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Paion AG. (4/17/12). "Press Release: Paion Receives Euro 2.1 Million through the Sale of Desmoteplase by Completion of Data and Know-how Transfer from H. Lundbeck A/S. So far EUR 18.6 Million of Total UR 20.1 Million Received". Aachen.

Organisations Organisation Paion AG
  Group Paion (Group)
  Organisation 2 H. Lundbeck A/S
  Group Lundbeck (Group)
Products Product desmoteplase
  Product 2 pain drug
Index term Index term Lundbeck–Paion: desmoteplase, 201202 acquisition all remaining desmoteplase rights for €20.1m in cash from Paion
Persons Person Söhngen, Wolfgang (Paion 200603 CEO)
  Person 2 Söhngen, Mariola (Convert Pharmaceuticals 201811– CEO before Mologen + Paion)
     


- Management contracts of founders extended by 2 years


PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange General Standard: PA8) today announces that H. Lundbeck A/S has paid EUR 2.1 million of the total amount of EUR 20.1 million after the full completion of the data and know-how transfer. This leaves EUR 1.5 million which will be held in escrow for twelve months and is payable thereafter. The sale of Desmoteplase to Lundbeck was announced on 28 February 2012.

In connection with the sale of Desmoteplase and the started strategic realignment as a specialized provider of anaesthesia products the Supervisory Board of PAION AG extended the expiring contracts with the current management board members Dr Mariola and Dr Wolfgang Söhngen. The remuneration of the base salary was reset to 100% due to the improved financial situation of the company. Hence the founders will accompany the phase of the extension of the business model.

The chairman of the supervisory board Dr Jörg Spiekerkötter commented: 'We are very happy that with the completion of the Desmoteplase transaction we now had the opportunity to extend the management contracts to be able to successfully create the strategic realignment together with the founders of PAION AG.'

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About PAION

PAION is headquartered in Aachen, Germany and has a second site in Cambridge, UK. The company is specialised in developing innovative drugs for the hospital-based treatment in indications for which there is a substantial unmet medical need. PAION is extending its 'Search & Develop' business model, by transforming into a 'Specialty Pharma Company', with a focus on anaesthesia products.

Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com

Disclaimer:
This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG's management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.

   
Record changed: 2017-04-02

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