BURNABY, BC, April 3 /CNW/ - Chromos Molecular Systems Inc. ("Chromos")
(TSX:CHR) announced today that the holders of the convertible, secured bridge
loan have demanded repayment of the principal and interest, totaling
approximately $2,242,000, by April 4, 2007. Chromos does not currently have
sufficient funds to satisfy this demand.
The Company is attempting to arrange financing to satisfy this demand for
repayment and exploring other strategic alternatives. There can be no
assurance that additional financing will be available at all or on acceptable
terms to permit Chromos' current operations to continue. If Chromos is
unsuccessful in raising sufficient financing it will be required to scale back
or terminate certain or all of its operations.
Chromos is a biopharmaceutical company with two drug development programs
focused on inflammatory diseases and thrombotic disorders. The Company's lead
product, CHR-1103, is a humanized monoclonal antibody being developed as an
acute treatment for relapses associated with multiple sclerosis (MS). Chromos
generates revenue from its proprietary ACE System technology to engineer
production quality cell lines to manufacture biopharmaceutical products
including monoclonal antibodies. For more information, please visit our
website at www.chromos.com.
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 (the "Company"), 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 the Company's operations.
Operating risks include (i) the continued availability of capital to finance
the Company's activities; (ii) the Company's limited cash position, (iii) the
ability to successfully obtain proof of the effectiveness of the Company's
technology (iv) the ability to complete and maintain corporate alliances
relating to the development and commercialization of the Company's technology;
(v) the ability to obtain and enforce patent and other intellectual property
protection for the Company's technology; (vi) market acceptance of the
Company's technology; (vii) the competitive environment and impact of
technological change; (viii) the Company's ability to attract and retain
employees to carry out its business plans; (ix) the timely development and
commercialization of any technology or products that are contingent on the
completion and maintenance of corporate alliances with third parties; (*) the
demand for repayment of the outstanding Notes by the Noteholders and (xi)
regulatory approval of the conversion of the outstanding Notes. Further
details on Chromos' operating risks can be found in the Company's Quarterly
and Annual Reports to Shareholders.
For further information:
For further information: Jeff Charpentier, CA, Vice President Finance
and CFO, (604) 415-7132, email: email@example.com