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Biotech / Medical : Small Cap Foreign Biotech

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To: RWReeves who started this subject	11/25/2002 4:33:55 PM
From: nigel bates	Read Replies (1) of 363

25 November 2002 PROTHERICS REDEEMS CONVERTIBLE DEBENTURES OPTION Protherics PLC (“Protherics” or the “Company”), the UK biotechnology company announces today that it has reached an agreement that no further Convertible Debentures will be issued by the Company pursuant to the Subscription Agreement dated 20 April 2000 (the "Subscription Agreement") between the Company, Fisher Capital Ltd, Wingate Capital Ltd and Leonardo LP (together the "Subscribers"). As consideration, the Company has made a payment of £375,000 (in aggregate). Convertible Debentures were initially issued to the Subscribers under the subscription agreement dated 20 April 2000 (the “Subscription Agreement” ). Under this agreement the Subscribers subscribed for £5.45m of Convertible Debentures. All of these Convertible Debentures were converted into Protherics ordinary shares. In addition, the Subscribers had the right to subscribe for a further £6.5m of Convertible Debentures at any time up until 30 May 2003 (the “Option”). The further debentures, if subscribed, had a life of up to 3 years from issue during which conversion could take place. As a result of this new agreement the Option may not be exercised and accordingly no further Convertible Debentures will be issued. Chief Executive Andrew Heath commented: "I am delighted that we have reached this agreement. Today, we have a stronger balance sheet, good revenue streams following two FDA approvals, and a healthy pipeline of products under development. We are well on the way to reaching our goal of becoming a self-sustaining bio-pharmaceuticals company." FOR FURTHER INFORMATION CONTACT: PROTHERICS PLC Andrew Heath Chief Executive +44 (0) 7768 256595 THE MAITLAND CONSULTANCY Brian Hudspith +44 (0) 20 7379 5151 Simone Cheetham

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