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Arpida will today discuss potential strategic scenarios with its shareholders during an AGM in Reinach, Switzerland.
After seeing iclaprim turned down by the Food and Drinks Administration (FDA), Arpida will now embark on a complete overhaul with an eye towards FDA approval. International experts in this field have supported the company.
As Arpida lacks both the time and the money, a search for funding or other strategic options will take place in parallel. The search for fresh funds has not yielded any results as access to credit lines or equity funding is not available.
During the last months, Arpida, supported by external advisors, has explored all other strategic options, including “reverse mergers”, takeovers, asset sales and even liquidation as a last resort.
Board and Management currently pursue business development contacts with 72 companies, both inside Switzerland and abroad. Of these, Arpida focuses on five that have advanced into negotiations which are currently ongoing. At today’s meeting no vote is planned on this item, as no concrete proposal is available at this time. If and when a major strategic proposal is made, shareholders will obviously be duly involved.
Copyright Press Association 2009