UPPSALA, SWEDEN - LIDDS announced 22 February 2022 that the company had entered into a convertible note agreement with Nice & Green, a Swiss specialty investor, and the company hereby wants to make a clarification regarding the agreement and LIDDS financial position.
The agreement gives LIDDS the option, but not the obligation, to use the financing and LIDDS has not decided when or if to draw a tranche of the financing. As could be seen from yesterday's Year-end report, LIDDS had a cash position by the end of 2021 of 34 MSEK, and there is therefore no short-term need to draw a tranche. The agreement gives LIDDS significant flexibility for 18 months, especially in times when stock market performance is poor and alternative solutions could be challenging, expensive and take long time to execute.
LIDDS has several pharmaceutical projects in clinical and preclinical development. LIDDS' primary objective is to secure partnerships and licensing agreements based on the NanoZolid technology. This could mean significant financing through both R&D financing, upfront and milestone payments as well as long-term royalty income. The company's objective is also to change from Nasdaq First North Growth market to Nasdaq Main market, with the anticipation that this will create better opportunities to attract institutional investors.
LIDDS management will continue working to establish external partnerships and secure financing alternatives, with the company and the shareholders' best interest in mind.
For further information, please contact
Nina Herne, CEO
Phone: +46 (0)70 714 74 57,
E-mail: nina.herne@liddspharma.com
Jenni Björnulfson, CFO
Phone: +46 (0)708 55 38 05
E-mail: jenni.bjornulfson@liddspharma.com
LIDDS Certified Adviser is Redeye AB.
Tel: [+46] 8 121 576 90
E-mail: certifiedadviser@redeye.se
The information was submitted for publication, through the agency of the aforementioned contact person, on February 24, 2022 at 09.30 CET.
LIDDS in brief:
LIDDS is a Swedish drug delivery company based on the proprietary technology NanoZolid. With NanoZolid, LIDDS can formulate drugs for local administration, with a maintained and controlled release for up to six months. The technology is versatile, can be used across different drug classes and solve problems within many indication areas. LIDDS offers the NanoZolid technology to partners and has developed its own pipeline focused on oncology, where the technology enables delivery of a local and high drug dose, administered over time with very limited side effects. LIDDS has a broad pipeline with several projects in clinical development, both in early and late-stage clinical phase, and projects about to enter clinical development. The company is listed on Nasdaq First North Growth market.
