Innogenetics announces the intention to restructure its subsidiary GENimmune

Innogenetics announces the intention to restructure its subsidiary GENimmune

Ghent - February 12, 2008 – 8.00 AM (CET) – Last year, Innogenetics decided to focus on the development and sales of diagnostic products, and GENimmune N.V. was incorporated as a fully owned subsidiary. GENimmune obtained assets of Innogenetics in the field of drug development. The strategy of Innogenetics, a leader in the development and commercialization of multiparameter diagnostics, is to focus solely on diagnostics. In this respect, Innogenetics announced today the intention to restructure its subsidiary GENimmune.

GENimmune focuses on the development of novel immune therapeutics, supported by a GMP bio-manufacturing unit. Innogenetics has decided to stop its investments in the development of its therapeutics subsidiary. This will allow it to focus its resources on the successful implementation of its diagnostics strategy. As a consequence, the intention was announced to restructure the GENimmune activities. The contract manufacturing activities in its bio-manufacturing unit will continue. This intention confirms Innogenetics long term strategy and focus towards diagnostics.

The Company has informed the works council of this intention. In total 82 people are active at GENimmune, of which 43 in the drug development group and 39 in its bio-manufacturing unit.

Following this intention Innogenetics will align its diagnostics organization accordingly.

Innogenetics is a leading diagnostics company in the field of infectious diseases, genotyping and neurodegeneration, including Alzheimer’s disease. Innogenetics is one of the largest manufacturers of linear array based multiparameter diagnostics worldwide.

Guy Buyens, M.D., CEO GENimmune: “This announcement is in line with previous communications. GENimmune management will continue to look for alternative financing.”

Christiaan De Wilde, CEO Innogenetics: “This step was taken after careful consideration. The focus of Innogenetics on diagnostics and its financial situation are two important triggers. It makes clear that Innogenetics wants to prepare itself for its future as a profitable diagnostics company.”

About Innogenetics
Innogenetics NV is an international biotechnological company that develops and markets diagnostic products and develops immune therapeutics to improve therapy management and patient health.

Innogenetics’ Diagnostics business unit develops and markets a wide range of diagnostic assays with a focus on molecular diagnostics and multiparameter testing. Its products are sold in over 90 countries through its 6 subsidiaries and a large number of distributors. In 2006, Diagnostics sales totalled EUR 45.8 million, more than 95% of which were achieved outside Belgium.

As of October 1, 2007, Innogenetics grouped its therapeutics activities into the wholly owned subsidiary called GENimmune. GENimmune focuses on developing innovative immune therapeutics and therapeutic vaccines and is supported by a world-class biomanufacturing unit providing third-party services as well.

Founded in 1985, Innogenetics is listed on Euronext Brussels [Ticker: INNX].Â