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FIT Biotech has applied for bankruptcy

Helsinki Stock Exchange Lars Sonck

The Board of Directors of the Finnish biotech company FIT Biotech has decided to file an application for bankruptcy, reports Huvudstadsbladet.

The reason behind the decision is that a financing contract has been terminated. Despite the fact that one financing agreement is still effective, the investment company Alpha Blue Ocean has not paid the agreed partial payment of 0.5 million EUR after November 12th 2018, states FIT Biotech in a press release. The company announced its liquidity crisis last week.

Very rare

The company was founded in 1995 and entered the Helsinki stock exchange First North in 2015.

It is very rare that a Finnish company goes bankrupt, during the last 50 years it has occurred 12 times at the Helsinki stock exchange.

Source: Huvudstadsbladet

Photo of the Helsinki Stock Exchange: Wikipedia