REG - Ovoca Bio PLC - Statement re Russian Business Operations

Ovoca BioAnnouncement

07/03/2022 09:00

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RNS Number : 8349D  Ovoca Bio PLC  07 March 2022

Ovoca Bio plc

 

("Ovoca" or the "Company")

 

Statement regarding Russian business operations

 

Dublin, Ireland, 7 March, 2022 - The Board of Ovoca Bio, an international
biopharmaceutical company focusing on women's health, today issues a statement
in response to events in Ukraine and Russia.

 

Ovoca is an Irish incorporated and headquartered company, whose shares are
admitted to trading on the AIM Market of the London Stock Exchange and
Euronext Growth Dublin. Ovoca has a truly international team and operations,
with a presence in Ireland, the UK, Australia and Russia. Ovoca has no
operations or activities in Ukraine.

 

Over 90% of Ovoca's 2021 cashflow is international and originated outside of
Russia. In 2021, 60% of the Company's operating cash flow fell under
subsidiaries in Australia and Ireland - these entities are not exposed to
Russia and are not materially affected by current events.

 

OVB (Ireland) Ltd, an Irish subsidiary of Ovoca, holds the rights to all
international Intellectual Property outside of Russia.

 

The Ovoca Bio group of companies has two subsidiaries registered in Russia:

 

·    IVIX LLC, a subsidiary of Ovoca, which holds Russian Marketing
Authorization and patents for Orenetide (BP-101) in the Russian market. IVIX
LLC was accountable for only 10% of the total Ovoca operating cash flow in
2021. The IVIX R&D office is operating as usual.

·      Comtrans LLC, a dormant Ovoca subsidiary, with no operations or
assets.

 

Neither of the Ovoca subsidiaries registered in Russia are state or
government-funded and are not currently subject to EU/US/International
sanctions or restrictions. The Company confirms that no member of the Board,
management or its substantial shareholders are on the list of sanctioned
individuals.

 

Ovoca's current strong cash position with over US$ 9.5 million (in cash and
cash equivalents)  is held in UK, Irish and Australian banks, and supports
the Company in pursuing its ongoing and planned R&D activities throughout
2022. Ovoca also has a holding of 125,000 shares in Polymetal International
PLC ("Polymetal"), a Jersey registered company, headquartered in Cyprus and
quoted on the London Stock Exchange.

 

The Board of Ovoca is concerned about the situation in Ukraine and Russia and
the tragic consequences unfolding there and is hopeful for a peaceful
resolution as soon as possible. The Board is closely monitoring the situation
and its impact on Ovoca and will provide a timely update should any additional
risks to the business be identified.

 

 

End

 

For further information:

Ovoca Bio plc

Kirill Golovanov (Chief Executive)

Tel +353 1 661 9819

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

 

Davy (Nominated Adviser, Euronext Growth Advisor and Broker)

John Frain / Daragh O'Reilly

Tel: +353 1 679 6363

 

Consilium Strategic Communications

Chris Gardner, Chris Welsh

ovocabio@consilium-comms.com

Tel: +44 (0)20 3709 5700

 

About Ovoca Bio

Ovoca Bio is a European-based biopharmaceutical company with a focus on
women's health. The Company is currently developing a novel treatment for
women with hypoactive sexual desire disorder (HSDD), a condition characterized
by a distressing lack or loss of sexual desire affecting an estimated ~4
million premenopausal women in the US alone.

 

The Company's lead product, Orenetide (BP-101), a novel synthetic peptide
administered through a nasal spray, is clinically validated, with Phase II and
Phase III studies conducted in Russia demonstrating statistically significant
improvement in a number of key efficacy outcomes, including an increase in
female sexual desire and reduction of symptoms of distress associated with
HSDD.

 

Ovoca Bio has been granted marketing approval in the Russian Federation and is
seeking to develop the drug for major global markets - in particular the
United States and Europe.

 

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