The Board of Directors of Redwood Pharma Aktiebolag (publ) ("Redwood Pharma" or the "Company") has today, on July 28, 2024, decided to file for bankruptcy of the Company. The bankruptcy application will be submitted to the Stockholm District Court as soon as possible.
The reason for the bankruptcy filing is that, despite intensive work in 2024, Redwood Pharma has not found a sound and workable solution for its strained financial situation in the short and medium terms. Unfortunately, under the current circumstances, this work has been fruitless, despite the fact that submission of the application for CE marking of RP501, the company's first-line therapy against dry eyes, was imminent.
The board has today, based on the above, therefore come to the conclusion that the only alternative is to apply for bankruptcy at the Stockholm District Court. The Board of Directors considers this decision to be the least harmful to the Company's creditors and its shareholders.
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 28-07-2024 14:30 CET.
For further information
Martin Vidaeus - CEO, phone: 070-232 29 29
Email: martin.vidaeus@redwoodpharma.com
