Munich - The board of management and the supervisory board of Formycon AG have decided to postpone the general assembly, which was originally scheduled for June 30, 2020 to December 10, 2020. This decision was made in light of the ongoing corona pandemic in order to protect the shareholders, employees and all service providers involved in the general assembly. Formycon is therefore following the general (large-scale) ban on events until August 31, 2020, which was declared by the federal government in mid-April 2020, and is making use of the law passed by the legislator to mitigate the consequences of the COVID-19 pandemic, which allows for the annual general assembly to be held beyond the usual eight-month period (§175 para. 1 sentence 2 Stock Corporation Act).

By postponing the general assembly to a date at the end of the year, Formycon would like to allow its shareholders the possibility of participating in the event in person if the prevailing corona pandemic situation permits by then. The announcement of the convening of the annual general assembly on the new date will be made according to the regular statutory periods. The annual financial statements for the 2019 fiscal year will be published on May 18, 2020 as planned.

About Formycon:
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of antibody-based COVID-19 compounds.

About Biosimilars:
Since their introduction in the 1980s, biopharmaceuticals have revolutionized the treatment of serious diseases such as cancer, diabetes, rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming years, many of these biotech drugs will lose their patent protection – and by 2020, medications with revenues of approximately USD 100 billion will be off patent.

Biosimilars are follow-on versions of biopharmaceuticals, for which exclusivity has expired. They are approved via stringent regulatory pathways in highly regulated markets (such as EU, US, Japan, Canada, Australia) based on proven similarity of the biosimilar with the originator biopharmaceutical reference product. While the global market for biosimilars is currently more than USD 5.0 billion, industry experts expect this figure to grow up to USD 30 billion by the year 2025.