AGI AGI

 

TIDMAGI 
 
RNS Number : 7162T 
AGI Therapeutics plc 
11 June 2009 
 

AGI Therapeutics 
 
 
AGM Statement 
 
 
Dublin, Ireland, 11 June 2009 - AGI Therapeutics plc ("AGI" or the "Company") 
(AIM, IEX: AGI), a speciality pharmaceutical development company, will hold its 
Annual General Meeting today at the Company's offices in Dublin. During the 
meeting, the Company will provide shareholders with the following update. 
 
 
After the announcement on May 15th that AGI was discontinuing the development of 
Rezular in diarrhoea-predominant Irritable Bowel Syndrome (IBS-D), the Company 
has commenced a review of its business strategy, including a fundamental review 
of its pipeline products and post-hoc analysis of the data from the ARDIS 1 
study of Rezular. The Company has moved quickly to limit the close out costs of 
the ARDIS Phase III programme as well as other project commitments in order to 
maximise the cash available to the business pending completion of the strategy 
review. 
 
 
The ongoing data analysis of the ARDIS-1 clinical data confiirms that Rezular 
has clinically meaningful activity on gut motility and diarrhoea symptoms. This 
profile of activity may have utility in indications in which patients suffer 
chronic diarrhoea as a dominant symptom which is not adequately treated with 
current therapies. AGI has had discussions with its medical advisory board and 
intends to undertake further analysis to identify appropriate clinical 
indications, to define the regulatory pathway and to determine the commercial 
feasibility of pursuing development programmes in these various indications. 
 
 
Once completed the results of these analyses, combined with the analysis of the 
other portfolio products, will be incorporated into a new business plan to be 
presented to the Board of Directors for their approval. The outcome will be 
communicated to all shareholders at the appropriate time. The Company is 
committed to providing the Board with the new business plan as quickly as 
possible. During the review period, the Company has targeted reduction of all 
elements of cash burn that are not judged critical to any revised business plan. 
 
 
Based on current estimates, the Company expects to have cash resources of 
approximately $12 million by end Q2 2009, after provision for the close out 
costs of ARDIS 1 and 3 and certain restructuring provisions. AGI is committed to 
aligning its cost base to the requirements of the new business plan to ensure 
that shareholder value is maximised. 
 
AGM: 
The AGI Therapeutics plc AGM will take place on Thursday, 11th June, 2009 at 
2.00 pm at its offices at Adelaide Chambers, Peter Street in Dublin. 
 
 
Copies of the Company's Annual Report and Accounts for the year ended 31 
December 2008 and Notice of the Annual General Meeting were posted to 
shareholders on May 12th, and are also available to view on the Company's 
website; www.agitherapeutics.com, under the heading Investors/Publications. 
 
 
 
 
 
 
=- Ends -- 
 
 
Contact Information: 
 
 
+------------------------------------------+------------------------------------+ 
| AGI Therapeutics plc.                    | Tel: +353 1 449 3254               | 
+------------------------------------------+------------------------------------+ 
| David Kelly, Chief Financial Officer     |                                    | 
+------------------------------------------+------------------------------------+ 
|                                          |                                    | 
+------------------------------------------+------------------------------------+ 
| Financial Dynamics - UK                  | Tel: +44 (0) 20 7269 7205          | 
+------------------------------------------+------------------------------------+ 
| Jonathan Birt/John Dineen                |                                    | 
+------------------------------------------+------------------------------------+ 
|                                          |                                    | 
+------------------------------------------+------------------------------------+ 
| Financial Dynamics - Ireland             | Tel: +353 1 663 3602               | 
+------------------------------------------+------------------------------------+ 
| Niamh Lyons                              |                                    | 
+------------------------------------------+------------------------------------+ 
|                                          |                                    | 
+------------------------------------------+------------------------------------+ 
| Piper Jaffray Limited                    | Tel: +44 (0) 20 3142 8700          | 
| Neil Mackison                            |                                    | 
| Will Carnwath                            |                                    | 
+------------------------------------------+------------------------------------+ 
|                                          |                                    | 
+------------------------------------------+------------------------------------+ 
| Davy                                     | Tel: +353 1 614 8761               | 
| John Frain                               |                                    | 
+------------------------------------------+------------------------------------+ 
 
 
For further information please see www.agitherapeutics.com. 
 
 
Notes to Editors: 
 
 
 
 
 
 
About AGI Therapeutics plc 
 
 
AGI is a speciality pharmaceutical company which is focused on the development 
and commercialisation of differentiated drug products for gastro-intestinal (GI) 
diseases and disorders. AGI's common shares are listed on the Alternative 
Investment Market of the London Stock Exchange (AIM) and on the Irish Enterprise 
Exchange of the Irish Stock Market (IEX) as AGI. 
 
 
AGI is developing a range of product candidates to treat a variety of prevalent 
GI diseases and disorders, including dyspeptic symptoms, gastroparesis, 
ulcerative colitis, gastro-esophageal reflux disease (GERD) and 
diarrhoea-related conditions such as chemotherapy-induced diarrhoea (CID). The 
Company is targeting areas of the GI therapeutic drug products market for its 
product candidates where there are currently unmet medical needs or where the 
effectiveness of existing drug therapies can be further improved. 
 
 
The Company currently has five active clinical stage product candidates which 
are either isomers or novel drug delivery formulations of existing approved 
drugs and which have established safety and tolerability profiles in their 
currently approved clinical indications. 
 
 
For further information please see www.agitherapeutics.com. 
 
 
Statements contained within this press release may contain forward-looking 
comments which involve risks and uncertainties that may cause actual results to 
vary from those contained in the forward-looking statements. In some cases, you 
can identify such forward-looking statements by terminology such as 'may', 
'will', 'could', 'forecasts', 'expects', 'plans', 'anticipates', 'believes', 
'estimates', 'predicts', 'potential', or 'continue'. Predictions and 
forward-looking references in this press release are subject to the satisfactory 
progress of research which is, by nature, unpredictable. Forward projections 
reflect management's best estimates based on information available at the time 
of issue. 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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