Clavis Pharma ASA Updates on Operational Restructuring; to Cut Jobs

Clavis Pharma ASA announced that the operational restructuring of the Company, following the negative outcome of the CLAVELA Phase III study announced in April 2013, is progressing according to plan. As described in the financial report for the first quarter of 2013, the Company has suspended any further development activities and has taken the necessary steps to minimize the future operating expenditure. All patients have completed treatment in the Company's clinical trials, and the trials have been closed. As part of the restructuring, most of the employees of Clavis Pharma will leave the Company by June 30, 2013. The Board is still in the process of evaluating the strategic options for the Company, and any potential proposals will be communicated in due course. Clavis Pharma will have estimated net cash (cash and cash equivalents, net of any borrowings and other liabilities) of between NOK 35 million and NOK 40 million at the end of 2013. The Company also announced that a more detailed financial update will be given in the second quarter financial report, to be released on August 28, 2012.