Medivir sharpens the strategic focus and strengthens its financial position

Medivir employees have today been informed that Medivir in 2009 will start implementing cost savings which may include staff reductions, and that Medivir will initiate consultations with the respective unions.

The aim is to lower the companies cost base to below SEK 150m with the full year effect of this reduction coming into effect in 2010. The ambition is to present an overview of the financial effects including one offs and a rolling 12 month saving effects as soon as possible but no later than in the Three-month Interim Report, April 23, 2009.

“We have a strong pipeline of partnered projects with Tibotec which have significant associated milestones and potential royalties. We also have Lipsovir®, BACE and cathepsin K for which partnering discussions are underway. In order to ensure that cash is available to fully support these value creating projects we need to reduce our expenditure in our other pre-clinical programs and in some admin functions. The resultant slimmed down organization will still retain the critical mass necessary to enable Medivir to continue to exploit its leadership position in developing candidate drugs based on protease and polymerase inhibition.” says Medivirs CEO Ron Long.

Press Conference Invitation
Medivir will hold a press conference today at 12.00 am at Strand Hotel, Nybrokajen 9, Stockholm (a light lunch will be served).
Medivir will be represented by Ron Long CEO, Bertil Samuelsson VP Discovery & Research and Rein Piir CFO/VP IR.


For more information on Medivir, please see the company website: www.medivir.se