UPDATE ON INVESTMENT

BioPharma Credit PLC

02 November 2023

 

2 November 2023

BIOPHARMA CREDIT PLC

UPDATE ON INVESTMENT

BioPharma Credit PLC (LSE: BPCR) notes the filing of a Form 6-K made on 1 November 2023 by LumiraDx Limited ("LumiraDx") which discloses certain resignations at LumiraDx, which is copied below in part for convenience and can be found in its entirety at: LumiraDx Form 6-K Report:

"EXPLANATORY NOTE

On November 1, 2023, LumiraDx Limited (the "Company") received letters of resignation from each of Ron Zwanziger, the Company's Chief Executive Officer and Chairman, David Scott, PhD, the Company's Chief Technology Officer and Director, and Jerry McAleer, PhD, the Company's Chief Scientist and Director, tendering his resignation as an executive and as a member of the Board of Directors of the Company and each of its applicable subsidiaries, effective immediately (each, a "Resignation Letter"). The decision of each of Messrs. Zwanziger, Scott and McAleer (collectively, the "Founder Directors") to resign did not arise or result from any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

Each Founder Director stated in his respective Resignation Letter that, in light of the Company's ongoing search for a viable long-term solution to the Company's financial difficulties, he has concluded that it is in the best interests of the Company and its stakeholders, including its creditors, that he step down from his current roles with the Company in order to preserve his flexibility to explore all available options. Each of the Resignation Letters also noted the importance of maintaining the Company's ability to navigate its financial challenges with the utmost transparency and to ensure that the Company's leadership remains free of any potential conflicts of interest that could arise as a result of the fact that each Founder Director is also a significant shareholder of the Company.

Veronique Ameye will remain the Company's Deputy Chief Executive Officer and General Counsel pending any further review by the Company's Board of Directors.

This report on Form 6-K shall be deemed to be incorporated by reference into the Company's registration statements on Form S-8 (File No. 333-259874, File No. 333-264611 and File No. 333-271538), and the registration statements on Form F-3 (File No. 333-264609 and File No. 333-271624), and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently furnished." 

Pharmakon Advisors, LP will continue to provide updates in due course.

Enquiries

Buchanan

David Rydell / Mark Court / Jamie Hooper / Henry Wilson

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Notes to Editors

BioPharma Credit PLC is London's only specialist debt investor to the life sciences industry and joined the LSE in March 2017. BioPharma Credit PLC seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. BioPharma Credit PLC seeks to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.

 

END