DGAP-News: Press Release: 4SC announces restructuring associated with recently declared strategic shift
(firmenpresse) - DGAP-News: 4SC AG / Key word(s): Strategic Company
Decision/Restructure of Company
Press Release: 4SC announces restructuring associated with recently
declared strategic shift
20.06.2013 / 07:30
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Press Release
4SC announces restructuring associated with recently declared strategic
shift
- Corporate and personnel changes being made to focus on recently
announced changes in 4SC's development strategy
- Main focus on further clinical development of key products, in
particular on the cancer drug resminostat in liver cancer (HCC)
- 4SC Discovery, 4SC's subsidiary, will continue pursuing its successful
course of growth in marketing early-stage research
Planegg-Martinsried, Germany, 20 June 2013 - 4SC AG (Frankfurt, Prime
Standard: VSC), a discovery and development company of targeted small
molecule drugs for cancer and autoimmune diseases, today announced its
decision to implement measures to adjust corporate and personnel structures
to the company's new, focused development strategy. These measures are
aimed at enhancing the company's market position in the long term, further
improving the efficiency of cost structures and enabling 4SC to utilise its
funds and resources with a clear focus on the company's main products and
value drivers.
4SC recently announced it will put greater emphasis on the development of
projects that have the greatest potential in 4SC's pipeline and in return
to scale back or discontinue specific development activities for other
programmes. As a result, the personnel structure, mainly concerning aspects
of preclinical and early clinical development, as well as in
administration, will be adjusted and theÜberlingen-Bonndorf office will be
closed. This will reduce the number of employees from 84 (as at 31 May
2013) by 13 or 15% over the course of 2013.
These measures will further enhance 4SC's strategic options in advancing
its key clinical products towards market approval, most importantly
preparing a pivotal clinical programme for the anti-cancer compound
resminostat in the indication of liver cancer (HCC). The Group subsidiary
4SC Discovery GmbH, which commenced operations successfully last year and
whose business of marketing early-stage research is important to generating
cash and value for the Group, remains equipped with all required resources,
enabling it to continue on its successful growth trajectory.
Enno Spillner, CEO of 4SC AG, commented: 'This was a hard decision but we
are firmly convinced this is a necessary step in line with our new focused
development strategy in order to further strengthen the competitiveness of
4SC in the long term. On behalf of the entire Management Board, I would
like to thank all employees who will have to leave 4SC for their great
dedication and their contribution to the company's development.' Enno
Spillner continued: 'Based on our focused strategy, our attractive clinical
pipeline and the early-stage research expertise consolidated in our
subsidiary 4SC Discovery GmbH, we believe that 4SC is in a good position
overall to create sustained value for the company.'
This adjustment of corporate and personnel structures will result in
moderate one-time expenses recognised in the 2013 consolidated financial
statements. Starting in the 2014 financial year, this adjustment will be
reflected in a reduction in staff costs in a high six-figure euro range.
The implementation of this measure will complete the adjustment of 4SC's
organisational structure in connection with the current refocusing of the
company.
End of press release
About 4SC
The Group managed by 4SC AG (ISIN DE0005753818) discovers and develops
targeted, small-molecule drugs for treating diseases with high unmet
medical needs in cancer and autoimmune indications. These drugs are
intended to provide innovative treatment options that are more tolerable
and efficacious than existing therapies, and provide a better quality of
life. The Company's pipeline comprises promising products that are in
various stages of clinical development. 4SC's aim is to generate future
growth and enhance its enterprise value by entering into partnerships with
pharmaceutical and biotech companies. Founded in 1997, 4SC had 84 employees
at 31 May 2013. 4SC AG has been listed on the Prime Standard of the
Frankfurt Stock Exchange since December 2005.
Legal Note
This document may contain projections or estimates relating to plans and
objectives relating to our future operations, products, or services; future
financial results; or assumptions underlying or relating to any such
statements; each of which constitutes a forward-looking statement subject
to risks and uncertainties, many of which are beyond our control. Actual
results could differ materially, depending on a number of factors.
For more information please visit www.4sc.com or contact:
4SC AG
Jochen Orlowski, Corporate Communications&Investor Relations
jochen.orlowski(at)4sc.com, Tel.: +49-89-7007-6366
MC Services
Raimund Gabriel
raimund.gabriel(at)mc-services.eu , Tel.: +49-89-2102-2830
The Trout Group (USA)
Chad Rubin
Crubin(at)troutgroup.com, Tel.: +1-646-378-2947
End of Corporate News
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20.06.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: 4SC AG
Am Klopferspitz 19a
82152 Martinsried
Germany
Phone: +49 (0)89 7007 63-0
Fax: +49 (0)89 7007 63-29
E-mail: public(at)4sc.com
Internet: www.4sc.de
ISIN: DE0005753818
WKN: 575381
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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217249 20.06.2013
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Datum: 20.06.2013 - 07:30 Uhr
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