Angel Biotechnology Holdings Plc Update and Notice of General Meeting (3995U)

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RNS Number : 3995U

Angel Biotechnology Holdings Plc

28 December 2012

28 December 2012

Angel Biotechnology Holdings plc

("Angel" or "the Group")

Update and Notice of General Meeting

Angel Biotechnology Holdings plc, (AIM:ABH), the biopharmaceutical contract manufacturer, announces that the Group will hold a General Meeting on Monday 28 January 2013 at 10.30am at the offices of Angel Biotechnology Holdings plc, 44 Colbourne Crescent, Cramlington, NE23 1WB. The purpose of this meeting, which is being called pursuant to section 656 of the Companies Act 2006, is to consider whether any, and if so what, steps should be taken in connection with a reduction of net assets. The Notice of General Meeting and form of proxy will be distributed to shareholders on 31 December 2012 and will be available on the Company's website, www.angelbio.com.

The Board is pleased to confirm that AB Biotechnology Ltd has been formed as the company through which our joint venture partnership with OOO NPF Materia Medica Holding ("MMH") will be conducted. Angel and Mapix s.a.r.l. (Mapix), an MMH associated company, will subscribe to AB Biotechnology Ltd on a 40:60 basis respectively although it is expected that Angel will reduce its holding in AB Biotechnology Ltd going forward. Final legal review of the agreements is on-going and formal signature is expected mid-January when the directors of both partners will be on-site at Pentlands Science Park. A more detailed announcement of the terms of the joint venture will be released at that time.

As announced on 12 October 2012, Dr. Paul Harper will step down from the Board effective 31 December 2012. We would like to reiterate our thanks to Dr. Harper for his stewardship of the Group and wish him well for the future.

Mr. Nicholas Smith, Non-Executive Chairman said: "I look forward to completing the final formalities in order to bring into effect as AB Biotechnology Ltd the ongoing co-operation with MMH. Regarding the final completion, both parties have agreed to sign the final documents in mid-January 2013. The team at Angel will continue with their focus on long-term strategic discussions which will rebuild the capital of the rest of the business and we shall be explaining further our strategy to this end at the forthcoming General Meeting."

For further information:

Angel Biotechnology Holdings plc

Nicholas Smith, Non-Executive Chairman [phone]

www.angelbio.com

Grant Thornton, Corporate Finance

Colin Aaronson / Melanie Frean [phone]

Hybridan LLP (Broker)

Claire Noyce, Deepak Reddy [phone]

Media enquiries:

The Communications Portfolio Ltd

Philip Ranger / Caolan Mahon [phone] / 2029

Notes to Editors:

Angel Biotechnology Holdings plc is a full service contract bio-manufacturing partner to biotechnology and pharmaceutical companies worldwide. Angel specialises in advanced biologics including biopharmaceutical proteins and cell therapies, such as cellular vaccines and stem cells. At present, Angel's products are principally used in pre-clinical studies and clinical trials with a view to becoming the contract manufacturer of choice on a continuing basis.

Drug development companies outsource their biopharmaceutical manufacturing requirements to Angel to reduce their own capital requirements and enable them to develop products more rapidly. In addition, Angel provides complete regulatory services and documentation to its customers while its manufacturing processes adhere to the most stringent regulatory requirements. Products are produced to current Good Manufacturing Practice (cGMP) standards as required by the US Food and Drug Administration (FDA) and in facilities that are certified to European standards by the Medicines and Healthcare products Regulatory Agency (MHRA).

Its customers range from pioneering biotechnology companies such as ReNeuron Group plc to established pharmaceutical companies such as Russian-based OOO "NPF Materia Medica Holding".

Angel has three facilities: Pentlands Science Park near Edinburgh, a site in Cramlington, near Newcastle-upon-Tyne and the Angel Biomedical Ltd facility in Glasgow.

More information is available at www.angelbio.com .

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This information is provided by RNS

The company news service from the London Stock Exchange

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