Polyphor to extend period for its strategic evaluation by up to four weeks

Polyphor AG / Key word(s): Statement

30-Jul-2021 / 07:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Allschwil, Switzerland, July 30, 2021

Polyphor to extend period for its strategic evaluation by up to four weeks

Polyphor AG (SIX: POLN) today provided an update regarding the recently announced evaluation of strategic options. This review has become necessary following the negative results of the FORTRESS study for balixafortide. The board of directors has resolved to extend the period for strategic evaluation of all options for the future of the Company by up to four weeks.

The planned restructuring to reduce costs and create operational efficiencies is being completed with the reduction of around 20 employees following the finalization of the consultation process.

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About Polyphor
Polyphor is a research driven clinical-stage, Swiss biopharmaceutical company committed to discovering and developing best-in-class molecules in oncology and antimicrobial resistance leveraging the company's leading macrocyclic peptide technology platform. Polyphor has finished patient enrollment of a Phase III trial of balixafortide (POL6326) in combination with eribulin in patients with advanced breast cancer. In addition, it has discovered and is developing the Outer Membrane Protein Targeting Antibiotics (OMPTA). OMPTA are potentially the first new class of antibiotics in clinical development in the last 50 years against Gram-negative bacteria. The company's lead OMPTA program is an inhaled formulation of murepavadin for the treatment of Pseudomonas aeruginosa infections in patients with cystic fibrosis. Polyphor is based in Allschwil near Basel and is listed on the SIX Swiss Exchange (SIX: POLN). For more information, please visit www.polyphor.com.

Disclaimer
This press release contains forward-looking statements which are based on current assumptions and forecasts of the Polyphor management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Polyphor's results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Polyphor disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.