http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20090629:Rnsc6374U
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RNS Number : 6374U

Alizyme PLC

29 June 2009


  For immediate release   29June 2009


ALIZYME PLC

Trading Update

Cambridge UK, 29 June 2009: Alizyme plc (LSE:AZM) ("Alizyme" or "the Company")
today gives an update on the Company's financial position.

Alizyme has licensing and development agreements with regard to COLAL-PRED(R)
with various parties. These agreements provide for payments to Alizyme tied to
the achievement of specified milestones and royalties.  As previously reported,
the Company is dependent on the milestone income in order to continue as a going
concern. As a result of potential significantly increased funding obligations
under these contracts and the status of ongoing discussions with various parties
to mitigate the potential impact on the Company these funding obligations may
have, there is now material uncertainty as to the receipt of milestone payments
due. Accordingly, the Company does not now expect to have sufficient funding to
last beyond the end of August 2009 and will be unable to continue as a going
concern without the raising of additional funds. The Company is in discussions
with its advisers in relation to such funding. In the absence of additional
funds, the Company may face going into administration or liquidation.

The Board of Alizyme is reviewing the overall strategy and structure of the
Company, and has implemented a consultation process with its employees with
respect to a redundancy programme where it is anticipated that the number of
employees will be significantly reduced.

The Company, with its advisers, is also considering the suitability of the
Company's current main market listing given its market capitalisation and
limited resources.

For further information, please contact:


  ALIZYME PLC                Tel: + 44 (0) 1223 896000
  Alan Goodman, Director
  BUCHANAN COMMUNICATIONS    Tel: + 44 (0) 20 7466 5000
  Lisa Baderoon              Tel: + 44 (0) 7721 413496



Further information on Alizyme can be found on the Company's website:
www.alizyme.com


This information is provided by RNS

The company news service from the London Stock Exchange

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