Santhera's Shareholders Support Business Continuation and Evaluation of Strategic Options Montag, 13. Mai 2013 - 14:17
Liestal, Switzerland, May 13, 2013 - Santhera Pharmaceuticals (SIX: SANN) announced today that, at its Annual Shareholders' Meeting, a large majority of shareholders represented approved all proposals by the Board of Directors. In particular, shareholders supported the proposed business continuation as well as the evaluation of all strategic options. In line with this mandate, Santhera explores product licensing or sale and the possibility of a merger and continues to implement its ongoing financial and operational restructuring measures.
A total of 1'354'802 shares or 36.9 % of the share capital was represented at the Shareholders' Meeting.
Shareholders approved the 2012 Annual Report, the annual financial statements and the consolidated financial statements for 2012, the proposed appropriation of the results and a set-off of capital contribution reserves and of free reserves with loss carry forwards. Shareholders also granted discharge to the members of the Board of Directors and the management.
Martin Gertsch was re-elected as Board member for a period of one year as was Ernst & Young, Basel, as auditors. In addition, shareholders voted for an amendment of the Company's Articles of Incorporation that excludes the obligation for an acquirer to make an offer according to Art. 22 para. 3 SESTA ("opting-out").
As of March, 31 2013, Santhera reported cash and cash equivalents of CHF 10.1 million.
In his presentation to shareholders, Thomas Meier, Chief Executive Officer, outlined the operational and financial measures implemented to reduce costs and liabilities. "Our goal is to preserve the key assets of our pipeline whilst at the same time exploring all available strategic options. Of particular importance in the coming months will be the preparation of a new marketing authorization application for Raxone® in the treatment of Leber's Hereditary Optic Neuropathy. Another important asset is our program in Duchenne Muscular Dystrophy in which the DELOS Phase III study recently passed a planned futility analysis."
"We thank our shareholders for their support of our proposals and confidence in their execution. The focus is now to secure additional funds in order to reach the next regulatory and development milestones. We will explore all strategic alternatives and have already seen interest from several parties", commented Martin Gertsch, new Chairman of the Board of Directors. He added: "I also would like to thank Klaus Schollmeier, who did not stand for re-election, and Tim Rink for their active support and contribution to Santhera's Board of Directors."
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About Santhera Santhera Pharmaceuticals (SIX: SANN) is a Swiss specialty pharmaceutical company focused on the development and commercialization of innovative pharmaceutical products for the treatment of orphan neuromuscular and mitochondrial diseases, areas of high unmet medical need with no current therapies. For further information, please visit www.santhera.com.
Raxone® and Catena® are trademarks of Santhera Pharmaceuticals.
For further information, contact Thomas Meier, Chief Executive Officer Phone: +41 61 906 89 64 thomas.meier@santhera.com
Disclaimer / Forward-looking statements This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Santhera Pharmaceuticals Holding AG. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.