Geelong, Australia (6th November, 2009). Verva Pharmaceuticals Ltd. (“Verva” or the “Company”) today announced a voluntary, share buy back plan under which it offers to purchase Verva ordinary shares for the price of AUD 0.01 per share. This offer is being made to all holders of ordinary shares in Verva and is subject to the terms and conditions contained in the Buy Back Agreement and accompanying documentation mailed to holders of Verva ordinary shares on the 5th November, 2009.
The Verva share buy back is an equal access offer available to all the holders of ordinary shares in the Company. The maximum aggregate number of shares which may be bought back by Verva is equal to ten percent (10%) of Verva’s total ordinary shares on issue. The deadline to respond to the share buy back offer is the 27th November, 2009; however, this may be extended at the discretion of the Verva Board.
Verva was de-merged from ChemGenex Pharmaceuticals Ltd. in December, 2007 as a public but unlisted company. At the time of the de-merger, ChemGenex shareholders received an in specie allocation of Verva ordinary shares. Since Verva is not listed on a public exchange, there has been no formal mechanism by which Verva shareholders can trade their shares. Verva has received numerous enquiries by shareholders seeking opportunities to trade their shares and the Company is now pleased to provide this opportunity to do so if they wish.
More details of the share buy back offer can be obtained at the Verva website www.vervapharma.com.
About Verva Pharmaceuticals Ltd.
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and to prevent and treat obesity. Verva’s lead product VVP808 is a non-thiazolidinedione insulin sensitiser entering phase 1b/2a clinical safety and efficacy testing in type 2 diabetes. VVP808 was previously approved in North America in an unrelated indication. Its unexpected anti-diabetic activity was identified using Verva’s proprietary GES discovery platform. Verva’s pipeline includes: (i) an accelerated discovery program developing next-generation diabetes therapies based on VVP808 structure and mode-of-action and (ii) preclinical proof-of-concept with two obesity-focused technologies that block de novo fat formation. Further information can be found on the Company’s website www.vervapharma.com.