FIT Biotech Oy: Tekes issues a decision on the company’s rectification request related to Tekes’s claim to 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 decision on the company’s rectification request related to Tekes’s claim to capital loan related to the FIT Biotech HIV vaccine project in 2009-2010


FIT BIOTECH OY
Company release

October 24, 2016 at 17.15 pm EET     

Tekes issues a decision on the company's rectification request related to Tekes's claim to capital loan related to the FIT Biotech HIV vaccine project in 2009-2010

According to FIT Biotech's company release of June 22,2016, Tekes (the Finnish Funding Agency for Innovation) had reclaimed part of FIT Biotech's Development of HIV vaccine project costs consisting of salaries, indirect employee expenses and overhead expenses which were earlier partly converted to grant. As announced, FIT Biotech submitted a rectification request on June 30, 2016 to which Tekes submitted an announcement of decision according to which company's rectification request had been partially accepted.

In the abovementioned decision Tekes stated that patent expenses of  273.393 euros reported to the Development of HIV vaccine project are to be re-visited to assess whether they are totally or partially acceptable.

In accordance with the decision submitted today to the company, Tekes reclaims the excess paid capital loan amounting to 98.627,20 euros with interest as of 18.3.2011. Based on the processed and partially accepted rectification request Tekes has accepted costs totaling to 4.536.246,90 euros. Of this, Tekes's capital loan has been 70% totalling to 3.175.372,80 euros. The amount of earlier withdrawn capital loan is 3.274.000 euros. Of this, Tekes is now in accordance with their decision reclaiming 98.627,20 euros.

The decision can be appealed.

FIT BIOTECH OY

Further information:
Juha Vapaavuori
Chairman of the Board of Director
FIT Biotech Oy
Tel: +358 50 372 0824
E-mail: juha.vapaavuori@sitra.fi

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 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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