SYGNIS Pharma AG approves Combination of Businesses with X-Pol Biotech

Comprehensive strategic realignment

19-Oct-2012 - Germany

SYGNIS Pharma AG announced today that its shareholders have approved significant strategic and personnel changes of the company at yesterday's Annual General Meeting. These changes are necessary following the suspended clinical development activities in December 2011. Joining forces with X-Pol Biotech S.L. ensures the continuation of the company, secures important expertise and a sustainable business model.

SYGNIS’ new business focus is to develop and market X-Pol‘s DNA amplification technologies and products. The company’s first exclusive global license agreement was recently signed with Qiagen and validated the X-Pol technology platform. The traditional activities of SYGNIS in the capital intensive and risky drug development sector are now replaced by a new core business with a reliable revenue model. With this pragmatic orientation of the business it is expected that first revenues will be realized in 2013. In the medium term SYGNIS is aiming to develop a profitable business.

SYGNIS will acquire 100% ownership of X-Pol by way of a capital increase against contribution in kind and therefore X-Pol will become a 100% subsidiary of SYGNIS. The former shareholders of X-Pol hold 77.5% of SYGNIS shares. As part of these significant changes, the Supervisory and Management Boards of SYGNIS have been aligned with the new company strategy and shareholder structure.

The new chairman of the Supervisory Board, Dr. Cristina Garmendia said: "It is an honor to help shape this first merger between a German and a Spanish company in the biotechnology industry, and it is my ultimate goal to lead SYGNIS to success in the European and international markets."

https://www.bionity.com/en/news/140183/sygnis-pharma-ag-approves-combination-of-businesses-with-x-pol-biotech.html