Innogenetics announces the intention to restructure its subsidiary GENimmune
Last year, Innogenetics decided to focus on the development and sales of diagnostic products, and GENimmune N.V. was incorporated as a fully owned subsidiary. GENimmune obtained assets of Innogenetics in the field of drug development. The strategy of Innogenetics is to focus solely on diagnostics. In this respect, Innogenetics announced the intention to restructure its subsidiary GENimmune.
GENimmune focuses on the development of novel immune therapeutics, supported by a GMP bio-manufacturing unit. Innogenetics has decided to stop its investments in the development of its therapeutics subsidiary. This will allow it to focus its resources on the successful implementation of its diagnostics strategy. As a consequence, the intention was announced to restructure the GENimmune activities. The contract manufacturing activities in its bio-manufacturing unit will continue. This intention confirms Innogenetics long term strategy and focus towards diagnostics.
Christiaan De Wilde, CEO Innogenetics: "This step was taken after careful consideration. The focus of Innogenetics on diagnostics and its financial situation are two important triggers. It makes clear that Innogenetics wants to prepare itself for its future as a profitable diagnostics company."
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