DGAP-News

Agennix AG Announces Liquidation

DGAP-News: Agennix AG / Key word(s): AGM/EGM
Agennix AG Announces Liquidation

23.05.2013 / 10:48

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Munich (Germany) and Princeton, NJ, May 23, 2013 - Agennix AG (Frankfurt
Stock Exchange: AGX) today announced that at the Company's Extraordinary
General Meeting (EGM) on Wednesday, May 22, 2013, its shareholders voted in
favor of the liquidation of Agennix AG, the public entity.

The Company shall be dissolved by May 31, 2013. The liquidation takes at
least one year following dissolution. The process will be initiated with
the manager of the unwinding process informing the creditors of the Company
of the liquidation and requesting any claims to be filed. Unwinding
includes completing on-going business activities, collecting claims,
monetizing assets, and satisfying creditors. The assets potentially
remaining after satisfaction of liabilities will be distributed to
shareholders pro rata. The completion of the unwinding must be registered
in the commercial register and the Company will then be removed from the
register.

The shareholders of Agennix AG approved the other management proposals put
to vote at the meeting including:
* Appointment of Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft as
auditor for the partial business year of January 1, 2013 until dissolution,
for the opening liquidation balance and for the first partial liquidation
business year ending on December 31, 2013.
* Amendment of Articles of Association to reduce the size of the
Supervisory Board of Agennix AG from six to three members.
At the EGM of Agennix AG 78.8% of the voting shares were represented.
Furthermore, Agennix provided an update on projected cash reach, indicating
that the Company's current cash resources won't be sufficient to fund the
complete liquidation process or to discharge all outstanding liabilities.
The Company's cash, cash equivalents, other current financial assets and
restricted cash totaled Euro 2.1 million as of April 30, 2013. Currently
the Company expects to have sufficient cash to fund ongoing operations
until July 2013. The Company is in discussions with various parties
regarding potential ways to obtain additional funding in order to complete
the liquidation process.

Torsten Hombeck, Ph.D., Chief Financial Officer and Spokesperson of the
Management Board, said: 'During the last months we have worked diligently
to pursue strategic options and to find a viable path forward for the
Company and its remaining assets. However, we have unfortunately concluded