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AEterna Zentaris (AEZS) To Restructure R&D, Will Slash About A Third Of Its Workforce By End Of 2014


6/10/2014 9:50:00 AM

AEterna Zentaris to cut jobs but others are hiring too! Check it out! (Isn't it tempting?)

AEterna Zentaris Implements Global Resources Optimization Program As Part Of Its Transition Into A Commercially Operating Specialty Biopharmaceutical Company

QUÉBEC CITY, June 10, 2014

QUÉBEC CITY, June 10, 2014 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the "Company") today announced the roll-out of a global resources optimization program as the Company pursues its strategy of transitioning into a commercially operating specialty biopharmaceutical company. Initiated earlier this year, the program's goal is to streamline R&D activities and increase commercial operations and flexibility. With the implementation of the global resources optimization program, the Company expects to have approximately 65 employees by year-end, as compared to 90 employees at the beginning of 2014. Due to the nature of certain proceedings, the Company intends to provide an estimate of the anticipated global restructuring charges and future cost savings as and when the financial and accounting implications of the global resources optimization program become better defined.

David Dodd, Chairman, CEO of Aeterna Zentaris commented, "These difficult but prudent and necessary decisions ensue from our recent in-depth review of all of the Company's activities, mainly of our drug discovery activities in order to streamline our operations, optimize our resources and R&D productivity, reduce our operating cash burn and more appropriately, align our financial resources with our strategic goal of transitioning into a commercially operating specialty biopharmaceutical company. Through this global resources optimization program, we expect to become more efficient and better focused on the potential launch of MACRILENTM for the evaluation of adult growth hormone deficiency, on the required patient recruitment to secure a first interim analysis for our current Phase 3 ZoptEC trial in endometrial cancer, as well as on the future development of some of our promising Erk inhibitor compounds. As for commercial activities, we have started building our core business team based at our new global commercial hub in Charleston, South Carolina, thus increasing efforts on potential in-licensing, acquisition and co-promotion agreements for revenue-generating marketed products."

About Aeterna Zentaris Inc.

Aeterna Zentaris is a specialty biopharmaceutical company engaged in developing novel treatments in oncology and endocrinology. The Company's pipeline encompasses compounds at various stages of development. For more information, visit www.aezsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements made pursuant to the safe harbour provisions of the US Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the risk that safety and efficacy data from any of our Phase 3 trials may not coincide with the data analyses from previously reported Phase 1 and/or Phase 2 clinical trials, the ability of the Company to efficiently commercialize one or more of its products or product candidates, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process, the specific outcome of our recently announced global resources optimization program and the financial impact on the Company resulting therefrom, and general changes in economic conditions. Investors should consult the Company's quarterly and annual filings with the Canadian and US securities commissions for additional information on risks and uncertainties relating to forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. The Company does not undertake to update these forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, unless required to do so by a governmental authority or by applicable law.

SOURCE Aeterna Zentaris Inc.



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