Navigation Links
Chromos provides shareholder update
Date:4/16/2008

NORTH VANCOUVER, April 16 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. ("Chromos" or the "Company"; TSX: CHR) today provided an update on its on-going restructuring efforts.

The Board of Directors of Chromos today announced that Mr. Alistair Duncan has stepped down as President and Chief Executive Officer, effective immediately. He has also resigned as a Director of Chromos. Mr. Duncan, a founder of the Company, served as President and CEO since 1998.

Mr. Roger Flowerdew, C.A., a current member of the Board of Directors, will serve as CEO and President. Mr. Flowerdew will remain as a Director of the Company. Mr. Flowerdew brings executive experience in the North American bio-technology industry and extensive experience in corporate finance to the Company.

The Board of Directors would like to thank Mr. Duncan for his dedication and contributions of the past number of years.

Chromos' Chief Financial Officer, Mr. Jeff Charpentier, is serving the Company on a part-time basis as well as being engaged on a full-time basis with another company.

The Company also announced that it has brought its regulatory filings up to date. These filings include all financial statements through to the audited December 31, 2007 financial statements together with all related MD&A, and both the 2006 and 2007 Annual Information Forms and other required corporate filings. The regulatory filings can be accessed at http://www.sedar.com.

The Company continues to be subject to cease trade orders issued by various provincial securities commissions as a result of its failure to timely file financial statements and other documents. With the regulatory filings now being brought up to date, the Company expects to shortly make applications for revocations of the outstanding cease trade orders. Although the Company believes the regulatory filings are up to date and complete, there can be no assurance that revocation orders will be obtained on a timely basis or at all.

Chromos currently has some cash, certain business assets and positive working capital. The Company is reviewing its remaining business assets (which include the REM technology, certain rights to use the ACE System for gene therapy and transgenics, and its approximately 29% shareholdings in Agrisoma Biosciences Inc.) to develop a strategic plan for continued operations for the longer term.

"The Company continues to execute against its restructuring plan and as a part of the restructuring is reviewing a number of strategic options and will provide further announcements in due course." said Darrell Elliott, Chairman of the Board.

Risks and Uncertainties

Certain of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Chromos, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

To the extent possible, management implements strategies to reduce or mitigate the risks and uncertainties associated with Chromos' operations. Operating risks include (i) the continued availability of capital to finance Chromos' activities; (ii) Chromos' limited cash position, and (iii) Chromos' limited operations.

CONTACT: Roger Flowerdew, CA, CEO and President, (604) 985-7100, Email: rflowerdew@chromos.com; or Jeff Charpentier, CA, Vice President Finance and CFO, (604) 985-7100, email: jcharpentier@chromos.com


'/>"/>
SOURCE Chromos Molecular Systems Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Chromos enters into loan and lending arrangements
2. New Initiative Has Shocking Effect: Thousands of Missourians with Abnormal Chromosome Structures Are Not Human
3. NanoLogix Inc. Provides Financial Update, Appoints Bert Pharis as New Director
4. Olympus FluoroPoint(TM) System Provides High-Sensitivity Single Molecule and Protein Interaction Analysis for Screening and Research
5. Alseres Pharmaceuticals, Inc. Reports 2007 Financial Results and Provides Company Highlights
6. NanoLogix Inc. Presents at the National Hydrogen Association Conference & Provides Operations, Management and Director Update
7. SGX Pharmaceuticals Provides Update on SGX523 Clinical Trials
8. InfuSystem Holdings Provides Business Update and Comments on Fourth Quarter 2007 Financial Results
9. Trubion Pharmaceuticals Inc. Reports Fourth-Quarter and Year-Ended 2007 Financial Results and Provides 2008 Financial Outlook
10. Vasogen Provides Update on ACCLAIM II Program
11. Arpida Provides Update on Progress of New Drug Application for Intravenous Iclaprim
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... LAGUNA HILLS, Calif. , Oct. 11, 2017 ... London (ICR) and University of ... prognostic tool to risk-stratify patients with multiple myeloma (MM), in ... nine . The University of Leeds ... by Myeloma UK, and ICR will perform the testing services ...
(Date:10/11/2017)... ... October 11, 2017 , ... Singh Biotechnology today announced that ... SBT-100, its novel anti-STAT3 (Signal Transducer and Activator of Transcription 3) B VHH13 ... cross the cell membrane and bind intracellular STAT3 and inhibit its function. Dysregulation ...
(Date:10/10/2017)... ... October 10, 2017 , ... ... program has won a US2020 STEM Mentoring Award. Representatives of the FirstHand program ... in Volunteer Experience from US2020. , US2020’s mission is to change the trajectory ...
(Date:10/10/2017)... , Oct. 10, 2017 SomaGenics announced the ... NIH to develop RealSeq®-SC (Single Cell), expected to be ... small RNAs (including microRNAs) from single cells using NGS ... the need to accelerate development of approaches to analyze ... "New techniques for measuring levels of mRNAs ...
Breaking Biology Technology:
(Date:8/23/2017)... 2017  The general public,s help is being enlisted in what,s thought ... in and on the human body –and are believed to affect health.  ... The Microbiome Immunity Project is the ... with the gut. The project's goal is to help advance scientific knowledge ... ...
(Date:6/23/2017)... N.Y. , June 23, 2017  IBM (NYSE: ... dairy research, today announced a new collaboration using next-generation ... chances that the global milk supply is impacted by ... Cornell University has become the newest academic institution to ... a food safety initiative that includes IBM Research, Mars, ...
(Date:5/16/2017)... , May 16, 2017   Bridge Patient ... organizations, and MD EMR Systems , an ... partner for GE, have established a partnership to ... product and the GE Centricity™ products, including Centricity ... These new integrations will allow ...
Breaking Biology News(10 mins):