2014 R&D Investor Day in Lainate: Cosmo updates investors and analysts on strategy, progress in R&D pipeline Freitag, 31. Januar 2014 - 06:59
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2014 R&D Investor Day in Lainate: Cosmo updates investors and analysts on strategy, progress in R&D pipeline
Separation of Chairman and CEO functions Share buyback and dividend of EUR 1 per share Advances in clinical development of colon cancer diagnostic Progress report on topical acne and alopecia product
See http://www.cosmopharma.com/ir/presentations.aspx for more information
LAINATE – January 31, 2014. Cosmo Pharmaceuticals S.p.A. (SIX: COPN) will present to its shareholders, analysts and the financial press a comprehensive update on its strategy, clinical pipeline and its commercial implications at its R&D day to be held today at its headquarters in Lainate starting at 11:00 CET.
Highlights will include:
- Decision to separate role of Chairman and CEO functions. As of March 27, 2014, Mauro Ajani will focus full time on his role as Chairman with special dedication to strategic programs. Alessandro Della Chà, legal counsel and non executive member of the board, will assume the role of CEO and executive member of the board as of the same date.
- Share buyback and dividend. The Company intends to launch a buyback offer for up to 4% of its shares shortly. Key shareholders Cosmo Holding, dievini Hopp and the Herz Group, holding 59.2% of Cosmo’s share capital will proportionally sell shares. These shares are intended to be used for the company’s new ESOP program. A proposal to pay a EUR 1 cash dividend per each Cosmo share will be made to the general assembly of April 16, 2014, which is to be held in Lainate.
- Methylene Blue MMX® phase III clinical design and progress of the colon cancer diagnostic. CSO Dr. Luigi Moro and Prof Dr. Alessandro Repici of Istituto Humanitas in Milano will present the study design and progress in the phase III clinical trial of colon cancer diagnosis with Methylene Blue MMX®
- Rifamycin SV MMX® phase III progress. CSO Dr. Luigi Moro will inform about the progress in the phase III clinical trial for travelers diarrhea in India and additional opportunities.
- CB-03-01 for acne is in advanced phase II clinical trial in the USA. CSO Dr. Luigi Moro will inform about the progress of the phase II clinical trial for acne as well as the development of the alopecia formulation.
- Review of the Santarus Transaction
- Establishment of Cosmo USA. Cosmo Pharmaceuticals has established a new subholding for its North American business. This company is expected to market Methylene Blue MMX®, Rifamycin SV MMX® and future products.
All in all, Cosmo expects to post a strong result in 2013, with net income of € 70 million, thanks to the Santarus transaction, operating revenues of approx. € 56 million and an operating income of approx 15.6 million. For 2014, thanks to the final sale of Santarus shares, profits before taxes are expected to be close to € 106 million, operating revenues are projected at approx € 100 million, operating income at approx € 38 million.
Mauro Ajani, Chairman & CEO of Cosmo Pharmaceuticals, said, “The net revenues generated by Uceris in the first months solidifies our revenue potential and confirms the MMX® technology’s versatility in colon applications. Adding the cash generated from the sale of our Santarus shares we now have a new set of strategic options which we aim to maximize.”
The R&D day is expected to end around 16:00 CET.
Presentation online available on http://www.cosmopharma.com/ir/presentations.aspx
About Cosmo Pharmaceuticals
Cosmo is a specialty pharmaceutical company that aims to become a global leader in the field of optimized therapies for selected Gastrointestinal and topically treated Skin Disorders. The company’s proprietary clinical development pipeline specifically addresses innovative treatments for IBD, such as Ulcerative Colitis and Crohn’s Disease, and Colon Infections. In addition, the Company is developing a diagnostic for the detection of colon cancer and a new chemical entity for the topical skin treatment. Cosmo’s MMX® products that have reached the market are Lialda®/Mezavant®/Mesavancol®, a treatment for IBD that is licensed globally to Giuliani and Shire Limited and Uceris™, the first glucocorticosteroid indicated for the induction of remission in active, mild to moderate ulcerative colitis, licensed in US to Salix and in the Rest of the World except for Japan to Ferring. Cosmo’s proprietary MMX® technology is at the core of the Company’s product pipeline and was developed from its expertise in formulating and manufacturing gastrointestinal drugs for international clients at its GMP (Good Manufacturing Practice) facilities in Lainate, Italy. The technology is designed to deliver active ingredients in a targeted manner in the colon. For further information on Cosmo, please visit the Company’s website: www.cosmopharma.com
Financial calendar
Yearly results 2014 27. March 2014 General assembly 16. April 2014
Contact: Cosmo Pharmaceuticals S.p.A.
Dr. Chris Tanner, CFO & Head of Investor Relations Tel: +39 02 9333 7453 Fax: +39 02 9333 7663 ctanner@cosmopharma.com
Cautionary Statement Regarding Forward Looking Statements
This report and other material being released by Cosmo herewith contains statements that constitute “forward looking statements” including but not limited to managements outlook for Cosmo’s pipeline development and financial performance and statements relating to the anticipated effect of transactions and strategic initiatives on Cosmo’s business and future development. While these forward looking statements represent Cosmo’s judgments and expectations concerning the matters therein described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ from Cosmo’s expectations.
This notice does not constitute a listing advertisement in accordance with the SIX Swiss Exchange's Listing Rules or an issuing prospectus within the meaning of Article 652a and 1156 of the Swiss Code of Obligations.
The repurchase offer described herein is not made, directly or indirectly, in any country or jurisdiction in which such offer would be considered unlawful, or would in any way violate any applicable law or regulation, or which would require Cosmo Pharmaceuticals S.p.A. to amend the terms and conditions of the buyback offer in any way, or would require doing any additional filing with, or taking any additional action in regard to any governmental, regulatory or legal authority. It is not intended to extend the buyback offer to any such country or jurisdiction. Documents relating to the buyback offer may neither be distributed in such countries or jurisdictions nor sent into such countries or jurisdictions. Such documents may not be used for purposes of soliciting the purchase of any securities of Cosmo Pharmaceuticals S.p.A. by any person or entity in such countries or jurisdictions.
In particular, this offer is not made in the United States of America and may be accepted only outside the United States. Persons within the United States are not eligible to accept or otherwise participate in this offer. No offer to purchase securities is made to, and no offer to sell securities is solicited or will be accepted from, any such person. Neither this notice nor any other materials relating to the offer may be, directly or indirectly, distributed in, sent into or communicated by use of the mails or by any means or instrumentality of interstate commerce or of any facility of a national securities exchange, or otherwise, within the United States, and may not be used for the purpose of making an offer to purchase, or soliciting an offer to sell, any securities in the United States.