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* BioXell completes redundancy procedure (Procedura di MobilitÃ )
* New animal data suggest efficacy of BXL1H5 in treatment of
chronic pain associated with
* Intensive evaluation of all strategic options ongoing
* Cash position amounts to Â¤ 36.4 million as of 30 June 2009
Milan, Italy - July 17, 2009 - BioXell S.p.A. (SIX: BXLN) announced
today the completion of the redundancy procedure and provided a
general update on its business activities.
The Company has completed the redundancy procedure (Procedura di
MobilitÃ according to Sec. 4 and 24 of Italian Law 223/1991) which
was initiated on April 28, 2009, with the goal to align its internal
organization and resources as a result of BioXell's reduced product
pipeline and the relating research & development activities.
Agreements with the various trade unions have been achieved,
resulting in a reduction of the Company's workforce by 14 positions.
As a consequence of the restructuring, BioXell's workforce will
amount to 20 FTEs.
BioXell is also announcing further positive preclinical results for
its monoclonal antibody BXL1H5, directed against the high affinity
NGF trkA receptor, for the treatment of chronic pain. In
collaboration with scientists at the Kennedy Institute in London - a
world leading scientific institution in the field of inflammatory
pain - the Company has shown that BXL1H5 was more effective than
indomethacin in reducing pain in a validated mouse model of chronic
pain associated with osteoarthritis (OA). These new data, together
with previous strong preclinical results demonstrating efficacy and
long-lasting effects in several animal models for both chronic and
acute pain, are a strong indication that BioXell's humanized
monoclonal antibody is likely to be beneficial for the treatment of
pain associated with various pathological conditions.
BioXell's Board of Directors and Management are working intensively
on the assessment of all strategic options as mandated by the Annual
Shareholders' Meeting on April 30, 2009. In connection with this
effort, the Company has engaged Mr. Leon Bushara as a strategic
advisor to the Board. Mr. Bushara is a senior biotechnology executive
with over fifteen years of experience in corporate development and
general management. He was Senior Executive Vice President of
Corporate & Business Development at Serono, Europe's leading
biotechnology company, and most recently Chief Executive Officer of
Astex Therapeutics. "It is the intention to conclude our strategic
assessment as soon as possible and to publish the call to a
Shareholders' Meeting in September 2009", said Niels Ackermann, CEO
As of June 30, 2009, BioXell's cash position amounted to Â¤ 36.4
million. The cash burn in the second half of 2009 is expected to be
significantly lower than in the first six months of 2009 as a result
of savings arising from the restructuring program as well as the
discontinuation and completion of certain R&D activities. The Company
will provide a more detailed financial outlook in connection with the
publication of its Interim Report in August.
For further information, please contact:
BioXell S.p.A. Dynamics Group SA
Alvise Sagramoso Christophe Lamps
Tel: +39 (0)2 210 49 51 Tel: +41 (0)22 308 6222
Fax: +39 (0)2 210 49 529 Fax: +41 (0)22 308 6236
This press release can be downloaded at www.bioxell.com.
BioXell S.p.A. (SIX: BXLN) is a listed biopharmaceutical company
focused on the discovery and development of drugs that exploit novel
mechanisms of action. The Company is currently focusing its efforts
on the development of its monoclonal antibody BXL1H5 for the
treatment of chronic pain. Following the conclusion of its Vitamin D3
related R&D activities, BioXell is also looking into a number of
strategic options in line with the demands of its shareholders.
BioXell was founded in 2002 as a spin-out from Roche. In June 2006,
BioXell listed its shares on the main segment of the SIX Swiss
Exchange. The Company is located in Milan, Italy.
This press release does not constitute or form part, or all, of any
offer or invitation to sell or issue, or any solicitation of any
offer to purchase or subscribe for, any securities, nor shall part,
or all, of these materials or their distribution form the basis of,
or be relied on in connection with, any contract or investment
decision in relation to any securities. This press release contains
forward-looking statements based on the currently held beliefs and
assumptions of the management of BioXell, which are expressed in good
faith and, in their opinion, reasonable. Forward-looking statements
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, financial condition, performance,
or achievements of BioXell, or industry results, to differ materially
from the results, financial condition, performance or achievements
expressed or implied by such forward-looking statements. Given these
risks, uncertainties and other factors, recipients of this document
are cautioned not to place undue reliance on these forward-looking
statements. BioXell disclaims any obligation to update these
forward-looking statements to reflect future events or developments.
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