(Oslo, 23 November 2016)
Bionor Pharma ASA (OSE: BIONOR) announced in the Q3 2016 Financial Report on 16 November 2016 that all preparatory activities of the planned clinical program are on hold and that the company has initiated a strategic review of Vacc-4x, and the clinical development plan to ensure it is up to date going forward. Bionor has engaged a group of highly experienced international HIV scientific, clinical and commercial experts to propose updated development plans going forward. This process is currently ongoing and is done in close collaboration with the company. The same expert group has been engaged in strategic partnership assessment once the strategic review process is concluded.
On 21 November 2016 Bionor Pharma announced (the "Announcement") that the company has entered into an agreement to acquire the entire share capital of Solon Eiendom AS for a total consideration of approximately NOK 1,000 million settled by issuing 6,666,666,666 new shares in Bionor Pharma ASA at NOK 0.15 per share to the sellers of Solon Eiendom, Alden AS, Dukat AS, Hortulan AS, John Galt Invest AS, MRD Holding AS and Solon AS. Bionor Pharma will in connection with the Acquisition change its name to Solon Eiendom ASA. The transaction is conditional on approval by the shareholders (the "Acquisition"), see further information in the Announcement.
In connection with the above mentioned Acquisition the Bionor Board of Directors have decided to move the HIV research activities and employees to the fully owned subsidiary Bionor Immuno AS and change the company's name to Bionor Pharma AS. All HIV related Intellectual Property is already owned by Bionor Immuno AS. The Board has further decided that Unni Hjelmaas shall be appointed as Chief Executive Officer. Per S. Thoresen will continue as Chairman of the Board of Bionor Immuno AS. The changes are conditional on and will be effected following completion of the Acquisition.
"I look forward to continue working with the Bionor team and the external HIV experts to define the Vacc-4x clinical development plan and assess strategic partnership opportunities", says Unni Hjelmaas, acting CEO Bionor Pharma.
Bionor Pharma AS will continue to pursue scientific activities. At the NIH HIV Cure Meeting Nov. 14-16, the company presented a poster featuring data from several Vacc-4x clinical studies to emphasize the importance of including an immunotherapy that can lead to immune-mediated removal of HIV-infected cells as part of a combination approach towards functional HIV cure. Furthermore publications are in writing and grants applications have been filed. Bionor Pharma believe that people living with HIV should have multiple options.
For more information, please contact:
Einar J. Greve Chairman of the Board, Bionor Pharma ASA E-mail: ejg@cipriano.no Cell Phone: +47 900 27 766
Unni Hjelmaas Acting Chief Executive Officer, Bionor Pharma ASA E-mail: uh@bionorpharma.com Cell Phone: +47 915 19 651
About Bionor Bionor's mission is to enable the immune system to fight HIV infection. Bionor is the first company, which has successfully completed a clinical trial using the shock and kill approach, thereby creating a strong foundation for further advancing its therapeutic vaccine Vacc-4x in combination with other agents towards a functional cure. The company believes it has first mover potential based on clinical results to date and early adoption of the shock and kill strategy. In December 2015, Bionor announced that the HIV trial REDUC with Vacc-4x and romidepsin successfully met its primary endpoint by reducing latent HIV reservoir and further demonstrated control of viral load. Bionor currently retains full ownership rights to the HIV immunotherapy Vacc-4x, i.e., the upside potential from partnering or licensing remains with the company's shareholders. Bionor is listed on Oslo Børs (OSE: BIONOR). More information about Bionor is available at www.bionorpharma.com .
Attachments:
