Eastland Medical Systems Ltd (EMS) received the following email from Mr Clive Booles on the
evening of 1 September:
?I have been asked by the Directors of ProtoPharma, Mr Chapman and Mr Parker, to inform you that
due to cashflow issues the Ghana and Tanzania sites for the study will not be initiated.
Any communications on this issue should be directed to the Directors of ProtoPharma.?
The directors of Eastland do not understand the context of this email as;
? Mr Clive Booles is not an Officer of ProtoPharma. We understand Mr Booles is an employee
of London Pharma, a UK based laboratory contracted to undertake aspects of the ArTiMist
program.
? The email is contradictory to information previously received by EMS from ProtoPharma
indicating that the current ART004 clinical trials are on track.
? ProtoPharma is a single entity which holds the ArTiMist patents and is responsible under the
contract with EMS to manage the clinical development program on behalf of and for the
benefit of EMS. ArTiMist is ProtoPharma?s only project and all aspects of the clinical
development program are subcontracted.
? EMS is contractually responsible for all agreed costs related to the ArTiMist project
development and payments are made on a pass through basis (cost plus margin) as and when
received from ProtoPharma and verified by EMS.
? EMS is up to date with its payments to ProtoPharma on invoices received for confirmed
expenditure. Moreover, EMS is fully funded to meet its contractual obligations to
ProtoPharma in relation to the current ART004 Study.
Due to the time differences with the United Kingdom the directors of EMS have not been able to
contact the directors of ProtoPharma to ascertain the validity of, or reason for, the email from Mr
Booles. EMS directors are taking appropriate actions to address the email and will inform the market
of the outcome.
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