Tripep proposes share buy-back and merger with Ipsat
Tripep proposes share buy-back and merger with Ipsat During contacts with Tripep shareholders, ahead of the extraordinary shareholders meeting to discuss the previously announced investment in Ipsat Therapies Oy, it has emerged that one of the prerequisites for the deal should be that the time point for the merger is decided now. Tripep therefore intends to commence negotiations with Ipsat Therapies Oy concerning the merger. When these negotiations are completed, the Board of Directors of Tripep will announce an extraordinary general meeting of shareholders. The setback for the GPG project means that the company no longer has a project in clinical phase. The preclinical research portfolio is believed to have a long way to go before commercial results can be achieved, and the Board of Directors are considering either limiting or disposing of the company's preclinical research. Following the merger with Ipsat, the Board of Directors intends to focus Tripep's activities on the clinical development of a completely new type of drug that will prevent the development and spread of the multi- resistant bacterial strains often formed during treatment with antibiotics. These projects are already in phase I and have short development time. With this in mind, the Board of Directors intends to submit a proposal to the extraordinary shareholders' meeting whereby every third share in the company will be bought back at a price of SEK 15 per share. The proposal is conditional on the Swedish District Court granting the company permission to reduce its share premium reserve in accordance with the resolution adopted by Tripep's Annual General Meeting on 9 April 2002. The Board of Directors Tripep AB (publ) *** For more information, please contact Hans Möller, President, tel. +46 8 449 84 80, Mobile +46 708 15 16 89, e-mail: hans.moller@tripep.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/06/14/20020614BIT00860/wkr0001.doc http://www.waymaker.net/bitonline/2002/06/14/20020614BIT00860/wkr0002.pdf