BURNABY, BC, Sept. 22 /PRNewswire-FirstCall/ -- Chromos Molecular Systems Inc. (TSX:CHR) today announced that Dr. James Miller and Mr. Ronald MacKenzie have resigned from its Board of Directors, effective immediately.
Chromos is currently in discussions with various groups, included those affiliated with Dr. Miller and Mr. MacKenzie, regarding additional financing. Acting on advice from their respective legal counsel, Dr. Miller and Mr. MacKenzie indicated that they have tendered their resignations as directors to avoid any potential conflict of interest in financing discussions.
These resignations bring the number of directors on the Board to four.
In its Management's Discussion and Analysis of Financial Condition and Results of Operations for the second quarter ended June 30, 2006, Chromos reported that its funds on hand and anticipated revenues from existing licensing contracts would be sufficient to fund its operations into the fourth quarter of 2006. There can be no assurance that additional financing will be available at all or on acceptable terms to permit the Company's current operations to continue.
Chromos is a biopharmaceutical company with two drug development programs focused on inflammatory diseases and thrombotic disorders. The Company's lead program, CHR-1103, is a humanized monoclonal antibody being developed as a treatment for acute relapses associated with multiple sclerosis. 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 visit our website at http://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 and (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. Further details on Chromos' operating risks can be found in the Company's Quarterly and Annual Reports to Shareholders.
Chromos is a registered trademark of Chromos Molecular Systems Inc.
CONTACT: Jeff Charpentier, Vice President, Finance and Chief Financial Officer, Tel: (604) 415-7132, Email:
