Medivir sharpens the strategic focus and strengthens its financial position

Medivir sharpens the strategic focus and strengthens its financial position

Medivir employees have today been informed that Medivir in 2009 will start
implementing cost savings which may include staff reductions, and that Medivir
will initiate consultations with the respective unions. 

The aim is to lower the companies cost base to below SEK 150m with the full year
effect of this reduction coming into effect in 2010. The ambition is to present
an overview of the financial effects including one offs and a rolling 12 month
saving effects as soon as possible but no later than in the Three-month Interim
Report, April 23, 2009.
“We have a strong pipeline of partnered projects with Tibotec which have
significant associated milestones and potential royalties. We also have
Lipsovir®, BACE and cathepsin K for which partnering discussions are underway.
In order to ensure that cash is available to fully support these value creating
projects we need to reduce our expenditure in our other pre-clinical programs
and in some admin functions. The resultant slimmed down organization will still
retain the critical mass necessary to enable Medivir to continue to exploit its
leadership position in developing candidate drugs based on protease and
polymerase inhibition.” says Medivirs CEO Ron Long.  

Press Conference Invitation
Medivir will hold a press conference today at 12.00 am at Strand Hotel,
Nybrokajen 9, Stockholm (a light lunch will be served).
Medivir will be represented by Ron Long CEO, Bertil Samuelsson VP Discovery &
Research and Rein Piir CFO/VP IR.


For more information on Medivir, please see the company website: www.medivir.se 

For further information please contact
Rein Piir, CFO & VP Investor Relations, Medivir +46 8 5468 3123 or +46 708 537
292