REG - Ovoca Bio PLC - Consultancy Agreement

Ovoca BioAnnouncement

02/09/2024 14:30

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RNS Number : 5702C  Ovoca Bio PLC  02 September 2024

 

Ovoca Bio PLC

2 September 2024

 

 

Ovoca Bio plc

 ("Ovoca" or the "Company")

 

Consultancy Agreement

 

Dublin, Ireland, 2 September 2024 - Ovoca Bio, a biopharmaceutical company
with a focus on women's health, announces that the Company has entered into a
consultancy agreement (the "Agreement") with Mr. Kirill Golovanov, to commence
with effect from 1 September 2024.

 

Mr. Golovanov served as Chief Executive of Ovoca from May 2012 until he
stepped down from the role and as an Executive Director on 1 August 2024.
Under the Agreement, Mr. Golovanov will provide the Company with advisory
services as Ovoca continues to seek to optimize its corporate structure,
including pursuing opportunities to realise value from the intellectual
property related to Orenetide, and to support the existing Board and
management on the resolution of legacy issues following the disposal of
certain Russian assets by the Company as previously announced in March 2023.

 

The term of the Agreement shall be for one year from 1 September 2024, unless
terminated by either party giving not less than three months' prior written
notice. Under the terms of the Agreement, Ovoca will pay Mr. Golovanov a total
fee of US$200,000 (exclusive of VAT), to be paid quarterly in arrears.

 

Mr .Golovanov, having served as a Director of the Company within the twelve
months preceding the date of the Agreement, is deemed to be a related party of
the Company under the AIM Rules for Companies ("AIM Rules"). Accordingly, the
entry into the Agreement constitutes a related party transaction under the AIM
Rules. The Directors of the Company consider, having consulted with the
Company's nominated adviser, that the terms of the Agreement are fair and
reasonable insofar as its shareholders are concerned.

 

End

 

For further information:

 

Ovoca Bio plc

Timothy McCutcheon (Chief Executive)

Tel +353 1 661 9819

info@ovocabio.com (mailto:info@ovocabio.com)

 

Davy (Nominated Adviser, Euronext Growth Listing Sponsor and Broker)

Ivan Murphy / Daragh O'Reilly

Tel: +353 1 679 6363

 

 

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