Active Biotech focuses the operations on the laquinimod project and adjusts the organization
(Thomson Reuters ONE) -
Lund 1 June, 2015 - Active Biotech (NASDAQ STOCKHOLM: ACTI) today announces that
the company has made a notification of planned redundancies of 47 of its
employees, which means a significant down-sizing of the operations.
In April 2015, the results from the Phase III trial 10TASQ10 in castration-
resistant prostate cancer patients were presented. The results showed that the
primary endpoint of delaying disease progression was met. However, tasquinimod
did not extend overall survival. As earlier communicated, these results lead to
the discontinuation of the development of the candidate drug tasquinimod and the
collaboration agreement with Ipsen. The scientific activities in the preclinical
project ISI will also be discontinued and only commercial activities will be
performed as of 2016. Since the majority of the employees have been engaged in
these projects the company is now consequently forced to notify 47 employees of
planned redundancies.
The clinical project laquinimod will be continued according to plan together
with the collaboration partner Teva Pharmaceutical Industries Ltd. The next
important milestone for the laquinimod project is the results from the ongoing
Phase III study CONCERTO, with the primary endpoint of delaying disability
progression in patients with relapsing remitting multiple sclerosis (RRMS). The
ANYARA and paquinimod projects remain for out-licensing and RhuDex is developed
and fully financed by the partner MediGene.
A notification of planned redundancies has today been submitted to the local
authorities ("Arbetsförmedlingen") for 47 employees out of 56. Active Biotech
has also called for negotiations with the trade unions and contacts have been
established with organizations such as the Swedish Employment Security Council
regarding various support measures for the employees. The planned organizational
change is estimated to be fully implemented as of 1 January, 2016.
A comprehensive work remains to compile all data from the 10TASQ10 study and to
file the final study report to relevant regulatory authorities. This process is
estimated to be concluded during 2015. For the ISI project the work will be
focused on finalizing applications to secure a broad patent platform before year
end 2015.
Active Biotech's planned organizational adjustment leads to substantially
reduced operating costs. The operating costs are expected to decrease to
approximately SEK 50 Million per year, from 2016.
For further information, please contact:
Tomas Leanderson, President & CEO
Tel +46 46 19 20 95
Hans Kolam, CFO
Tel +46 46 19 20 44
Active Biotech AB (publ) (Nasdaq Stockholm: ACTI) is a biotechnology company
with focus on neurodegenerative/inflammatory diseases and cancer. Laquinimod, an
orally administered small molecule with unique immunomodulatory properties, is
in pivotal phase III development for the treatment of relapsing remitting
multiple sclerosis. Also, laquinimod is in phase II development for the
treatment of primary progressive multiple sclerosis and Huntington's disease.
Please visit www.activebiotech.com for more information.
Active Biotech AB (Corp. Reg. No. 556223-9227)
Box 724, SE-220 07 Lund
Tel: +46 46 19 20 00
Fax: +46 46 19 11 00
Active Biotech is required under the Financial Instruments Trading Act to make
the information in this press release public. The information was submitted for
publication at 10:00 a.m. CET on June 1, 2015.
Active Biotech focuses the operations on the laquinimod project:
http://hugin.info/1002/R/1925224/690731.pdf
This announcement is distributed by GlobeNewswire on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Active Biotech via GlobeNewswire
[HUG#1925224]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2015 - 10:01 Uhr
Sprache: Deutsch
News-ID 397037
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contact information:
Town:
LUND
Kategorie:
Business News
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