Brief: OncoZenge Pauses Development Of BupiZenge

Oncozenge AB

03/08/2023 06:29

Aug 3 (Reuters) - OncoZenge AB   ONCOZ.ST :
    * SAID ON WEDNESDAY IT PAUSED DEVELOPMENT OF BUPIZENGE
    * REASON FOR DECISION IS THAT THE COMPLICATIONS ENCOUNTERED
IN THE
FORMULATION WORK AFFECT TIMELINES, CAPITAL NEEDS AND RISK LEVEL
IN THE PROJECT
    * ADDITIONAL CAPITAL NEEDS TO BE SECURED IN ORDER FOR
DEVELOPMENT
TO RESUME, WHICH THE BOARD DEEMS TO BE VERY DIFFICULT WITH
CURRENT CONDITIONS
    * A CAPITAL INJECTION OF AROUND SEK 60 MILLION WOULD BE
NEEDED TO
CONTINUE THE PROJECT
    * ONCOZENGE PRIMARILY INTENDS TO SEEK A REVERSE ACQUISITION
OR A
LEGAL MERGER WITH A LIFE SCIENCE COMPANY, WHERE THE
SHAREHOLDERS' HOLDINGS ARE DEEMED TO HAVE GOOD OPPORTUNITIES FOR
VALUE DEVELOPMENT
    * IF A MERGER IS DEEMED NOT TO BE ON SUFFICIENTLY ATTRACTIVE
TERMS, OR THE NECESSARY FINANCING IS NOT SECURED, THE OPTION
REMAINS TO CARRY OUT A VOLUNTARY LIQUIDATION OF THE COMPANY


        
 Source text for Eikon:  urn:newsml:reuters.com:*:nWkr9xZqNJ
 Further company coverage:  ONCOZ.ST  

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