Report from the extra general meeting
At the extra general meeting (EGM) of ChronTech Pharma AB (below ”the Company”) on the 19th of April 2013 it was resolved to accept that a group of shareholders acquire a percentage of approximately 70 per cent of the Company’s project regarding development of DNA vaccines against hepatitis B and hepatitis C. This project will be transferred to a new company in which the Company thus will keep a share of approximately 30 per cent. As purchase-sum 1.25 MUSD will be paid in cash (of which the Company has already received 625,000 USD as a loan) and redemption and cancellation of altogether 80,274,975 shares in the Company. In addition to a shareholding of approximately 30 per cent in the Company’s project regarding hepatitis B and hepatitis C and the technology regarding the Company’s injection needle IVIN, the Company will keep also the 20-percentage ownership in Opsonic Therapeutics Inc. Before the transactions the Company has 181,137,022 outstanding shares and those shares that will be redeemed and cancelled correspond to approximately 44.3 per cent of the total number of shares in the Company. Through the cash payment the Company’s debt will be reduced from approximately 10 MSEK to approximately 2 MSEK.
For the execution of this transaction there is a requirement that there is a change in the limits for share capital and number of shares in the Articles of Association. This will be dealt with at an EGM on the 6th of May 2013, which already has been summoned for, at which among other things a proposal for changes in the Articles of Association will be put forward.
For more information, please contact:
Anders Vahlne, CEO and Head of Research, ChronTech Pharma AB
Mobile phone: +46 709 28 05 28
ChronTech develops the therapeutic DNA vaccines ChronVac-C® and ChronVac-B drugs against chronic hepatitis C virus and hepatitis B virus infections, i.e. chronic infections with jaundice causing viruses which can lead to liver cirrhosis and liver cancer. ChronTech has also developed and further develops a patent pending new type of injection needle for a more effective uptake of DNA vaccines. ChronTech also have part ownership in the wound healing therapy ChronSeal®, and in the new platform technology RAS®. The ChronTech share is admitted to trade on First North. Remium Nordic AB is Certified Adviser for ChronTech. For more information, please visit: www.chrontech.se
In the event of any discrepancy between the Swedish and English versions of this press release, the Swedish version will take precedence.