SOURCE: Basilea Pharmaceutica AG

April 06, 2011 13:08 ET

Ordinary General Meeting of Shareholders of Basilea Pharmaceutica Ltd.

BASEL, SWITZERLAND--(Marketwire - April 6, 2011) -

Basilea Pharmaceutica AG / Ordinary General Meeting of shareholders of Basilea Pharmaceutica Ltd. . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

Basel, Switzerland, April 6, 2011 - Basilea Pharmaceutica Ltd. (SWISS: BSLN) (PINKSHEETS: BPMUF) shareholders approve all Board of Directors' proposals at the Ordinary General Meeting.

Today the shareholders of Basilea approved the annual report, the financial statements and consolidated financial statements for the business year 2010 and discharged the members of the Board of Directors and Management. Shareholders also approved offsetting the net loss of Basilea Pharmaceutica Ltd. with retained earnings and carrying forward the remaining amount as well as transferring free reserve to reserve from capital contributions.

Mr. Steven D. Skolsky, Dr. Anthony Man and Mr. Ronald Scott were re-elected to the Board of Directors for three-year terms.

Shareholders re-elected PricewaterhouseCoopers AG, Basel, as Statutory Auditors for the stand-alone and consolidated financial statements for the business year 2011. In addition, shareholders approved the change of Article 3b paragraph 1 of the Articles of Incorporation, reflecting the renewal of the otherwise unchanged authorized share capital.

The Board of Directors confirmed Mr. Werner Henrich as Chairman of the Board of Directors and elected Mr. Hans-Beat Gürtler as Vice-Chairman.

The Ordinary General Meeting for the financial year 2010 was attended by shareholders representing 39.96% of the total share capital of the company.

In his presentation to shareholders, Dr. Anthony Man, CEO Basilea Pharmaceutica Ltd., commented: "With more than CHF 280 million in cash and short-term investments at year-end 2010, a strong late-stage pipeline plus one product already on the market, Basilea has a sound basis for creating future value." He added: "In 2010 Basilea signed important partnerships to optimize the value of isavuconazole and Toctino. The successful completion of the arbitration proceedings regarding ceftobiprole with an award of USD 130 million has enhanced Basilea's flexibility to further optimize the value of its pipeline, including its innovative early-stage programs. With the return of ceftobiprole rights we are seeking the best strategic and operational partner to bring ceftobiprole back to patients as fast as possible. We are looking ahead to another year full of significant milestones for the company and remain committed to creating shareholder value."

About Basilea

Basilea Pharmaceutica Ltd. is headquartered in Basel, Switzerland, and listed on the SIX Swiss Exchange (SIX: BSLN). Its fully integrated research and development operations are focused on antibiotics, antifungals and oncology drugs, as well as on the development of dermatology drugs, targeting the medical challenge of resistance and non-response to current treatment options in the hospital and specialty care setting.

Basilea is marketing Toctino® (alitretinoin), the only approved treatment for severe chronic hand eczema unresponsive to potent topical corticosteroids, in Denmark, Finland, France, Germany, Switzerland and the United Kingdom and has appointed distributors for Toctino® in other selected European markets, Canada, Israel and Mexico. Furthermore, a phase III clinical program on alitretinoin for the treatment of severe chronic hand eczema is ongoing in the U.S. For its phase III compound isavuconazole, a potential best-in-class azole antifungal for the treatment of life-threatening invasive fungal infections, the company has entered into a global partnership with Astellas Pharma Inc. In addition, Basilea is developing ceftobiprole, a late-stage novel anti-MRSA broad-spectrum cephalosporin antibiotic, for the first-line treatment of potentially life- threatening resistant bacterial infections. Ceftobiprole has a broad coverage of both Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA), and many clinically important Gram-negative bacteria such as Pseudomonas spp.

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning Basilea Pharmaceutica Ltd. and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Basilea Pharmaceutica Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Basilea Pharmaceutica Ltd. is providing this communication as of this date and does not undertake to update any forward- looking statements contained herein as a result of new information, future events or otherwise.

This press release can be downloaded from www.basilea.com.

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Basilea Pharmaceutica AG Grenzacherstrasse 487
P.O Box Basel Switzerland


Listed: Freiverkehr in Börse Stuttgart, Freiverkehr in Börse Berlin, Open Market (Freiverkehr) in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München;


Press Release (PDF): http://hugin.info/134390/R/1504173/439065.pdf




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Source: Basilea Pharmaceutica AG via Thomson Reuters ONE

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