DiaGenic reduces its payment obligations
It is referred to the announcement made on 4 December 2014 regarding the financial situation of DiaGenic ASA.
DiaGenic has entered into an agreement with its largest creditor that significantly reduces DiaGenic’s financial liabilities going forward. The agreement includes a final payment of NOK 1.5 million to DiaGenic’s landlord in exchange for the termination of a long-term facility lease contract. The total estimated liability for the facility lease per 30 September 2013 was reported in the third quarter report 2013 to be NOK 5.8 million.
To enable an earlier termination of the facility lease, Tycoon Industrier AS, one of DiaGenic’s larger shareholders, has entered an on demand guarantee for invalidation of NOK 1.5 million with DiaGenic’s landlord. DiaGenic has agreed to compensate Tycoon Industries AS with NOK 100,000 for putting up the guarantee.
In addition, financial liabilities for clinical samples not recorded in the financial statements have been reduced by NOK 1.2 million since the third quarter report 2013.
DiaGenic’s reduced payment obligations and cost base are important steps to find a long term financial solution for the company’s future operations.
For more information, contact: Hanne Skaarberg Holen, Chairman of the board, telephone: +47 9829 4591
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