Milton Keynes, UK, 2 February 2009, York Pharma plc (YRK.L), the specialist dermatology company, provides the following update to its strategic review announced on 14 January 2009.
The recently strengthened management team has now assessed the current position of the Company and initiated steps to simplify and focus the existing business. As a consequence the Board has agreed the following actions:
• The closure of York’s existing representative office in Japan with immediate effect;
• A significant reduction of the Company’s existing infrastructure in Germany;
• A review of the development pipeline to identify assets within the portfolio to be divested; and
• To continue the development of the late stage dermatology pipeline whilst minimising the investment required by the Company
The strategic review is ongoing and the Company is continuing to assess resource levels within the business to ensure that they are appropriate whilst taking all possible steps to maintain an adequate level of working capital. The Company is also investigating a number of options to address its short term funding requirements. The Company will continue to update the market as further progress is made.
Richard Anderson, York’s Chief Executive, commented:
“The new management team has moved swiftly to cut costs and to refocus the core business. We are also moving ahead with the next phase of our plan which is to build on the stable platform being created as a result of the restructuring so as to establish a cash generative business. I believe that York remains an attractive, revenue generating speciality pharmaceutical business with a strong late stage pipeline.”
About York Pharma PLC
YORK PHARMA PLC is a pharmaceutical Group, established in 2003, which develops, markets and supplies branded dermatological products to pharmaceutical wholesalers, hospitals and general practitioners within the field of dermatology.
The Group currently has at its disposal more than 20 patent families (with over 100 individual patents/patent applications) and intellectual property in relation to its portfolio of novel dermatology products and technology platforms in the key therapeutic areas of fungal infection, eczema/dermatitis, psoriasis, vitiligo and acne that make up more than 87% of the global $10bn dermatology market. For more information, visit www.yorkpharma.com.