Finvector Vision Therapies has initiated arbitration proceedings against Herantis Pharma's subsidiary Laurantis Pharma and a number of its former shareholders
Herantis Pharma Plc
Company release 9 March 2015 at 12:00 noon
Finvector Vision Therapies Ltd ("Finvector") has initiated arbitration proceedings against Herantis Pharma Plc's ("Herantis") subsidiary Laurantis Pharma Ltd ("Laurantis") and a number of its former shareholders. Herantis holds 99.0 per cent of the shares in Laurantis. Based on an alleged breach of a shareholders' agreement regarding Laurantis, Finvector is seeking from Laurantis and a number of its former shareholders damages in the total amount of approximately 1,000,000 euros including interests and costs.
Herantis was formed in a combination of two Finnish drug development companies on 29 April 2014, when Herantis (then Hermo Pharma Ltd) acquired 99.0 percent of the shares of Laurantis in a share exchange transaction. According to Finvector's claim, the shareholders' agreement relating to Laurantis has been breached in connection with the acquisition of Laurantis' shares.
As Herantis understands it, there has been no breach of the shareholders' agreement and the claim presented by Finvector is unfounded. The arbitral tribunal convenes in Finland and the dispute is subject to the law of Finland.
Further information:
Herantis Pharma Plc, Pekka Simula, CEO, telephone: +358 40 7300 445
Company web site: www.herantis.com
Certified Advisor: UB Capital Oy, telephone: +358 9 2538 0225
About Herantis Pharma Plc
Herantis Pharma Plc is a pharmaceutical company specialised in new drug research and development. The company focuses on diseases with an unmet clinical need. These diseases include for example dry eye syndrome, Parkinson's disease, and secondary lymphedema. We believe our drugs are the first or best in their class and have the potential to change treatment strategies of diseases. The shares of Herantis Pharma Plc are listed on the First North Finland marketplace run by NASDAQ Helsinki stock exchange.