BioXell Provides Business Update>
BioXell Provides Business Update
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * BioXell completes redundancy procedure (Procedura di Mobilità) * New animal data suggest efficacy of BXL1H5 in treatment of chronic pain associated with osteoarthritis * Intensive evaluation of all strategic options ongoing * Cash position amounts to ? 36.4 million as of 30 June 2009Milan, Italy - July 17, 2009 - BioXell S.p.A. (SIX: BXLN) announcedtoday the completion of the redundancy procedure and provided ageneral update on its business activities.The Company has completed the redundancy procedure (Procedura diMobilità according to Sec. 4 and 24 of Italian Law 223/1991) whichwas initiated on April 28, 2009, with the goal to align its internalorganization and resources as a result of BioXell's reduced productpipeline and the relating research & development activities.Agreements with the various trade unions have been achieved,resulting in a reduction of the Company's workforce by 14 positions.As a consequence of the restructuring, BioXell's workforce willamount to 20 FTEs.BioXell is also announcing further positive preclinical results forits monoclonal antibody BXL1H5, directed against the high affinityNGF trkA receptor, for the treatment of chronic pain. Incollaboration with scientists at the Kennedy Institute in London - aworld leading scientific institution in the field of inflammatorypain - the Company has shown that BXL1H5 was more effective thanindomethacin in reducing pain in a validated mouse model of chronicpain associated with osteoarthritis (OA). These new data, togetherwith previous strong preclinical results demonstrating efficacy andlong-lasting effects in several animal models for both chronic andacute pain, are a strong indication that BioXell's humanizedmonoclonal antibody is likely to be beneficial for the treatment ofpain associated with various pathological conditions.BioXell's Board of Directors and Management are working intensivelyon the assessment of all strategic options as mandated by the AnnualShareholders' Meeting on April 30, 2009. In connection with thiseffort, the Company has engaged Mr. Leon Bushara as a strategicadvisor to the Board. Mr. Bushara is a senior biotechnology executivewith over fifteen years of experience in corporate development andgeneral management. He was Senior Executive Vice President ofCorporate & Business Development at Serono, Europe's leadingbiotechnology company, and most recently Chief Executive Officer ofAstex Therapeutics. "It is the intention to conclude our strategicassessment as soon as possible and to publish the call to aShareholders' Meeting in September 2009", said Niels Ackermann, CEOof BioXell.As of June 30, 2009, BioXell's cash position amounted to ? 36.4million. The cash burn in the second half of 2009 is expected to besignificantly lower than in the first six months of 2009 as a resultof savings arising from the restructuring program as well as thediscontinuation and completion of certain R&D activities. The Companywill provide a more detailed financial outlook in connection with thepublication of its Interim Report in August.For further information, please contact:BioXell S.p.A. Dynamics Group SAAlvise Sagramoso Christophe LampsTel: +39 (0)2 210 49 51 Tel: +41 (0)22 308 6222Fax: +39 (0)2 210 49 529 Fax: +41 (0)22 308 6236alvise.sagramoso(at)bioxell.com cla(at)dynamicsgroup.chThis press release can be downloaded at www.bioxell.com.About BioXellBioXell S.p.A. (SIX: BXLN) is a listed biopharmaceutical companyfocused on the discovery and development of drugs that exploit novelmechanisms of action. The Company is currently focusing its effortson the development of its monoclonal antibody BXL1H5 for thetreatment of chronic pain. Following the conclusion of its Vitamin D3related R&D activities, BioXell is also looking into a number ofstrategic options in line with the demands of its shareholders.BioXell was founded in 2002 as a spin-out from Roche. In June 2006,BioXell listed its shares on the main segment of the SIX SwissExchange. The Company is located in Milan, Italy.DisclaimerThis press release does not constitute or form part, or all, of anyoffer or invitation to sell or issue, or any solicitation of anyoffer to purchase or subscribe for, any securities, nor shall part,or all, of these materials or their distribution form the basis of,or be relied on in connection with, any contract or investmentdecision in relation to any securities. This press release containsforward-looking statements based on the currently held beliefs andassumptions of the management of BioXell, which are expressed in goodfaith and, in their opinion, reasonable. Forward-looking statementsinvolve known and unknown risks, uncertainties and other factors,which may cause the actual results, financial condition, performance,or achievements of BioXell, or industry results, to differ materiallyfrom the results, financial condition, performance or achievementsexpressed or implied by such forward-looking statements. Given theserisks, uncertainties and other factors, recipients of this documentare cautioned not to place undue reliance on these forward-lookingstatements. BioXell disclaims any obligation to update theseforward-looking statements to reflect future events or developments.http://hugin.info/133681/R/1329410/313829.pdfhttp://hugin.info/133681/R/1329410/313830.pdf --- End of Message ---bioXell S.p.Avia Olgettina 58 Milan ItalyWKN: A0J3MW; ISIN: IT0004069933 ; Listed: Main Market in SIX Swiss Exchange;
Bereitgestellt von Benutzer: hugin
" alt="Van der Moolen expects operational loss in Q2>">
Datum: 17.07.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 3668
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 306 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BioXell Provides Business Update>"
steht unter der journalistisch-redaktionellen Verantwortung von
bioXell S.p.A (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
