Zealand Pharma Provides Update on Silicon Valley Bank Closure
Company announcement – No. 6 / 2023
Zealand Pharma Provides Update on Silicon Valley Bank Closure
- Update to company announcement No.5 following joint statement by U.S. Treasury, Federal Reserve, and FDIC: Depositors at SVB will have access to all of their money starting Monday, March 13
- Zealand now expects to recover all of its deposits held at SVB, Monday March 13
Copenhagen, Denmark March 13, 2023 – Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078) a biotechnology company focused on the discovery and development of innovative peptide-based medicines, today issued the following update to its March 12, 2023 statement regarding the closure of Silicon Valley Bank (SVB) (company announcement 5/2023):
On March 12, 2023, the U.S. Secretary of the Treasury Janet L. Yellen, U.S. Federal Reserve Board Chair Jerome H. Powell, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin J. Gruenberg, issued a statement announcing that after receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with U.S. President Biden, Secretary Yellen approved actions enabling the FDIC to complete its resolution of SVB in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13.
On March 10, 2023, the California Department of Financial Protection and Innovation had closed SVB and appointed the FDIC as receiver.
Zealand has approximately DKK 162.6 million in cash deposits held at SVB as of March 10, 2023, which represents approximately 15% of its total cash, cash equivalents and marketable securities on that date. As of March 10, 2023, Zealand had cash, cash equivalents and marketable securities totaling DKK 1,071.4 million (including deposits at SVB). Zealand expects to recover all of its deposits held at SVB, Monday, March 13. This includes both insured and uninsured deposits.
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) ("Zealand") is a biotechnology company focused on the discovery and development of peptide-based medicines. More than 10 drug candidates invented by Zealand have advanced into clinical development, of which two have reached the market and three candidates are in late-stage development. The company has development partnerships with several pharma companies as well as commercial partnerships for its marketed products.
Zealand was founded in 1998 and is headquartered in Copenhagen, Denmark, with a presence in the U.S. that includes Boston. For more information about Zealand’s business and activities, please visit www.zealandpharma.com.
The above information contains forward-looking statements that provide Zealand Pharma’s expectations or forecasts of future events. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. All such forward-looking statements speak only as of the date of this release and are based on information available to Zealand Pharma as of the date of this release. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly.
Anna Krassowska, PhD
Vice President, Investor Relations & Corporate Communications
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