Completion of the Acquisition of 30% Shareholding In Chirotech By Ascot, and Additional Listing.LONDON--(BUSINESS WIRE)--September 1, 1998--Chiroscience Group plc and Ascot Ascot (ăs`kət), town, Windsor and Maidenhead, S central England. The famous horse races instituted by Queen Anne in 1711 are held annually in June on Ascot Heath. Ascot remains an important social and fashion event, attended by the royal family. plc today announce the completion of the acquisition by Ascot of a 30% shareholding in Chiroscience's subsidiary company, Chirotech Technology Limited for 30 million pounds ($49m(a)). Full details of this transaction were announced on August 10, 1998. Chirotech Technology Limited is the new name for Chiroscience Limited, the original operating company operating company A business that engages in transactions with outsiders. of the Chiroscience Group. As part of the completion arrangements for the sale of shares in Chirotech, and as a condition of its completion by Ascot on August 28, 1998, Dr. Andy Richards, Executive Director of Chiroscience, exercised the last remaining options over shares in Chirotech (These options were granted to him in 1993, prior to the flotation flotation or froth flotation Most widely used process for extracting many minerals from their ores. The method separates and concentrates ores by altering their surfaces so that they are either repelled or attracted by water. of Chiroscience). Dr. Richards exercised options to acquire 45,000 shares in Chirotech which, under put and call arrangements fixed on the grant of the options in 1993 (as disclosed on pages 34 and 35of the Annual Report and Accounts 1998), have entitled him to acquire 270,000 new shares in Chiroscience at an effective exercise price of 25p ($.41(a)) per share. Accordingly, at a board meeting on August 28, 1998 270,000 ordinary shares at 5p ($.08(a)) each in Chiroscience were issued and application for the listing of these shares has been made to the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . As a result, Dr. Richards' shareholding in Chiroscience has increased by 270,000 to 309,214 Ordinary Shares (0.28% of the issued share capital) and his interest in options over Ordinary Shares in the company has decreased by 270,000 to 265,889. Chiroscience Group plc Chiroscience Group plc is an emerging pharmaceutical company which uses its diverse technology platform to discover, develop and bring to market novel medicines for improved healthcare. It has three businesses: Chiroscience R&D, Rapigene and ChiroTech. Chiroscience R&D's focus is on innovative small molecule drugs and related diagnostics in the therapeutic areas of cancer, inflammation, pain, osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia and autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause . Its technology platform allows the conception and development of receptor-based and enzyme-inhibiting small molecule drugs with high selectivity selectivity /se·lec·tiv·i·ty/ (se-lek-tiv´i-te) in pharmacology, the degree to which a dose of a drug produces the desired effect in relation to adverse effects. selectivity 1. of action. (a) US dollar equivalents are provided for reader convenience only at the exchange rate of 1 pound = US$1.6338. Rapigene is involved in the creation of genomic technologies and services, which it provides to Chiroscience R&D and partner companies' drug discovery programs. Chirotech provides chiral chi·ral adj. Of or relating to the structural characteristic of a molecule that makes it impossible to superimpose it on its mirror image. chi·ral technology services to pharmaceutical and related industries, including Chiroscience R&D. Chiroscience Group plc is listed on the London Stock Exchange and is based in Cambridge and Stevenage, UK, and Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. , USA.
CONTACT: Dr. John Padfield, Chief Executive
Rebecca Iveson, Media and Investor Relations
Chiroscience
44-1223-420-430
or
James P. Prout
Taylor Rafferty Associates
212-889-4350
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