SIMRIS ALG AB RESOLVES TO CHANGE NAME OF ITS SUBSIDIARY CYANO BIOTECH GmbH TO SIMRIS BIOLOGICS GmbH
- Simris Alg AB recently proposed to Shareholders to change the name of the parent company from Simris Alg AB to Simris Group AB. This decision to change the subsidiary name is consistent with that proposal and better communicates the Board's vision for the direction of the Group.
- Simris Biologics GmbH remains as a wholly-owned subsidiary of the proposed Simris Group AB.
- Simris Biologics GmbH will perform research activities to identify novel compounds from cyanobacteria and microalgae. It will establish, develop, and protect the IP and technology platforms based upon these compounds, and collaborate with customers to develop final products under license agreements.
- The immediate focus of Simris Biologics is the further development of its ADC payload platform, and to secure license agreements with drug development companies seeking to develop ADC therapeutics.
Simris Alg AB (publ), a biologics company listed on the Swedish Nasdaq stock exchange and specialising in the extraction of high value biological compounds from microalgae and cyanobacteria, announced today that has resolved to change the name of Cyano Biotech GmbH, the Berlin based company it acquired in August 2022, to Simris Biologics GmbH. It is anticipated that this change will be officially recorded in the German Companies Register within the coming week.
Simris Biologics GmbH will perform three essential functions:
- conduct continued research to identify further novel compounds from cyanobacteria and microalgae;
- develop new technology platforms based upon the identified novel compounds, and protect the IP with robust global patents that can be licensed;
- collaborate with internal and external customers to commercialise the technology.
The Team at Simris Biologics is currently focused on developing its proprietary ADC-payload platform with a view to closing license agreements with one or more drug development companies active in the development of ADC therapeutics. In parallel, the team is also coordinating early-stage research into novel cosmetic ingredients based upon lead compounds isolated from its library of more than 1,200 stains of cyanobacteria.
Julian Read, CEO of Simris Alg AB, commented: “Our acquisition of Cyano Biotech provided us with our own best-in-class research and development capability, as well as a pipeline of novel, natural compounds with applications across multiple industry sectors. Right now, we are laser focused on the opportunities within ADC therapeutics, however we have many exciting areas of potential development ahead. Renaming the company as Simris Biologics better communicates its focus on products that are produced from living organisms - in our case, microalgae, and cyanobacteria - which is what the Simris Group is all about.”
Simris Alg AB Contact Details:
Julian Read
CEO Simris Alg AB
Email: ir@simris.com
Mobile: +46767888212
www.simrisalg.se
ABOUT SIMRIS ALG AB (PUBL):
Simris Alg is a biotechnology company identifying high value, natural, biologically active compounds found in microalgae and cyanobacteria to extract for applications in skincare, nutrition, and biopharmaceuticals. The company sustainably grows microalgae and cyanobacteria at industrial scale within its photobioreactor facility whereby conditions are optimized for production of these high-value compounds. Simris Alg's shares are traded on the Nasdaq First North Growth Market with the short name SIMRIS and ISIN code SE0008091664. Certified Adviser is Amudova AB, telephone: 08-546 017 58, email: info@amudova.se.