Tripos Provides Update on Proposed Sale of its U.K.-based Discovery Research Business to Provid Pharmaceuticals Inc.

ST. LOUIS--(BUSINESS WIRE)--Tripos, Inc. (Nasdaq: TRPS), is a party to a stock purchase agreement with Provid Pharmaceuticals Inc. As previously disclosed, Provid did not provide a satisfactory financing commitment letter by Feb. 1, 2007, thus triggering Tripos’ right to terminate the stock purchase agreement. To date, Provid has not provided a satisfactory financing commitment letter. At the present time, Tripos is doubtful that Provid will be able to obtain financing for the transaction on the terms contemplated by the stock purchase agreement.

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