Active Biotech focuses the operations on the laquinimod project and adjusts the organization
June 01 2015 - 3:01AM
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
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Active Biotech via Globenewswire
HUG#1925224
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