Reports and Releases
FIT Biotech Oy: FIT Biotech Ltd’s own equity negative, convertible note loans converted into capital loans
FIT Biotech Oy
Company release March 10, 2017 at 13:45 EET
FIT Biotech Ltd's own equity negative, convertible note loans converted into capital loans
The Company's own equity including additions according to the Companies Act as of 31.12.2016 was 630,413 euro negative. The Board of Directors has taken action to turn the equity positive.
On March 10th 2017 FIT Biotech has agreed with the lenders that the financing agreements between the Company and Bracknor Investment and between the Company and Sitra entered into on 26.9.2016 regarding convertible loans will be amended to the effect that these convertible loans will become convertible capital loans. The outstanding amount of issued convertible loans as of 31.12.2016 was 1,270,000 euros.
The amendment covers all the loans granted under the agreements during 2016 as well as any new loans that will be later granted under the agreements.
FIT BIOTECH OY
Board of Directors
For further information:
Chairman of the Board of Directors Juha Vapaavuori
Tel: +358 50 372 0824
Certified Advisor: Aalto Capital Partners Oy, tel. +358 40 587 7000
About FIT Biotech
FIT Biotech Oy is a biotechnology company established in 1995. The company 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 GTU® technology in its drug development programmes. Application areas include cancer (gene therapy) and infectious diseases such as HIV and tuberculosis, as well as animal vaccines.
FIT Biotech shares are listed on the First North Finland marketplace maintained by Nasdaq Helsinki Oy.