DGAP-News

Agennix AG Provides Strategic Update

DGAP-News: Agennix AG / Key word(s): AGM/EGM
Agennix AG Provides Strategic Update

09.04.2013 / 22:59

---------------------------------------------------------------------

/

Press Release
For Immediate Release

Agennix AG Provides Strategic Update
Announces Extraordinary General Meeting

Munich (Germany) and Princeton, NJ, April 9, 2013 - Agennix AG (Frankfurt
Stock Exchange: AGX) today provided an update regarding strategic options
and its activities to further conserve cash. The Company continues to
pursue strategic opportunities, including potential combinations with other
life sciences companies. Agennix also is continuing to take steps to
further conserve cash, including an additional staff reduction, as well as
plans to de-list from the Prime Standard sub-section of the Frankfurt Stock
Exchange and list on the General Standard of the regulated market.

Additionally, the Management Board and Supervisory Board today have
approved an agenda for an Extraordinary General Meeting (EGM) of Agennix AG
to be held on May 22, 2013. At this EGM, the Management Board will discuss
the previously announced notice of loss pursuant to § 92 par. 1 AktG. The
Company continues to pursue various strategic options and will ask
shareholders to vote on two proposals, among other items, related to the
future of the Company. These items are 1) a 20:1 reverse stock split, and
2) the liquidation of Agennix AG, the public entity. The liquidation of
Agennix AG would eliminate the public entity but still permit potential
transactions involving the Company's clinical assets and its U.S.
subsidiaries as part of the process. The reverse stock split is proposed to
reduce the number of outstanding shares to address the situation under § 92
par. 1 AktG and to permit issuance of shares in connection with a potential
strategic transaction. Management expects to make a recommendation by the
date of the EGM to approve either the reverse stock split or the
liquidation proposal, depending on progress made towards completing a
strategic transaction and the nature of such a deal.

Torsten Hombeck, Ph.D., Chief Financial Officer and Spokesperson of the
Management Board, said: 'We are asking shareholders to consider different
options for the Company as we pursue strategic opportunities. The drug
development expertise and foothold that we have retained in the U.S.
continue to be of interest to potential partners, and our talks with
various companies are ongoing.'

Agennix AG is a publicly listed biopharmaceutical company. The Company's