Germany's SYGNIS Pharma announces strategic restructuring; CEO leaving

1 November 2010

German development-stage biotech firm SYGNIS Pharma AG (Frankfurt: LIO) saw its share price fall 7.9% to 0.65 euros on Friday, after the company announced that its chief executive was quitting, along with a comprehensive, strategic restructure of the company, which will include significant personnel and cost reductions. The process has been approved by the Supervisory Board and will be executed immediately, the company stated.

The loss-making company reported a deficit of 2.3 million euros ($3.2 million for the three months ended June 30, and projected a net loss of around 15 million eruos for the current 2010/2011 fiscal year and a liquidity outflow of some 14 million euros.

The purpose of the restructuring is to reduce SYGNIS’ long-term cost-structure to maintain a strategic focus on the company’s current projects, including the clinical development of its lead compound AX200 for the treatment of acute stroke, which is currently in a Phase II efficacy trial (AXIS 2).

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK