EANS-News: Agennix AG Announces Corporate Restructuring
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Company Information
Planegg/Munich (Germany), Princeton, NJ and Houston, TX, August 24, 2012 (euro
adhoc) - Agennix AG (Frankfurt Stock Exchange: AGX) today announced a
restructuring that involves staff reductions of approximately 55 percent of the
Company's workforce. The restructuring is being implemented to conserve cash as
management determines the next strategic steps for the Company.
Torsten Hombeck, Ph.D., Chief Financial Officer and Spokesperson of the
Management Board, said: "Our immediate objective of conserving cash has sadly
necessitated significant staff reductions in both Germany and the U.S. I would
like to express my sincere appreciation to our affected employees for their
valuable contributions to Agennix. We are working with our Supervisory Board to
determine the Company's direction and will provide an update in the near
future."
The Company's restructuring plan involves a total staff reduction of 37
employees, which will take place in two tranches. The Houston site will be shut
down as a result of the restructuring. Following the completion of this
restructuring in November of this year, the Company will have a total of 30
employees, who are being retained to work on certain ongoing activities related
to the talactoferrin program, as well as to assist in the assessment of the
Company's strategic options.
Cash guidance
The Company indicated that it expects to have sufficient cash to fund operations
into the first quarter of 2013. The one-time cost of this restructuring and
expenses related to terminating various activities and operations will in the
near term offset anticipated longer-term savings from these cuts. As of June
30, 2012, cash, cash equivalents, other current financial assets and restricted
cash totaled EUR 22.7 million.
About Agennix
Agennix AG is a publicly listed biopharmaceutical company that is focused on the
development of novel therapies that have the potential to substantially lengthen
and improve the lives of critically ill patients in areas of major unmet medical
need. The Company's most advanced investigational agent is talactoferrin alfa,
which is currently being studied for the treatment of non-small cell lung
cancer. Other clinical development programs include RGB-286638, a
multi-targeted kinase inhibitor in Phase I testing for cancer, and a topical gel
form of talactoferrin for diabetic foot ulcers. Agennix's registered seat is in
Heidelberg, Germany. The Company has three sites of operation: Planegg/Munich,
Germany; Princeton, New Jersey and Houston, Texas. For additional information,
please visit the Agennix Web site at www.agennix.com.
This press release contains forward-looking statements, which express the
current beliefs and expectations of the management of Agennix AG, including
statements about cash reach. Such statements are based on current expectations
and are subject to risks and uncertainties, many of which are beyond our
control, that could cause future results, performance or achievements to differ
significantly from those expressed or implied by such forward-looking
statements. Actual results could differ materially depending on a number of
factors, and we caution investors not to place undue reliance on the
forward-looking statements contained in this press release. The achievement of
positive results in early stage clinical studies does not ensure that later
stage clinical studies will be successful. There can be no guarantee that the
Company will have or be able to obtain the financial resources to conduct
additional studies with its product candidates or that it will be successful in
pursuing other business opportunities. Forward-looking statements speak only as
of the date on which they are made and Agennix undertakes no obligation to
update these forward-looking statements, even if new information becomes
available in the future.
Agennix® is a trademark of Agennix AG.
Further inquiry note:
Barbara Mueller
Manager, Investor Relations & Corporate Communications
Phone: +49 (0)89 8565 2693
ir@agennix.com
In the U.S.: Laurie Doyle
Senior Director, Investor Relations & Corporate Communications
Phone: +1 609 524 5884
laurie.doyle@agennix.com
end of announcement euro adhoc
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company: AGENNIX AG
Im Neuenheimer Feld 515
D-69120 Heidelberg
phone: +49 89 8565 2693
FAX: +49 89 8565 2610
mail: ir@agennix.com
WWW: http://www.agennix.com
sector: Pharmaceuticals
ISIN: DE000A1A6XX4
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
regulated dealing/prime standard: Frankfurt
language: English