Sale of shares off the market following share exchange program
NeuroVive Pharmaceutical AB (publ), the mitochondrial medicine company, announces that one of its insider registered persons has executed a limited share sale following completed share swaps from Maas Biolab, LLC.
Resulting from a share exchange program by Maas Biolab, LLC with its owners between the years 2009 to 2014 and through dilution, the Maas Biolab ownership of NeuroVive has been reduced from 66.65% to 13.32% of shares and votes. The share exchange program has meant that individual private investors, mainly Swedish, which for a long time indirectly have supported and followed the company's development have replaced ownership of Maas Biolab, LLC to direct ownership of shares in NeuroVive. It has also decreased the dominant ownership position of Maas Biolab, LLC which was important for the listing on NASDAQ OMX Small Cap in April 2013, and a benefit to the trading of the NeuroVive share. During the time-span of the exchange program the number of shareholders increased from less than 600 to over 5000 individuals.
Several of NeuroVive’s management, Board of Directors and co-founders have participated in the share exchange program. With the aim to cover, among other things, Swedish tax resulting from the three share swaps executed after 2010 (when a sale was executed following a larger share swap), NeuroVive’s chief scientific officer Eskil Elmer has sold 85.000 shares in NeuroVive off the market. The sale was planned since June 2014 but not executed due to insider limitations, and corresponds to less than 7.3% of his total (direct and indirect) holdings of the company. The sale has been directed to a larger investor. The change of holdings will be reported accordingly.
The sale was executed on 26 May 2015 and advisor for the transaction was Sedermera Fondkommission
About NeuroVive Pharmaceutical
NeuroVive Pharmaceutical AB (publ), the mitochondrial medicine company, is developing a portfolio of products to treat acute cardiovascular and neurological conditions through mitochondrial protection. These medical conditions are characterized by a pressing medical need and have no approved pharmaceutical treatment options at present. NeuroVive’s products CicloMulsion® (heart attack) and NeuroSTAT® (traumatic brain injury) are currently being evaluated in phase III and phase II studies, respectively. NeuroVive’s research programs also include products for the treatment of brain cell injury in stroke patients, and drug candidates for cellular protection and treating mitochondria-related energy regulation diseases. NeuroVive’s shares are listed on NASDAQ OMX, Stockholm, Sweden.
For Investor Relations and media questions, please contact:
Ingmar Rentzhog, Laika Consulting, Tel: +46 (0)46 275 62 21 or email@example.com
It is also possible to arrange an interview with NeuroVive’s CEO Mikael Brönnegård or COO Jan Nilsson at the above contact.
NeuroVive Pharmaceutical AB (publ)
Medicon Village, SE-223 81 Lund, Sweden
Tel: +46 (0)46 275 62 20 (switchboard), Fax: +46 (0)46 888 83 48
NeuroVive Pharmaceutical AB (publ) is required to publish the information in this news release under The Swedish Securities Market Act. The information was submitted for publication on 26 May, 2015, at 15.00 CET.