TED Ted Baker Plc

RNS Number:4761C
Tepnel Life Sciences PLC
14 December 1999


   
   TEPNEL LIFE SCIENCES PLC
   
   Revised agreement with Nuclyx Ltd
   
   On  11 August 1999, Tepnel Life Sciences PLC ("Tepnel or
   the  "Company") purchased the assets, goodwill and know-
   how   relating   to   novel  magnetic  bead   technology
   developed by Nuclyx Ltd.
   
   The  Company  purchased the bead technology from  Nuclyx
   Ltd   for   use   in   its  automated  DNA/RNA   plasmid
   preparation     and    blood    purification     system.
   Consideration for this novel technology was an  up-front
   payment  of  #112,151 and the granting by  Tepnel  of  a
   #250,000   secured  convertible  loan   note;   interest
   payable  on the principal amount of the note outstanding
   at a rate of 5% per annum.
   
   The  convertible loan note entitled  Nuclyx  to  convert
   upto  50%  of  the  loan note into  ordinary  shares  in
   Tepnel,  at a price of 25p per share, within 28 days  of
   the  publication by Tepnel of its accounts for the  year
   ended  30  June 2000 and then to convert the balance  of
   the  loan  note into ordinary shares at the  same  price
   within  28  days  of the publication by  Tepnel  of  its
   accounts  for  the  year ended 30  June  2001.   If  not
   previously redeemed or converted, the Company agreed  to
   redeem the loan note on 30 September 2002.
   
   At  the  request of Nuclyx Ltd, Tepnel has today  agreed
   to  allow  immediate conversion of the loan  note.   The
   Company  will  therefore issue 1,000,000 new  shares  at
   the conversion price of 25p immediately.
   
   Application has been made for the admission of the shares to the Official
List of the London Stock Exchange.  Dealings are expected to commence on 17
December 1999.

As  part of the revised agreement, Nuclyx will waive its
   entitlement  to  all interest accrued  on  the  loan  to
   date.   Nuclyx  has also agreed to certain  restrictions
   on  the sale of its shares.  The agreement allows Tepnel
   to  release  the  #250,000 which had been  placed  in  a
   special  deposit account as security for  the  repayment
   of the loan.
                               
   
   
   For further information, please contact:
   
   Tepnel Life Sciences PLC
   Tel: 0161 445 9457
   Peter Raymond, Chairman
   Mike Billingham, Commercial Director
   Jeremy Lee, Finance Director
   
   Rawlings Financial PR Limited
   Tel: 01756 770 376
   Catriona Valentine


END

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