Full Press Release Details
ASX/Media Release (Code: ASX: PRR; NASDAQ: PBMD)
PRIMA BIOMED DUBAI UPDATE
Prima BioMed Ltd (ASX: PRR; NASDAQ: PBMD) ( Prima or the Company ) advises that it will be winding down its business activities in
Dubai due to regulatory delays and logistical challenges that would make it difficult to treat patients and achieve profitability in a reasonable amount of time.
Prima s operations in Dubai were initiated based on a pilot
CVacTM program, whereby the operating cost would be
underwritten by revenues earned from providing non-CVac-related apheresis services at The City Hospital.
The decision to wind down operations
in Dubai will allow the Company to refocus on clinical development of CVac in larger markets including the United States, Europe, and Australia.
Matthew Lehman, Prima s Chief Operating Officer and CEO designate said: The team at Prima made a concerted effort to establish a successful CVac and apheresis program in Dubai, but assumptions
about revenue from non-CVac-related apheresis services and the forecast timeline for when CVac could be exported from Australia to Dubai were, in retrospect, too optimistic.
There are a number of significant obstacles to overcome to make this a successful operation within an appropriate timeframe; the time to break even or to profitability is too distant to justify
maintaining the Dubai operation.
Prima exits the region on excellent terms with its employees and regional partners. It advises that it
may be appropriate to re-enter the Middle East market, at a later time, when essential regulatory approvals have been granted.
For further information please contact:
Australia Investor/Media:
Mr. James Moses, Mandate Corporate
+61 (0) 420 991 574; james@mandatecorporate.com.au
Ms. Kathy Galante, Burns McClellan Inc.
+1 (212) 213-0006; kgalante@burnsmc.com
Europe Investor/Media:
M hlhaus, edicto GmbH
+49 (0) 69 905505-52; amuehlhaus@edicto.de
BioMed Ltd, Level 7, 151 Macquarie Street, Sydney NSW 2000
Phone: +61 2 9276 1224 Fax: +61 2 9276 1284
Prima BioMed is a global biotechnology company headquartered in Australia. As a leader in personalized bio-therapeutic products for cancer, Prima is dedicated to leveraging its current technology and
expertise to develop innovative treatment options for patients and maximize value to shareholders. Prima s lead product is CVac , an autologous dendritic cell product currently in clinical trials for ovarian cancer.
BioMed Ltd, Level 7, 151 Macquarie Street, Sydney NSW 2000
Phone: +61 2 9276 1224 Fax: +61 2 9276 1284