Idogen in discussions about a reversed merger. The company intends to add an agenda item at the annual general meeting on June 8 for possible liquidation
Idogen's work with capitalization has not yet produced the desired result. Idogen has initiated discussions with various stakeholders regarding reversed mergers. The board will call to the annual general meeting with a proposal for liquidation. The proposal for liquidation can be withdrawn if other solutions are in place before the meeting on June 8.
Idogen announced in a press release on April 3 that the company's cash will last until the end of June. In a press release on April 18, it was announced that work had begun to evaluate possibilities for a reversed merger for the company to avoid liquidation. Idogen has initiated discussions with interested parties in a reversed merger (i.e. another company taking over Idogen's stock exchange through a number of transactions). Such discussions take time.
In accordance with existing rules, Idogen is currently compiling the control balance sheet which will be submitted to the meeting on June 8. The board will propose at the annual general meeting, that Idogen should be liquidated unless something has changed. In such a liquidation, the shareholders cannot count on any financial result.Notice to the annual general meeting on 8 June is expected to be sent out on 9 May.
Idogen has around 4,000 shareholders and a loss deduction of around 260 million.
To clarify Idogen's position, the financial calendar is being changed and the interim report for quarter 1 will be published on May 9 (previously May 31).
"We are working with several financing options. However, time is limited and therefore we are evaluating a reversed merger and liquidation in parallel. We will have to liquidate the company before the treasury and equity run out. If we get a solution to our capital need or an agreement on a reversed merger before the annual general meeting, the board intends to withdraw the proposal for liquidation. As we should in these situations, we are in dialogue with both our Certified Adviser and Nasdaq." says Christina Herder, acting CEO.
For further information, please contact:
Christina Herder, acting CEO, Idogen AB
Tel: +46 70 374 71 56
E-mail: christina.herder@idogen.com
The information was submitted for publication through the agency of the contact persons set out above on April 28, 2023, at 08:02 CET.
Certified Adviser:
Vator Securities AB
Idogen (Nasdaq First North Growth Market: IDOGEN) develops tolerogenic cell therapies to prevent the patient’s immune system from attacking biological agents, transplanted organs or the body's own cells or tissue. The company’s most advanced program, IDO 8 – now in clinical phase – is designed to restore the efficacy of hemophilia drugs in patients who have developed neutralizing antibodies. For these hemophiliac patients, there is significant medical need for restoring the clinical effects of their treatment with factor VIII. This is a unique market positioning that over the long term could replace immune tolerance induction (ITI) treatments, with significant market potential. The planned IDO 8 clinical trial will validate the company’s technology platform and facilitate a range of other applications in fields such as organ transplants (IDO T) and autoimmune diseases (IDO AID). More information about Idogen is available via www.idogen.com.