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14 Jul 2008 10:00
14th July 2008
Cyprotex Annual General Meeting: Chairman's statement
"I mentioned in my last Chairman's statement that 2008 should be the year that proves Cyprotex's business plan.
I said this knowing that six years of research and development supported by high investment in proprietary technologies, at a time of growing significance of ADMET in early-stage drug discovery, would combine to offer something unique to the global pharmaceutical industry. Endorsement by an impressive customer list meant that not only had the world started to recognise the capabilities of our product, but also that we are able to start gauging the true scope of the market opportunity in front of Cyprotex.
Quite clearly, Cyprotex is still early in its business evolution. Nevertheless, the first six months of 2008 do bear the first genuine fruits of the professionalism and loyalty of our highly valued staff.
Not that this is a time for us to become complacent. Right now we must strive to expand our business while continuing to manage the expectations of existing customers. Last month I proposed a placing of new ordinary shares, through which I ensured you could subscribe to avoid dilution of your existing holding. This fund-raising is designed to provide resources to finance further operational expansion and secure new prospects, whilst also improving forward visibility. Cyprotex will begin these major strides during the second half of 2008 and I look forward to reporting back to you as the year progresses."
Nikolas Sofronis
Chairman
For further information:
Cyprotex PLC
Dr. Anthony Baxter, CEO
Russell Gibbs, CFO
Tel: +44 (0)1625 505 100
ir@cyprotex.com
www.cyprotex.com
Code Securities Limited Charles Walker, Corporate Finance Tel: +44 (0)20 7776 1200cew@codesecurities.com www.codesecurities.com
Media Enquires: Pelham PRSimon Miller Tel: +44 (0)20 3178 4419simon.miller@pelhampr.com
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