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Biotech / Medical : Essential Therapeutics (ETRX) formerly Microcide (MCDE -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (412)	4/22/2003 6:18:23 PM
From: SemiBull	Respond to of 415

Essential Therapeutics to Develop Reorganization Plan Tuesday April 22, 7:06 am ET WALTHAM, Mass., April 22 /PRNewswire-FirstCall/ -- Essential Therapeutics, Inc. (OTC Bulletin Board: ETRX - News) announced its intention to work with a majority of the holders of its Series B Convertible Preferred Stock to jointly develop a plan of reorganization as a means to satisfy the obligations the Company owes to its Preferred Stockholders following the exercise of their redemption rights yesterday. The company does not have the funds to redeem all of the shares of the Series B Preferred Stock for which redemption notices have been received. Pursuant to the goal of developing a reorganization plan, representatives of the Company's Preferred Stockholders currently serving on the Board of Directors have agreed to resign from the Board effective April 21, 2003. Safe Harbor Statement Statements contained herein that are not historical fact may be forward- looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements made by the Company. These factors include, but are not limited to, any alternatives that may or may not be available to the Company in the face of the Series B Preferred Stockholders' redemption. For a discussion of other risks and uncertainties affecting Essential Therapeutics' business, see the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002. Actual results and timing of certain events could differ materially from those included in the forward-looking statements as a result of these or other factors. -------------------------------------------------------------------------------- Source: Essential Therapeutics, Inc.