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DGAP-News: Formycon AG
/ Key word(s): AGM/EGM/Miscellaneous
11.05.2020 / 09:00
The issuer is solely responsible for the content of this announcement.
Press Release // May 11, 2020
Formycon is postponing the general assembly into the fourth quarter of 2020 to maintain the possibility of an event in person
- New date scheduled for December 10, 2020
- Postponement to later date should allow for an event in person
- Publication of the annual financial statements as planned on May 18, 2020
Munich - The board of management and the supervisory board of Formycon AG have decided to postpone the general assembly, which was originally scheduled for June 30, 2020 to December 10, 2020. This decision was made in light of the ongoing corona pandemic in order to protect the shareholders, employees and all service providers involved in the general assembly. Formycon is therefore following the general (large-scale) ban on events until August 31, 2020, which was declared by the federal government in mid-April 2020, and is making use of the law passed by the legislator to mitigate the consequences of the COVID-19 pandemic, which allows for the annual general assembly to be held beyond the usual eight-month period (§175 para. 1 sentence 2 Stock Corporation Act).
By postponing the general assembly to a date at the end of the year, Formycon would like to allow its shareholders the possibility of participating in the event in person if the prevailing corona pandemic situation permits by then. The announcement of the convening of the annual general assembly on the new date will be made according to the regular statutory periods. The annual financial statements for the 2019 fiscal year will be published on May 18, 2020 as planned.
About Formycon:
Formycon is a leading, independent developer of high-quality follow-on products for biopharmaceutical medicines known as biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development.
About Biosimilars:
Since their introduction in the 1980s, biopharmaceuticals have revolutionized the treatment of serious diseases such as cancer, diabetes, rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming years, many of these biotech drugs will lose their patent protection - and by 2020, medications with revenues of approximately USD 100 billion will be off patent. Biosimilars are follow-on versions of biopharmaceuticals, for which exclusivity has expired. They are approved via stringent regulatory pathways in highly regulated markets (such as EU, US, Japan, Canada, Australia) based on proven similarity of the biosimilar with the originator biopharmaceutical reference product. While the global market for biosimilars is currently more than USD 5.0 billion, industry experts expect this figure to grow up to USD 30 billion by the year 2025.
Contact Formycon AG:
Sabrina Müller
Corporate Communications and Investor Relations
Fraunhoferstr. 15
82152 Martinsried/Planegg/Germany
phone +49 (0) 89 - 86 46 67 149
fax + 49 (0) 89 - 86 46 67 110
Sabrina.Mueller@formycon.com // www.formycon.com
Disclaimer:
This press release may contain forward-looking statements and information which are based on our current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.
11.05.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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