BRIEF-Neurosearch to start talks on cutting majority of staff

STOCKHOLM, March 18 Mon Mar 18, 2013 3:43am EDT

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STOCKHOLM, March 18 (Reuters) - Neurosearch A/S : * Says transfer of the Huntexil project to Teva Pharmaceutical Industries LTD.

is now so advanced that the company foresees a significant reduction

in the activity level in the near future * Says negotiations will be initiated with the purpose of dismissal of the

majority of the company's employees * Says for 2013, NeuroSearch still expects an operating loss of approximately DKK 15 million on the assumption of release of the escrow amount of DKK 28.7 million by Teva upon satisfactory transfer of the Huntexil project * Says significant saving relating to dismissals will be realised after 2013 * Says the above expectations do not take into account any loss or profit arising out of a potential sale of the remaining NeuroSearch assets.

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