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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Meldex | LSE:MDX | London | Ordinary Share | GB0032681628 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMDX RNS Number : 1765M Meldex International PLC 23 January 2009 +-------------------------------------+-------------------------------------+ | For Immediate Release | 23 January 2009 | +-------------------------------------+-------------------------------------+ Meldex International Plc ("Meldex " or "the Company") Preliminary Status Report and Update on Winding-up Petition Cambridge, UK, 23 January, 2009: Meldex International Plc (AIM: MDX), the Board of Meldex today provides an update on various matters arising from a preliminary strategic review of the Company's and its subsidiaries' business activities. The strategic review is ongoing and a further update will be provided on or before 30 January 2009. Winding-up Petition On 21st January 2009 the Company was informed that Rotating Equipment Limited ("Rotating") has joined the Petition claiming an amount owed of GBP282,197.28. Today, Rotating has agreed with the Company to withdraw its support of the petition and to issue a credit note to the Company in the full amount of GBP282,197.28. Financial Statements Meldex had conducted more than one barter deal in 2007 and 2008. Under the bartering arrangement, obsolescent stock is sold to the barter company at full value and in return the Company receives marketing credits. The principle behind this arrangement is that for the Company to receive full value for the sale of goods it must spend four times such sum with the barter company for marketing and advertising services. This type of transaction is quite common and recognition of the value is allowed for under accounting rules. However, in the case of such transactions conducted by the Company, which would require a marketing and advertising spend beyond the Company's financial resources, it is highly unlikely that this will occur, therefore Meldex will be restating its financial statements accordingly. Intellectual Property The directors have established that the Company's intellectual property portfolio is secure and as previously informed to the market. Core-Tech Development Programmes The Company's core-tech development programmes have been starved of working capital since early 2008. The Company is carrying out a detailed review of all of its core-tech and pipeline products and will report in more detail on or before 30th January, 2009. Preliminary review: The TabWrap(TM) machine is in storage awaiting funds to incorporate modifications required to enable TabWrap(TM) products to be produced in commercial volumes. The funding required is estimated to be GBP650,000. The Meltums(TM) laboratory machine is functional and capable of producing sample batches of products. NRobe(TM) is the responsibility of FMC Magenta and the directors are satisfied with the overall progress of the project. The Company, as previously announced, is concentrating on a selected number of pipeline development projects. Meldex's innovative analgesic, DBP167, is currently under review by the UK Regulatory authorities with the expectation that approval will be sometime late 2009. This project will still incorporate a range of different pharmaceutical formulations, timings of which are still to be announced. Benzocaine Oradisc, DBP149, for the treatment of pain associated with aphthous ulcers, is currently at an advanced stage with regulatory review scheduled to commence in during H1 2009. This product will be commercialized with third party partners. The Company is still pursuing its developments in nicotine containing orally dissolving films. Meldex is currently assessing the different manufacturing options with regards to these products and will update the market at a later date. Meldex is continuing its Soluleaves(TM) and WaferTab development with two third party customers, one for a pharmaceutical product and the other for the food and beverage industry. Review of Previous RNS Announcement The directors and AIM Regulators are currently reviewing previous RNS announcements made by the Company. Manufacturing Agreement On October 16th October 2007 by RNS the Company announced the following: "it has commenced a long term manufacturing agreement with a large undisclosed party for XGel(TM) film. The contract has forecasted annual revenue of $5-6M which has commenced immediately. The contract remains well within the capacity of the Group's manufacturing capability." On 18th February 2008 the Company's Chief Executive Officer informed a meeting of the directors that the large undisclosed party had pulled out of the contract announced on 16th October 2007. Duties and Responsibilities of Directors The Company is reviewing the activities and performance of all directors of the Company since flotation on AIM and will report its findings in due course. Appointment of a Nominated Advisor ("NOMAD") The directors are seeking to appoint a NOMAD on or prior to 16th February 2009. There can be no assurance that such appointment can be secured. Finance The directors are considering various funding proposals including a convertible loan note to be available on equal terms to all shareholders. For information contact: Gary Cressman +44 (0) 1223 394 250 Meldex International plc Barry Muncaster +44 (0) 1223 394 250 Meldex International plc BJM@meldexinternational.com This information is provided by RNS The company news service from the London Stock Exchange END MSCZXLFLKFBZBBV
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