YRK York Pharma

 

TIDMYRK 
 
RNS Number : 6588M 
York Pharma plc 
02 February 2009 
 

 
 
York Pharma plc 
("York" or the "Company") 
 
 
Market Update 
 
 
Milton Keynes, UK, 2 February 2009, York Pharma plc (YRK.L), the specialist 
dermatology company, provides the following update to its strategic review 
announced on 14 January 2009. 
 
 
The recently strengthened management team has now assessed the current position 
of the Company and initiated steps to simplify and focus the existing business. 
As a consequence the Board has agreed the following actions: 
 
 
  *  The closure of York's existing representative office in Japan with immediate 
  effect; 
 
 
 
  *  A significant reduction of the Company's existing infrastructure in Germany; 
 
 
 
  *  A review of the development pipeline to identify assets within the portfolio to 
  be divested; and 
 
 
 
  *  To continue the development of the late stage dermatology pipeline whilst 
  minimising the investment required by the Company 
 
 
 
The strategic review is ongoing and the Company is continuing to assess resource 
levels within the business to ensure that they are appropriate whilst taking all 
possible steps to maintain an adequate level of working capital. The Company is 
also investigating a number of options to address its short term funding 
requirements. The Company will continue to update the market as further progress 
is made. 
 
Richard Anderson, York's Chief Executive, commented: 
"The new management team has moved swiftly to cut costs and to refocus the core 
business. We are also moving ahead with the next phase of our plan which is to 
build on the stable platform being created as a result of the restructuring so 
as to establish a cash generative business. I believe that York remains an 
attractive, revenue generating speciality pharmaceutical business with a strong 
late stage pipeline." 
 
 
For more information please contact: 
+-----------------------------------------+------------------------------+ 
| York Pharma plc                         | Tel: +44 (0) 870 066 4453    | 
| Richard Anderson, Chief Executive       |                              | 
| Officer                                 |                              | 
+-----------------------------------------+------------------------------+ 
| Collins Stewart Europe Limited          | Tel: +44 (0) 207 523 8350    | 
| Hugh Field / Adam Cowen                 |                              | 
+-----------------------------------------+------------------------------+ 
| FinnCap                                 | Tel: +44 (0) 207 600 1658    | 
| Geoff Nash                              |                              | 
+-----------------------------------------+------------------------------+ 
| Financial Dynamics                      | Tel: +44 (0) 207 831 3113    | 
| David Yates / Ben Brewerton / Emma      |                              | 
| Thompson                                |                              | 
+-----------------------------------------+------------------------------+ 
 
 
About York Pharma PLC 
YORK PHARMA PLC is a pharmaceutical Group, established in 2003, which develops, 
markets and supplies branded dermatological products to pharmaceutical 
wholesalers, hospitals and general practitioners within the field of 
dermatology. 
 
 
The Group currently has at its disposal more than 20 patent families (with over 
100 individual patents/patent applications) and intellectual property in 
relation to its portfolio of novel dermatology products and technology platforms 
in the key therapeutic areas of fungal infection, eczema/dermatitis, psoriasis, 
vitiligo and acne that make up more than 87% of the global $10bn dermatology 
market. For more information, visit www.yorkpharma.com. 
- end - 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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