Arctic Bioscience – funded to cash positive
Summary
None Psoriasis drug candidate HRO350 on track for 12 months readout end of Q1.Reference is made to the stock exchange notice 29th October 2024 on Q3 2024 Operational update. The Company also delivered a strong close to 30% y/y growth in sales revenues in 2024 and see positive prospects of continued strong growth in 2025 and onwards.The new funding is a combination of NOK 15 million in long-term loan from Innovation Norway, and NOK 15 million in a long-term convertible loan from a consortium of existing share owners and new investors, including a group of icelandic investors.We are very pleased that we have secured new funding which will give us a sufficient financial runway and stability to develop our Company further and build shareholder values. The loan which is not repaid, including accrued interests, is convertible by Lender at any time after the deposit into freely tradable shares delivered T+20 from the date of the conversion notice. Conversion price per share is the lower of 75% x previous 5 trading days VWAP (T+1) from the date the conversion notice is sent, including the coupon make-whole, or NOK 3For further information, please contact:Arctic Bioscience is a biotech company developing and commercializing pharmaceutical and nutraceutical products based on unique bioactive marine compounds.The company is developing HRO350 a novel oral drug candidate. This is a large patient group in need of new effective medicines with beneficial safety profile.Nutraceuticals from Arctic Bioscience are sold globally as bulk ingredients as well as finished goods under the ROMEGA\xae brand.Arctic Bioscience is led by a highly skilled team of talents with diverse and highly relevant background.