PVG.L Regulatory News (PVG)

Ark Therapeutics Group plc

Interim Management Statement

6 November 2013 - Ark Therapeutics Group plc ("Ark" or the "Company") today publishes its interim management statement for the period from 1 July 2013 to date.

Business Update

On 9 July 2013 the Company announced that it had amicably negotiated and settled a potential dispute with Crawford Healthcare. As a result, the contract with Crawford Healthcare relating to the sale of the Company's Woundcare Business to Crawford Healthcare in 2011 was terminated and in return for an immediate payment of £300,000, Ark agreed to release Crawford Healthcare from any future obligations under the contract.

During the period the Company has progressed discussions with two specific third parties and has received further approaches from a number of other third parties interested in possible transactions with the Company. As of the time of writing we are progressing discussions, which may or may not lead to a transaction. The Company will make further announcements as appropriate.

Cash 

As we reported in our interim results, the Company had cash and cash equivalents of £0.8m at 30 June 2013.

Risks and Uncertainties

Following the disposal of the operating subsidiaries in March 2013, the key risk facing the Company is the non-completion of the currently planned, or an equivalent, transaction as this would impact on the Company's ability to continue in operational existence. The financial risks identified and outlined in the Annual Report and Accounts 2012 in the Directors' Report on page 25, which does not form part of this interim management statement, remain pertinent and relevant for the remainder of 2013.

Summary and Outlook

Iain Ross, Non-Executive Chairman, commented: "We continue to progress options available to the remaining business. However I confirm that in the absence of any viable 'reverse' or other transaction being put to Shareholders the plan would be to distribute the remaining funds to Shareholders in the first half of 2014 through a solvent liquidation process."

For further information please contact:

This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding Ark's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Ark's control that could cause the actual results, performance or achievements of Ark to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Ark's present and future business strategies and the environment in which Ark will operate in the future. These forward-looking statements speak only as at the date of this announcement. Ark expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in Ark's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.