CAMBRIDGE, UK, Nov. 12, 2001 (PRIMEZONE) -- CeNeS Pharmaceuticals plc (LSE:CEN) today announced an update on the progress it has made in the group restructuring that was first announced on October 1, 2001.
Restructuring Update:
As part of the ongoing restructuring, CeNeS has closed its US research facility based in Boston, Massachusetts with the loss of 17 jobs. The responsibility for the US-based research and development assets has been transferred to CeNeS' main facilities in Cambridge, UK.
CeNeS has also reduced its research and administration staff numbers at its Cambridge, UK head office with the loss of 17 jobs. As a result, CeNeS is looking to relocate to smaller premises and is in late stage talks to secure the assignment of its head office lease.
A number of options are being considered with regards to CeNeS Drug Delivery, which is located in Irvine, Scotland. Discussions are continuing with prospective buyers regarding a potential sale as a going concern or for the sale of certain technologies. As part of this process, staff numbers are being reduced.
CeNeS has also recently received a 700,000 pounds research and development tax credit. The combined effects of the tax credit and the restructuring program mean that CeNeS has made significant progress in reducing its cash burn and becoming self-funding into 2003.
CeNeS Chairman Alan Goodman commented:
"Since announcing the restructuring in October we have focused on our core business and have streamlined operations. We have taken a number of difficult decisions to ensure that CeNeS is best placed to generate shareholder value going forward."
CeNeS is a biopharmaceutical company specializing in the development and commercialization of drugs for CNS disorders and pain control. The company currently markets four products, and has research and development assets targeting pain, stroke, schizophrenia, addiction, sleep disorders, Parkinson's disease and multiple sclerosis. CeNeS also has a cognitive division, which markets CANTAB, a computerized cognitive test. In addition it has a range of platform technologies including AutoPatch(TM) its unique automated patch clamping technology. The group is based in Cambridge, England.
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Attachment: http://reports.huginonline.com/839903/96683.pdf