Advertisement

Picture EBD Group Digital Medicine & Medtech Showcase 2021 at BTS2021 651x81
Document › Details

Mondobiotech Holding AG. (11/24/11). "Press Release: MondoBiotech Holding AG (SIX: RARE) Announces Restructuring Measures Aimed at Preserving the Value of Its Core Assets". Stans.

Region Region Switzerland
Organisation Organisation Mondobiotech Holding AG
  Today Relief Therapeutics Holding AG (SIX: RLF, OTCQB: RLFTF)
  Group Relief Therapeutics (Group)
Product Product DRUGS, ORPHAN
     


In the announcement published on 14th November 2011, the Company informed among others to be working on a number of options to secure conclusion of additional fund raising. Due to the current financial market conditions and the lack of significant progress with the currently available options, the Company believes that it is appropriate to immediately implement certain restructuring measures, aimed at preserving the value of its core assets and which are part of the stricter austerity plan that had been prepared, as previously announced.

These restructuring measures consist in the termination of 9 employment agreements which, together with other fluctuations, will lead to a reduction of more than 50% of the total workforce by the end of February 2012. Furthermore, the activity of the Company will be concentrated in its Stans headquarter, allowing the Viglio offices to be closed by the end of the year.

The Company believes that these measures will allow mondoBIOTECH to continue as a going concern with more contained financial resources, giving the Company time to pursue the licensing of its Medicinal Product Candidates and current as well as additional fund raising options.

The Company will in particular concentrate its activity on the Search and Match powerful mathematical drug discovery engine, on its existing pipeline and on the exploitation of partner's relationships in order to license out the highest possible number of Medicinal Product Candidates during the course of 2012.


About mondoBIOTECH

mondoBIOTECH holding AG (SIX Swiss Exchange ticker symbol: RARE), an independent Swiss biotech company, discovers drugs for patients suffering from rare diseases through its internally developed Search&Match methodology. In Search&Match mondoBIOTECH's scientists combine their unique knowledge of biologically active human peptides with advanced technology solutions delivering medicinal product candidates for rare diseases to licensing partners.

Furthermore, mondoBIOTECH has built and is expanding a continuously growing Community of high-level physicians and researchers who dedicate their life to rare diseases. This Rare Community is composed of biologists, biochemists, physicians, patients and patient advocacy organizations as well as other persons and organizations who share their experiences, know-how, expertise and skills with mondoBIOTECH to reach out to people who will benefit the most from an effective treatment, the patients.

For further information please contact

mondoBIOTECH holding AG
Maria Teresa D'Antonangelo Buehlmann
Das Kloster
Muergstrasse 18
CH-6370 Stans
Tel.: +41 (0) 840 200 010
Fax: +41 (0) 840 200 011
investor@mondobiotech.com
www.mondobiotech.com

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning mondoBIOTECH holding AG 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 mondoBIOTECH holding AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. mondoBIOTECH holding AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

   
Record changed: 2017-04-02

Advertisement

Picture [iito] Plain Stupid Simple 650x80px

More documents for Relief Therapeutics (Group)


To subscribe to our free, monthly newsletter for the European life sciences, please send an e-mail to info@iito.de and simply fill the subject line with the word »LSE Newsletter«

To get even more information, please take a look at our [gs] professional services offering and read the gene-sensor Product Flyer [PDF file]

Advertisement

Picture EBD Group BioTech Showcase 2021 Digital Event BTS2021 651x81




» top