DGAP-News: Agennix AG Provides Strategic Update
(firmenpresse) - DGAP-News: Agennix AG / Key word(s): AGM/EGM
Agennix AG Provides Strategic Update
09.04.2013 / 22:59
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Press Release
For Immediate Release
Agennix AG Provides Strategic Update
Announces Extraordinary General Meeting
Munich (Germany) and Princeton, NJ, April 9, 2013 - Agennix AG (Frankfurt
Stock Exchange: AGX) today provided an update regarding strategic options
and its activities to further conserve cash. The Company continues to
pursue strategic opportunities, including potential combinations with other
life sciences companies. Agennix also is continuing to take steps to
further conserve cash, including an additional staff reduction, as well as
plans to de-list from the Prime Standard sub-section of the Frankfurt Stock
Exchange and list on the General Standard of the regulated market.
Additionally, the Management Board and Supervisory Board today have
approved an agenda for an Extraordinary General Meeting (EGM) of Agennix AG
to be held on May 22, 2013. At this EGM, the Management Board will discuss
the previously announced notice of loss pursuant to§92 par. 1 AktG. The
Company continues to pursue various strategic options and will ask
shareholders to vote on two proposals, among other items, related to the
future of the Company. These items are 1) a 20:1 reverse stock split, and
2) the liquidation of Agennix AG, the public entity. The liquidation of
Agennix AG would eliminate the public entity but still permit potential
transactions involving the Company's clinical assets and its U.S.
subsidiaries as part of the process. The reverse stock split is proposed to
reduce the number of outstanding shares to address the situation under§92
par. 1 AktG and to permit issuance of shares in connection with a potential
strategic transaction. Management expects to make a recommendation by the
date of the EGM to approve either the reverse stock split or the
liquidation proposal, depending on progress made towards completing a
strategic transaction and the nature of such a deal.
Torsten Hombeck, Ph.D., Chief Financial Officer and Spokesperson of the
Management Board, said: 'We are asking shareholders to consider different
options for the Company as we pursue strategic opportunities. The drug
development expertise and foothold that we have retained in the U.S.
continue to be of interest to potential partners, and our talks with
various companies are ongoing.'
Agennix AG is a publicly listed biopharmaceutical company. The Company's
clinical development programs include oral talactoferrin alfa; a topical
gel form of talactoferrin and RGB-286638, a multi-targeted kinase
inhibitor. Agennix's registered seat is in Heidelberg, Germany. The
Company's site of operation is in Princeton, New Jersey. For additional
information, please visit the Agennix website at www.agennix.com.
This press release contains forward-looking statements, which express the
current beliefs and expectations of the management of Agennix AG. 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 theforward-looking
statements contained in this press release. There can be no guarantee that
the Company will have or be able to obtain additional financial resources
to avoid insolvency or that it will be successful in pursuing a strategic
transaction. 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(R) is a trademark of Agennix AG.
For further information, please contact:
Barbara Mueller
Manager, Investor Relations&Corporate Communications
Phone: +49 (0)89 90 40 5464
ir(at)agennix.com
End of Corporate News
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Language: English
Company: Agennix AG
Im Neuenheimer Feld 515
69120 Heidelberg
Germany
Phone: +49 (0)89 90 405 464
Fax: +49 (0)89 90 405 811
E-mail: ir(at)agennix.com
Internet: www.agennix.com
ISIN: DE000A1A6XX4
WKN: A1A6XX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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Datum: 09.04.2013 - 22:59 Uhr
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