KAYDENCE PHARMA UPDATE
Oslo, Norway (30 June 2020)
At the Annual General Meeting (“AGM”) today of Kaydence Pharma AS (“Kaydence Pharma”) it has been decided that NattoPharma ASA (“NattoPharma”) will convert NOK 4 million of its loans to equity in Kaydence Pharma. The loan will be converted at NOK 5 per share giving NattoPharma a total number of 3 000 000 shares representing a 54.15% interest as at 30 June 2020. Following the conversion, NattoPharma´s loan to Kaydence Pharma is NOK 51 million.
Further the AGM decided that the Board of Kaydence Pharma has been replaced with Kjetil Ramsøy as Chairman of the Board and Robert Schrama as Director.
“The increase in ownership further secures NattoPharma’s claim patents and is therefore in line with our strategy”, says Mr. Ramsøy. Erik Flatmark, the former Chairman of Kaydence Pharma, says: “I am happy that NattoPharma has taken this step in further securing control of Kaydence after the activities had been suspended earlier this year.”
Following these two decisions by the AGM, NattoPharma will have a controlling interest and Kaydence Pharma will be part of the consolidated accounts of NattoPharma going forward. The impact of the conversion will be reflected in the Q2 financials.
For more information, please contact:
Robert Schrama, CFO
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities