CFO Harry Welten, MBA, commented: "Thanks to continued focus we havemanaged to keep spending in the first half of 2008 within the guidance givenin March this year. Due to the build-up of commercial capabilities, we expectcash spending on operating activities in the second half of 2008 to be aroundCHF 4.5 million on average per month. Based on our financial position andiclaprim's advanced development status, we feel we are well-placed as weapproach 2009, which we expect to be a launch year."
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Dr Jürgen Raths, President and CEO, commented: "I am very pleased withthe achievements in the year to date, not only in financial terms, but alsoin terms of development and regulatory progress. Our lead product candidateiclaprim is now under review at the major regulatory authorities on bothsides of the Atlantic. We are very much looking forward to hearing from theU.S. authorities in January 2009. After more than 10 years of hard work,Arpida is getting very close to turning what used to be a promising compoundinto a promising drug, providing physicians with a potent new therapy in thefight against MRSA and other important pathogens."
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Dr Raths added: "I am delighted that we have been able to attract JamesBruno to join us and support us in developing and executing our commercialstrategy. His proven track record of outstanding commercial leadership willbe crucial as we add commercial competences."Highlights 2008 to date Major pipeline progress: - Regulatory filings for intravenous iclaprim in cSSSI submitted in U.S.A. and Europe - Enrolment in Phase II "intravenous-to-oral" switch trial with oral iclaprim progresses well - Enrolment in Phase II HAP/VAP/HCAP trial challenging - Enrolment in Phase III trial with TLT approaches 50% - Leadership change to enable Arpida to become a fully integrated pharmaceutical company - Raised CHF 19.6 million in a secondary offering in April 2008 - Cash and financial investments of CHF 67.9 million at 30 June 2008
SOURCE Arpida Ltd.
