.

Free cash balances of #1,055,153 as at 30 November 2003 are clearly below
desired levels, and reflect the delays in a number of expected cash inflows,
which were referred to in our last quarterly announcement. We have, however, a
number of initiatives in progress, that the Directors have expressed confidence
will bring in near-term funding to the company. The cash inflow from the
completion of the first round of funding for our Malaysian facility, which was
mentioned in our previous quarterly statement, should occur within two months as
ground breaking ceremonies are already being discussed. There are also a number
of potential short-term cash in-flows from the Inland Revenue and collaborators,
which should provide some interim funding.

The recent interest in biogenerics has, however, opened up some significant
funding opportunities, and one of the options we are actively considering is to
seek support from our existing and potential new investors for a small
fund-raising round. We shall, of course, pursue diligently the sale of the
operation in China, and other sales of under-utilised assets, and will continue
to seek out-licensing opportunities but these are unlikely to realise cash in
the near term. We have received in recent weeks short term loan finance of #0.5
million from our leading shareholder whilst we progress all the above
activities, but it is clear, that, if no such further loan finance were
available and none of the above financing options were to bring in funding
within three months, the Company would be unable to meet its financial
obligations as they fall due.

These funding initiatives are aimed at providing on-going funding for the
operation, but we clearly need significant additional funding to realise all the
potential in the Company for both first and second generation therapeutic
proteins. For this we need partners who will be able to help raise the required
funding to bring our products to market. It is for this reason that we appointed
GMCG to seek out strategic opportunities in the US. Discussions have taken place
with a number of parties and early stage negotiations with one, as mentioned in
our press release of 16th February 2004. In light of these discussions and
especially as a result of recent events in the US, the Directors have expressed
confidencein successfully achieving on-going funding for the Company.

[baker man] 26/2/2004 09:32

Very dissapointed, delayed the EPO programme now to the back end of 2006 - no news on the merger - cash burn higher than expected - still yapping on about this £2m from penang goverment, this was first mentioned in the middle part of last year & they still havent received the funds.

If they dont pull their finger out the biogeneric drugs they are to replicate will be replaced by the innovator companies by new drugs reducing demand for the off-patent drugs.

[nil pd] 26/2/2004 09:30

Could someone post the results. I can't get it to stay on screen long enough to read ..

Speed reading gives me confidence that they have manufacturing and finances extremely well managed.

[nil pd] 26/2/2004 09:26

So they definitely don't need cash. No information yet on the merger (or funding) from the international pharmaceutical company. Could be interesting when that is announced.

[amarone] 26/2/2004 09:26

No real bad news in the results as far as I can see. Other thoughts anyone?
IMHO
AMARONE

[nil pd] 26/2/2004 08:59

Analysts' meeting at 11:30am today, so results must be just before that.

[alexwalia] 26/2/2004 08:03

so wheres the results and what price movement do you think we can see

[andyprice5569] 25/2/2004 10:03

Hi Amarone,

L2 info for you information:

09:40 KBCS 16.00 19.00 10,000 10,000
08:00 KBCS 16.50 19.50 10,000 10,000
07:58 NUMS 16.50 18.50 10,000 10,000
07:58 16.50 18.00
07:36 NMRA 16.00 18.00 10,000 10,000
07:35 16.00 18.00
07:35 WINS 16.00 18.00 10,000 10,000
07:33 15.00 18.00
07:33 EVO 15.00 18.00 10,000 10,000


I'd not noticed the sells as since I don't hold now, I'm not really watching (just being nice and 'helping' with some info). I don't think it is that significant that all the sells are above bid as there are not many of them and we are only talking pennies (or small £'s). Better than being below though ;-)

L2 is handy if only to not be frustrated by not having it - it helps to be able to understand it though :-))

Regs, Andy

[amarone] 25/2/2004 09:56

Not wrong there dude - that's why the MM's couldn't get my shares off me no matter how they try. I'm seeing GMX up by COB Friday. not ramp, just my own speculation and I'm putting my share holding on it. EK can swing if he thinks he'll buy these at 5p. If I were him I'd be thinking of closing my position asap!

ps.have you noticed that the sells this morning have ALL been for higher than the bid price?????? Think I need to bite the bullet & get L2 access.

AMARONE.

[amarone] 25/2/2004 09:20

100566!
I thought I was the only adventurous Taurean on this thread. lol

AMARONE

[andyprice5569] 25/2/2004 09:15

Yup, get saving ;-))

[amarone] 25/2/2004 09:10

andyprice5569 - many thanks dude. I've finally set up my news monitor correctly and it shows up releases like this that could otherwise slip thru unnoticed.
Am i right in guessing the 5569 is B'day?

AMARONE

[andyprice5569] 25/2/2004 08:51

Hi Amarone,

I just rang 'Lee Mann or Craig Andrews: Telephone Number: 020 7638 0129' and spoke to another chap and he says it means that they are in in an offer period (which we know), that Genemedix has been added to the Disclosure Table, but that the offeror is not yet disclosed.

HTH - Andy

[amarone] 25/2/2004 08:29

andyprice5569 - what are your thoughts on this please?

RNS Number:7957V
Takeover Panel
25 February 2004

TAKEOVER PANEL DISCLOSURE TABLE



Enquiries on contents of list to:

Lee Mann or Craig Andrews: Telephone Number: 020 7638 0129



Dealings should be disclosed to a Regulatory Information Service. A copy should
also be faxed or emailed to the Panel's Monitoring Section on 020 7256 9386 or
[e-mail]


Regulatory Information Services:
Business Wire Regulatory Disclosure 020 7626 1982
Hugin Announce 0870 730 0046
Pimswire 020 7354 7000

PR Newswire Disclosure 020 7490 8111
RNS 020 7797 4400

Waymaker 01494 797 250



* = Disclosure of dealings in the securities of this company is NOT required
under Rule 8.1, Rule 8.2, Rule 8.3 or Rule 38.5.



The following are today's amendments to the Disclosure Table:



ADDITIONS


OFFEREE: GeneMedix Plc
OFFEROR:

[the russian] 24/2/2004 23:24

so thurs then ?.

[andyprice5569] 24/2/2004 09:44

Hi Truckertee,

It's OK - I found it:



30th November 2000 in London, 1st December 2000 in Singapore.

GBP - SDG was 11/30/2000 2.50070
GBP - SDG now 02/24/2004 3.16850



Presumabily, they launched at the an equivalent price, therefore the £ has appreciated 21% since that time, hence, the difference.

HTH - Andy

[truckertee] 24/2/2004 09:25

Andy
Try contacting their UK brokers,or the co.
Regards
Tt.

[andyprice5569] 24/2/2004 09:22

Does anybody know the date GMX launched on the Singapore exchange and at what price in Sing $'s ?

TIA - Andy

[nil pd] 24/2/2004 09:09

GMX.SI closing numbers in Singapore:

Bid 0.78 cents
Offer 0.79 cents
Volume 2,641,000

The mid-price of 0.785c = 25p (at current exchange rates Andy)

So we are still some 30% cheaper for the same stock in London. Needs re-rating here.

All IMHO, DYOR.

Good luck,
Nil.

[nil pd] 24/2/2004 09:05

AMARONE: thanks, I've already seen the article.

Whatever the structure of the imminent deal, it has to be good for shareholder value. International pharma are desperate for pipeline and revenue. IF the deal falls short of expectations, my guess is there are other pharmas who will be willing to enter the arena and bid higher. The market knew this last week and the valuation is entirely sustainable.

All IMHO, DYOR.

Interesting times, good luck.

Nil.

[amarone] 24/2/2004 07:57

GeneMedix 0.775 -0.015 -1.9 2,317 18 0.775 0.780 31 0.845 0.775 SERV

Current SGX ticker price.

AMARONE.