22/11/2016 10:53:38

NeuroSearch announces main components of resolution plan

Related content
21 Mar - 
Report on Annual General Meeting of NeuroSearch A/S
07 Mar - 
Report pursuant to section 28a of the Danish Act on Sec..
27 Feb - 
Notice convening the Annual General Meeting of NeuroSea..


22 November 2016

As stated in company announcement 9/2016 of 14 November 2016, the Danish Supreme Court found the Company guilty of market manipulation based on events occurring in the first half of 2010.

In continuation hereof, the Company has opted to announce the status for handling its remaining assets as set out below.




Plan for divesting values

Value of tax loss

Tax loss carry forwards have been calculated at approx. DKK 2.2bn.

The Company will scan the market for potential buyers of NeuroSearch and the underlying tax loss.

Potential milestone payments from TEVA regarding Huntexil®

If Huntexil® is granted market approval, NeuroSearch will be entitled to receive three milestone payments totalling up to DKK 55m. Teva Pharmaceutical Industries Ltd. recently announced positive data from a comprehensive Phase II study. NeuroSearch has no further insight into Teva’s future plans for developing Huntexil® and is therefore unable to assess the likelihood of payments to NeuroSearch being triggered or the timing of such payments.

NeuroSearch will initiate a process to identify any possibilities of divesting the Company’s entitlement to potential milestone payments.

Winding up of the associate NsGene A/S

NeuroSearch owns 26.8% of NsGene.

The board of directors of NsGene has advanced plans to close down the company at the beginning of 2017. If these plans are executed, NeuroSearch may be entitled to receive a small single-digit million DKK amount in 2017.

Atonomics A/S

NeuroSearch owns 3.9% of Atonomics.

NeuroSearch will initiate a process to identify any possibilities of divesting the Company’s shareholding.


Agreements with Saniona A/S

A number of projects, rights and patents have been sold or transferred to Saniona A/S. Under the terms of the agreements, NeuroSearch is entitled to milestone payments and potential royalties related to specific project milestones.

NeuroSearch will initiate a process to identify any possibilities of divesting the Company’s entitlement to potential milestone payments and to potential royalties.

Cash and cash equivalents

At 31 October 2016, cash and cash equivalents totalled DKK 71 million after deducting a DKK 5 million provision for a fine.



Following the Supreme Court decision, the Company can adjust its future costs so that 2017 costs reflect the activities that are gradually being discontinued. Costs relating to the DKK 5 million fine and legal expenses for the recently closed Supreme Court case will be incurred in 2016. NeuroSearch has previously made a provision for the full amount of the DKK 5 million fine.

Management intends to further the above-mentioned initiatives during the coming months and to present to the shareholders at the 2017 annual general meeting a reasoned proposal for how to proceed with the resolution of the company.

Financial outlook for 2016

In 2016, NeuroSearch expects an operating loss in the range of DKK 4-6 million. The outlook does not include any income from the possible divestment of Company assets or potential income from the Company’s agreements with Teva, Saniona or others. The provision for the DKK 5 million fine will not affect the operating results for 2016, as a provision was made in the financial statements for 2014 to cover the fine.

Karin Garre                           Allan Andersen

Chairman                              CEO

Contact person

Allan Andersen, CEO, phone: +45 4016 3864.

About NeuroSearch

NeuroSearch A/S (NEUR) is listed on NASDAQ Copenhagen A/S.


Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Alliance Trust PLC : Transaction in Own Shares

14/06/2017 07:00:13
14 June 2017  Alliance Trust PLC TRANSACTION IN OWN SHARES  The Board of Alliance Trust PLC ("the Company") announces that on 13 June 2017 the Company purchased for cancellation 209,000 ordinary shares of 2.5p each at a price of 708.0748p per share.  Therefore, the total number of voting rights in the Company is now 354,575,762.    The above figure (354,575,762) may be used by shareholder..

Majedie Asset Management Ltd : Form 8.3 - TESCO PLC

13/06/2017 15:20:46

Quarterly Update for the Quarter to 30 April 2017

13/06/2017 12:50:10
13 June 2017 ICG Enterprise Trust Plc Quarterly Update For the quarter to 30 April 2017 Highlights Share price Total Return1 of 5.7% for the quarter and 39.9% for the 12 months to 30 April 2017 Net asset value per share Total Return1 of 0.6% for the quarter and 19.9% for the 12 months The Portfolio1 is valued at £54..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
Stull, Stull & Brody Announces Class Action Suit on Behalf of Purchasers of Booz Allen Hamilton Holding Corporation (NYSE:BAH) Common Shares
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Synchronoss Technologies, Inc. of Class Action Lawsuit and Upcoming Deadline – SNCR
Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against CenturyLink, Inc. (CTL)
Southern National Bancorp of Virginia, Inc. and Eastern Virginia Bankshares, Inc. Announce Closing of Merger
Elemica Wins 2017 SDCE 100 Award for 4th Consecutive Year

Related stock quotes

NeuroSearch A/S 3.54 -0.3% Stock price decreasing

Buy and sell signals

  • Trend
  • Moneymachine

Latest news

Copyright Euroinvestor A/S 2017   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
24 June 2017 06:22:54
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20170623.1 - EUROWEB4 - 2017-06-24 07:22:54 - 2017-06-24 06:22:54 - 1000 - Website: OKAY