Tripep in final negotiations about the wound healing project ChronSeal®
Since Tripep’s rights issue was completed, the company has investigated the possibilities for a reconstruction of the company’s operations. The aim has been to drastically reduce the company’s costs and put the company’s financial situation on a sound basis while maintaining substantial ownership in the two major projects ChronSeal® and ChronVac-C®.
Tripep is presently engaged in final negotiations regarding the sale of parts of the wound healing project ChronSeal® and a final agreement is expected to be presented during this month. A sale should result in that the financing of the upcoming clinical study is secured while Tripep maintain a substantial interest in the project. The sale would also provide Tripep with some liquidity which, in combination with a smaller new issue planned to take place after the sale, is considered to make it possible to pay the company’s outstanding debts. Discussions are also under way regarding a corresponding restructuring of the ChronVac-C® project, Tripep’s therapeutic vaccine for the treatment of Hepatitis C.
The company has initiated the implementation of cost reductions in the form of considerable personal reductions, cessation of internal laboratory work and costs related thereto.
Jan Nilsson, Tripep’s CEO:
To implement a reconstruction of the company has not been easy in today’s financial climate, but we estimate that we now are close to be able to present a new Tripep with a reduced costume but with maintained substantial ownership in our projects . Our strength in the ongoing negotiations lies entirely in the fact that our projects – overshadowed by our financial problems – have continued to develop in a positive manner. During the last weeks Tripep has obtained an approval from the Norwegian Medical Product Agency to start the phase II study with ChronSeal®. The ChronVac-C®-project’s scientific weight has been emphasized by the acceptance from AASLD, one of the World’s largest hepatitis conferences, to present the early results from the ongoing study. We expect to be able to present the final results from the first part of this study in the middle of November.
For more information, please contact:
Jan Nilsson, CEO, Tripep AB
Tel: +46 8 449 84 80, Mobile phone: +46 70 466 31 63
Anders Vahlne, Head of Research, Tripep AB
Tel: +46 8 5858 1313, Mobile phone: +46 709 28 05 28
Tripep develops drugs against chronic disease based on proprietary and other parties’ patented and patent pending technologies. Tripep is focusing on the following research projects; wound healing therapy ChronSeal® and a therapeutic vaccine against Hepatitis C, named ChronVac-C®, plus the RAS® technology platform. The Tripep share is admitted to trade on First North. Remium AB is Certified Adviser for Tripep AB. For more information, please refer to the company’s website: www.tripep.se.
In the event of any discrepancy between the Swedish and English versions of this press release, the Swedish version will take precedence.