MOLOGEN AG Sells Spanish Subsidiary
BERLIN, June 1, 2007 - The Berlin-based biotech company MOLOGEN AG has sold its Spanish subsidiary Vivotecnia Research S. L. The purchase was financed by Spanish investors who are to drive forward the further expansion of Vivotecnia. MOLOGEN received sales proceeds of around EUR 1.1 million for its interest of approximately 90%. The transfer of shares was effective force on 30 May 2007.
Along with streamlining the corporate structure, the disposal generates additional financial and personnel capacities. These resources can now be used in the clinical development of the product candidates in the colon cancer and renal cell carcinoma indications as well as to increase the commercial applications of cell-based gene therapy.
Vivotecnia Research S. L. was established in 2000 by MOLOGEN and specializes in mandated pharmaceutical research in the fields of toxicology, pharmacology, biomedicine and preclinical animal studies. Vivotecnia currently has around 20 employees.
"We are glad that Vivotecnia's potential as a specialized provider in mandated research can be leveraged further with the help of the commitment made by the new owners", said Prof. Burghardt Wittig, CEO of MOLOGEN. "At the same time, we can focus more on the most important strategic objective: successful clinical development of our promising cancer treatments."
CFO Joerg Petrass added that "the sales proceeds of over EUR 1 million enable us to strengthen further our sound capital resources. We are also adapting our organization structure to future requirements and freeing up financial resources for investments in our key potentials in the cancer field."
MOLOGEN AG is a listed biopharmaceutical company with headquarters in Berlin (Frankfurt Stock Exchange, Regulated Market, ISIN DE0006637200). On the basis of patented technologies (MIDGE and dSLIM), MOLOGEN develops DNA-based vaccines and therapeutic agents for the prevention and treatment of a wide range of serious illnesses.
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Posted: June 2007