Allenex AB: Allenex Spins off NovaHep and Recopharma
STOCKHOLM--(BUSINESS WIRE)--Allenex (STO:ALNX) transfers its holdings in the portfolio companies NovaHep AB and Recopharma AB to Alden Impact Capital AG, Zurich, who takes responsibility for the continued financing of their activities.
"NovaHep and Recopharma are two companies with a very exciting focus"
.In NovaHep, focusing on liver stem cells, has Allenex been shareholder since 2005 and in Recopharma, with a focus on recombinant glyco proteins, since 2003. Allenex has been the sole financier of the companies' development work. Both companies have achieved valuable and promising results while there is still much work to be done before they can be commercialized.
Allenex focus is now on the transplantation sector and in terms of liquidity the company prioritizes those activities. Agreement has now been reached with Alden Impact Capital AG, Zurich, a Swiss private equity manager linked to a family office, on the transfer of the holdings in NovaHep and Recopharma. The agreement includes a part of the future profits when Alden Impact Capital AG sells the holdings. Allenex will report a small loss in the second quarter of 2011 of SEK 280 thousand. A greater impairment of the holdings took place during the first quarter of 2011.
"Today, it is extremely difficult to find financing of the development work carried out by NovaHep and Recopharma," says Anders Karlsson, CEO of Allenex. "It is therefore very satisfying that we by the transfer to Alden Impact Capital AG can ensure that both companies will be able to continue their operations."
"NovaHep and Recopharma are two companies with a very exciting focus," says Stefan von Euw, Alden Impact Capital AG. "We will be able to financially support the continued development and so reach the next milestones."
Allenex AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08:10 (CET) on August 25, 2011
Allenex's business focus is mainly on the transplantation business with subsidiary product companies AbSorber and Olerup SSP and the sales and distribution companies Olerup Inc. and Olerup GmbH. Allenex has also a portfolio of associated life science companies. Allenex is listed on NASDAQ OMX Stockholm Small Cap (ticker: ALNX).