Stockholm, June 26, 2024. Redwood Pharma today provides an update on the process for divesting the company's assets. After contacts and discussions with a number of potential buyers in the field of ophthalmology, Redwood Pharma has not received any significant offers with commercially attractive terms. The board of directors is evaluating the situation and will provide more information shortly.
Redwood Pharma, a company developing next-generation treatments for dry eye, announced on May 23 that due to financial difficulties, it intends to sell the company's assets in an accelerated auction process, where potential buyers have the opportunity to acquire all or part of the company. Assets available for sale are: RP501, RP101, license to IntelliGel drug delivery platform, listing on Nasdaq First North Growth Market and certain high-tech production equipment.
After contacts with various companies, both international and regional, in the field of ophthalmology, Redwood Pharma has not received any significant bids with commercially attractive terms. "It is clearly a disappointment for the company and our shareholders. At this time, the board is evaluating the situation and will provide more information shortly. I want to thank our shareholders for their loyalty to our company," says CEO Martin Vidaeus.
This disclosure contains information that Redwood Pharma is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 26-06-2024 11:00 CET.
For more information:
Martin Vidaeus, CEO Redwood Pharma AB (publ.)
Tel: +46 (0) 70 232 29 29
E-mail: martin.vidaeus@redwoodpharma.com
About Redwood Pharma
Redwood Pharma AB (publ) (Nasdaq First North Growth Market: REDW) develops next-generation treatments for dry eye. More than 300 million people suffer from dry eyes and today's standard treatment provides only temporary relief and may need to be applied more than ten times a day. Redwood Pharma's programs are based on IntelliGel - a patented and unique formulation of polymers and water that has the consistency of a drop of water when dropped into the eye, where it immediately forms a viscous, protective and lubricating film that remains for a long time. The company is currently pursuing two development projects: RP501 as a readily available medical device for the first line treatment of dry eye, and the drug candidate RP101 that contains estrogen for the treatment of women who suffer from dry eye after menopause. The Company's Certified Adviser is Carnegie Investment Bank AB (publ). For more information, visit www.redwoodpharma.com
