- Partial spin-off of Bentrio® completed to increase focus on RNA delivery activities
- Retains 49% in Altamira Medica AG, and secures 25% of future licensing revenue
HAMILTON, BERMUDA, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Altamira Therapeutics Ltd. ("Altamira" or the "Company") (Nasdaq: CYTO), a company dedicated to developing therapeutics that address important unmet medical needs, today announced that it recently received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”), informing the Company that it has regained compliance with the minimum stockholders' equity requirement as set forth under Nasdaq Listing Rule 5550(b)(1) for continued listing on Nasdaq. The Company had boosted its equity position through a public offering of common shares in July, the partial amortization of convertible debt granted by FiveT Investment Management as well as, most recently, the partial spin-off of its Bentrio® activities.
The Bentrio transaction involved the spin-off of a 51% stake in its subsidiary Altamira Medica AG (“Medica”), as a strategic move to reposition Altamira Therapeutics as an RNA delivery technology company. Bentrio is a drug-free OTC nasal spray utilized for the treatment of allergic rhinitis. The transaction closed on November 21, 2023 during which Altamira received a cash consideration of CHF 2,040,000 (approximately $2.3 million). The Company retains a 49% stake in Medica, which will be consolidated as an ‘associated company’ and will be entitled to receive 25% of its future licensing income.
Nasdaq will continue to monitor the Company’s ongoing compliance with the stockholders’ equity requirement. The next review will be performed at the time of the Company’s next periodic report, i.e. the publication of its year-end 2023 balance sheet on Form 20-F (currently scheduled for early April 2024).
About Altamira Therapeutics
Altamira (Nasdaq: CYTO) is dedicated to developing RNA-based therapeutics for extrahepatic targets (OligoPhore™ / SemaPhore™ delivery platforms). The Company currently has two flagship siRNA programs in preclinical development beyond in vivo proof of concept: AM-401 for KRAS driven cancer and AM-411 for rheumatoid arthritis. The versatile delivery platform is also suited for mRNA and other types of RNA therapeutics and is planned to be leveraged via out-licensing to pharma or biotech companies. In addition, Altamira is in the process of divesting and/or out-licensing its legacy assets in allergology and viral infection (Bentrio® OTC nasal spray; commercial) and inner ear therapeutics (AM-125 nasal spray for vertigo; post Phase 2; Keyzilen® and Sonsuvi® for tinnitus and hearing loss; Phase 3). Founded in 2003, Altamira is headquartered in Hamilton, Bermuda, with its main operations in Basel, Switzerland. For more information, visit: https://altamiratherapeutics.com/
Forward-Looking Statements
This press release may contain statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Altamira’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", "outlook" or "continue", or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, but are not limited to, the success of the continued commercialization of Bentrio and success of strategic transactions, including licensing or partnering, with respect to AM-125, Bentrio or any other legacy assets, Altamira’s need for and ability to raise substantial additional funding to continue the development of its product candidates, the timing and conduct of clinical trials of Altamira’s product candidates, the clinical utility of Altamira’s product candidates, the timing or likelihood of regulatory filings and approvals, Altamira’s intellectual property position and Altamira’s financial position, including the impact of any future acquisitions, dispositions, partnerships, license transactions or changes to Altamira’s capital structure, including future securities offerings. These risks and uncertainties also include, but are not limited to, those described under the caption "Risk Factors" in Altamira’s Annual Report on Form 20-F for the year ended December 31, 2022, and in Altamira’s other filings with the Securities Exchange Commission (“SEC”), which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Altamira or to persons acting on behalf of Altamira are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Altamira does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
