We took the opportunity to speak to Speedel regarding todays news: 
 
"We are revising our estimated full year 2006 cash-burn from about CHF 80 million to CHF 70-75 million, principally due to slower than expected recruitment in our Phase III clinical trial for SPP301 in diabetic kidney disease. As we previously disclosed, during the third quarter the company received CHF 13.9 million as a result of the early conversion of the convertible loan. With liquid assets of CHF 145.1 million we have sufficient funds to finance our current pipeline through Q1 2008.”  source: Press Release

Stocknews.ch: Why is the recruitment for SPP301 advancing slower than expected?
 
a.        Diabetes and its complications is expanding significantly as a disease area and is attracting considerable interest from the pharma & biotech industry
b.        There are currently about 50 clinical trials in the Diabetic Nephropathy indication which are competing for patient recruitment alongside SPP301

Stocknews.ch: What probability would you give that you don't need to incease capital by Q1 2008 - put in another way: Under what circumstances will you need more funds?
 
Speedel: We are fully financed through Q12008 so you can expect us to require more funds before then - and we are keeping all options open, as such funds could come from equity, from loans, from milestone payments, from partnering.

Stocknews.ch: When do you expect to ideally launch first product; have first revenues from one of your pipeline products?
 
Speedel: Our lead product SPP100 is partnered with Novartis for hypertension. They filed this with the FDA in Q1 2006 and with the EMEA in Q2 2006. If all goes well, it is possible that SPP100 could be launched in the US in Q1 2007  and Speedel would earn revenues from that point onwards.

Stocknews.ch: Do you have a breakdown of R&D costs?
 
Speedel: No - we do not provide a breakdown by product. Some detail is published for 2005 in our Annual Report on the web - page 67       

(Stocknews.ch: Click here for image of page 67...)

  
Stocknews.ch: What are the details of the share options issued in 2006? Strike, No of Shs, Beneficiaries etc?
 
Speedel: We only provide details of these on an annual basis in our Annual Report - for 2005 this is pages 68-69

(Stocknews.ch: "Options are granted to all employees, Board members and a small number of long-term consultants. Each option entitles the holder to purchase one ordinary share, at an option price determined by the Compensation Committee on a tranche-bytranche basis at a price reflecting the evolution of the fair market value of the ordinary shares at the date of grant. The options have a five-year duration and vest on a phased basis over three years." source: page 69 - Annual Report 2005 )

Click Here for page 69 image  

Click Here for page 68 images