Positive signs showing11 May 2010 12:00
HENDERSON MORLEY PLC
(AIM: HML)
UPDATE REGARDING LETTER OF INTENT
The Board of Henderson Morley plc ("Henderson Morley" or the "Company"), the AIM
quoted biotechnology company, today updates the market regarding the Letter of
Intent ("LOI") signed by specialist therapeutic drug development company, KMS
Therapeutics, ("KMS").
KMS remains committed to the LOI, which as previously stated, is in respect of
the intellectual property rights (IPR) of its ionic contra-viral therapy
("ICVT") human portfolio. On completion of the transaction, which is conditional
on satisfactory due diligence, KMS has agreed to pay Henderson Morley an
additional payment of not less than $250,000 in exchange for consultancy
services or other specialized work as directed by KMS, and agreed to by
Henderson Morley, to help accelerate the time to markets for the products.
Additionally, subsequent to the announcement on 12 March 2010, KMS has requested
an extension to the due diligence period to 14 July 2010 which Henderson Morley
has granted. All other points in the LOI remain unchanged.
Commenting Executive Chairman Andrew Knight said: "We are encouraged that KMS
has agreed to pay an additional minimum of $250,000, subject to completion of
the transaction, which further demonstrates their confidence in the ICVT
platform technology. They have also informed the Company that they now expect to
be in a position to complete the due diligence, and make the first milestone
payment by the extended date."
Martin Marino, VP of KMS Therapeutics added: "The due diligence is proceeding
well and we remain focussed on the completion of this agreement. We have also
now agreed a consultancy fee, payable to Henderson Morley, of not less than
$250,000, in recognition of the contribution it will make to the development
project. It is anticipated that Henderson Morley will commence its work
immediately after closing and that the first $250,000 will be earned within the
initial twelve month period."
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