20th Apr 2005 11:17
Evolutec Group PLC20 April 2005 For immediate release 20 April 2005 EVOLUTEC GROUP PLC ("Evolutec" or "the Company") Result of EGM Evolutec Group plc (AIM: EVC), a biopharmaceutical company developing novelproducts for the treatment of allergic, inflammatory and autoimmune diseases,is pleased to announce that all of the resolutions at the EGM of the Company,held today, were duly passed. The EGM was in respect of a Placing to raise approximately £9.5 million, net ofexpenses, as announced on 23 March 2005 and consequently the Placing has nowbeen completed. Application has been made for the Ordinary Shares to be issued under the Placingto be admitted to trading on AIM. Admission to AIM is expected to becomeeffective at 8.00am on 21 April 2005. ENDS For further information: Evolutec 01865 784070 Mark Carnegie Brown, Chief Executive OfficerNicholas Badman, Chief Financial Officerwww.evolutec.co.uk Collins Stewart 020 7523 8350Chris Howard Buchanan Communications 020 7466 5000Mark Court/Tim Anderson/Mary-Jane Johnson Notes for Editors: About Evolutec Evolutec, which is based in Oxford, UK, is a clinical stage biopharmaceuticalcompany with a focus on allergy, inflammation and autoimmune diseases. The Company's lead product, rEV131, is a histamine-binding protein that hasprogressed to Phase II trials in allergic conjunctivitis, rhinitis and ocularinflammation. Positive pre-clinical data has also been generated in asthma.rEV131 is understood to be the only product currently in clinical trials thatimpacts the recently discovered H4 receptor, a receptor implicated in many formsof inflammatory disease. The Company intends to carryout proof of concept PhaseII clinical trials with rEV131 in allergic rhinitis and post-cataract surgery in2005. The Company has two further products in pre-clinical development: rEV598, whichis being evaluated in carcinoid syndrome and CINV (chemotherapy-induced nauseaand vomiting), and rEV576, a complement inhibitor. Evolutec was founded in 1998 to exploit research carried out by the NaturalEnvironment Research Council. Evolutec's drugs were first isolated from thesaliva of ticks. The tick remains undetected by its hosts, including humans, byinjecting an array of molecules into the skin that suppresses normal defencemechanisms. These stealth molecules have evolved over millions of years toenable the tick to take a blood meal from its host. Evolutec employs the tick'sevolutionary stealth technology to offer the potential of treating humandiseases. Safe Harbour statement: this news release may contain forward-looking statementsthat reflect the current expectations of the Company regarding future events.Forward-looking statements involve risks and uncertainties. Actual events coulddiffer materially from those projected herein and depend on a number of factorsincluding the success of the Company's research strategies, the applicability ofthe discoveries made therein, the successful and timely completion of clinicalstudies, the uncertainties related to the regulatory process, the successfulintegration of completed mergers and acquisitions and achievement of expectedsynergies from such transactions, and the ability of the Company to identify andconsummate suitable strategic and business combination transactions. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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