LUND, Sweden, April 15, 2019 /PRNewswire/ -- Hansa Biopharma AB (NASDAQ Stockholm: HNSA), the leader in immunomodulatory enzyme technology for rare IgG-mediated diseases, announced today that it has divested its entire equity stake in Genovis AB (NASDAQ Stockholm: GENO). The transaction generated gross proceeds of SEK 89 million (c.$9.6 million).
The proceeds will be used as working capital not only to expedite further the clinical development program of imlifidase in transplant rejection and autoimmune diseases, but also to ramp up preparations for clinical studies with the recently selected lead in the NiceR-program, Hansas program for development of novel IgG-cleaving enzymes for repeat dosing.
Genovis is a leader in the development of enzymatic research tools and technologies, applied in e.g. development and quality control of antibody-based drugs. Primarily in 2011, Hansa Biopharma made a strategic and financial investment in Genovis.
"We are pleased to have successfully completed this placing of our significant shareholding in Genovis with Institutional Investors, which reflects the continuing interest in Genovis, even following the recent outperformance of its shares."
said Søren Tulstrup, Chief Executive Officer of Hansa Biopharma,
"The transaction provides a profitable exit for Hansa and the funds generated will be used as working capital to further expedite our exciting clinical pipeline of potential treatments for rare IgG-mediated diseases."
The placing of 5.7 million shares in Genovis, which amounts to 9% of the issued share capital in the Company, was completed on April 12, 2019. The transaction generated proceeds before tax of SEK 89 million, based on a Genovis share price of SEK 15.64. Hansa acquired the shares at an average share price of SEK 2.19 per Genovis share.
This is information that Hansa Biopharma AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below at 08:05am CET on April 15, 2019.
About Hansa Biopharma
Hansa Biopharma AB (NASDAQ Stockholm: HNSA) is harnessing its proprietary immunomodulatory enzyme technology platform to develop treatments for rare immunoglobulin G (IgG)-mediated autoimmune conditions, transplant rejection and cancer. The Company's lead product, IDEFIRIX (imlifidase), is a unique antibody-degrading enzyme in late-stage clinical development to enable kidney transplantation in highly sensitized patients, with additional clinical studies in acute autoimmune indications. Hansa's research and development program is advancing the next generation of the Company's technology to develop novel IgG-cleaving enzymes with lower immunogenicity, suitable for repeat dosing in relapsing autoimmune diseases and oncology. Hansa Biopharma is based in Lund, Sweden.
For further information, please contact:
Swedish Investor and Media Relations:
U.K. Investor and Media Relations:
Simon Conway / Natalie Garland-Collins
U.S. Investor and Media Relations:
Stephanie Marks / David Rosen (media)
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Hansa Biopharma divests its equity holding in Genovis
SOURCE Hansa Biopharma AB