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direct/ BioProgress PLC: BioProgress PLC announces Acquisition of Melbrosin

06-28-2007 01:43 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: BioProgress PLC

BioProgress acquires the OTC trading assets of the Melbrosin Group of companies (´Melbrosin´)

This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, South Africa, Australia, Japan or any jurisdiction in which the same would be unlawful. This announcement is not an offer of securities in the United States, Canada, South Africa, Australia, Japan or any jurisdiction in which the same would be unlawful.

London, UK, 28 June 2007: BioProgress (AIM: BPRG), the specialty pharma and healthcare company, is pleased to announce that it has entered into an agreement to acquire the Over the Counter (´OTC´) intellectual property (´IP´) and trading assets of the Melmed Group, the holding company for Melbrosin, for a consideration of up to EUR35m (£23.6m). In addition, the Company announces that it has raised approximately £4.9m by way of a placing for cash. The Company also announces its intention to re-brand and change the name of the Company from BioProgress to Meldex Group plc later in the year.

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