Completion of the Acquisition of IVIX
Ovoca is pleased to announce that on 25th of September 2018 the notary public notified the Company that its subsidiary, Silver Star Ltd., has been formally registered on the Russian Unified State Register of Legal Entities as the owner of approximately 50.02 per cent of all participation interests in the charter capital of IVIX.
Therefore, IVIX has now become a subsidiary of Ovoca.
Following this step, Ovoca retains the right to acquire a further participation interest to be issued by IVIX for US$2.04 million which would increase its overall participation interest (shareholding) in the charter capital of IVIX by 9.9 per cent. Should Ovoca exercise the option, it will hold an approximately 59.9 per cent interest in the charter capital of IVIX.
Kirill Golovanov, CEO of Ovoca, commented: “We are delighted that this legal procedure for the Transaction has now completed and that IVIX has officially become a subsidiary of our group. Now the enlarged management team and our new Board can focus on the continued development of our exciting project. The capital provided through the Transaction will help to complete the Phase 3 clinical trials in Russia in accordance with our strategic plan. We are looking forward to the results that we expect to receive by Q2 2019.”
Terms used in this announcement have the meanings given to them in the Company's Admission Document dated 4 July 2018. The Admission Document is available on this website.
For further information:
Ovoca Bio plc
Kirill Golovanov (Chief Executive) Tel +353 1 661 9819
Davy (Nomad and ESM Adviser)
John Frain / Daragh O'Reilly Tel +353 (0)1 679 6363
IVIX, a Russian‐incorporated company, was formed in 2012 and since that time has sought to develop and subsequently commercialise a proprietary drug candidate, BP101 (known as "Libicore"), for the treatment of female sexual dysfunctions. Libicore is a novel synthetic peptide, administrated through a nasal spray. Clinical studies completed to date have demonstrated statistically significant efficacy in treatment of major forms of female sexual dysfunction. To date, IVIX has completed Phase II clinical studies in Russia for Libicore. It now intends to complete the Russian Phase III clinical trial for Libicore, following which it will seek approval for the marketing of Libicore in the Russian market.