REINACH, Switzerland, April 15 /PRNewswire-FirstCall/ -- Arpida Ltd. (SWX: ARPN) today published the agenda for the Annual General Meeting of Shareholders, to be held in Basel on 7 May 2008. The invitation appears today in several Swiss media and will be sent to all registered Arpida shareholders. The agenda is available on the website http://www.arpida.com.
Apart from the yearly recurring agenda items, Arpida's Board of Directors will put two additional proposals to the shareholders.
The first additional agenda item relates to the proposed appointment of Elmar Schnee to the Board of Directors.
Elmar Schnee is a highly experienced Pharma executive who has gathered a wealth of international experience at several large and small pharmaceutical companies. He is currently President of Merck Serono S.A. and Regular Member of the Executive Board and General Partner of Merck KGaA, with responsibility for the Pharmaceuticals business sector. Mr Schnee is a Swiss national.
The terms of three current Arpida Board members expire in the AGM of 7 May 2008 and all three will stand for re-election. Professor Nam-Hai Chua, a Board member since 2004, has resigned from the Board.
The second additional proposal is aimed at increasing Arpida's flexibility in terms of potential financing instruments. In the past, Arpida's funds have primarily been provided by equity investors through the issue of shares. Going forward, Arpida may consider alternative sources of funding such as, for instance, convertible bonds.
In order to create the possibility to issue such instruments, the Company will ask its shareholders to make the necessary changes to its Articles of Association. If the shareholders' meeting approves these changes, Arpida will have the possibility to issue a total of no more than 3.2 million shares (15% of the currently outstanding share capital), either via a straight equity issue (authorised capital) or via conversion of bonds (conditional capital). Arpida currently has no intention to use this capital. This proposed additional capital cannot be used for the granting of employee options.
About Arpida Ltd.
Arpida (SWX: ARPN) is a biopharmaceutical company with research facilities in Reinach, Switzerland and in the USA. It focuses on the discovery and development of novel drugs that seek to overcome the growing problem of microbial resistance. The most advanced compounds include an antibacterial under regulatory review and an antifungal in Phase III.
Arpida's leading product candidate is intravenous iclaprim, a potent antibacterial that targets severe infections requiring hospital treatment, including those caused by methicillin-resistant Staphylococcus aureus (MRSA). The clinical programme for the first indication, complicated skin and skin structure infections (cSSSI), has been completed. The submission of the NDA to the US FDA was completed in March 2008.
In December 2007, Arpida announced the enrolment of the first patients in a Phase II clinical study with intravenous iclaprim in the treatment of patients with hospital-acquired pneumonia (HAP), ventilator-associated pneumonia (VAP) or healthcare associated pneumonia (HCAP).
In January 2008, the US FDA granted authorisation to progress oral iclaprim into a Phase II 'intravenous-to-oral' switch trial. Iclaprim could be offered not only as an intravenous therapy for hospital use in acute situations, but also as an oral formulation, allowing early patient discharge followed by outpatient treatment. This switch could be a valuable instrument in reducing healthcare costs and enhancing patient comfort.
Arpida's fourth most advanced antibiotic programme, AR-709, targets upper and lower respiratory tract infections acquired in the community setting. AR-709 exhibited potent activity against a large panel of pneumococcal clinical isolates including those resistant to currently used drugs. Promising results of "first-in-man" studies with AR-709 were published in March 2007.
An additional compound, AR-2474, has achieved in vivo proof of concept. AR-2474 has been shown to be effective in eradicating pathogens in preclinical models of skin infection and nasal carriage.
Apart from the antibiotic programmes, Arpida has an innovative antifungal therapy (TLT) which is in Phase III clinical trials in Europe, targeting onychomycosis.
Moreover, the company has several other leads in optimisation and additional discovery programmes derived from its own discovery platform at various research stages.
This press release contains specific forward-looking statements, e.g. statements including terms like believe, assume, expect or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.
SOURCE Arpida Ltd.