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Protein Sciences Responds to Emergent BioSolutions Lawsuit
Date:7/10/2008

cation (BLA) with the US Food and Drug Administration (FDA) and PSC's proposal for significant federal funding related to development work for a vaccine to respond to a flu pandemic. Despite this knowledge, EBS provided PSC with the bare minimum of funding and almost always provided less than 60% of each of PSC's funding requests. EBS has only loaned PSC a total of $10,000,000 and has made no loans to PSC since June 16, 2008. In order to assert additional financial pressure on PSC, almost immediately prior to a scheduled meeting of PSC's shareholders to vote on the transaction, EBS alleged that PSC had defaulted under the loan. This allegation of default was made after EBS had learned that PSC's shareholders were unlikely to approve the proposed transaction. While PSC disputes the existence of such loan default, PSC nevertheless cured such alleged default within the allowed time period and in the exact way that EBS had told PSC that it could cure the alleged default.

Because one of the conditions to closing of the transaction was the approval by PSC shareholders, PSC notified its shareholders of the proposed transaction and scheduled a shareholders' meeting to vote on the transaction and other related matters. So that PSC's shareholders could make an informed decision when they voted, PSC issued a Proxy Statement that made a full and fair disclosure of the material facts related to the proposed transaction and the status of PSC's business. The Proxy Statement included information about two very material items: the status of PSC's BLA and its pending request for significant federal funding. EBS was well aware of the status of these items and knew that PSC had already received, and might receive additional, positive material information about either or both of these items after the Proxy Statement was issued and pressed PSC to include in the Proxy Statement additional negative and potentially misleading information about these items. During the proxy process, P
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SOURCE Protein Sciences Corporation
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