FIT Biotech Oy: The Board of Directors of FIT Biotech Oy has decided to file for bankruptcy
FIT Biotech Oy
Company release 25.2.2019 at 09:45 EET
The Board of Directors of FIT Biotech Oy has decided to file for bankruptcy
The Board of Directors of FIT Biotech Oy ("FIT Biotech", FITBIO: FN Finland) has decided to file for bankruptcy today. The bankruptcy is due to the discontinuation of a funding programme. Despite the financing agreement in force, Alpha Blue Ocean ("ABO") has not paid tranches of EUR 500 000 envisaged by the agreement since 12 November 2018.
CEO Erkki Pekkarinen comments:
"I am extremely disappointed that the company ran out of financing despite an agreed funding programme. As a result, we have had to interrupt numerous development projects that relate to our business and the development of drug candidates."
FIT Biotech Oy
Board of Directors
For further information:
CEO Erkki Pekkarinen
Tel: +358 44 027 0080
Certified Advisor: Aalto Capital Partners Oy, tel. +358 40 587 7000
FIT Biotech in brief
FIT Biotech Oy is a biotechnology company established in 1995 that develops and licenses its patented GTU® (Gene Transport Unit) vector technology for new-generation medical treatments. GTU® is a gene transport technology that meets an important medical challenge in the usability of gene therapy and DNA vaccines.
FIT Biotech applies its GTU® technology in its development projects, which at the time include gene-based treatments, genetic vaccines and research collaboration. Application areas include cancer (gene therapy) and infectious diseases such as HIV.
FIT Biotech K-shares are listed on the First North Finland market maintained by Nasdaq Helsinki Ltd.