Idogen working for a sale of its proprietary technology platform
On the agenda for the Annual General Meeting on June 8, is the proposal for liquidation. However, this proposal can be withdrawn if other solutions will or are deemed to be in place before June 8.
Idogen has initiated conversations regarding a reversed merger (i.e. another company taking over Idogen's marketplace on the stock exchange through a number of transactions). However, such discussions take time.
The board has on the agenda for the AGM, a proposal for Idogen to be liquidated unless the company has found another solution like a reversed merger. In a liquidation, the shareholders cannot count on any financial gain unless a sale of the technology platform yields the desired result.
On April 3, Idogen announced in a press release 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 on the possibility of carrying out a reversed merger to avoid liquidation. In a press release from April 28, Idogen announced that the issue of liquidation will be included on the agenda for the June 8 meeting.
”We have worked intensively with several financing alternatives. However, we have not been successful in this, and the company's cell therapy treatment, built on its proprietary technology platform with the intention to create a curative and sometimes vital tolerance development, is therefore now for sale. We have full documentation in place to start the company's first clinical study for patients with hemophilia who have developed neutralizing antibodies. We are currently working in parallel with a reversed merger as well as liquidation. We must liquidate the company before the treasury and equity run out. If the sale of the technology platform or a reverse acquisition agreement is judged to be possible before the annual general meeting, the board intends to withdraw the proposed liquidation." 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 May 30, 2023, at 08:03 CET.
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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 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.