Ambrilia Biopharma Inc. Implements Further Cost Reduction Measures; Lay-off of Dr. Philippe Calais, President and CEO and Ms. Monique Letourneau, EVP, Finance and CFO
MONTREAL, QUEBEC--(Marketwire - July 29, 2009) - Ambrilia Biopharma Inc. (TSX:AMB) announced today that its Board of Directors has approved additional measures to effectively reduce costs which resulted in the lay-off of two senior managers, Dr. Philippe Calais, President & Chief Executive Officer, and Ms. Monique Letourneau, Executive Vice-President, Finance & Chief Financial Officer.
Ambrilia also announced that Mr. Richard La Rue has been appointed Interim President & Chief Executive Officer and Mr. Brian Davies has been appointed Chief Financial Officer, effective immediately. Mr. La Rue and Mr. Davies have been employed by Ambrilia as Vice-President, Legal Affairs, Human Resources & Corporate Secretary and Director, Finance & Controller, respectively, since 2001.
Commenting on the lay-offs, Mr. Frederic Porte, Chairman of the Board of Ambrilia, said "On behalf of Ambrilia's Board, I wish to thank Dr. Calais and Ms. Letourneau for their contribution to the Company and wish them the best of success in their future endeavours".
About Ambrilia Biopharma Inc.
Ambrilia Biopharma Inc. (TSX:AMB) is a biotechnology company focused on the discovery and development of novel treatments for viral diseases and cancer. The Company's strategy aims to capitalize on its portfolio and original expertise in virology. Ambrilia's product portfolio is comprised of oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a targeted delivery technology for cancer, an HIV protease inhibitor program as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds. Ambrilia's head office, research and development and manufacturing facilities are located in Montreal. For more information, please visit the Company's web site: www.ambrilia.com.
Ambrilia's forward looking statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the Company's filings. We refer you to the Risk Factors section of the Company's annual information form which contains a more exhaustive analysis of the risks and uncertainties that are generally connected to the business of the Company. Such statements are also based on various assumptions, including the successful and timely completion of clinical studies on Ambrilia's products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelines and the attainment of the forecasted milestone payments and other revenues. Failure to complete a strategic or financial transaction as a result of the review of strategic alternatives could have a material adverse effect on Ambrilia. While Ambrilia anticipates that subsequent events and developments may cause Ambrilia's views to change, Ambrilia specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.