FIT Biotech Oy: Tekes issues a claim to partly reclaim a capital loan related to the FIT Biotech HIV vaccine project in 2009-2010 – FIT Biotech

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FIT Biotech Oy: Tekes issues a claim to partly reclaim a capital loan related to the FIT Biotech HIV vaccine project in 2009-2010

FIT BIOTECH OY
Company release
June 22, 2016 at 12.00 EET

Tekes issues a claim to partly reclaim a capital loan related to the FIT Biotech HIV vaccine project in 2009-2010


Tekes (the Finnish Funding Agency for Innovation) has executed an audit related to the capital loan it granted for FIT Biotech's Development of HIV vaccine project during 2009-2010. The total amount of the loan was EUR 3,2 million. According to the decision, Tekes reclaims a total of EUR 0,3 million for earlier approved salary and patent expenses. As FIT Biotech has earlier announced, this loan was partly converted to a grant in accordance with Tekes' decision on April 10, 2015.


According to FIT Biotech, the declared expenses are in line with the terms related to calculations of  the costs of hourly work and patenting cost previously approved by Tekes. FIT Biotech will submit a retification request  by June 30, 2016.


According to FIT Biotech, the expense reports for the hourly calculations and patent expenses have been in line with the general terms and conditions of Tekes.


FIT BIOTECH OY


Further information:
Juha Vapaavuori
Chairman of the Board of Director
 FIT Biotech Oy
Tel: 050 372 0824
E-mail: juha.vapaavuori@sitra.fi


Certified Advisor: Translink Corporate Finance Oy, tel. +358 20 743 2790


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 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 market maintained by Nasdaq Helsinki Oy.


DISTRIBUTION:
Nasdaq Helsinki
Principal media
www.fitbiotech.com


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