MDX Meldex

    RNS Number : 0733J
  Meldex International PLC
  27 November 2008
   

 For Immediate Release  27 November 2008


    Meldex International Plc ("Meldex " or "the Company")

    Update

    London, UK, 27 November 2008: Meldex International Plc (AIM: MDX), the specialty pharma and healthcare company announces that it has
made significant progress in rationalising its cost base. It has decided to close its operations in Tampa, Florida and also its London
office. UK operations will be run from its Cambridge office and any film based products currently produced in Tampa will be manufactured by
third parties.  

    The closure of the site will result in the loss of 14 employees of the business and will reduce the cash outflow by at least $1.8m per
annum. The costs of exiting the facility are minimal but there will be a balance sheet write down of approximately �5m.

    All intellectual property has been transferred into other Group businesses and the Company is working with sub-contractors to continue
its development and product program.

    In addition, Meldex has closed its London office and centralised its operations at its Cambridge facility. This has resulted in the loss
of 2 staff, the relocation of 3 people and a saving of approximately �350,000 per annum.


    Dr Jim Murray, Interim Executive Chairman, Meldex International said;

    "We had previously announced a review of our operations in our interim results statement. The closure of these two sites makes a
considerable cashflow saving to the business of approximately �1.5m per annum, whilst not impacting on current operations."


    For further information:

    Buchanan Communications                     + 44 (0) 20 7466 5000
    Rebecca Skye Dietrich / Tim Anderson

    FinnCap, NOMAD                                  + 44 (0) 20 7600 1658
    Geoff Nash


    About Meldex International Plc
    Meldex International plc is an innovative specialty pharmaceutical and OTC product Company. Listed on London's AIM in May 2003, the
Company has over 80 patents granted or in application within 24 patent families and has product development agreements and strategic
alliances with several global healthcare companies. Meldex has acquired sales and marketing resources within Europe. Meldex acquired the
Melbrosin business in June 2007. Melbrosin's focus is on consumer over the counter health care products based on substances of natural and
plant origin which are developed into consumer orientated brands then scaled, produced and distributed by Melbrosin. The Melbrosin
complements the prescription pharmaceutical sales and marketing business created and expanded in 2006.

    The business continues to develop innovative delivery mechanisms enhancing both its own product range and those of selected partners
using its proprietary XGEL* polymer technology. For further information please go to www.meldexinternational.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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