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.  ---------------------------------------------------------------------------  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.   ---------------------------------------------------------------------------  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  ---------------------------------------------------------------------------   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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