Cline files for bankruptcy

Cline Scientific AB (publ) ("Cline" or the "Company") has today decided to apply to put the Company into bankruptcy. The bankruptcy application is planned to be submitted today, August 12, 2024, to the Gothenburg District Court.

The reason for the bankruptcy filing is that Cline has not succeeded in resolving the financial situation that was previously communicated in the first half of 2024. The company is facing continued development costs in the two projects that have been operated, StemCART and CellRACE, which must be greatly increased in order to take these forward and thus funding for these projects needed to be secured for it to make sense to continue operations. During the last two years' financial climate, this has not been possible, the various attempts that have been made have only resulted in smaller amounts of capital, which has made the situation for continued operation unsustainable.

The company has proposed Johan Sölveland, CEO of Ackordcentralen Väst AB, Gothenburg, as bankruptcy trustee.

The company is listed on the Nasdaq First North Growth Market. Redeye AB is Cline Scientific's Certified Adviser.

 This information is information that Cline Scientific is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the contact person set out above, at  8.29 am  CEST on 12 Augustl 2024.

For more information, please contact:
Patrik Sundh, CEO
Email: patrik.sundh@clinescientific.com

Cline Scientific AB (publ)                                                
Pepparedsleden 1
AstraZeneca BioVentureHub                                               Email: info@clinescientific.com
431 53  MÖLNDAL                                                             Website: www.clinescientific.com

About Cline Scientific
Cline Scientific develops advanced cancer diagnostics and regenerative medicine treatments. Cline’s unique patented surface nanotechnology provides solutions to critical challenges for cell-based products and process in Life Science. Cline is driving two projects through to a clinical stage, StemCART - a stem cell therapy for joint repair, and CellRACE- a cancer diagnostic to predict metastasis.