3rd Apr 2007 09:41
SR Pharma plc
Grant of Options
London, 3 April 2007 - SR Pharma plc (the Company) announces the grant on Monday 2 April of options over SR Pharma Ordinary Shares of 1p each under the Company's unapproved share option scheme to non executive directors as follows:
Number of options Jeremy Curnock Cook 200,000 Peter Reynolds 200,000 Iain Rugheimer 200,000 David U'Prichard 200,000 Bernd Wetzel 200,000
All options have an exercise price of 75p per share. The exercise price is the market price at close of business on Friday 30 March.
For all options, there is a performance criteria based on a rise in the share price of 50% over a set period. Provided that the performance measure is met, the earliest date of exercise is 1 October 2007, being 6 months from the date of grant, and the latest date of exercise will be 30 September 2009, being two years from the date the options first become exercisable.
- Ends - Notes to EditorsSR Pharma (www.srpharma.com)
SR Pharma plc is a European biopharmaceutical company, listed on AIM. The Company has two operating subsidiaries Atugen AG (www.atugen.com) based in Berlin, Germany and Stanford Rook Ltd based in London, UK.
SR Pharma is a leader in RNAi therapeutics, which is a Nobel Prize winning technology that "silences" genes linked to the onset of disease. The Company has developed novel, chemically modified proprietary siRNA molecules ("AtuRNAi"), which have a number of advantages over conventional siRNA molecules including enhanced stability against nuclease degradation. In addition, the Company has developed a proprietary delivery system ("AtuPLEX"), which increases bioavailability, circulation times and functional intracellular uptake of siRNA molecules.
SR Pharma expects to begin the clinical development of its proprietary AtuRNAi therapeutic molecules for systemic cancer indications in 2007. SR Pharma has sublicensed the AtuRNAi compound RTP-801i to Pfizer through its collaboration partner Quark Biotech Inc. for the treatment of Age-related Macular Degeneration (AMD) and a number of other indications. This compound entered the clinic in early 2007. In addition SR Pharma has licensed a further AtuRNAi compound, AKIi-5, to Quark Biotech Inc. This compound has been granted an IND for acute kidney injury and is expected to enter the clinic in 2007.
SR Pharma also owns a proprietary Mycobacterium vaccae-based technology and related products. Currently the Company is in discussions with third parties regarding the co-development and out-licensing of these products.
Forward-Looking Statements
This press release includes forward-looking statements that are subject to risks, uncertainties and other factors. These risks and uncertainties could cause actual results to differ materially from those referred to in the forward-looking statements. All forward--looking statements are based on information currently available to SR Pharma and SR Pharma assumes no obligation to update any such forward-looking statements.
Enquiries:
For further information, please contact the following:
SR Pharma plc Citigate Dewe Rogerson +44(0)20 7307 1620 +44(0)20 7638 9571 Iain Ross, Chairman David Dible
Melvyn Davies, Finance Director Yvonne Alexander
Atugen AG Grant Thornton Corporate Finance +49(0)30 9489 2800 +44 (0) 20 7383 5100
Thomas Christĩly, Chief Executive Officer Gerry Beaney
Dr. Klaus Giese, Chief Scientific Officer Colin Aaronson
SR PHARMA PLCRelated Shares:
SLN.L