Share capital increase
As a result of the private placement, the total number of issued shares in Navamedic ASA will increase from 5,641,170 to 5,973,970, each with a par value of NOK 1 per share. The private placement is covered by the Board of Navamedic's authorisation to issue up to 500,000 additional shares and its authorisation by the general meeting to waive shareholders' pre-emptive subscription rights.
The EU Committee for Medicinal Products for Human Use in September 2006 recommended approval of Navamedic's Glucomed/Flexove for symptom treatment of osteoarthritis. The approval will be valid in all 25 EU/EAA countries. Over the past years, Navamedic has built a sales, marketing and distribution network with 11 partners covering 21 countries.
Navamedic did not raise capital in connection with the listing on Oslo Stock Exchange on 30 March 2006, having secured NOK 30 million in financing through a private placement in September 2005.
For further information, please contact:
Øyvind S. Brekke, CEO
E-mail: oyvind.brekke@navamedic.com
Office phone: +47 67 11 25 40
Bernt-Olav Røttingsnes, CFO/IRO
E-mail: bor@navamedic.com
Office phone: +47 67 11 25 44
About Navamedic ASA:
Navamedic is a Norwegian speciality pharmaceutical company focusing on the development and production of glucosamine HCl (hydrochloride) based medicines. Glucosamine is a generic active ingredient which relieves pain and improves function in patients with mild to moderate osteoarthritis. The product has a favourable safety profile. Osteoarthritis is a chronic disease which affects a large and growing share of the world`s population. Navamedic aims to become a leading company in the glucosamine industry, with a competitive advantage in proprietary production technology. Navamedic`s product Glucomed/Flexove has been approved as a medicine against osteoarthritis in 20 European countries. The product was launched in Sweden in December 2005, and Navamedic prepares product launches in further European countries in 2007 through an extensive network of sales, marketing and distribution partners. For more information, please see www.navamedic.com