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EANS-Adhoc: SYGNIS Pharma AG announces strategic restructuring

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
Company Information
29.10.2010
Ad-hoc
SYGNIS Pharma AG announces strategic restructuring
Heidelberg, 29 October 2010 - SYGNIS Pharma AG (Frankfurt: LIO; ISIN 
DE0005043509; Prime Standard) announced today a comprehensive, 
strategic restructure of the company, which will include significant 
personnel and cost reductions. The process has been approved by the 
Supervisory Board and will be executed immediately.
The purpose of the restructuring is to reduce SYGNIS´ long-term 
cost-structure to maintain a strategic focus on the Company´s current
projects, including the clinical development of its lead compound 
AX200 for the treatment of acute stroke, which is currently in a 
phase II efficacy trial (AXIS 2).
The total number of employees will be reduced from 51 to 32 (an 
equivalent of 21 Full Time Employees). The core pre-clinical and 
clinical development teams will remain in place to complete ongoing 
AX200 development work as well as research on the KIBRA pathway. 
Relating to the restructuring, the Company expects a one-time total 
expense of up to EUR 0.5 million, which will occur in full in the 
fiscal year 2010/11. Additional non-cash related expenses of up to 
EUR 2.5 million could occur with regard to an impairment of 
intangible assets.
With the reduced cost-base and the current liquidity it is expected 
that SYGNIS will have sufficient funds to support the completion of 
the ongoing phase II efficacy study for AX200. In addition, the 
Company has access to an equity-line by Yorkville Advisors, which 
will further extend SYGNIS´ financial runway. The Board believes the 
new structure of the Company should position it more favourably for 
potential future strategic transactions.
For further information please contact:
SYGNIS Pharma AG:
|Dr. Franz-Werner Haas                  |
|Vice President Operations/ General     |
|Counsel                                |
|+49 (0) 6221 454 812                   |
|franz-werner.haas@sygnis.de            |
end of announcement                               euro adhoc

Further inquiry note:

Dr. Franz-Werner Haas
Vice President Operations/ General
Counsel
+49 (0) 6221 454 812
franz-werner.haas@sygnis.de

Branche: Biotechnology
ISIN: DE0005043509
WKN: 504350
Index: CDAX, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
München / free trade

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