Copenhagen and Oslo, 27th April, 2012, 2012-04-27 14:32 CEST (GLOBE NEWSWIRE) --
- Resolution to decrease the share capital by writing down the nominal value of the company's shares
- Resolution to apply for delisting of the company
Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, today announced that at Affitech A/S’ Ordinary General Meeting held earlier today, it was resolved to decrease the share capital of the company by writing down the nominal value of the company's shares. Furthermore, it was resolved to apply for delisting of the company. All proposals from the Board of Directors were adopted, including approval of the Annual Report.
At the general meeting, the report by the Board of Directors and Management was adopted and the audited Annual Report was approved, including the proposal for the remuneration of the Board of Directors.
It was decided that the year’s losses of DKK 163,387,136 be carried forward to next year.
All existing members of the Board of Directors were up for election except Keith McCullagh, who wished to resign as member of the Board of Directors. The other members of the Board of Directors were all re-elected.
Hence, the Board of Directors comprises:
- Aleksandr Shuster
- Andrei Petrov
- Steven Morell
- Igor Fisch
- Yegor S. Vassetzky
Ernst & Young, Gyngemose Parkvej 30, 2860 Søborg, Denmark, was re-elected as the company's auditors.
The proposal from the Board of Directors to adopt a decrease of the share capital of the company with an amount of nominally DKK 156,070,892.48 from nominally DKK 243,860,769.50 to nominally DKK 87,789,877.02 for the purpose of payment of losses and to amend the company's articles of association accordingly was adopted.
The Board of Directors' proposal to further decrease the share capital of the company with an amount of nominally DKK 82,912,661.63 from nominally DKK 87,789,877.02 to nominally DKK 4,877,215.39 for the purpose of transfer to a special reserve and to amend the company's articles of association accordingly was adopted. Before the execution of this capital decrease (to be transferred to a special reserve), a notice will be given to the creditors of the company, requesting them to file their claims against the company, if any, within four weeks in accordance with the law. The request will be published in the Danish Business Authority's IT system.
The capital decreases will be carried out by writing down the nominal value of all of the company's shares.
The Board of Directors' proposal to authorize the Board of Directors to increase the share capital of the company with an amount of nominally DKK 100,000,000 and to amend the company's articles of association accordingly was adopted.
Further, the Board of Directors' proposal to apply for delisting of the company with NASDAQ OMX Copenhagen A/S was adopted.
About Affitech
Affitech A/S is a publicly traded (NASDAQ OMX Copenhagen) human therapeutic antibody company based in Copenhagen, Denmark with R&D facilities in Oslo, Norway. The Company utilizes a range of proprietary antibody technologies for the discovery of fully human antibodies for application in oncology, inflammation and other disease areas. CBAS™ (Cell Based Antibody Selection) is Affitech’s premier discovery engine for the isolation of lead antibodies to cell surface molecules. Affitech co-develops its two lead antibody drug programs AT001/r84 and AT008/CCR4 with Russian partner IBC Generium. The Company’s initial focus is on rapid and cost effective development by partnering clinical trials in emerging markets. Further information is available at www.affitech.com.
Disclaimer
This announcement may contain forward-looking statements including statements about Affitech’s expectations of the progression of its pipeline including the timing for commencement and completion of clinical trials and with respect to cash burn guidance. Such statements are based on Management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Affitech cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: risks associated with technological development, the risk that research & development will not yield new products that achieve commercial success, the impact of competition, the ability to transact viable and profitable commercial deals, the risk of non-approval of patents not yet granted, and difficulties of obtaining relevant governmental approvals for new products. No expressed or implied representations or warranties are given concerning Affitech A/S or the accuracy or completeness of the information provided herein, and no claims shall be made by the recipient of this news release by virtue of the information contained herein.
Contact:
Randi Krogsgaard, Director IR & Corporate Communications
Tel # +45 2320 1001, e-mail: ir@affitech.com
