Biovitrum Makes the First Move to Focus on Specialist Care Diseases
Initiates the Process to Find Partners for Its Early Stage Primary
Care Projects
Stockholm, February 4, 2008. In November 2007, the management of the
Swedish biopharma company Biovitrum (OMX: BVT) announced a new
strategy for creating long-term value and turning Biovitrum into a
focused pharmaceutical company concentrated on specialist care
projects. As a consequence of this decision, Biovitrum has now
initiated a process to out-license several early-stage research
projects, primarily within diabetes and obesity. In total, it amounts
to some ten projects in different early research stages. In addition,
the company has previously communicated that a further two clinical
Phase II projects, within neuropathic pain and glaucoma, will be
out-licensed.
The objective is to find suitable partners for all these projects
during 2008. This decision might also mean that individual projects
will be terminated if no partners can be identified."We have a clear objective to be a focused pharmaceutical company
concentrated on specialist care products. Although we have deep early
stage research knowledge around for instance diabetes and obesity, we
have to focus on areas where we can be an active player all the way
from research to marketing products", commented Dr Martin Nicklasson,
CEO of Biovitrum.
As a consequence of the new strategy and the decision to focus on
specialist care projects, a redundancy within the company has been
identified, and negotiations with the union representatives have been
initiated. It will also mean that the future R&D budget will be
focused on this specific area."When this process is fully implemented, it is our ambition to set
free MSEK 100-150 on a rolling twelve-month basis. The effect will be
seen gradually during 2008, but we are fully committed to deliver our
objective by the end of the year, so that we can enter 2009 with
better adjusted and more focused research resources", said Dr
Nicklasson.
For more information, please contact:
Martin Nicklasson,
CEO
Phone: +46 8 697 20 00
martin.nicklasson@biovitrum.com
Göran Arvidson, CFO
Phone: +46 8 697 2368, Mobile: +46 70 633 30 42
goran.arvidson@biovitrum.com
Erik Walum, Director, Science Communication
Phone: +46 8 697 32 40, Cell phone: +46 70 312 90 75
erik.walum@biovitrum.com
Notes to editors
About Biovitrum
Biovitrum is one of the largest biopharma companies in Europe. With
operations in Sweden and in the UK Biovitrum conducts research and
develops pharmaceuticals for unmet medical needs both for conditions
that affect smaller patient populations and for common diseases.
Biovitrum has currently a broad and balanced R&D portfolio with
several projects in clinical and preclinical phases for a number of
well defined specialist indications as well as for common diseases
within obesity, diabetes, inflammation, eye and blood diseases.
Biovitrum develops and produces protein-based drugs on a contractual
basis and markets a range of specialist pharmaceuticals primarily in
the Nordic countries. Biovitrum has revenues of approximately SEK 1.2
billion and around 500 employees. Biovitrum's share is listed on the
OMX Nordic Exchange in Stockholm since September 15, 2006. For more
information see www.biovitrum.com.