HML Henderson Mrly.

 

TIDMHML 
 
RNS Number : 1579P 
Henderson Morley PLC 
12 July 2010 
 

                                                                    12 July 2010 
                              HENDERSON MORLEY PLC 
                                (AIM: HML) 
 
 
               UPDATE REGARDING KMS THERAPEUTICS LETTER OF INTENT 
 
 
 The Board of Henderson Morley plc ("Henderson Morley" or the "Company"), 
the AIM quoted biotechnology company, today further  updates the market 
regarding the Letter of Intent ("LOI") signed by specialist therapeutic drug 
development company, KMS Therapeutics, ("KMS") , which was the subject of 
previous announcements on 16 February 2010, 12 March 2010 and 11 May 
2010. 
 
 The Board of KMS has confirmed to the Company that it is satisfied 
with the results of its scientific due diligence which has now been completed on 
ICVT and has reaffirmed its commitment to the commercialisation of ICVT.  KMS is 
continuing to work with several venture capitalists to finalise a funding 
structure as soon as possible, to facilitate legal completion of the 
acquisition. Whilst we remain confident that negotiations with KMS will be 
concluded, we remain in discussions with the unnamed non European company that 
signed an LOI as announced on 8 October 2009, and we will continue these 
discussions until such time as the sale of ICVT is concluded. 
 
 KMS continues to work towards the deadline of 14 July 2010, and we will 
report further on any progress which has been made on or around that date. The 
Company had available cash and bank facilities  of circa GBP100,000 at 30 June 
2010, and has a further sum of circa GBP100,000 available from R&D tax credits, 
which will become payable to the Company following the submission of an 
appropriate claim, upon completion of the Company's accounts for year ended 30 
April 2010. In order to ensure the Company has adequate financial resources 
through the period to anticipated legal completion, the Company is seeking to 
put in place financing arrangements with Chairman Andrew Knight, and Chief 
Executive Dr Ian Pardoe. These arrangements have not yet been finalised, and are 
still the subject of discussion with the Independent Directors and the Company's 
nominated adviser, given that any such arrangement will constitute a related 
party transaction under Rule 13 of the AIM Rules for Companies. It is currently 
expected that the financing arrangement will involve the issue of a convertible 
loan, secured on the Company. Further details will be disclosed as and when 
these arrangements have been finalised. 
 
 Commenting Executive Chairman Andrew Knight said: "We remain encouraged by 
the hard work and commitment that KMS has demonstrated to date. We continue to 
work closely with KMS to complete this deal. Both Ian Pardoe and I are committed 
to ensuring the successful sale of ICVT and it is for this reason that we have 
decided to undertake responsibility for the Company's short term financing 
requirements." 
 
 Hank Klakura, President of KMS Therapeutics stated:  "We remain focused on 
the completion of this agreement and are grateful to Henderson Morley for their 
patience whilst we finalise discussions with our financial partners." 
 
                                    --Ends- 
 
 
 
 
 
 
 
 
Enquires 
 
HENDERSON MORLEY PLC 
0121 442 4600 
Andrew Knight, Chairman 
 
BISHOPSGATECOMMUNICATIONS LTD                                        0207 562 
3350 
Maxine Barnes 
Gemma O'Hara 
 
BREWIN DOLPHIN INVESTMENT BANKING                                   0845 213 
4730 
Neil Baldwin 
 
RIVINGTON STREET CORPORATE FINANCE                                 0207 562 3380 
Jon Levinson 
 
Further information on Henderson Morley plc can be accessed through the 
Company's website at www.henderson-morley.com 
 
Notes to Editors 
 
KMS is a specialist therapeutic drug development company that was established by 
a number of former Merck Generics Senior Executives including Hank Klakurka, 
former CEO, Steve Self, former Global R&D Director and Martin Marino, former 
Chief Legal Counsel. This company's model takes high potential drug candidates 
through clinical trials, regulatory and into production and sales. It currently 
has four development projects in its pipeline, one of which is a respiratory 
project and the other three are anti-infectives. 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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