Financial update and updated 2008 guidance With the consolidation of the global rights, TopoTarget is entering a new phase of development. Today's deal strengthens TopoTarget's position in its pursuit of a large pharma partner. To aid this process the company has assembled a highly-skilled international business development team, and has an international board of directors with strong industry networks.
TopoTarget expects to strengthen its financial resources through increasing revenues from Savene(R)/Totect(R) and actively pursuing partnership opportunities for other projects in its broad pipeline.
TopoTarget now forecasts a 2008 pre-tax loss in the range of DKK 235-255 million compared to the guidance for 2008 pre-tax loss of DKK 175-195 million given in the Annual Report 2007.
Issue of shares to Curagen Corporation As part of the deal, TopoTarget has agreed to issue a total of 5 million TopoTarget shares of nominal DKK 1 each to CuraGen Corporation. The shares will be issued without preemptive subscription rights for the existing shareholders of TopoTarget in a directed issue of shares to CuraGen Corporation. The resolution to issue the shares will be made by the board of directors of TopoTarget, as soon as possible, pursuant to the authorization contained in Article 7 of TopoTarget's Articles of Association whereby the board of directors has been authorized - until 1 May 2010 - at one or more times to increase Topotarget's share capital with up to nominal DKK 5,000,000. The issuance of the 5 million shares will be made pursuant to applicable exemptions from prospectus requirements. In connection with the resolution to issue the shares, TopoTarget will publish a separate company announcement as required under the rules of the OMX Nordic Exchange Copenhagen A/S.
Webcast conference call details: TopoTarget management will ho
|SOURCE TopoTarget A/S|
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