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SYGNIS Pharma AG to Discontinue Ongoing R&D Project, Trim Workforce



12/20/2012 6:40:05 AM

Heidelberg 20 December 2012 - SYGNIS Pharma AG (Frankfurt: LIO1; ISIN: DE000A1RFM03, Prime Standard) announced today the discontinuation of its therapeutic R&D project KIBRA and the adaptation of its organisation to the new business activity. At the Heidelberg site the staff will be reduced by 10 employees. These measures are implemented to concentrate the financial resources on the development and marketing of novel technologies in molecular biology in line with the new corporate strategy. This new business was acquired in 2012 by joining forces with the Spanish X-Pol Biotech.

Peter Willinger, Chief Financial Officer, stated: "Despite good progress in the project, an outlicensing of the KIBRA project was unfortunately not possible within the available timeline. The KIBRA project can not be continued with internal resources. The realignment of the company regrettably makes a staff reduction necessary. I would like to extend my sincere gratitude to all employees affected for their excellent work for SYGNIS."

For further information please contact:

SYGNIS Pharma AG

Peter Willinger

CFO

SYGNIS Pharma AG

Tel.: +49 6221 454 836

E-mail: peter.willinger@sygnis.de


Read at BioSpace.com


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