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9:40 | 28.09.2009
PRESS RELEASE: HUGIN AD-HOC/MediGene AG: MediGene Sharpens Focus through In-House Reorganization
PRESS RELEASE: HUGIN AD-HOC/MediGene AG: MediGene Sharpens Focus through In-House Reorganization
MediGene AG / Misc. matters / Ad hoc: MediGene Sharpens Focus through
In-House Reorganization
Ad hoc announcement according to §15 WpHG processed and transmitted
by Hugin. The issuer is solely responsible for the content of this
announcement.
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* Shift of employees and financial resources into clinical
development
* Positive long-term effect on cash burn rate
Martinsried/Munich, September 28, 2009. The biotech company MediGene
AG (Frankfurt, Prime Standard, TecDAX) announces that, as a result of
the firm-wide review undertaken by CEO Dr Frank Matthias, the company
is to further sharpen its focus and will achieve this through a
restructuring." Within the scope of these measures, MediGene's
research department "Early Stage Development" will be closed, and the
employees and financial resources therein will be shifted to
strengthen the company's advanced drug development projects.
Furthermore, the clinical development and manufacturing departments
will be reinforced in this process, so these measures will involve
few redundancies. The heads of the EndoTAG(TM)-1 and RhuDex(TM)
development projects will directly report to Dr. Axel Mescheder,
MediGene's Chief Scientific Officer & Chief Development Officer.
MediGene intends to continue with the EndoTAG(TM) platform technology
as a future source of novel drug candidates.
From the point of view of MediGene's executive board, MediGene's core
competence is clinical research and development, and in the
regulatory processes in the fields of oncology and immunology with
the prime near-term focus on the liposome technology and the drug
candidate EndoTAG(TM)-1 derived from it. By concentrating on the
advanced drug candidates MediGene intends to increase its operational
efficiency and to utilize the company know-how and cash in a more
targeted way.
Our Head of Affiliated Companies, Dr. Uwe Michaelis, previously
MediGene's Vice President Early Stage Development, will apply his
many years of expertise to manage the planned spin-off of the AAV and
HSV technologies, and to represent MediGene's interests against the
already effected spin-off of Immunocore Ltd.
This press release contains forward-looking statements representing
the opinion of MediGene as of the date of this release. The actual
results achieved by MediGene may differ significantly from the
statements made herein. MediGene is not bound to update any of these
forward-looking statements.
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Contact MediGene AG
E-mail: investor@medigene.com
Fax:+49 - 89 - 85 65 - 2920
Julia Hofmann / Dr. Nadja Wolf, Public Relations, Tel.: +49 - 89 - 85
65 - 3324
Dr. Georg Dönges, Investor Relations, Tel.: +49 - 89 - 85 65 - 2946
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MediGene AG
Lochhamer Strasse 11 Martinsried / München Germany
WKN:
502090; ISIN: DE0005020903 ;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Regulierter
Markt in Frankfurter Wertpapierbörse,
Freiverkehr in Börse Stuttgart, Freiverkehr in Bayerische Börse
München,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr
in Niedersächsische Börse zu Hannover,
Freiverkehr in Börse Düsseldorf;
http://www.medigene.com
Copyright © Hugin AS 2009. All rights reserved.
(END) Dow Jones Newswires September 28, 2009 03:40 ET (07:40 GMT) |
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