Replidyne Terminates Faropenem Agreements
23 Junho 2008 - 6:01PM
PR Newswire (US)
LOUISVILLE, Colo., June 23 /PRNewswire-FirstCall/ -- Replidyne,
Inc. (NASDAQ:RDYN) today announced that it has decided to terminate
its license agreement with Asubio Pharma Co., Ltd. for faropenem
medoxomil (faropenem). In conjunction with this decision, the
Company also announced that it has terminated its supply agreement
with Asubio Pharma Co., Ltd. and Nippon Soda Co. Ltd. for
production of faropenem. These decisions were made as a result of
the Company being unable to secure a partner for the faropenem
program. As previously announced, Replidyne had discontinued
clinical development of faropenem pending the outcome of
discussions with potential partners for the program. As a result of
today's decision, the Company expects to incur charges of up to
Japanese Yen 440 million (approximately $4.1 million), consisting
of a license termination fee of up to Japanese Yen 375 million
(approximately $3.5 million) to Asubio Pharma Co., Ltd. and the
reimbursement of engineering costs under its supply agreement of up
to Japanese Yen 65 (approximately $0.6 million) to Nippon Soda Co.
Ltd. Replidyne will also pay Nippon Soda Co. Ltd. Japanese Yen 99
million (approximately $0.9 million) for delay compensation related
to the period from January 1, 2008 through the termination of its
supply agreement. "We are clearly disappointed that we have been
unable to identify a partner for the faropenem program," stated
Kenneth J. Collins, President and Chief Executive Officer of
Replidyne. "We have decided to terminate this program in order to
preserve cash and focus our attention on our previously discussed
strategic initiatives and our C. difficile Infection (CDI) program
and novel anti-infective programs based on DNA replication
inhibition technology." At May 31, 2008 Replidyne had cash and
short term investments totaling $71.5 million. About Replidyne,
Inc. Replidyne is a biopharmaceutical company focused on
discovering, developing, in-licensing and commercializing
innovative anti-infective products. Replidyne's lead program is an
investigational antibacterial agent REP3123 that targets
Gram-positive Clostridium difficile (C. difficile) bacteria and C.
difficile Infection (CDI). Replidyne is pursuing the development of
other novel anti-infective programs based on its DNA replication
inhibition technology and its in-house discovery research. Safe
Harbor This press release contains plans, intentions, objectives,
estimates and expectations that constitute forward-looking
statements about Replidyne, Inc. that involve significant risks and
uncertainties. Actual results could differ materially from those
discussed due to a number of factors including, the success and
timing of pre-clinical studies and clinical trials; the Company's
ability to obtain and maintain regulatory approval of product
candidates and the labeling under any approval that may be
obtained; plans to develop and commercialize product candidates;
the loss of key scientific or management personnel; the size and
growth of the potential markets for the Company's product
candidates and the Company's ability to serve those markets;
regulatory developments in the U.S. and foreign countries; the rate
and degree of market acceptance of any future products; the
accuracy of Company estimates regarding expenses, future revenues
and capital requirements; the Company's ability to obtain and
maintain intellectual property protection for our product
candidates; the successful development of the Company's sales and
marketing capabilities; the success of competing drugs that are or
become available; and the performance of third party manufacturers.
These and additional risks and uncertainties are described more
fully in the Company's most recent Form 10-K filed with the SEC
under the Securities Exchange Act of 1934. Copies of filings made
with the SEC are available through the SEC's electronic data
gathering analysis and retrieval system (EDGAR) at
http://www.sec.gov/. All forward-looking statements made in the
press release are made as of the date hereof and the Company
assumes no obligation to update the forward-looking statements in
the document. DATASOURCE: Replidyne, Inc. CONTACT: Mark Smith,
Chief Financial Officer of Replidyne, Inc., +1-303-996-5535 Web
site: http://www.replidyne.com/
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