AZM Alizyme

 

TIDMAZM 
 
RNS Number : 6374U 
Alizyme PLC 
29 June 2009 
 

 
 
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| For immediate release                  |                        29 June 2009 | 
+----------------------------------------+-------------------------------------+ 
 
 
 
 
ALIZYME PLC 
 
 
Trading Update 
 
 
Cambridge UK, 29 June 2009: Alizyme plc (LSE:AZM) ("Alizyme" or "the Company") 
today gives an update on the Company's financial position. 
 
 
Alizyme has licensing and development agreements with regard to COLAL-PRED  with 
various parties. These agreements provide for payments to Alizyme tied to the 
achievement of specified milestones and royalties.  As previously reported, the 
Company is dependent on the milestone income in order to continue as a going 
concern. As a result of potential significantly increased funding obligations 
under these contracts and the status of ongoing discussions with various parties 
to mitigate the potential impact on the Company these funding obligations may 
have, there is now material uncertainty as to the receipt of milestone 
payments due. Accordingly, the Company does not now expect to have sufficient 
funding to last beyond the end of August 2009 and will be unable to continue as 
a going concern without the raising of additional funds. The Company is in 
discussions with its advisers in relation to such funding. In the absence of 
additional funds, the Company may face going into administration or liquidation. 
 
 
The Board of Alizyme is reviewing the overall strategy and structure of the 
Company, and has implemented a consultation process with its employees with 
respect to a redundancy programme where it is anticipated that the number of 
employees will be significantly reduced. 
 
 
The Company, with its advisers, is also considering the suitability of the 
Company's current main market listing given its market capitalisation and 
limited resources. 
 
 
 
 
 
 
For further information, please contact: 
 
 
+------------------------------------+---------------------------------+ 
| ALIZYME PLC                        |      Tel: + 44 (0) 1223 896000  | 
| Alan Goodman, Director             |                                 | 
+------------------------------------+---------------------------------+ 
| BUCHANAN COMMUNICATIONS            |     Tel: + 44 (0) 20 7466 5000  | 
| Lisa Baderoon                      |       Tel: + 44 (0) 7721 413496 | 
|                                    |                                 | 
+------------------------------------+---------------------------------+ 
 
 
Further information on Alizyme can be found on the Company's website: 
www.alizyme.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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