Medicure Announces Corporate Restructuring
March 04 2008 - 5:15PM
Marketwired
WINNIPEG, MANITOBA (AMEX: MCU), a cardiovascular-focused
biopharmaceutical company, today announced a restructuring plan
that will see the organization eliminate approximately 50 employees
and full-time consultants over the next month. The Company
anticipates that further reductions may occur over the next several
months.
These changes follow the Company's announcement that it does not
plan on submitting an application for MC-1 marketing approval to
the U.S. Food and Drug Administration for the CABG indication at
this time. This decision was based on an analysis of the data from
its pivotal phase 3 MEND-CABG II clinical trial that showed that it
did not meet the primary endpoint. The trial was designed to
evaluate the effect of Medicure's lead product MC-1, versus
placebo, on the incidence of cardiovascular death or nonfatal
myocardial infarction up to and including 30 days following
coronary artery bypass graft (CABG) surgery.
As a result of the restructuring announced today, the Company
now expects the cash position will be sufficient to fund operations
into the first quarter of fiscal 2009. The Company is currently
exploring alternatives for strengthening its financial position and
will provide additional guidance as appropriate.
The Company's near term focus will be on its commercial asset
AGGRASTAT� and the development of MC-1 for chronic cardiovascular
and metabolic disease.
"We would like to thank our employees for their dedication and
hard work. We have made a very difficult decision to downsize the
organization in order to minimize our burn rate, extend our working
capital and focus on AGGRASTAT and other possible applications of
MC-1," commented Medicure's President and CEO, Albert Friesen,
PhD.
The Company also announced the retirement of Mr. Jan-Ake Westin
as Medicure's Vice President, Clinical Development.
"We would also like to thank Jan-Ake for his leadership and
efforts in managing the Company's clinical program." stated Dr.
Friesen.
About Medicure Inc.
Medicure Inc is a biopharmaceutical company focused on the
research, development and commercialization of novel compounds to
treat cardiovascular disorders.
Cardiovascular medicine represents the largest pharmaceutical
sector, with annual global sales of over US $70 billion. Medicure
aims to make a global impact on cardiovascular disease and stroke
by reducing deaths, improving the quality of life and serving the
unmet needs of people who suffer from cardiovascular disease and
stroke.
This press release contains forward-looking statements, as
defined under applicable securities legislation, that involve
risks, which may cause actual results to differ materially from the
statements made, and accordingly may be deemed to be
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements are made as of the date hereof, and
the Company disclaims any intention and has no obligation or
responsibility to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise
except as required by law. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause the actual results, events or developments to be materially
different from any future results, events or developments expressed
or implied by such forward-looking statements. Such factors
include, among others, the Company's stage of development, lack of
product revenues, additional capital requirements, risks associated
with the completion of clinical trials and obtaining regulatory
approval to market the Company's products, the ability to protect
its intellectual property, dependence on collaborative partners and
the ability to meet its debt obligations. These factors should be
considered carefully and readers are cautioned not to place undue
reliance on such forward-looking statements. Additional risks and
uncertainties relating to the Company and its business can be found
in the "Risk Factors" section of its Form 20F for the year ended
May 31, 2007.
Contacts: Medicure Inc. Derek Reimer Chief Financial Officer
1-888-435-2220 (204) 488-9823 (FAX) Email: info@medicure.com
Website: www.medicure.com
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