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Xenetic Biosciences plc is a company operating in the bio-pharmaceutical sector, specialising in the development of high value differentiated biologic vaccines and drugs. Xenetic's acquisition of SymbioTec was announced and expected to be completed no later than the 31st December 2011 although complications have arisen which have delayed this process. The main complications are focused on establishing a satisfactory arrangement with regards to existing entitlements under German law for individuals and ex-employees. Co-inventors of the Bis-met-histone technology platform have an interest in the future revenue streams from the technology platform.
Xenetic Biosciences plc board has placed a deadline of 16th January 2012 to conclude the final terms with regards to the acquisition. Non compliance with this deadline will result in the acquisition process being terminated.
One consequence of the foregoing is that Xenetic Biosciences plc therefore now expects to conclude all of its proposed arrangements with the Serum Institute of India ("SIIL") under the Master Agreement (et al) by no later than 20th January 2012. These include legal completion of the new Master Agreement (on which date Xenetic will issue as fully paid 9 million New Ordinary Shares) as well as SIIL's subscription for a further 2.5m New Ordinary Shares to be issued at a price of 11 pence per share (representing a premium of 31.2% based on the mid-market closing price of a Xenetic Ordinary Share on 3rd January 2012) thereby raising £275,000 of new capital for the Company.
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