Reports and Releases
FIT Biotech Oy: FIT Biotech Oy’s Board of Directors has decided on the issue of Convertible Notes and Warrants – FIT Biotech’s own equity positive with draw down of fourth Tranche
FIT Biotech Oy
Company release May 22, 2018 at 3:30 pm EET
FIT Biotech Oy's Board of Directors has decided on the issue of Convertible Notes and Warrants - FIT Biotech's own equity positive with draw down of fourth Tranche
On December 22, 2017, the Board of Directors of FIT Biotech Oy decided to establish Convertible Note and Warrant Programmes in order to implement the Convertible Notes with Warrants Funding Programme of up to EUR 10,000,000 of the same date between the Company and Alpha Blue Ocean. The Extraordinary General meeting approved the financing Programme on February 6, 2018.
The Company's Board of Directors decided on May 22, 2018 to draw down the fourth tranche of EUR 500,000 included in the Programme and to issue to ABO a total of 500 Convertible Notes EUR 1000 per note. 625,000,000 Warrants, which entitle to subscribe for the Company's K shares in accordance with the Characteristics of the Warrants, will be given to ABO after the Warrants have been registered to the Finnish Trade Register.
The Company disclosed May 17 2018 that the own equity including additions according to the Companies Act as of April 30, 2018 was about 41 thousand euro negative. FIT Biotech's own equity including additions according to the Companies Act is positive with draw down of the fourth Tranche.
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
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.
NASDAQ OMX Helsinki