Non payment of warrant exercise
April 01 2009 - 5:30AM
UK Regulatory
TIDMMEDG
Medgenics, Inc.
('Medgenics' or the 'Company')
1 April 2009
Further to the announcement made by the Company on 16 February 2009 regarding
the exercise of warrants for common shares of par value US $0.0001 each ("Common
Shares") under the warrant repricing programme announced on 5 February 2009, the
Company announces that a payment of US $25,000 in respect of the exercise of
warrants for 666,667 Common Shares has not been received and that, accordingly,
the Common Shares issued in respect of this warrant exercise are in the process
of being cancelled. The Company understands that this failure to make due
payment was initially as a result of a bank error which, once resolved, was
followed by an inability of the investor to satisfy the consideration for the
exercise.
For further information, contact:
Medgenics, Inc. +972 4 902 8900
Dr. Andrew L. Pearlman
Blomfield Corporate Finance (Nominated adviser) +44 207 489 4500
James Pinner or
Alan MacKenzie
SVS Securities plc (Broker) +44 207 638 5600
Ian Callaway
Grayling Global +44 207 255 5406
Jonathan Shillington or
Alistair Scott
NOTES TO EDITORS:
Medgenics, Inc. is a clinical-stage biopharmaceutical company developing its
unique tissue-based Biopump platform technology to provide sustained-action
protein therapy for the treatment of a range of chronic diseases.
Medgenics currently has two products in development based on this technology:
· EPODURE - producing erythropoietin (EPO) to treat anemia
· INFRADURE - producing interferon-alpha (IFN-a) to treat Hepatitis-C
The Company's ongoing Phase I/II clinical trial for EPODURE in anemic patients
continues to demonstrate proof of concept of the Biopump. Designed to produce
and deliver a therapeutic dose of EPO steadily for up to six months or more,
EPODURE Biopumps are already maintaining effective anemia treatment for more
than 5 months in earliest patients in the ongoing study, even with low dose
administered.
Medgenics intends to develop its innovative products and bring them to market
via multiple strategic partnerships with major pharmaceutical and/or medical
device companies, starting with EPODURE and INFRADURE.
Medgenics plans to raise the requisite funds during 2009 to enable it to follow
the current trial of EPODURE with a Phase IIb clinical trial in the US starting
in 2010, and in addition, to commence a Phase I/II trial of INFRADURE in
Hepatitis-C patients in Israel also during 2010.
Beyond these, Medgenics plans to develop and/or out-license a pipeline of future
Biopump products targeting the large and rapidly growing global protein therapy
market, which is forecast to reach US $87 billion by 2010. Other potential areas
include multiple sclerosis (interferon-a), hemophilia (Factor VIII), pediatric
growth hormone deficiency (human growth hormone) and diabetes (insulin).
Founded in 2000, Medgenics is a US-incorporated company with major operations in
Misgav, Israel. Medgenics was admitted to the London AIM in December 2007 (AIM:
MEDG and AIM: MEDU).
www.medgenics.com
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements, which include all statements
other than statements of historical fact, including (without limitation) those
regarding the Company's financial position, business strategy, plans and
objectives of management for future operations. These statements relate to
future events, prospects, developments and strategies. Forward-looking
statements are sometimes identified by their use of the terms and phrases such
as "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning,
"expect," "believe," "will," "will likely," "should," "could," "would," "may" or
the negative of such terms and other comparable terminology. All such forward-
looking statements are based on current expectations and are subject to risks
and uncertainties. Should any of these risks or uncertainties materialize, or
should any of the Company's assumptions prove incorrect, actual results may
differ materially from those included within these forward-looking statements.
Accordingly, no undue reliance should be placed on these forward-looking
statements, which speak only as of the date made. The Company expressly
disclaims any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained herein to reflect any change in the
Company'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, the events described in the forward-looking statements contained in
this release may not occur.
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