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25 October 2006
Phoqus EGM approves £3 million Placing to support further clinical development of ChronocortTM
West Malling, UK--Phoqus Group plc (AIM: PQS) (“Company”) announces that at the extraordinary general meeting (“EGM”) of the Company held earlier today, the resolutions put to shareholders were duly passed, inter alia, granting authority to the directors to allot shares and disapplying the pre-emption rights on the allotment of shares, pursuant to the Placing announced on 2 October 2006 (“Placing”). The Company has accordingly raised £3 million, gross of expenses, in the Placing to support the Phase II clinical trials of Chronocort™ for the treatment of adrenal insufficiency. The 2,803,738 new Ordinary Shares of 10 pence each in the Company to be issued in the Placing at a price of 107 pence per share are expected to be admitted to trading on AIM tomorrow, 26 October 2006. Following admission of the new Ordinary Shares to trading on AIM, there will be 35,501,394 Ordinary Shares in the Company in issue. Full details of the Placing are set out in the shareholder circular published on 2 October 2006.
Enquiries:
Phoqus Group plc - Tel: 01732 870227
Andy Jones, CEO
Peter Johnson, CFO
Nomura Code Securities Limited - Tel: 020 7776 1200
Juliet Thompson
Phil Walker
Financial Dynamics - Tel: 020 7831 3113
John Gilbert
Notes to editors
About Phoqus
Phoqus is a drug delivery company using proprietary electrostatic powder coating technology, LeQtracoat®, to provide an extensive range of innovative systems targeting the oral drug delivery market. Drug delivery technologies are applied to pharmaceuticals to provide benefits such as controlling the release of a drug into the body, enhancing patient compliance and improving the performance and efficacy of an existing drug. In turn, these benefits enable pharmaceutical companies to extend the life cycles of their products, strengthen their patent protection and thereby enhance the value of their marketed products and development pipelines. Phoqus is the only company using electrostatic powder coating technology for pharmaceutical applications and has over 120 granted patents.
Based in Kent, Phoqus was established in 1998 as a spin-out from Colorcon, a division of Berwind Pharmaceutical Services Inc. The Company was admitted to trading on AIM in November 2005 and is listed under the symbol "PQS".
Further background on the Company can be found at www.phoqus.com.
Phoqus Pharmaceuticals Limited
10 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4PQ
Telephone: +44 (0)1732 870227, Fax: +44 (0)1732 870228
E-mail: info@phoqus.com
