Business & Finance
Business and Finance
Business and Finance
Thu, February 5, 2009
Wed, February 4, 2009 Ambrilia Biopharma Inc.: Ambrilia Biopharma Provides an Update on Reduction of Operations in France and on Review of Strategic
MONTREAL, QUEBEC--(Marketwire - Feb. 4, 2009) - Ambrilia (TSX:AMB) today announced that it has now implemented the major reduction of its activities in France, which resulted in the layoff of all the permanent employees based in France, including Dr. Bonabes de Rouge, Senior Executive Vice-President & Chief Scientific Officer of Ambrilia. Dr. de Rouge will continue to serve and contribute as a Board Member of Ambrilia. Ambrilia's operations are now concentrated at its headquarters in Montreal with 15 employees.
Commenting on Dr. de Rouge's departure, Dr. Philippe Calais, President and CEO of Ambrilia said: "I thank Bonabes for his contribution and wish him continued success in his future endeavors. As founder and former President and Chief Executive Officer of Cellpep S.A. (now Ambrilia Biopharma France S.A.), Bonabes brought to Ambrilia his solid expertise in peptide development and was responsible for the generation and development of Ambrilia's original formulations of C2L (Octreotide) and Goserelin, which it obtained through the acquisition of Cellpep S.A. in 2006".
Ambrilia also provided an update on its review of strategic alternatives that include the divestment, strategic partnership transactions or licensing of the Company's technologies, and the sale or merger of the Company. The Board of Directors has now authorized the Company to broadly solicit proposals from third parties for transactions with the Company which might result in superior value for the shareholders.
The Board of Directors of the Company has established a committee of independent directors, consisting of Messrs. Frederic Porte (chair), Paul-Henry Schmelck, Luc Tanguay and Philip S. Tabbiner, to consider and analyze all possible options. The Company has appointed Boenning & Scattergood as financial advisors in this process. There can be no assurance that the review will result in any specific strategic or financial transactions and no timetable has been set for its completion. The Company does not plan to make future comments about the status of the review of strategic alternatives unless there are material developments.
About Ambrilia Biopharma Inc.
Ambrilia Biopharma Inc. (TSX:AMB) is a biotechnology company focused on the discovery and development of novel treatments for viral diseases and cancer. The Company's strategy aims to capitalize on its broad portfolio and original expertise in virology. Ambrilia's product portfolio is comprised of oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a therapeutic peptide for prostate cancer, a targeted delivery technology for cancer, an HIV protease inhibitor program (exclusive worldwide rights granted to Merck & Co., Inc.) as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds. Ambrilia's head office, research and development and manufacturing facilities are located in Montreal with a regional office in France. For more information, please visit the Company's web site: [ www.ambrilia.com ]
Ambrilia's forward looking statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, the outcome of the arbitration proceeding with Merck, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the Company's filings. We refer you to the Risk Factors section of the Company's annual information form which contains a more exhaustive analysis of the risks and uncertainties that are generally connected to the business of the Company. Such statements are also based on various assumptions, including the successful and timely completion of clinical studies on Ambrilia's products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelines and the attainment of the forecasted milestone payments and other revenues. While Ambrilia anticipates that subsequent events and developments may cause Ambrilia's views to change, Ambrilia specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.
