Economic Measures Including a Projected Corporate Restructuring and Workforce Reduction
PARIS, Dec. 4, 2008 – BioAlliance Pharma SA (Euronext Paris: BIO), the specialty pharmaceutical company focused on the treatment of opportunistic infections in cancer and AIDS, today announced that it had held a special information and consultation meeting of its Employer- Employee Council, during which a draft economic restructuring and workforce reduction plan had been presented.
In view of the current global financial crisis, BioAlliance Pharma has proposed a set of budgetary measures for 2009 aimed at gaining additional revenues and implementing an operating cost reduction plan. The projected workforce reduction (affecting 9 jobs - around 12% of the total headcount) and a reduction in operating costs should yield total cost savings of about €4 million in 2009.
In order to remain competitive, BioAlliance is maintaining staff resources and skills in relation to the growth in Loramyc® revenues from its subsidiary Laboratoires BioAlliance Pharma and the registration and market launch of its four products: Loramyc in the US, ondansetron RapidFilmTM, ondansetron OS (Oral Spray) et acyclovir Lauriad®.
“In the current financial climate, we feel obliged to allocate resources to our current and priority products, in order to protect the company's long-term future. We sincerely thank the employees affected by today's announcement for their contribution to the development of the company”, emphasized Dominique Costantini, President and Chief Executive Officer.
About BioAlliance Pharma BioAlliance Pharma SA is a specialty pharmaceutical company focused on the treatment of opportunistic infections in cancer and HIV. The company develops and commercializes innovative products which address drug resistance issues. BioAlliance Pharma has launched its first portfolio product (Loramyc®) in France and, more recently, in the UK, Germany and Denmark, and has already received European Marketing Authorizations in Belgium and Luxemburg. The product has also completed a pivotal Phase III clinical trial in the United States in oropharyngeal candidiasis. The company is also performing a Phase III trial in labial herpes with acyclovir Lauriad® (which is based on the same Lauriad® muco-adhesive technology as Loramyc®, enabling targeted release at the disease site). BioAlliance Pharma also has a second technology (the Transdrug® nanoparticle technology, designed specifically for intracellular targeting) and, furthermore, is developing a new therapeutic entities program in oncology and infectious disease. BioAlliance Pharma has established several strategic alliances for commercializing Loramyc®, with agreements in 2007 for Europe (with the SpeBio joint venture) and the United States (with Par Pharmaceutical) and in 2008 for Asia (Korea, Malaysia, Singapore and Taiwan with Handok Pharmaceuticals and then China with Novamed). In May and August 2008, the company expanded its product portfolio by acquiring the Europe commercial rights to, respectively, ondansetron Oral Spray (OS) from NovaDel Pharma Inc. (Amex: NVD) and ondansetron RapidFilmTM from APR/Labtec. For more information, visit BioAlliance Pharma's website at www.bioalliancepharma.com.
Disclaimer This communication expressly or implicitly contains certain forward-looking statements concerning BioAlliance Pharma SA and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of BioAlliance Pharma SA to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
BioAlliance Pharma SA is providing this communication as of this date and does not undertake to update any forwardlooking statements contained herein as a result of new information, future events or otherwise. For a discussion of risks and uncertainties which could cause actual results, financial condition, performance or achievements of BioAlliance Pharma SA to differ from those contained in the forward-looking statements, please refer to the Risk Factors ("Facteurs de Risque") section of the reference document approved by the AMF on April 11 2008 under the number R. 08-021, which is available on the AMF website (http://www.amf-france.org) or on BioAlliance Pharma S.A.'s website (http://www.bioalliancepharma.com).
BioAlliance Pharma SA Dominique Costantini, President and CEO Tel.: +33 1 45 58 76 01 email@example.com Nicolas Fellmann, CFO Tel.: +33 1 45 58 71 00 firstname.lastname@example.org ALIZE RP Caroline Carmagnol Tel.: +33 6 64 18 99 59 email@example.com
Posted: December 2008