Brief: Altamira Therapeutics Announces Divestiture Of Inner Ear Development Assets

Altamira Therapeutics

21/10/2022 13:53

Oct 21 (Reuters) - Altamira Therapeutics Ltd  CYTO.O :
    * ALTAMIRA THERAPEUTICS ANNOUNCES DIVESTITURE OF INNER EAR
DEVELOPMENT ASSETS
    * ALTAMIRA - AGREEMENT TO SELL 90% STAKE IN ZILENTIN
SUBSIDIARY
WITH OPTION TO ACQUIRE ALL OF CO'S REMAINING INNER EAR
DEVELOPMENT ASSETS IN Q4 2022
    * ALTAMIRA THERAPEUTICS LTD - COMPANY TO RECEIVE IMMEDIATE
CASH
PAYMENT OF $2 MILLION, $25 MILLION SECOND UPFRONT PAYMENT UPON
OPTION EXERCISE
    * ALTAMIRA THERAPEUTICS LTD - BUYER IS A EUROPEAN FAMILY
OFFICE
SEEKING TO CONTINUE AND EXPAND ALTAMIRA'S PROJECTS IN HEARING
LOSS, TINNITUS, AND VERTIGO
    * ALTAMIRA THERAPEUTICS LTD - ACTIVELY WORKING TOWARDS
DIVESTITURE
OF BENTRIO BEFORE YEAR-END
    * ALTAMIRA THERAPEUTICS LTD - WITHIN SIX MONTHS, IT IS
PLANNED
THAT ALTAMIRA'S CEO, THOMAS MEYER, WILL BECOME CEO OF ZILENTIN
GROUP
    * ALTAMIRA THERAPEUTICS LTD - CO TO RECEIVE POTENTIAL
MILESTONE
PAYMENTS OF UP TO $55 MILLION AND FUTURE ROYALTIES
    * ALTAMIRA THERAPEUTICS - OPTION THAT ENTITLES ZILENTIN TO
ACQUIRE
CO'S REMAINING LEGACY ASSETS IN INNER EAR THERAPEUTICS MAY BE
EXERCISED FOR 30 DAYS
    * ALTAMIRA THERAPEUTICS LTD - THOMAS MEYER WILL CONTINUE TO
SERVE
AS PRINCIPAL EXECUTIVE OF ALTAMIRA TOGETHER WITH CURRENT RNA
LEADERSHIP TEAM
    * ALTAMIRA THERAPEUTICS - IN OPTION PERIOD, CO TO TAKE
CERTAIN
PREPARATORY STEPS FOR TRANSFER OF 4 ADDITIONAL INNER EAR RELATED
UNITS, STAFF TO ZILENTIN

Source text for Eikon:  ID:nGNXfRxwv 
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