Edition:
India

Mologen To Implement Restructuring Measures


Friday, 23 Aug 2019 

Aug 23 (Reuters) - MOLOGEN AG ::ANNOUNCES IMPLEMENTATION OF NEW STRATEGIC PROGRAM INCLUDING RESTRUCTURING MEASURES.SUBSTANTIAL REDUCTION IN OPERATIONAL COSTS.TO BRING DOWN MONTHLY BURN RATES TO APPROXIMATELY EUR 0.8 MILLION FROM ROUGHLY EUR 1.4 MILLION AT PRESENT.STEP IS BEING TAKEN IN VIEW OF TOP-LINE RESULTS OF PHASE III IMPALA STUDY AND PREVIOUSLY ANNOUNCED CORPORATE STRATEGY REVIEW.WILL BE SEEKING TO REDUCE STAFF NUMBERS TO AROUND ONE THIRD OF HEADCOUNT RECENTLY PUBLISHED WITH HALF-YEAR RESULTS.REDUNDANCIES WILL BE INITIATED IMMEDIATELY AND WILL AFFECT ALL SECTORS OF COMPANY.FUTURE FOCUS WILL BE ON DEVELOPING A FOLLOW-UP PRODUCT CANDIDATE FROM ENANDIM^(R) FAMILY IN AREA OF ONCOLOGY.PLAN IS TO BRING THIS PRODUCT CANDIDATE TO CLINICAL DEVELOPMENT STAGE IN 2020.TO PROPOSE CREATION OF NEW AUTHORIZED AND CONDITIONAL CAPITAL TO COVER FUNDING REQUIREMENT. 

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