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Movetis NV - Results First Half 2010

27/08/2010

Movetis NV (MOVE), the European gastrointestinal (GI) speciality pharmaceutical company, released today its First Half 2010 Results. The Half Year 2010 Financial Report is available on the corporate website www.movetis.com under the header Press Releases.

First Half 2010 Highlights

• Resolor® (prucalopride) welcomed with enthusiasm by GI specialists in the countries where the product is available. Patient uptake progressing according to plan.
• First Half 2010 sales of €0.6 million in line with expectations, reflecting the controlled Resolor roll-out programme to GI specialists in Germany and the UK.
• Cash position of €90.1 million (cash and cash equivalents, available-for-sale financial assets) as spending on both marketing and R&D remains in line.

Post Period Highlight

• On 3 August Movetis received a tender offer from Shire of €19 in cash per share. Movetis’ board of directors supports this offer and certain shareholders holding in the aggregate 38.9% of Movetis’ issued share capital have unconditionally agreed to tender their shares in the bid.
• NICE draft guidance issued in the UK in support of Resolor use.
• Marketing authorisation granted for Resolor in Switzerland.

Dirk Reyn, CEO of Movetis, commented: “We continue to make good progress in delivering our business plan which is focused on the successful roll out of Resolor and the further development of our attractive clinical pipeline. Our organizations in Germany and the UK have been strengthened to support the marketing of Resolor as we continue to build awareness of this novel treatment option for chronic constipation. On 3 August 2010, a tender offer from Shire was announced. Certain shareholders have unconditionally agreed to tender their shares. The completion of the transaction would mean that Resolor and the other compounds would become part of the portfolio of Shire, a rapidly growing, financially and commercially strong organization aiming to strengthen its GI business in Europe for strategic reasons, with a key role for the Movetis team.”

Source: Movetis