Company Announcement
Shareholder Update
Thursday, Australia September 20th 2007
Clinuvel Pharmaceuticals Limited wishes to update its shareholders. Despite substantial progress in developing its photo-protective drug CUV1647 as a preventative treatment for a range of UV-related skin disorders, Clinuvel’s share price has recently declined to a price of AUD$0.46, at close of business today.
The current share price is in stark contrast to:
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5 indications identified by CUV1647
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Current cash position of $60 million
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Completion of the CUV1647 resorbable implant formulation
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Clinical advancement of two Phase III trials
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Preparation of three additional Phase II trials
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Preparation of an Investigational New Drug (IND) filing in USA
Shareholders should be aware that Absolute Capital Management Holdings Limited (ACMH), an international hedge fund and our largest share holder with over 20% in the company, declared on 19 September 2007 that its funds were distressed.
The fundamentals of Clinuvel and its progress in taking CUV1647 to market are positive and unaffected by events specific to ACMH.
Dr Philippe Wolgen, CEO of Clinuvel said,
“The intense focus of my entire Board and management is on the successful development of CUV1647 as a safe and efficacious pharmaceutical drug.”
“We are on track to file for registration for CUV1647 by 2009 and gain market approval. We are well underway with our two Phase III trials and I am very confident about my team’s execution ability,” he said.
“In the past 21 months we have achieved all of our clinical and corporate targets. We have attracted and developed a management team to advance our core technology. We have in excess of $60 million in cash.”
“Our progress has recently been recognized by independent broker research. ABN AMRO and Intersuisse have valued the company well above current share prices.”
“We are well placed to fulfill our strategic objectives successfully.”
...ist doch alles in bester Ordnung!!!
