RARE Daily

Idogen Shareholders to Vote on Liquidation if Company Unable to Find Agreement on Reverse Merger

May 30, 2023

Rare Daily Staff

The Swedish biotechnology company Idogen, which is developing cell therapies to counter attacks by the immune system against healthy cells, said shareholders will vote at its annual general meeting on whether to liquidate the company on June 8 unless it can successfully conclude negotiations on a reverse merger.

Idogen said it has initiated conversations regarding a reverse merger, but the company cautions such discussions take time.

On April 3, Idogen announced that the company’s cash will last until the end of June. In a press release on April 18, it said that it had begun work on the possibility of a reverse merger to avoid liquidation.

“We have worked intensively with several financing alternatives. However, we have not been successful in this, and the company’s cell therapy treatment, built on its proprietary technology platform with the intention to create a curative and sometimes vital tolerance development, is therefore now for sale,” said Christina Herder, acting CEO of Idogen. “We have full documentation in place to start the company’s first clinical study for patients with hemophilia who have developed neutralizing antibodies. We are currently working in parallel with a reversed merger as well as liquidation. We must liquidate the company before the treasury and equity run out.”

She said if the sale of the technology platform or a reverse merger agreement is determined to be possible before the annual general meeting, the board expects to withdraw the proposed liquidation.

Photo: Christina Herder, acting CEO of Idogen

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