AGM and EGM Statement
09/06/2008
Biocompatibles International plc (LSE:BII) today held its Annual General Meeting together with an Extraordinary General Meeting.
The Extraordinary General Meeting (‘EGM’) had been convened to seek approval for the cancellation of the Company’s share premium account to enable the creation of distributable reserves from which a dividend might be paid. The intention to pay a dividend, funded out of royalty income received from the Company’s out-licensed technologies, was announced on 15 May. The first dividend is expected to be paid in the first half of 2009.
The Chairman, Gerry Brown, made the following comments:
“The business continues to make good progress. The US approval and market launch of Medtronic’s Endeavor® Drug-Eluting Stent, completion of recruitment in the pivotal European aesthetic dermal filler trial and FDA’s approval for our PARAGON I trial have been important milestones for the Company. More recently, we have been encouraged by the granting of the option for the Drug-Eluting Bead products in Japan to Eisai and today’s approval for the restructure of the balance sheet to allow us to make further returns of value to our shareholders.
The following key events are expected over the next twelve months – Presentation of randomised Phase II data from the PRECISION V trial at CIRSE in September; Start of a US Registration trial for a pre-loaded bead; Completion of recruitment in the CellBeadsTM stroke trial.”
All the resolutions placed before both shareholder meetings were passed. View a summary of the proxy voting.