REINACH, Switzerland, February 25 /PRNewswire-FirstCall/ -- Arpida Ltd (SIX: ARPN) announced today its financial results for the year ending 31 December 2008.
2008 Key Events - Setback in regulatory process for intravenous iclaprim in US - Restructuring and focus on iclaprim - Top-line results of "intravenous-to-oral" Phase II trial with oral iclaprim - Leadership change - Share placing Cash and financial investments of CHF 38.7 million at 31 December 2008 Post-Year-End Event - January 2009: FDA issues Complete Response Letter 2009 Priorities - Finalise restructuring - Design a roadmap for approval of intravenous iclaprim - Consider and develop strategic options
Dr Jurgen Raths, President and CEO, commented: "The negative FDA response of last January was a serious blow to our company and all of its stakeholders. The steps we have announced and executed, though painful, were unavoidable. We are currently pursuing several strategies to maximise shareholder value. This includes partnering, mergers and acquisitions as well as the disposal of certain assets as we do not have the money nor the time required to further develop iclaprim on our own."
CFO Harry Welten, MBA, added: "Our cash balance at year-end 2008 was in line with our earlier guidance. We maintain our forecast that cash and financial investments will amount to approximately CHF 17 million at year-end 2009."
Financial review for twelve months to 31 December 2008 Key financial indicators CHF million 2008 2007 Research and development expenses (43.8) (45.0) Management and general expenses (13.4) (15.4) Restructuring expenses (12.6) - Total operating expenses (69.9) (60.4) Net result (66.5) (59.1)
|SOURCE Arpida Ltd|
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