DiaGenic prepares restructuring, trade sale or assets sale

DiaGenic announces that its management and board of directors will seek to restructure the company, or divest all or selected company assets. As a consequence, the Board has decided to initiate a process to give notice of termination to the staff, but work to finalize ongoing projects and third party collaborations will continue during the coming three-month period.

On 6 September, DiaGenic announced that the board of directors had decided to intensify the efforts to obtain equity financing, or facilitate an asset or trade sale.
To date, a solution for the company’s working capital is not in place, wherefore the financial basis for the company’s future operations must be addressed.

“The Board’s responsibilities extend to both DiaGenic’s shareholders and the company’s employees, partners and creditors”, said Hanne Skaarberg Holen, chairman of the board of Diagenic. “These measures have been taken to maximize the potential for protecting and creating shareholder value, while ensuring that DiaGenic may fulfill its obligations towards its stakeholders”.

“DiaGenic has recently reported study results related to MCItect®, and study results for AMYtect™ are expected to be announced within days”, said Paul de Potocki, CEO of Diagenic. “Over the coming months, we will focus our efforts to utilize all the company’s assets in the best interest of DiaGenic’s shareholders, employees and other stakeholders”.

For more information, contact:          
Hanne Skaarberg Holen, Chairman of the board, telephone: +47 9829 4591
Paul de Potocki, CEO, telephone: +47 2324 8950

About DiaGenic ASA

DiaGenic is an innovative Norwegian diagnostic company that seeks to create value for patients, partners and investors by developing innovative and patient friendly in vitro diagnostic (IVD) products for early detection of diseases. The company’s proprietary concept implies that a disease evokes systemic responses in the blood unique for the disease, and which can be measured by using a blood sample. DiaGenic is a world leader in identifying gene expression signatures in blood and is focused on the development of IVD biomarker products in the field of Alzheimer’s disease. The company protects its technology through an extensive patent portfolio. DiaGenic is listed on the Oslo Stock Exchange. For more information please visit: www.diagenic.com