Update on Merger Discussions

 

TIDMYRK 
 
RNS Number : 4455U 
York Pharma plc 
24 June 2009 
 

York Pharma plc 
("York" or the "Company") 
 
 
Update on merger discussions 
 
 
The Board of York today announces that the discussions between the Company and 
ULURU Inc. ("ULURU") concerning a proposed offer ("the Offer") by ULURU for the 
Company under the Takeover Code on the proposed terms indicated in the joint 
announcement on 7 April 2009 have been terminated. 
 
 
On 7 April 2009, York and ULURU also confirmed that Uluru had made available to 
York a $1 million short term secured line of credit, necessary to allow the 
Company to continue trading through the period needed to complete any formal 
offer for the Company under the Takeover Code.  ULURU has given notice to the 
Company for the repayment, within 30 days, of the $1 million line of credit 
(together with accrued interest) previously advanced to the Company by ULURU. 
 
 
York is now actively pursuing alternative funding facilities in order to repay 
the line of credit within 30 days and to meet its ongoing working capital 
requirements. If the Company's fund raising efforts are unsuccessful, this will 
have a material adverse effect on the Company's financial position and 
operations. The Company will provide a further update as and when appropriate. 
 
 
The Board of York understands that ULURU continues to consider its position with 
respect to the Company and a further announcement will be made as and when 
appropriate. 
 
 
 
 
For more information please contact: 
 
 
+---------------------------------------+----------------------------+ 
| York Pharma plc                       | Tel: [phone]   | 
| Richard Anderson, Chief Executive     |                            | 
| Officer                               |                            | 
| Ian Miscampbell, Chief Financial      |                            | 
| Officer                               |                            | 
|                                       |                            | 
+---------------------------------------+----------------------------+ 
| Collins Stewart Europe Limited        | Tel: [phone]  | 
| Hugh Field / Adam Cowen               |                            | 
|                                       |                            | 
+---------------------------------------+----------------------------+ 
| Financial Dynamics                    | Tel: [phone]  | 
| Ben Brewerton / Emma Thompson         |                            | 
|                                       |                            | 
+---------------------------------------+----------------------------+ 
 
 
Collins Stewart Europe Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting as Nominated Advisor and 
broker to York Pharma plc and will not be responsible to anyone other than York 
Pharma plc for providing the protections afforded to clients of Collins Stewart 
Europe Limited nor for providing advice in connection with any other matter 
referred to herein. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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