FIT Biotech Oy in Breach of Covenants under Subscription Agreement with Alpha Blue Ocean
On 25 February 2019 at 9:45 (EET), the Board of Directors of FIT Biotech Oy ("FitBio", FITBIO: FN Finland) issued a stock exchange release (the “Release”), indicating announcing that FitBio had decided to file for bankruptcy (the “Bankruptcy Filing”).
Alpha Blue Ocean Advisors (UK) LTD (“ABO”) regrets that FitBio’s board decided that it had no choice but to proceed with the Bankruptcy Filing. ABO works constructively with all of its borrowers to endeavour to preserve value, including with respect to FitBio.
FitBio was in breach of certain covenants under the existing loan/subscription agreement with ABO and, as a result of this, FitBio had no right to request a further drawdown under that existing agreement. ABO had notified FitBio, on numerous occasions, that it was in covenant breach, and accordingly, that further funding under the existing loan/subscription agreement between FitBio and ABO was no longer possible.
For the month leading up to the Release, ABO had been in active discussions with FitBio’s board of directors and executive management regarding a potential restructuring of FitBio, which would have entailed an injection of capital into FitBio (the “Restructuring”). As a result of these discussions, ABO presented a restructuring plan to FitBio which the board of directors of ABO considered to be a viable plan.
Unfortunately, FitBio was unable to meet certain necessary conditions for the Restructuring, and ABO understands that this was in fact the reason for the board of directors of FitBio deciding to file for bankruptcy.
Alpha Blue Ocean Advisors (UK) LTD
Board of Directors
About ABO
Alpha Blue Ocean was founded by Pierre Vannineuse and is the investment manager to a family of funds operating across multiple jurisdictions. ABO specialises in debt and equity financing to publicly listed companies across the world and in a variety of sectors including healthcare, energy, mining, and technology. Its main representation office is based in London, UK.
For more information, please visit www.alphablueocean.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190306005351/en/
Contact information
For press and media enquires please contact Veronika Usmanova
Tel:
+44 (0) 203 855 0088
E-mail: v.usmanova@alphablueocean.com
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
BIOCORP: Marketing Partnership on Mallya with iSage Rx in the Field of Digital Diabetes19.2.2020 17:00:00 CET | Press release
Regulatory News: BIOCORP (Paris:ALCOR) (FR0012788065 - ALCOR / Eligible PEA PME), a French company specialized in the development and manufacturing of medical devices and smart drug delivery systems, today announced an alliance with US-based iSage Rx, LLC., a digital therapeutics company, focused on insulin dose optimization. In detail, the two companies are committed to integrating their respective technologies to simplify insulin dose capture and optimization. The integration of Mallya (a CE-marked connected device dedicated to insulin pens) into the iSage app (a clinically validated insulin titration platform cleared by the FDA) should enable patients with type 2 diabetes to simplify their insulin management. This will allow patients with diabetes to seamlessly capture, record, and store information about their insulin injections and while receiving automated guidance on how to adjust their insulin dose overtime ("titration"). Ryan Sysko, President and CEO of Amalgam Rx, Inc, said:
New Phase 3b Interim Data from STARDUST Study Show Two-Thirds of Patients with Moderately to Severely Active Crohn’s Disease Achieved Clinical Remission After Two Doses of STELARA® (ustekinumab)14.2.2020 07:00:00 CET | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson today announced interim data from the Phase 3b STARDUST study. At week 16, 79 percent of patients with moderately to severely active Crohn’s disease (CD) achieved clinical responsea and 67 percent were in clinical remissionb after receiving one ~6 mg/kg intravenous (IV) dose followed by one 90 mg subcutaneous (SC) dose of STELARA® (ustekinumab), open label.1 Intestinal ultrasound (IUS) responses were assessed and were detected as early as week 4.2 Week 16 data (digital oral presentation or DOP 13) and IUS response data (DOP 10) from STARDUST are being presented as part of a digital oral presentation at the 15th Congress of the European Crohn’s & Colitis Organisation (ECCO).1,2 The primary endpoint of the 48-week STARDUST study is comparative endoscopic responsec among adult patients with CD receiving ustekinumab maintenance therapy.3 At week 16, patients who achieved a ≥70 point decrease in Crohn’s Disease Activity Index scored
Edwards Launches New Compact Dry Vacuum Pump With the Highest Pumping Density on the Market13.2.2020 13:07:00 CET | Press release
Edwards launch the new nXRi high performance compact dry pump, with lower input power and zero maintenance, bringing real performance improvements and cost benefits across a range of applications. Initial variants will provide pumping speeds of either 60 and 90 m3h-1 , four times more pumping speed than a similar sized dry pump. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200213005447/en/ Edward nXRi Compact Dry Vacuum Pump (Photo: Business Wire) Designed with size in mind, the compact footprint and height allow the Edwards nXRi dry pump to fit easily under a benchtop saving valuable space in the laboratory; and at under 30kg offers a highly mobile vacuum pump for changing work flows and environments. The pump is maintenance free for up to five years, with no tip-seal or oil change, for maximum uptime and reduced maintenance costs. The nXRi's 40% smaller footprint, compared to alternative dry pumps, assures seamless integ
Interactive Brokers Launches Bond Scanner to Help Investors Find the Best Pricing on Wide Range of Fixed Income Products12.2.2020 15:00:00 CET | Press release
Interactive Brokers Group, Inc. (Nasdaq: IBKR) today announced it has created a Bond Scanner to help make finding the best prices on bonds easier and more transparent for clients and non-clients alike. “We believe we offer the lowest bond prices available. Investors should visit our Bond Scanner at ibkr.com/bonds, filter for bonds of interest, and then call their broker to compare,” said Steven Sanders, EVP of Marketing and Product Development at Interactive Brokers. “Clients benefit from our aggregation of price quotes from multiple electronic venues and institutional dealers,” he added. “We do not widen spreads nor are there hidden fees or markups. While some companies charge a large, hidden markup, we charge extremely low, transparent commissions. IBKR clients may provide liquidity to bond markets and improve pricing by entering their own pending orders into the book.” In addition to ultra-low, transparent pricing, the company offers a huge selection of fixed income products, includ
ADVA tackles GNSS jamming and spoofing with market’s first intelligent assurance solution11.2.2020 08:00:00 CET | Press release
ADVA (FSE: ADV) today launched the industry’s first centralized GNSS monitoring and assurance tool. Using artificial intelligence (AI) and machine learning (ML) for comprehensive predictive maintenance, it addresses the key concerns of GNSS users around the globe. The new customer-owned tool enables users to collect and analyze huge amounts of information from across the network to remotely identify issues and protect networks from GNSS vulnerabilities, including jamming and spoofing attacks. It also helps to identify GNSS obstruction issues, detect blind/poor spots that appear over time and enable optimal antenna positioning. Built into ADVA’s Ensemble Controller network management suite with Sync Director, the solution enables customers to detect potential problems in advance, maintain the highest quality of network synchronization and significantly reduce opex. By complementing today’s limited distributed approach to GNSS assurance with a centralized-global system, it offers a major
Light Up the Future with Posiflex at EuroShop 202011.2.2020 02:12:00 CET | Press release
The Posiflex Group, a synergy of world-leading POS, kiosk, and industrial computing technologies — will bring its Serviced IoT solutions to EuroShop 2020, the leading Europe trade fair for the retail industry, from February 16th – 20th at Hall6/A57 in Düsseldorf. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200210005879/en/ Mini Kiosk - Mercury EK-Series (Photo: Business Wire) Nowadays, the ways of retail have been fundamentally changed. Retailers are experiencing unparalleled disruption and are facing new challenges with fierce competition and consumer demands. To aid retailers to stay ahead of the curve, Posiflex POS solutions help retailers to become an integral part of the future retail by offering machines with advanced capabilities, such as rotating screens, various OS platform support, hands-on cable management, and ease of service. Posiflex’s new Android version of MT-Series (Mobile POS), RT-Series (POS terminal),