Copenhagen and Oslo, 10th May, 2012, 2012-05-10 14:32 CEST (GLOBE NEWSWIRE) -- Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, today announced the reduction of the Company's share capital by nominally DKK 156,070,892.48 from nominally DKK 243,860,769.50 to nominally DKK 87,789,877.02 for the purpose of covering losses, adopted at Affitech A/S' ordinary general meeting on 27 April 2012, has today been registered with the Danish Business Authority.
The capital reduction has been carried out by a reduction of the denomination of all the shares of the company from nominally DKK 0.50 to nominally DKK 0.18.
The company's articles of association have been revised as a consequence of the capital reduction. The new articles of association will be published separately and will be available on the company's website later today.
The completion of the additional capital reduction by nominally DKK 82,912,661.63 from nominally DKK 87,789,877.02 to nominally DKK 4,877,215.39, adopted at the ordinary general meeting on 27th April 2012, awaits the expiry of the statutory notice period.
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
