Double Bond Pharmaceutical

Double Bond Pharmaceutical International AB (publ) ("DBP") notes the announcement released earlier yesterday by Hemcheck Sweden AB  (“Hemcheck”) and is pleased to announce that its 20% owned investee company Bio Vitos has today entered into an agreement with Hemcheck, a company listed on the Nasdaq Stockholm (the “Agreement”).  As part of the Agreement Hemcheck will create a new subsidiary (“NewCo”) and transfer all current business and assets of Hemcheck to this new subsidiary. Under the terms of the Agreement, Bio Vitos has agreed to provide the NewCo with  SEK1.23 million in cash, plus any applicable VAT, on signing of the Agreement,  within 14 days after the distribution of the shares in NewCo to Hemcheck’s shareholders.

Bio Vitos will then pay a further SEK4 million in cash, plus any applicable VAT, to Hemcheck, within thirty days following the distribution of shares in NewCo to Hemcheck Sweden AB shareholders. 

In addition Bio Vitos has agreed to provide Hemcheck with its IP rights (patents or patent applications) in respect of  an active substance Iron Succinate (Succifer and used in a marketed product Inofer). In exchange, Bio Vitos will receive 259,654,000 shares in Hemcheck, amounting to circa 88.3% of Hemcheck’s share capital.

DBP’s holding in Bio Vitos will remain unchanged.

The Board  of DBP is informed by Bio Vitos that under the rules of the Nasdaq Stockholm this is deemed to constitute a reverse takeover for Hemcheck. It is anticipated that subject to all required shareholder and regulatory approvals, that Hemcheck will remain listed on the Nasdaq Stockholm.

The full text of the announcement released by Hemcheck yesterday:

https://mb.cision.com/Main/16884/3710632/1832822.pdf

More about DBP’s position in Bio Vitos: https://mb.cision.com/Main/12720/3455944/1498083.pdf