Court Confirms ZymeTx Plan of Reorganization.Business Editors/Health/Medical Writers OKLAHOMA CITY--(BUSINESS WIRE)--Nov. 3, 2003 ZymeTx, Inc. (Pink Sheets:ZMTX), a biotechnology and influenza influenza or flu, acute, highly contagious disease caused by a virus; formerly known as the grippe. There are three types of the virus, designated A, B, and C, but only types A and B cause more serious contagious infections. disease management firm based in Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm , today announced that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Western Division of Oklahoma has confirmed its reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. , allowing the company to emerge from bankruptcy. Since filing for reorganization in November 2002, ZymeTx has continued marketing and selling its ZstatFlu(R) product, a proven point-of-care diagnostic test for the detection of Influenza A influenza A n. Influenza caused by infection with a strain of influenza virus type A. influenza A Infectious disease An avian virus, especially of ducks–which in China live near the pig reservoir and 'vector'; and B. The non-invasive test, administered using a throat swab, renders a diagnosis in a doctor's office within 20 minutes. The company has also continued research activities during the reorganization funded primarily by federal and state research grants and operated the National Flu Surveillance Network(TM) (NFSN NFSN National Financial Services Network ), an Internet-based program to pinpoint and track the spread of influenza across the United States. "It has been a challenging process for our employees, vendors and stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. , but we are nevertheless pleased to announce we have succeeded in our reorganization effort and we are positioned to move forward with the company," commented Norman Proulx, the firm's president and chief executive officer. Under the terms of the reorganization, the Company sold all of its ZstatFlu test kit inventory and licensed and/or sublicensed all of its proprietary rights to certain of its other technology and assets, including the chemiluminescence-based (Polaroid) rapid disease detection technology, the ZstatFlu test kits and the National Flu Surveillance Network, to DiagXotics, Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. . In addition, stockholders of the Company will retain their shareholder status with ZymeTx, thereby giving them the opportunity to potentially recover some or all of their original investment in the Company depending on the revenues that the Company ultimately realizes from the sale of the inventory and the licensing agreements, as well as from its ongoing research activities related to its other technology. "I am pleased our plan contains opportunity for ZymeTx creditors and shareholders to potentially benefit financially in the reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. company," Proulx said. "We are grateful for the support of all stakeholders throughout the process this past year. As we look to the future, we have good reason for optimism with an acknowledged, accurate influenza diagnostic and excellent invitro and invivo data from our viral therapeutic program." About The Company ZymeTx, Inc., headquartered in Oklahoma City, is a biotechnology company engaged in the development of technology to produce products for the diagnosis and treatment of viral disease, viral management and disease surveillance. The Company developed ZstatFlu, the world's first rapid point-of-care test capable of detecting both Influenza A and B, and the National Flu Surveillance Network(TM) (NFSN), a network of physician sites across the country that use ZstatFlu to track influenza in their communities and practices. Additional information on ZymeTx and NFSN can be obtained by accessing the websites at www.zymetx.com and www.fluwatch.com. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. including statements regarding expected future results of operations, which are subject to risks and uncertainties. All forward-looking statements in this press release are based upon historical information available as of the date of this release. Such historic information may change or become invalid after the date of this release, and by making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. The Company's SEC filings contain additional discussions about those facts, which could cause actual results to differ from management's expectations. |
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