Reports and Releases
FIT Biotech Oy: Liquidity crisis, request for a tranche and changes to financial calendar and date of the Annual General Meeting
FIT Biotech Oy
Company release 20.02.2019 at 14:30 EET
Liquidity crisis, request for a tranche and changes to financial calendar and date of the Annual General Meeting
Despite the financing agreement in force, Alpha Blue Ocean ("ABO") has not paid tranches envisaged by the agreement since 12 November 2018. This has resulted in a liquidity crisis in FIT Biotech Oy ("Company"). The Company has today filed a latest request for a tranche with ABO. Unless ABO pays this tranche by 22 February 2019, Company will have to file for bankruptcy.
If ABO makes the above-mentioned payment in time and the liquidity crisis is resolved, Company will publish the Financial Statement release 2018 on Friday, 29 March 2019, instead the earlier announced date of 28 February 2019. Accordingly, the Annual General Meeting of the Shareholders is planned to take place, subject to the financing position, on Monday 29 April 2019.
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.