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Protherics PLC Announces £10 Million FundraisingProtherics PLC ("Protherics"), the international biopharmaceutical company, today announced that it proposes to raise approximately £10 million (before expenses) through the placing and open offer of up to 20,775,008 new ordinary shares. New ordinary shares are being offered at 48 pence per share, a discount of 6.8% to the closing price on 19 July 2004, on the basis of one new ordinary share for every existing ten ordinary shares held at the close of business on 16 July 2004. The placing and open offer has been fully underwritten by Altium Capital. Code Securities Limited is acting exclusively as financial adviser and joint broker for Protherics in relation to the placing and open offer. Panmure Gordon is acting as joint broker to Protherics in relation to the placing and open offer. Use of proceeds 1. Investment in additional sales and marketing initiatives for Voraxaze(TM). Having achieved the first named patient sales for Voraxaze(TM) in Europe in January 2004, the Board intends to establish a small specialist sales force to sell Voraxaze(TM) in Europe, in addition to that already planned for the US, in order to retain the economic value in Voraxaze(TM). The Board also believes that the Company will benefit from undertaking premarketing initiatives prior to regulatory submissions for Voraxaze(TM) in the US and Europe. 2. Investment to bring forward the timing of improvements to the manufacturing process in Protherics’ facilities in Australia and Wales which will further reduce manufacturing costs on CroFab(TM), the Company’s rattlesnake antivenom; and 3. Investment in qualifying a further filling and freeze-drying contractor in the US, which will reduce the dependence on any one contractor. The Board anticipates that up to £3 million will be spent in the current financial year to 31 March 2005, with the balance being spent in the following financial year. Andrew Heath, Chief Executive said: Background Revenues from marketed products have allowed the Company to make investments across the business, particularly in expanding manufacturing capacity and the later stages of drug development. The approval of Voraxaze™, the Company’s product for the treatment of severe toxicity from the use of methotrexate, in the US and Europe would be expected to generate significant free cash flow in the medium term, with which the company would continue to build a sustainable, high growth biopharmaceutical business with a robust and balanced pipeline of products. Terms and conditions of the open offer (a) The passing of the resolution to be proposed at the extraordinary general meeting; and (b) Admission having become effective on or before 8.00 a.m. on 16 August 2004. Enquiries Expected Timetable
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Protherics PLC An electronic version of this will be available at: www.protherics.com This announcement does not constitute, or form part of, an offer or solicitation of an offer, to purchase or subscribe for, underwrite or otherwise acquire, any rights, shares or other securities. These may only be made on the basis of information that is contained in the Prospectus and any supplement thereto. This announcement is not an offer for sale of securities in or into the United States, Australia, Canada, Japan, the Republic of Ireland, South Africa or any country, territory or possession where to do so may contravene local securities laws or regulations. None of the New Ordinary Shares or Application Forms have been or will be registered under the United States Securities Act of 1933, as amended, or qualified for sale under the laws of any state of the United States or of any province or territory of Australia, Canada, Japan, the Republic of Ireland or South Africa. There will be no public offer of any such securities in the United States. Code Securities Limited, which is an appointed representative of Altium Capital Limited, is acting exclusively as financial advisor and joint broker for Protherics. Altium Capital Limited, which is authorised and regulated by the Financial Services Authority, is acting exclusively as underwriter and Panmure Gordon, a division of Lazard & Co., Limited, which is authorised and regulated by the Financial Services Authority, is acting exclusively as joint broker. Altium Capital, Code Securities and Panmure are acting exclusively for the Company and no one else in connection with the Placing and Open Offer and will not be responsible to any other person for providing the protections afforded to their clients or for advising any other person in relation to the contents of this announcement." This release, and oral statements made from time to time by Company representatives concerning the subject matter hereof, may contain so-called "forward looking statements". These statements can be identified by introductory words such as "expects", "plans", "will", "estimates", "forecasts", "projects", words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are discussing the Company’s growth strategy, operating and financial goals, plans relating to regulatory submissions and approvals and development programs. Many factors may cause actual results to differ from the Company’s forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission, copies of which are available from the SEC or may be obtained upon request from the Company. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. |
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