The board decides on first partial repayment of convertible loan
RhoVac AB ("RhoVac"), announces today, 9th August 2022, that the board has approved a first repayment of the convertible loan. The partial repayment of the convertible loan acquired through the rights issue that the company carried out in March 2022 will amount to SEK 10 million and will take place during the last week of August. The remaining part of the convertible loan, as well as the interest, is planned to be repaid in connection with RhoVac receiving tax credits for the previous year and Horizon 2020 grants.
In connection with the preparations for a possible positive outcome of the BRaVac study, RhoVac issued a convertible with preferential rights. The purpose was to use the money for further follow-up of the clinical phase IIb study (BRaVac) and for negotiations with pharmaceutical companies with the aim of making an exit with RV001 (onilcamotide) before phase III and commercialization. As previously communicated, BRaVac did not show primary results that make onilcamotide ready for a clinical phase III study, why the board of directors of RhoVac has decided on an accelerated repayment of the convertible loan (which originally runs through April 11, 2023). A first repayment of SEK 10 million, will take place at the end of August, and the remaining amount, including interest, is planned to be repaid as soon as RhoVac has access to its tax credit for 2021, which will be paid out in November2022, as well as to the last part of the Horizon 2020 grant, which is estimated to be paid out around the turn of the year 2022/2023.
An extraordinary general meeting will be convened shortly to decide on the alternatives available to the company, given the situation that has emerged with the negative primary results of BRaVac.
This disclosure contains information that RhoVac is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 09-08-2022 16:07 CET.
For more information, please contact:
Anders Månsson – CEO, RhoVac AB
Phone: +46 73 751 7278
E-mail: info@rhovac.com
On RhoVac AB
RhoVac was established as a private company in Denmark in 2007. Under this company, the basic development steps for the drug candidate RV001 were undertaken. In 2015 the Swedish RhoVac AB was formed, which is now headquartered and in 2016 the company was listed on the then Aktietorget in Sweden (now Spotlight Stock Market). RhoVac has passed the early stages of development.In 2019, patient recruitment began for a larger clinical phase IIb study that included more than 180 patients with prostate cancer. The Top Line results were presented in May 2022. Further data are currently being evaluated. RhoVac is listed on the Spotlight Stockmarket. The share is traded under the ticker RHOVAC. More information is available at www.rhovac.com.