Silver Falcon Plc, (LSE: SILF), which has agreed to acquire the biotechnology company Hemogenyx Pharmaceuticals Limited (“Hemogenyx”), announces unaudited interim results for the six-month period ended 30 June 2017.

Post-period end highlights

• Agreement to acquire Hemogenyx Pharmaceuticals for £8m in shares and raise £2m in a Placing and Subscription
• Hemogenyx is developing two products for the $8-9billion bone marrow / haematopoietic stem cell transplant market which could replace chemotherapy and radiation as a means of pre-transplant conditioning, as well address the problem of stem cell donor availability and issues around relapse or cell rejection after transplantation:
  1. Conditioning product – CDX bi-specific antibodies which redirect a patient’s own immune cells to eliminate unwanted blood stem cells preparing a patient for bone marrow transplantation
  2. Cell therapy product – Cell replacement product using human postnatal hemogenic endothelial cells to generate cancer-free, patient-matched blood stem cells after transplant into the patient
• The acquisition is classified as a reverse takeover for the purpose of the Listing Rules and a General Meeting will be held on 4 October 2017
• From 5 October the Company will trade under the new name of Hemogenyx Pharmaceuticals Plc and new ticker symbol “HEMO” with an expected market capitalisation of £12.46m on Admission.

Interim Results – financials

• Loss of £179,871 (H1 2016: £174,936) attributed to professional fees surrounding proposed acquisition
• Cash balance at the date of this report is £0.915m

Geoffrey Dart, current Chairman, commented: “We listed Silver Falcon in November 2015 with the aim of finding a value-enhancing reverse transaction. After a lengthy and extensive search, we believe we have found an exciting transaction, acquiring a company with the potential to transform blood stem cell transplant treatments, and bring relief to sufferers of several severe diseases. It has the potential, we believe, for substantial gains for new and existing shareholders.”

 

 

Silver Falcon Plc	www.hemogenyx.com
Peter Redmond, Director	Via Walbrook PR
Walbrook PR	Tel: +44 (0)20 7933 8780 or hemogenyx@walbrookpr.com
Paul McManus	Mob: +44 (0)7980 541 893