Navigation Links
Sosei Announces Outcome of Strategy Review
Date:5/13/2008

TOKYO, May 14 /PRNewswire-FirstCall/ -- Sosei Group Corporation ("Sosei"; TSE Mothers Index: 4565), a biopharmaceutical company, today announces the outcome of its strategy review.

In view of the current market conditions, the difficulty in raising finance at the current low share price, and the problems associated with the AD923 device which has necessitated a halt to the Phase III trials Sosei has taken decisive action to cut costs, streamline its operation and to secure the future of the business until it becomes a significant income generating business from NVA237/QVA149 in a few years time.

- Sosei is closing its Chesterford operation and Sosei R&D's

continuing business will relocate to London in due course. This will

reduce UK headcount by c 40 staff and provide a full years cost saving of

around $4M.

- Sosei will no longer operate a drug discovery unit.

- Sosei R&D will maintain the rights to NVA237/QVA149 but seek

to out-license or sell all other assets generated in the UK including

AD923 and its discovery assets whilst seeking to retain some rights for

the Asian market.

- Tokyo will continue to develop Norlevo and explore other

in-licensing opportunities.

This restructuring and portfolio review will provide Sosei with at least two years cash based on the post-restructuring cash burn including a budget allocation to explore some late stage product opportunities for future expansion but without the inclusion of any income from licensing or sales deals for its compounds.

Notes for Editors:

About Sosei

Sosei Group Corporation is a leading international biopharmaceutical company with significant expertise in product discovery and development. It has established a reduced risk business model primarily upon identifying new uses for established drugs and exploiting its unique position within Japanese, European and North American pharmaceutical markets by acquiring compounds from, and bringing compounds into, Japan.

For further information about Sosei, please visit http://www.sosei.com


'/>"/>
SOURCE Sosei Group Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Sosei Announces Completion of Phase II Trial of AD 337 in Fibromyalgia Syndrome
2. BD Announces Acquisition of Cytopeia
3. Chindex International Announces Shelf Registration, Related Strategy and Guidance
4. Amicus Therapeutics Announces First Quarter 2008 Financial Results
5. Chindex International Announces Conference Call to Discuss Its Fiscal 2008 Fourth Quarter and Year End Results on Thursday, June 12, 2008
6. Jazz Pharmaceuticals, Inc. Announces First Quarter 2008 Financial Results
7. China Sky One Medical, Inc. Announces Record First Quarter 2008 Results
8. Synvista Therapeutics Announces Initiation of the BREAK Study of Alagebrium for Diastolic Heart Failure
9. Palatin Technologies Announces New Strategic Objectives and Reports Third Quarter 2008 Financial Results
10. SGX Pharmaceuticals Announces First Quarter Financial Results and Gives Pipeline Update
11. Aton Pharma Announces Distribution Partnership in Brazil
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:11/30/2016)... (PRWEB) , ... November 30, 2016 , ... SSCI, the ... to discuss the implications of the latest FDA guidance on pharmaceutical cocrystals as ... 2016 in Cambridge, MA. , The event follows the successful November 15th ...
(Date:11/30/2016)... (PRWEB) , ... November 30, 2016 , ... ... in the development of a new orally administered treatment for Alzheimer’s disease (AD), ... results of a Phase 2a clinical trial of T3D-959 in mild to moderate ...
(Date:11/30/2016)... ... November 30, 2016 , ... With growth rates averaging more than 30% ... and look forward to continuing their expansion in their new office space. The new ... been traditionally favoured by the creative industries, so Random42 Scientific Communication will fit right ...
(Date:11/30/2016)... Francisco, CA (PRWEB) , ... November 30, 2016 ... ... Thrive Global, a new and groundbreaking venture founded by Arianna Huffington, as part ... will offer the uBiome Gut Explorer Kit, enabling purchasers to explore the microorganisms ...
Breaking Biology Technology:
(Date:6/9/2016)... innovation leader in attendance control systems is proud to announce the introduction of fingerprint ... sure the right employees are actually signing in, and to even control the opening ... ... ... Photo ...
(Date:6/3/2016)... Das DOTM (Department ... hat ein 44 Millionen $-Projekt ... einschließlich Personalisierung, Registrierung und IT-Infrastruktur, an Decatur ... Implementierung von Identitätsmanagementlösungen. Zahlreiche renommierte internationale Anbieter ... aber Decatur wurde als konformste und innovativste ...
(Date:6/2/2016)... June 2, 2016 Perimeter Surveillance ... Unmanned Systems, Physical Infrastructure, Support & Other Service  ... visiongain offers comprehensive analysis of the global ... will generate revenues of $17.98 billion in 2016. ... Inc, a leader in software and hardware technologies for ...
Breaking Biology News(10 mins):