Stockholm, Sweden — Medivir AB (Nasdaq Stockholm: MVIR) announced today plans to reduce activities not critical to its development pipeline of drug candidates as part of its enhanced focus on clinical stage projects.
As part of this plan, Medivir will notify the Public Employment Office of potential employee redundancies impacting approximately 60 positions, mainly within pre-clinical research and administration. Medivir will also call for consultations with the trade unions regarding the possible consequences for the employees. The plan is to reduce Medivir’s annual running cost base, excluding the clinical project costs, by approximately two thirds. Medivir is also exploring strategic alternatives for the research stage projects and organization.
“The focus on the clinical portfolio, together with the associated cost reduction within pre-clinical research, are necessary steps for us to continue to develop the value of our clinical stage projects in an optimal way,” said Dr. Uli Hacksell, acting chief executive officer at Medivir.
Medivir's clinical pipeline consists of four projects; remetinostat for cutaneous T-cell lymphoma (phase II), birinapant in combination with Keytruda® for solid tumors (phase I), MIV-818, a nucleotide prodrug for liver cancer that recently entered into a phase I clinical trial, and MIV-711, an osteoarthritis candidate drug with fresh and promising data from the recent phase IIa extension study.
Tomorrow, Thursday October 18, at 2.00 pm (CET) Medivir will host a conference call for investors, analysts and the media where Uli Hacksell presents and comments the recent days’ development and the way forward for the company.
Phone numbers for participants from:
Sweden + 46 8 566 426 64
Europe + 44 20 3008 9802
US + 1 855 753 2237
The conference call will also be streamed via a link on the website: www.medivir.com
The presentation will be available on Medivir’s website after completion of the conference.
For further information, please contact:
For media information:
Cord Communications, Lars Wahlström, phone: +46 734 340771. email@example.com
Uli Hacksell, acting CEO, Medivir AB, phone: +46 (0)8 546 831 00.
Medivir AB is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.30 CET on October 17, 2018.
Medivir is a pharmaceutical company with a focus on oncology. We have a leading competence within protease inhibitors and nucleotide/nucleoside science and we are dedicated to innovative pharmaceuticals that meet great unmet medical needs. Medivir's clinical pipeline consists of remetinostat for cutaneous T-cell lymphoma, currently in phase II, birinapant in combination with Keytruda® for solid tumors, currently in phase I, MIV-818, a nucleotide prodrug drug for liver cancer that recently entered into a phase I clinical trial, and MIV-711, a potentially disease-modifying osteoarthritis candidate drug with fresh and promising data from the recent phase IIa extension study. Medivir is listed on the Nasdaq Stockholm Mid Cap List (ticker: MVIR). www.medivir.com.