STOCKHOLM, March 31, 2021 – Promore Pharma announces today that the company has had 72,755 warrants deregistered, corresponding to a dilution of 3.0% in programs 3-7 issued to Technomark Group USA LLC ("Technomark") and Kentron Biotechnology Pvt Ltd (" Kentron ”). The warrants were issued on 2016 as part of the remuneration for planned CRO services in the clinical trial PHSU03. There are 54,599 warrants remaining related to programs 1, 2 and 8, respectively.
As previously announced, Promore Pharma's Board of Directors has decided to modify the development priority for ensereptide. As a consequence, the previously planned clinical study PHSU03 involving tendon injuries in connection with hand surgery has been postponed. This in turn, means that the CRO agreement between Promore Pharma and Technomark and Kentron, respectively, is terminated, and thus the conditions for the warrants in programs 3-7 will not be met. All 72,755 warrants in programs 3-7 that were issued on 7 July 2016 with a dilution effect of approximately 3.0% have therefore been deregistered.
Now, totally 54,599 warrants remain related to programs 1, 2 and 8, with a dilution effect of approximately 2.2%, and 1,400,000 performance share rights related to LTI 2020, a performance-based incentive program for certain employees and consultants with a dilution of approximately 3.7%.