Vicuron (NASDAQ:MICU)
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Vicuron Pharmaceuticals Announces Planned Expense Reduction
Conference Call Scheduled for 8:30 a.m. EDT
KING OF PRUSSIA, Pa., June 24 /PRNewswire-FirstCall/ -- Vicuron
Pharmaceuticals Inc. (Nasdaq: MICU; Nuovo Mercato), today announced details of
its plan to reduce operating expenses in light of the delay in the launch of
its lead antifungal product anidulafungin.
The company will decrease 2004 operating expenses by over $25 million and
reduce operating expenses by an additional $25 million in 2005 through a
combination of operational and headcount related measures.
"We have begun ongoing discussions with the U.S. Food and Drug Administration
to determine what is required to obtain approval for anidulafungin," said
George F. Horner III, Vicuron's president and chief executive officer. "In the
meantime, we believe the measures we have outlined allow Vicuron to conserve
cash and to focus on driving both anidulafungin and dalbavancin toward market."
2004 and 2005 Financial Guidance
For the 2004 fiscal year, Vicuron now anticipates a net loss of $87 - $92
million. For the 2005 fiscal year, Vicuron expects to report a net loss of $65
- $70 million.
Conference Call Information
Vicuron will host a conference call today, June 24, at 8:30 a.m. Eastern
Daylight Time. To access the live call or the 14-day archive via the Internet,
log on to http://www.vicuron.com/. Please connect to Vicuron's website at least
15 minutes prior to the conference call to ensure adequate time for any
software download that may be needed to access the webcast. Alternatively,
please call 1-800-915-4836 (U.S.) or 1-973-317-5319 (international) to listen
to the call. Telephone replay will be available beginning approximately one
hour after the call through June 25, 2004. To access the replay, please call
1-800-428-6051 (U.S.) or 1-973-709-2089 (international). The conference ID
number is 362132.
About Vicuron
Vicuron Pharmaceuticals is a biopharmaceutical company focused on discovering,
developing, manufacturing and commercializing vital medicine for seriously ill
patients in North America and major countries in Europe. The company's lead
product, anidulafungin is under review by the U.S. Food and Drug
Administration. The company's other lead product, dalbavancin, a novel
intravenous antibiotic for the treatment of serious Gram-positive infections,
is in Phase III clinical trials. The company's versatile research engine
integrates industry-leading expertise in functional genomics, natural products
discovery, mechanism-based drug design and combinatorial and medicinal
chemistry. These approaches are yielding promising novel and next-generation
compounds, many of which are in the later stages of preclinical development. In
addition, the company has research and development collaborations with leading
pharmaceutical companies, such as Pfizer and Novartis.
Forward-Looking Statements
This news release contains forward-looking statements that predict or describe
future events or trends. The matters described in these forward- looking
statements are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond Vicuron's control. Vicuron
faces many risks that could cause its actual performance to differ materially
from the results predicted by its forward-looking statements, including the
possibilities that clinical trials and the results thereof might be delayed,
that the timing of the filing of any new drug application might be delayed,
that subsequent clinical trials might indicate that a product candidate is
unsafe or ineffective, that any filed new drug application may not be approved,
that ongoing proprietary and collaborative research might not occur or yield
useful results, that a third party may not be willing to license our product
candidates on terms acceptable to us or at all, that competitors might develop
superior substitutes for their products or market them more effectively, that a
sales force may not be developed as contemplated, that one or more of its
product candidates may not be commercialized successfully, that operating may
be able to be reduced by the amounts described or at all and that the net loss
for a particular period may be greater than expected. The reports that Vicuron
files with the U.S. Securities and Exchange Commission contain a fuller
description of these and many other risks to which Vicuron is subject. Because
of those risks, Vicuron's actual results, performance or achievements may
differ materially from the results, performance or achievements contemplated by
its forward- looking statement. The information set forth in this news release
represents management's current expectations and intentions. Vicuron assumes no
responsibility to issue updates to the forward-looking matters discussed in
this news release.
DATASOURCE: Vicuron Pharmaceuticals Inc.
CONTACT: Dov A. Goldstein, M.D. of Vicuron Pharmaceuticals Inc.,
+1-610-205-2312, or ; or Hala Bashir of WeissCom
Partners, +1-212-204-2080, or ; or Aline Schimmel of
Burns McClellan, +1-212-213-0006, or , both for Vicuron
Pharmaceuticals Inc.
Web site: http://www.vicuron.com/