7 Oct 2016 17:52
PuriCore plc
("PuriCore" or the "Company")
Completion of Disposal of the Supermarket Retail Business
7 October 2016 - PuriCore plc (AIM: PURI), the emerging specialty biopharmaceutical company focused on leveraging its proprietary immunomodulatory technology, is pleased to announce that the Disposal of the Supermarket Retail Business (as detailed in the Circular to Shareholders issued on 20 September 2016) has completed today. Gross proceeds of the sale were $13.5 million, subject to a final Adjustment for net working capital. Following Completion, and as previously outlined in the Circular, the operations of the Supermarket Retail business will now be transitioned to Chemstar Corp. over the next few months.
PuriCore's focus will continue to be the development of a product candidate pipeline in several therapeutic areas based on high concentration formulations containing the Company's proprietary immunomodulatory technology. Investment in development is expected to increase in support of the filing of the two Investigational New Drug (IND) applications and, following the U.S. Food and Drug Administration (FDA) acceptance, subsequent commencement of clinical studies in 2017.
The Group will also continue to have a modest revenue stream from the royalty associated with the Wound Care product which is licensed to SteadMed Medical.
Alex Martin, Chief Executive Officer of PuriCore, said:
"The sale of the Supermarket Business signifies the transformation of PuriCore into a fully-fledged drug development company. We have already made good progress this year with two INDs on track for submission in Q1 2017 and an FDA agreed pathway for our Atopic Dermatitis programme. We anticipate moving straight into a Phase II study in Atopic Dermatitis. We will update the market following our November pre-IND meeting with the FDA related to our Allergic Conjunctivitis programme.
"Our focus is now solely on drug development and the Board believes that this strategy should lead to the creation of significant shareholder value over the longer term. We thank all of our team members in the Supermarket Retail Business for their dedication to building this business and supporting the transition to Chemstar. We wish Chemstar all the best moving forward."
Enquiries:
PuriCore plc | +44 (0) 20 3727 1000 |
Alex Martin, Chief Executive Officer | |
Marella Thorell, Chief Financial Officer and Chief Operating Officer | |
FTI Consulting | +44 (0) 20 3727 1000 |
Simon Conway / Mo Noonan | |
N+1 Singer (Nominated Adviser and Broker) | +44 (0) 20 7496 3000 |
Aubrey Powell / Jen Boorer |
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 (MAR).
Unless otherwise indicated, capitalised terms in this announcement have the same definition as in the Circular.
About PuriCore
PuriCore is an emerging specialty biopharmaceutical company focused on developing novel immunomodulatory therapies to protect and improve the lives of adults and children. The Company has initiated a drug development programme, based on its proprietary hypochlorous acid technology at high concentrations. The Company believes their formulations have novel immunomodulatory activity with potential application for the treatment of diseases in a number of therapeutic areas such as Dermatology, Ophthalmology and potentially rare diseases. For more details, go to the Company's website: www.puricore.com
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.