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ChronTech Pharma AB Transfers 70% of Hepatitis B and C DNA Vaccines Project to Group of Shareholders


Monday, 22 Apr 2013 12:50am EDT 

ChronTech Pharma AB announced that the Extraordinary General Meeting (EGM) on April 19, 2013 resolved to accept that a group of shareholders acquire a percentage of approximately 70% of the Company's project regarding development of DNA vaccines against hepatitis B and hepatitis C. This project will be transferred to a new company in which the Company thus will keep a share of approximately 30%. As purchase-sum USD 1.25 million will be paid in cash (of which the Company has already received USD 625,000 as a loan) and redemption and cancellation of altogether 80,274,975 shares in the Company. In addition to a shareholding of approximately 30% in the Company's project regarding hepatitis B and hepatitis C and the technology regarding the Company's injection needle IVIN, the Company will keep also the 20% ownership in Opsonic Therapeutics Inc. Before the transactions the Company has 181,137,022 outstanding shares and those shares that will be redeemed and canceled correspond to approximately 44.3% of the total number of shares in the Company. Through the cash payment the Company's debt will be reduced from approximately SEK 10 million to approximately SEK 2 million. 

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23 Jul 2014