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Beskrivning

LandNorge
ListaEuronext Growth Oslo
SektorHälsovård
IndustriMedicinteknik
SoftOx Solutions är ett norskt medicintekniskt bolag. Bolaget har utvecklat en egenpatenterad lösning baserad på ättiksyra för behandling av kroniska sår hos patienter. Lösningen används för att eliminera infektioner i samband med biofilmer, vilket består av olika kluster av bakterier. En del av läkemedelsutvecklingen sker i samarbete med övriga forskningsinstitut. SoftOx Solutions etablerades under 2012 och har sitt huvudkontor i Oslo, Norge.
2023-06-09 08:21:29
OSLO - June 9, 2023: SoftOx Solutions AS ("SoftOx" or the "Company"), a medtech
and clinical-stage pharmaceutical company based in Oslo, has entered into an
agreement with the company's creditors on a new pay back plan. In addition, the
company has raised NOK 15 million in new equity and debt. New equity raised is
NOK 3 million at NOK 8 per share. New debt is NOK 12 million maturing January
2024 with an interest of 25% for the period and warrants for buying shares for
the total amount of NOK 42 million for NOK 8 per share. The creditors have
agreed on a down payment plan where they get 25% before the end of June, 25%
before the end of September and the final amount including overdue interest
before the end of the year.

"We are currently exploring a number of exciting opportunities to commercialize
our technology and I appreciate that our creditors have given us the leeway to
continue these talks. This, together with the capital raise, takes the company
out of the stressed financial situation and gives the board time until the end
of the year, to pursue these opportunities", says CEO Geir Almaas at SoftOx.

This, together with an agreement with the employees and the board members who
has approved to delaying payments of salaries and debt for up to NOK 6 million
on similar terms as the lenders in combination with a substantially cost
reduction and funding from government funds has brought the company's burn rate
down to approximately NOK 1 million per month.

As stated in the stock exchange notice of 11th of May 2023, SoftOx has signed a
Letter of Intent (LOI) with the Department of lmmunology and Microbiology
(ISIM), Faculty of Health and Medical Sciences, University of Copenhagen, to
outsource SoftOx's product development saving huge costs for the company. The
intention is to establish new and innovative solutions based on the SoftOx
technology for fighting antimicrobial resistance and chronic infections in
wounds and an inhaled broad spectrum of anti-infective treatment for the
respiratory tract.

According to the company's new strategy the company shall on its own only take
technologies up to proof of concept. Afterwards SoftOx shall explore the
opportunities of taking on a strategic partner for further development, selling
parts or the whole technology platform or in combination with regional rights.
At the moment wound care and disinfection both got early proof of concept.

"Our unique technology with very encouraging clinical results in early phase
answers some of the biggest health challenges the world is facing, strategic
talk with potential commercial partners, agreement with the University of
Copenhagen and solid reduction in overheads and future product development,
reduce the company's need for future funding and makes the board confident that
it has managed to put the company in a very good position for future
development", says Almaas.


For further information, please contact:

Geir Almås, Executive Chairman of SoftOx Solutions AS
Mail: ir@soft-ox.com
Phone: Front Desk: (+47) 948-59-599 or (+47) 977-59-071