Henderson Morley and KMS deal remains on course

SATISFACTORY scientific due diligence has been carried out regarding the agreement between Midlands biotechnology company Henderson Morley and American pharmaceutical firm KMS Therapeutics.

Henderson Morley, which is based in Moseley, Birmingham, is hoping to team up with KMS to develop anti-viral Ionic Contraviral Therapy (ICVT).

This follows previous announcements regarding KMS’ Letter of Intent made by the company in February, March and May.

In a statement, Henderson Morley said: “The board of KMS has confirmed to the company that it is satisfied with the results of its scientific due diligence which has now been completed on ICVT and has reaffirmed its commitment to the commercialisation of ICVT.

“KMS is continuing to work with several venture capitalists to finalise a funding structure as soon as possible, to facilitate legal completion of the acquisition.

“Whilst we remain confident that negotiations with KMS will be concluded, we remain in discussions with the unnamed non-European company that signed a LoI as announced on October 8, 2009, and we will continue these discussions until such time as the sale of ICVT is concluded.

“KMS continues to work towards the deadline of July 14, 2010, and we will report further on any progress which has been made on or around that date.”

Henderson’s executive chairman Andrew Knight said: “We remain encouraged by the hard work and commitment that KMS has demonstrated to date. We continue to work closely with KMS to complete this deal.”

President of KMS Therapeutics Hank Klakura added: “We remain focused on the completion of this agreement and are grateful to Henderson Morley for their patience whilst we finalise discussions with our financial partners.”