Ambrilia Initiates Plan Aiming to Significantly Reduce its Operations in France
Montreal, November 19, 2008 - Ambrilia today announced that it intends to initiate a plan aiming to significantly reduce its activities in France. As the divestment strategy is progressing, the Company might concentrate all of its activities in its headquarters in Montreal and thus, further preserve its cash into 2009. The Company is following the process defined by the French employment laws for its eight permanent employees based in France.
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, 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.
ABOUT AMBRILIA BIOPHARMA 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 - 30 - INFORMATION: Ambrilia Biopharma Inc.
Dr. Philippe Calais, Ph.D., Pharm.
Posted: November 2008