DBP International AB: investee company Bio Vitos has today reached agreement with Hemcheck
Double Bond Pharmaceutical International AB (publ) ("DBP") notes the announcement released earlier yesterday by Hemcheck Sweden AB (“Hemcheck”) and is pleased to announce that its 20% owned investee company Bio Vitos has today entered into an agreement with Hemcheck, a company listed on the Nasdaq Stockholm (the “Agreement”). As part of the Agreement Hemcheck will create a new subsidiary (“NewCo”) and transfer all current business and assets of Hemcheck to this new subsidiary. Under the terms of the Agreement, Bio Vitos has agreed to provide the NewCo with SEK1.23 million in cash, plus any applicable VAT, on signing of the Agreement, within 14 days after the distribution of the shares in NewCo to Hemcheck’s shareholders.
Bio Vitos will then pay a further SEK4 million in cash, plus any applicable VAT, to Hemcheck, within thirty days following the distribution of shares in NewCo to Hemcheck Sweden AB shareholders.
In addition Bio Vitos has agreed to provide Hemcheck with its IP rights (patents or patent applications) in respect of an active substance Iron Succinate (Succifer and used in a marketed product Inofer). In exchange, Bio Vitos will receive 259,654,000 shares in Hemcheck, amounting to circa 88.3% of Hemcheck’s share capital.
DBP’s holding in Bio Vitos will remain unchanged.
The Board of DBP is informed by Bio Vitos that under the rules of the Nasdaq Stockholm this is deemed to constitute a reverse takeover for Hemcheck. It is anticipated that subject to all required shareholder and regulatory approvals, that Hemcheck will remain listed on the Nasdaq Stockholm.
The full text of the announcement released by Hemcheck yesterday:
https://mb.cision.com/Main/16884/3710632/1832822.pdf
More about DBP’s position in Bio Vitos: https://mb.cision.com/Main/12720/3455944/1498083.pdf
This disclosure contains information that DBP 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 08-02-2023 07:48 CET.
Information about Double Bond Pharmaceutical AB:
DBP is a pharmaceutical company with the primary focus on development of therapies against cancer based on the company’s own developed drug delivery technology BeloGal®. The company was granted Orphan Drug Designation status by European Medicines Agency (EMA) in June 2015 for its first product, SA-033, for treatment of hepatoblastoma. Double Bond Pharmaceutical acquired rights to Temodex, a drug registered in Belarus for treatment of brain tumours, in October 2015, and was granted Orphan Drug Designation status by EMA for in July 2016 for this formulation of temozolomide for the treatment of glioma. The formulation is now being further developed for registration in EU and globally and has a working name SI-053 in DBP pipeline.
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Full Company Name: Double Bond Pharmaceutical International AB (publ)
Corporate identity: 556991-6082
Stock short name: DBP B
Share ISIN code: SE0007185525
For more info, contact
Igor Lokot, CEO
Homepage: http://www.doublebp.com/
E-mail: info@doublebp.com
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