ProStrakan Group settles tax issue with Aventis Pharma

Sat. July 04, 2009; Posted: 09:37 AM

Jul 04, 2009 (Datamonitor via COMTEX) -- PKNGF | Quote | Chart | News | PowerRating -- ProStrakan Group, a specialty pharmaceutical company, has signed an agreement with Aventis Pharma settling a tax issue that had arisen between the two companies.

ProStrakan has agreed to make a payment of E9.15 million in full and final settlement with Aventis against a E13.4 million tax liability, incurred by Aventis, arising from the sale of Proskelia sas by ProStrakan in December 2006.

Proskelia had previously been acquired from Aventis by ProStrakan in 2004 and ProStrakan at that time gave Aventis certain undertakings not to dispose of any shares in Proskelia to avoid triggering a possible tax liability for Aventis, and a related indemnity.

The agreed settlement is within the euro provision that ProStrakan had made in its accounts for this potential liability since 2006. In recognition of the agreed settlement, both parties will withdraw from all related legal proceedings.

Wilson Totten, CEO of ProStrakan Group, said: "I am pleased that we have been able to reach a satisfactory agreement with Aventis, within the provision that we had already made in our accounts and within our available cash reserves.

"This is a pivotal year for ProStrakan, and we remain focused on our target of achieving break-even before the end of 2009 and our first full year of profitability in 2010. Together with other recent positive announcements on the early French launch of Abstral and the imminent grant of our US patent for Sancuso, I am delighted to be able to report continued strong progress towards true financial independence for the business."

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