PuriCore Plc Completion of Supermarket Retail Business Disposal (0740M)
10 October 2016 - 5:00PM
UK Regulatory
TIDMPURI
RNS Number : 0740M
PuriCore Plc
10 October 2016
The 'Completion of Disposal of the Supermarket Retail Business'
announcement for PuriCore plc released last Friday, 7 October 2016
at 17:52, has been re-released in the interest of market clarity.
The announcement text is unchanged and is reproduced in full
below.
PuriCore plc
("PuriCore" or the "Company")
Completion of Disposal of the Supermarket Retail Business
10 October 2016 - PuriCore plc (AIM: PURI), the emerging
specialty biopharmaceutical company focused on leveraging its
proprietary immunomodulatory technology, is pleased to announce
that the Disposal of the Supermarket Retail Business (as detailed
in the Circular to Shareholders issued on 20 September 2016) has
completed today. Gross proceeds of the sale were $13.5 million,
subject to a final Adjustment for net working capital. Following
Completion, and as previously outlined in the Circular, the
operations of the Supermarket Retail business will now be
transitioned to Chemstar Corp. over the next few months.
PuriCore's focus will continue to be the development of a
product candidate pipeline in several therapeutic areas based on
high concentration formulations containing the Company's
proprietary immunomodulatory technology. Investment in development
is expected to increase in support of the filing of the two
Investigational New Drug (IND) applications and, following the U.S.
Food and Drug Administration (FDA) acceptance, subsequent
commencement of clinical studies in 2017.
The Group will also continue to have a modest revenue stream
from the royalty associated with the Wound Care product which is
licensed to SteadMed Medical.
Alex Martin, Chief Executive Officer of PuriCore, said:
"The sale of the Supermarket Business signifies the
transformation of PuriCore into a fully-fledged drug development
company. We have already made good progress this year with two INDs
on track for submission in Q1 2017 and an FDA agreed pathway for
our Atopic Dermatitis programme. We anticipate moving straight into
a Phase II study in Atopic Dermatitis. We will update the market
following our November pre-IND meeting with the FDA related to our
Allergic Conjunctivitis programme.
"Our focus is now solely on drug development and the Board
believes that this strategy should lead to the creation of
significant shareholder value over the longer term. We thank all of
our team members in the Supermarket Retail Business for their
dedication to building this business and supporting the transition
to Chemstar. We wish Chemstar all the best moving forward."
Enquiries:
+44 (0) 20 3727
PuriCore plc 1000
Alex Martin, Chief Executive Officer
Marella Thorell, Chief Financial
Officer and Chief Operating Officer
+44 (0) 20 3727
FTI Consulting 1000
Simon Conway / Mo Noonan
N+1 Singer (Nominated Adviser and +44 (0) 20 7496
Broker) 3000
Aubrey Powell / Jen Boorer
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014 (MAR).
Unless otherwise indicated, capitalised terms in this
announcement have the same definition as in the Circular.
About PuriCore
PuriCore is an emerging specialty biopharmaceutical company
focused on developing novel immunomodulatory therapies to protect
and improve the lives of adults and children. The Company has
initiated a drug development programme, based on its proprietary
hypochlorous acid technology at high concentrations. The Company
believes their formulations have novel immunomodulatory activity
with potential application for the treatment of diseases in a
number of therapeutic areas such as Dermatology, Ophthalmology and
potentially rare diseases. For more details, go to the Company's
website: www.puricore.com
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions shareholders and prospective shareholders not
to place undue reliance on these forward-looking statements, which
reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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