Reference is made to the decision by the annual general meeting of Hofseth BioCare ASA ("HBC" or the "Company") today, 29 April 2022, to carry out a private placement towards Brilliant Invest 2 AG ("Brilliant Invest 2") of 1,760,000 shares in the Company.
Brilliant Invest 2 is set up with the purpose of acting as an incentive program and is structured in a similar manner as the joint holding company Brilliant Invest AS, which was established for certain employees and consultants of the Company in 2019.
The participants in the program own shares in Brilliant Invest 2 and will consequently make an indirect investment in the Company. The program is time-limited and upon the termination of the program, Brilliant Invest 2 will sell its shares in the Company and distribute the net sales proceeds to the participants in the program (in their capacities as shareholders in Brilliant Invest 2). The initial term of Brilliant Invest 2 is 24 months from 1 January 2022 but may be extended on certain terms.
The participants in the program are certain consultant and partners of the Company, including Tenet Partners, Dr. Zubair Hussain (Senior Regulatory Consultant) and Bill Lowe (President, HBC Americas).
The new shares to be issued in the private placement are subscribed at par value. The Company will provide further information on the completion of the private placement towards Brilliant Invest 2 in due course.
James Berger, Chief Commercial Officer, acts as chairman of the Board of Brilliant Invest 2 and Brilliant Invest 2 is consequently a close associate of James Berger. Further information about the transaction is included in the attached notification form.
For further information, please contact:
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no
James Berger, Chief Commercial Officer of Hofseth BioCare ASA
Phone: +41 79 950 10 34
E-mail: jb@hofsethbiocare.no
About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.
The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey, and Palo Alto.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act
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