Navigation Links
Sosei Announces Outcome of Strategy Review
Date:5/13/2008

TOKYO, May 14 /PRNewswire-FirstCall/ -- Sosei Group Corporation ("Sosei"; TSE Mothers Index: 4565), a biopharmaceutical company, today announces the outcome of its strategy review.

In view of the current market conditions, the difficulty in raising finance at the current low share price, and the problems associated with the AD923 device which has necessitated a halt to the Phase III trials Sosei has taken decisive action to cut costs, streamline its operation and to secure the future of the business until it becomes a significant income generating business from NVA237/QVA149 in a few years time.

- Sosei is closing its Chesterford operation and Sosei R&D's

continuing business will relocate to London in due course. This will

reduce UK headcount by c 40 staff and provide a full years cost saving of

around $4M.

- Sosei will no longer operate a drug discovery unit.

- Sosei R&D will maintain the rights to NVA237/QVA149 but seek

to out-license or sell all other assets generated in the UK including

AD923 and its discovery assets whilst seeking to retain some rights for

the Asian market.

- Tokyo will continue to develop Norlevo and explore other

in-licensing opportunities.

This restructuring and portfolio review will provide Sosei with at least two years cash based on the post-restructuring cash burn including a budget allocation to explore some late stage product opportunities for future expansion but without the inclusion of any income from licensing or sales deals for its compounds.

Notes for Editors:

About Sosei

Sosei Group Corporation is a leading international biopharmaceutical company with significant expertise in product discovery and development. It has established a reduced risk business model primarily upon identifying new uses for established drugs and exploiting its unique position within Japanese, European and North American pharmaceutical markets by acquiring compounds from, and bringing compounds into, Japan.

For further information about Sosei, please visit http://www.sosei.com


'/>"/>
SOURCE Sosei Group Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Sosei Announces Completion of Phase II Trial of AD 337 in Fibromyalgia Syndrome
2. BD Announces Acquisition of Cytopeia
3. Chindex International Announces Shelf Registration, Related Strategy and Guidance
4. Amicus Therapeutics Announces First Quarter 2008 Financial Results
5. Chindex International Announces Conference Call to Discuss Its Fiscal 2008 Fourth Quarter and Year End Results on Thursday, June 12, 2008
6. Jazz Pharmaceuticals, Inc. Announces First Quarter 2008 Financial Results
7. China Sky One Medical, Inc. Announces Record First Quarter 2008 Results
8. Synvista Therapeutics Announces Initiation of the BREAK Study of Alagebrium for Diastolic Heart Failure
9. Palatin Technologies Announces New Strategic Objectives and Reports Third Quarter 2008 Financial Results
10. SGX Pharmaceuticals Announces First Quarter Financial Results and Gives Pipeline Update
11. Aton Pharma Announces Distribution Partnership in Brazil
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/19/2017)... 19, 2017 AquaBounty Technologies, Inc. (AIM: ABTU; ... in aquaculture and a majority-owned subsidiary of Intrexon Corporation ... completed the listing of its common shares on the ... Intrexon. "AquaBounty,s listing on NASDAQ represents an ... exposure to the U.S. markets as we advance plans ...
(Date:1/19/2017)... ... January 19, 2017 , ... ... services spanning the full spectrum of drug and device development, and Prism ... pharma/device companies and clinicians, today announced Verified Clinical Trials (VCT) has ...
(Date:1/19/2017)... 18, 2017 BD (Becton, Dickinson and Company) (NYSE: ... it will host a live webcast of its Annual Meeting of ... The webcast can be accessed from the BD corporate ... Tuesday, January 31, 2017. ... About BD BD is a global medical technology ...
(Date:1/18/2017)... Applied BioMath ( www.appliedbiomath.com ), the ... and development, today announced that Dr. John ... Applied BioMath, will present at the next Boston ... on Thursday January 19, 2017 at the Broad ... Dr. Burke,s talk "Quantitative Modeling and Simulation Approaches: ...
Breaking Biology Technology:
(Date:12/16/2016)... Research and Markets has announced the addition of the ... report to their offering. ... The biometric vehicle access system market, in terms ... from 2016 to 2021. The market is estimated to be USD ... by 2021. The growth of the biometric vehicle access system market ...
(Date:12/15/2016)... Canada and BADEN-BADEN, Germany , ... a leading global financial services provider, today announced an agreement ... passive behavioural biometrics, to join forces. The partnership will enable ... mitigation strategies in compliance with local data protection regulation. ... In order ...
(Date:12/15/2016)... ... announced the addition of the "Global Military Biometrics Market 2016-2020" ... military biometrics market to grow at a CAGR of 7.5% during the ... an in-depth market analysis with inputs from industry experts. The report covers ... report also includes a discussion of the key vendors operating in this ...
Breaking Biology News(10 mins):