Corporate | 20 June 2013 07:30
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4SC AG / Key word(s): Strategic Company Decision/Restructure of Company
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 the Überlingen-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
MC Services
The Trout Group (USA)
End of Corporate News 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 |
| 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@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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