Brief: SoftOx Solutions Updates On Financial Situation

SoftOx Solutions AS

04/10/2022 07:21

Oct 4 (Reuters) - SoftOx Solutions AS  SOFTX.OL :
    * POSITIVE TOP LINE PHASE 1 RESULTS FOR SOFTOX BIOFILM
ERADICATOR
- UPDATE ON COMPANY'S FINANCIAL SITUATION
    * WILL SEEK STRATEGIC PARTNER TO FURTHER DEVELOP, ADVANCE
ITS
WOUND CARE SEGMENT WITHIN ACUTE, CHRONIC INDICATIONS
    * TO STRENGTHEN LIQUIDITY SITUATION IN SHORTER TERM, CO HAS
INITIATED COST IMPROVEMENT PLAN TO DEFER NONCRITICAL RESEARCH
AND DEVELOPMENT ACTIVITIES
    * ALSO INTENDS TO REDUCE FUTURE OVERHEAD, INFRASTRUCTURE
EXPENDITURES, PRIORITIZE ONGOING DEVELOPMENT PROJECTS
    * ON BASIS OF THIS PLAN, COMPANY ESTIMATES THAT CASH
INJECTION OF
UP TO NOK 50 MILLION IS SUFFICIENT TO FUND COMPANY TO JUNE 2023
    * AN UNDERWRITTEN RIGHTS ISSUE IS ONE OF ALTERNATIVES BEING
EVALUATED
    * ESTIMATED CAPITAL NEED DOES NOT TAKE INTO ACCOUNT THAT
ABOUT NOK
25 MILLION OF PREVIOUS ANNOUNCED GRANTS ON SOFTOX INHALATION
SOLUTION IS EXPECTED TO BE PRE-PAID AT TIME OF SIGNING RESEARCH
AGREEMENT
    * SOFTOX BIOFILM ERADICATOR (SBE) WAS SHOWN TO BE SAFE AND
WELL
TOLERATED
    * TREATMENT WITH SBE CONSISTENTLY REDUCED BACTERIAL BURDEN
IN
CHRONIC LEG ULCERS

Source text for Eikon:  ID:nObiJYQ5qa 
Further company coverage:  SOFTX.OL 
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