The company is carrying out a set-off issue of 845,070 shares to Acturum Life AB as a result of a previously agreed milestone payment, which will be made in the form of shares instead of cash payment.
“The set-off issue strengthens the company’s liquidity and we are pleased that Acturum Life chooses to show its confidence in AlzeCure in this way and actively support the continued clinical development of ACD440”, says Martin Jönsson, CEO of AlzeCure Pharma.
In connection with ACD440, a drug candidate focused on the treatment of peripheral neuropathic pain, soon will initiate its planned phase IIa study, AlzeCure Pharma will, in accordance with previous agreements, pay a milestone payment to the previous owner Acturum Life AB. According to a new supplementary agreement between the parties, Acturum Life will receive shares in AlzeCure Pharma instead of cash payment and this will take the form of a set-off issue.
“In this way, we choose to invest in promising development work at AlzeCure”, says Peter Sjöstrand, chairman of Acturum Life AB.
Background and use of net cash
It is the Board’s assessment that a set-off issue that strengthens the company’s cash flow and financial position enables related investments that the company has identified, it states. The capital provided will be used for previously communicated and planned studies, including the upcoming phase II study with ACD440.
Photo of Martin Jönsson: AlzeCure.