Reports and Releases
FIT Biotech Oy: FINANCIAL SUPERVISORY AUTHORITY HAS ISSUED A PUBLIC WARNING TO FIT BIOTECH OY
FIT BIOTECH OY
COMPANY RELEASE 13 June 2016 at 9:15 EET
FINANCIAL SUPERVISORY AUTHORITY HAS ISSUED A PUBLIC WARNING TO FIT BIOTECH OY
The Finnish Financial Supervisory Authority has issued a public warning to FIT Biotech Oy for its omission to fulfill the obligation to publish a prospectus.
The public warning relates to a share issue that the company carried out between September and December 2014, in which the company, in accordance with the interpretation of the Financial Supervisory Authority, offered its new series D shares to public for an amount exceeding EUR 1.5 million. The case concerns a share issue that the company directed to its shareholders and holders of option rights between September and De-cember 2014 after the crowdfunding round that the company organised in February 2014 before its listing. The total proceeds raised both in the crowdfunding and the subsequent share issue referred to in the public warning remained below EUR 1.5 million. According to the the company's understanding, the error was technical in nature, and this understanding was affected by the fact that the total proceeds raised remained below EUR 1.5 million.
However, the Financial Supervisory Authority deemed that since an amount of shares with a consideration exceeding EUR 1.5 million was offered to public in the share issue, a prospectus in accordance with the Finn-ish Securities Markets Act should have been prepared for the share issue.
Chairman of the Board
FIT Biotech Oy
Telephone: +358 50 372 0824
Certified Advisor: Translink Corporate Finance Oy, telephone +358 20 743 2790
FIT Biotech Oy in brief
FIT Biotech Oy is a biotechnology company established in 1995. The company develops and licenses its pa-tented Gene Transport Unit vector technologies (GTU®; gtGTU®) for new-generation medical treatments. FIT Biotech's gene transport technologies meet a significant medical challenge in the usability of gene based treatments and therapeutic DNA vaccines. FIT Biotech applies and develops the vector technologies in its drug development programmes. Examples of application areas include cancer (gene based treatments), in-fectious diseases such as HIV and tuberculosis, and animal vaccines.
FIT Biotech shares are listed on the First North Finland market maintained by Nasdaq OMX Helsinki Oy. The trading code of the company is FITBIO.