Full-year results will be markedly improved compared to 2007, which will enable the Group to finance its development plans while maintaining a positive free cash flow for the fourth consecutive year.
As regards 2009, the Group remains prudent and currently provides guidance of sales growth between 8 and 10%. 2009 will also feature a number of significant clinical test results as part of the Oralair programme.
Significant 4th quarter transactions and events
Oralair(R) Grasses quarterly sales in Germany were in line with expectations. The marketing authorization for the use Oralair(R) Grasses on children, which should be delivered very soon by the German agency, will set the European mutual recognition procedure of the product in motion.
On October 27, 2008, Stallergenes obtained authorization (IND) from the FDA for the use of Oralair(R) Grasses in clinical trials in adults. This study is proceeding satisfactorily.
In order to exert better control over its operations in Switzerland and Austria, Stallergenes has launched a procedure aiming at having subsidiaries distribute its products in these two countries from the start of 2009. At the end of this procedure, Stallergenes will have a subsidiary in Austria and its current distributor in Switzerland, TRIMEDAL, will join the Stallergenes Group.
At today's meeting, the Board of Directors took note of the AFEP/MEDEF recommendations of October 6, 2008 on the remuneration of directors of listed companies. The Board considers that these recommendations are consistent with the Company's corporate governance policy and gave the Remuneration Committee the responsibility to carry out a detailed review of the rules governing their implementation within the Group.
Consequently, the Board of Directors confirms in principle that in
Copyright©2009 PR Newswire.
All rights reserved