DGAP-News: CO.DON AG
/ Key word(s): Miscellaneous
18.03.2020 / 11:00
The issuer is solely responsible for the content of this announcement.
CO.DON AG: Restructuring program implemented
Berlin / Teltow / Leipzig, March 18th, 2020 – CO.DON AG has implemented a comprehensive restructuring within the scope of an analysis of all internal structures and business processes and has thus taken measures for long-term economic security.
Core aspects are the concentration on the reduction of the monthly consumption of financial resources by streamlining the organisational structures and internal processes as well as the focus of all departments on a significant and sustainable increase in sales in Germany and the European target markets that have been developed or are being developed. Among other things, in-house research and active acquisition in the area of contract production and activities relating to market entry efforts in non-European markets were reduced in terms of resources until break-even will be reached.
Tilmann Bur, CEO of CO.DON AG: “Realism, perspective and finally profitability – these are the cornerstones of the realignment of CO.DON AG. We are one of the world’s leading manufacturers of cell transplants and have an EU-wide approved product. Our production facility offers one of the world’s most advanced technologies for the cultivation of human cells. We can be quite rightly proud of this. In the course of the necessary restructuring, we have now set the solid foundation for a future strategy of our company”.
CO.DON AG develops, produces and distributes autologous cell therapies for the minimally invasive repair of cartilage defects. The product being marketed is a cell therapy product for the minimally invasive treatment of cartilage damage in the knee joint that uses only the patient’s own cartilage cells (“autologous chondrocytes”). CO.DON’s method is currently used in over 200 clinics in Germany and more than 15,000 patients have already been treated. In July 2017 CO.DON AG received central EU marketing authorisation for this product from the European Medicines Agency (EMA). At the Leipzig site, CO.DON has built one of the world’s largest and most modern facilities for the production of human cells on an industrial scale for in-house and contract manufacturing. The shares in CO.DON AG are listed on the Frankfurt Stock Exchange (ISIN: DE000A1K0227). Executive Board: Tilmann Bur.
Further information is available from www.codon.de.
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