HUDDINGE, Sweden, Jan. 31, 2003 (PRIMEZONE) -- Tripep AB (publ):
-- A new Board of Directors was elected at the extraordinary meeting of
shareholders held on September 17, 2002. The new Board consists of
Rolf L. Nordstrom, Erik Nerpin, Matti Sallberg and Anders Vahlne.
-- At the Board meeting following election on September 17, Rolf L.
Nordstrom was appointed Chairman of the Board and Johan Ihre became
the new President.
-- A candidate drug (CD) has been identified within the ChronVac-C(TM)
project. Preparations have begun for the clinical phase, and
discussions are also under way with industrial partners.
-- Research is continuing into the antiviral activity of GPG and its
metabolites.
-- Tripep's Board and management both hold the view that the Swedish
biotech industry would benefit from greater consolidation among
companies with a similar or complementary focus. Discussions are
therefore under way with a number of partners concerning potential
consolidation of operations. Remuneration for such consolidation may
take the form of non-cash acquisitions, in which case the matter will
be raised at the Annual General Meeting of shareholders.
-- An application for remission of the loan from Industrifonden has
been submitted.
-- The Swedish district court has granted permission for a reduction in
the share premium reserve for transfer to non-restricted equity.
-- The burn-rate has been substantially reduced.
-- The intention of the board is to propose the forthcoming AGM to
implement a share repurchase program, whereby Tripep offers the
shareholders to sell every tenth share for a price of 30 SEK. The
board proposes that the repurchased shares can be used as payment in
conjunctions with acquisitions of companies and/or projects.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
www.waymaker.net/bitonline/2003/01/31/20030131BIT00220/wkr0001.doc
www.waymaker.net/bitonline/2003/01/31/20030131BIT00220/wkr0002.pdf