DGAP-Adhoc: WILEX AG plans extensive cost-cutting measures

DGAP-Adhoc: WILEX AG plans extensive cost-cutting measures

WILEX AG  / Key word(s): Strategic Company Decision

29.01.2014 16:59

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Ad hoc release pursuant to § 15 Wertpapierhandelsgesetz 
(German Securities Trading Act)

WILEX AG plans extensive cost-cutting measures

Munich, Germany, 29 January 2014 - WILEX AG (ISIN DE0006614720 / WL6 / FSE)
today resolved to implement extensive cost-cutting measures and focus on
contract research and the ADC technology at its subsidiary Heidelberg
Pharma. This decision was taken with the approval of the company's
Supervisory Board. Clinical development activities will be discontinued
stepwise, and the workforce will be reduced by 80% to 10 employees in
Munich. Work will continue on the commercial exploitation of the company's
advanced clinical programmes. These measures became necessary to extend the
company's cash reach. At the moment, WILEX's financing is sufficient to
take the company into the third quarter of 2014. With the measures
announced today, the cash reach will be extended to at least the second
half of 2015.

Despite intensive efforts to obtain project funding and licensing
partnerships, WILEX AG has been unable to generate sufficient cash to
justify and guarantee maintaining its current scope of business activities.
The financing required to start the Phase III trials for RENCAREX(R) and
REDECTANE(R) has not been secured.

After the above measures are implemented, a core team will remain in Munich
to continue ongoing negotiations on marketing or financing the MESUPRON(R),
RENCAREX(R) and REDECTANE(R) projects. Heidelberg Pharma in Ladenburg will
continue to develop and market customer-specific contract research
operations, and the ADC technology in particular, and thus generate revenue
for the Group.

Decreased external costs for research and development, internal savings and
lower staff costs will reduce operating expenses in the next months. Cash
and cash equivalents as of 30 November 2013 totalled approximately EUR 8.9
million, subject to the annual financial statements audit. Due to the
restructuring, the publication of annual financial statements will
postponed to 31 March 2014 at the latest.


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Information and Explaination of the Issuer to this News:

About WILEX 
WILEX AG is a biopharmaceutical company based in Munich, Germany. Focused
on oncology, the Company develops diagnostic and therapeutic product
candidates for the specific detection and targeted treatment of various
types of cancer based on antibodies and small molecules. The subsidiary
Heidelberg Pharma GmbH offers preclinical contract research services and an
antibody drug conjugate (ADC) technology platform. Our customers and
partners include leading international pharmaceutical companies. WILEX AG
is listed at the Frankfurt Stock Exchange. ISIN DE0006614720 / WKN 661472 /
Symbol WL6. More information is available at www.wilex.com.


Contact                                 For press enquiries
WILEX AG                                MC Services AG
Corporate Communications                Katja Arnold (CIRO)
Sylvia Wimmer                           Tel.: +49-89-210 228-40
Tel.: +49 (0)89-41 31 38-29             Mobil: +49 160 9360 3022
Email: investors[at]wilex.com           E-Mail: katja.arnold[at]mc-
Grillparzerstr. 10, 81675 Munich,       services.eu
Germany


This communication contains certain forward-looking statements relating to
the Company's business, which can be identified by the use of
forward-looking terminology such as 'estimates', 'believes', 'expects',
'may', 'will' 'should' 'future', 'potential' or similar expressions or by a
general discussion of the Company's strategy, plans or intentions. Such
forward-looking statements involve known and unknown risks, uncertainties
and other factors, which may cause our actual results of operations,
financial position, earnings, achievements, or industry results, to be
materially different from any future results, earnings or achievements
expressed or implied by such forward-looking statements. Given these
uncertainties, prospective investors and partners are cautioned not to
place undue reliance on such forward-looking statements. We disclaim any
obligation to update any such forward-looking statements to reflect future
events or developments.

29.01.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      WILEX AG
              Grillparzerstr. 10
              81675 München
              Germany
Phone:        +49 (0)89 41 31 38 - 0
Fax:          +49 (0)89 41 31 38 - 99
E-mail:       info@wilex.com
Internet:     www.wilex.com
ISIN:         DE0006614720
WKN:          661472
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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