dubai update

PRIMA BIOMED – DUBAI UPDATE
Prima BioMed Ltd (ASX: PRR; NASDAQ: PBMD) (“Prima” or the “Company”) advises that it will be winding down its business activities in Dubai due to regulatory delays and logistical challenges that would make it difficult to treat patients and achieve profitability in a reasonable amount of time.
Prima’s operations in Dubai were initiated based on a pilot CVacTM program, whereby the operating cost would be underwritten by revenues earned from providing non-CVac-related apheresis services at The City Hospital.
The decision to wind down operations in Dubai will allow the Company to refocus on clinical development of CVac in larger markets including the United States, Europe, and Australia.
Matthew Lehman, Prima’s Chief Operating Officer and CEO designate said: “The team at Prima made a concerted effort to establish a successful CVac and apheresis program in Dubai, but assumptions about revenue from non-CVac-related apheresis services and the forecast timeline for when CVac could be exported from Australia to Dubai were, in retrospect, too optimistic.”
“There are a number of significant obstacles to overcome to make this a successful operation within an appropriate timeframe; the time to break even or to profitability is too distant to justify maintaining the Dubai operation.”
Prima exits the region on excellent terms with its employees and regional partners. It advises that it may be appropriate to re-enter the Middle East market, at a later time, when essential regulatory approvals have been granted.