AZM Alizyme

 

TIDMAZM 
 
RNS Number : 2750W 
Alizyme PLC 
24 July 2009 
 

+---------------------------------------+---------------------------------------+ 
| FOR IMMEDIATE RELEASE                 |                          24 JULY 2009 | 
+---------------------------------------+---------------------------------------+ 
 
 
ALIZYME PLC 
 
 
SUSPENSION OF SHARES FOR TRADING ON THE OFFICIAL LIST, COMPANY TO BE PLACED INTO 
ADMINISTRATION 
Alizyme plc (LSE: AZM) ("Alizyme" or the "Company") 
Cambridge UK, 24 July 2009: Alizyme PLC announces that, at its own request, 
trading in the Company's ordinary shares has been suspended with effect from 
3.30 pm on 24 July 2009, following which the Board has agreed to appoint Ian 
Carr and Nigel Morrison of Grant Thornton UK LLP to act as Administrators of the 
Company. 
 
 
On 29 June 2009, the Company announced in a trading update that it did not 
expect to have sufficient funding to last beyond the end of August 2009 and that 
it would be unable to continue as a going concern without urgently raising 
additional funds. As part of the trading update, the Company also announced that 
it was in discussions with its commercial partners to mitigate potential 
increased funding obligations under its licensing and development agreements 
with regard to COLAL-PRED . 
The Company was today notified by Prometheus Laboratories Inc ("Prometheus") 
that a complaint had been filed with the United States District Court, Southern 
District of California, regarding an alleged breach of a Licence Agreement 
between Prometheus and Alizyme Therapeutics Limited, a wholly owned subsidiary 
of Alizyme. The complaint was filed on 21 July 2009, but has not been served on 
Alizyme Therapeutics Limited or Alizyme. 
The Company no longer believes that it will be able to conclude successfully the 
discussions with its commercial partners, and therefore does not believe that 
refinancing of the Company could now be completed, within a timeframe during 
which the Company would have sufficient cash reserves to continue trading. 
As a result, the Board of Alizyme has taken advice and with great regret no 
longer believes that the Company is in a position to continue its operations. It 
is expected that the appointment of Administrators will take place either today 
or on Monday 27 July 2009, following which the Administrators will take such 
measures as they believe appropriate, including seeking a buyer for the Company 
and/or its assets. 
The Board of Directors of Alizyme Therapeutics Limited ("ATL") has also agreed 
to appoint the above named persons from Grant Thornton UK LLP to act as 
administrators of ATL. 
In addition, the Annual General Meeting, which had been convened for 12.00 pm on 
Wednesday, 29 July 2009, will no longer take place. 
 
 
For further information please call: 
Ian Carr 
Grant Thornton UK LLP 
Byron House 
Cambridge Business Park 
Cambridge 
CB4 0WZ 
 
 
 
 
Telephone: +44 (0) 1223 225600 
Email: ian.carr@gtuk.com 
 
 
 
 
Press Enquiries: 
Cathy Connan 
PR and Communication 
Connan Limited 
 
 
Telephone: +44 (0) 7976 669089 
Email: cathy@cathyconnan.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 SRSUSSSRKSRBUAR 
 

Alizyme (LSE:AZM)
Historical Stock Chart
From May 2024 to Jun 2024

Alizyme (LSE:AZM)
Historical Stock Chart
From Jun 2023 to Jun 2024