27 May 2016 07:00
PuriCore plc
("PuriCore" or the "the Company")
Resolution reached with EPA regarding the Company's Concentrate Products
27 May 2016 - PuriCore plc (AIM: PURI), an emerging specialty biopharmaceutical company focused on leveraging its proprietary immunomodulatory technology, today announces it has reached resolution with the United States Environmental Protection Agency (EPA) following their investigation of the Company's concentrate products (part of the Supermarket Retail product portfolio) which began last year.
The Company has agreed to stop selling the brand ProduceFresh®, under a Stop Sale, Use, Removal Order on Consent, until it is registered as a pesticide with the EPA. There are no changes to the FloraFresh® brand. The Company will make a payment of $550,000 in connection with the matter, which was adequately provisioned in the 2015 results.
The Company is introducing Produce Maxx™, a new produce solution which enhances the freshness and quality of fresh whole and fresh cut fruits and vegetables.
Alex Martin, Chief Executive Officer of PuriCore, said:
"We have worked cooperatively with the EPA, and are very pleased to have resolved this matter. We remain committed to developing pharmaceuticals from our platform technology and will provide a further update on the business in due course."
As announced earlier this year, PuriCore is focused on leveraging its proprietary hypochlorous acid platform technology for the development of novel, prescription treatments for inflammatory diseases, including potential orphan indications. The Company continues to consider strategic options available for its Supermarket Retail business as it addresses a very different market segment.
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 / Victoria Foster Mitchell | |
N+1 Singer (Nominated Adviser and Broker) | +44 (0) 20 7496 3000 |
Aubrey Powell / Jen Boorer |
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 program, based on its proprietary hypochlorous acid technology at high concentrations. The Company believes its 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 certain rare diseases.
Forward looking statements
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.