Operational Update & Additional Investment in IVIX

RNS Number : 0949U

Ovoca Bio PLC

27 March 2019

 

Ovoca Bio plc

("Ovoca" or the "Company")

Operational Update

and

Acquisition of Additional Interest in IVIX

Ovoca Bio plc (LSE: OVB; ISE: OVXA) is pleased to provide an operating update relating to its subsidiary, IVIX LLC (IVIX), and confirmation of the acquisition of an additional interest in IVIX that increases Ovoca's overall holding in IVIX to 59.9 per cent.

Operational Update on IVIX

On 25 March 2019, Ovoca announced that IVIX's investigational drug, Libicore (BP-101), had met, ahead of time, the pre-specified primary efficacy endpoint, and achieved significant outcomes in key supporting secondary endpoints, in its Phase 3 clinical trial for the treatment of Hypoactive Sexual Desire Disorder (HSDD).

"This welcome news is down to the very hard work of our team at IVIX, as well as the investigators and patients who made the trial possible, and we thank everyone that has been involved in making this trial a success", commented Kirill Golovanov, Chief Executive of Ovoca. "In particular, I would like to recognize the invaluable contribution of Dr. Dmitry Golikov, General Director of IVIX, in the planning and execution of such a major undertaking, and for his capable leadership of IVIX since its foundation in 2012. Following a smooth handover of his responsibilities to Dr. Daniil Nemenov, Dmitry has recently decided to resign from IVIX for personal reasons. Along with the other members of the Board, I would like to express my gratitude to Dmitry for his contribution to IVIX in recent years and wish him every success in his future endeavours". 

Following the departure of Mr. Golikov, Dr. Daniil Nemenov has assumed the duties of General Director in addition to his existing role as Medical Director. Ovoca is also pleased to announce that Mr. Christopher Wiltshire, non-executive director of Ovoca, has assumed the position of Chief Business Adviser on Libicore and will provide oversight on all activities relating to Ovoca's current and future biotechnology and pharmaceutical strategy and plans.

Ovoca's Chief Executive Officer, Kirill Golovanov, along with Dr. Nemenov and Mr. Wiltshire, are currently presenting at the 13^th Annual International Partnering Conference, BIO-Europe Spring^®, at the Messe Wien Exhibition and Congress Center, Vienna, Austria, which concludes today. They will be discussing with potential partners and collaborators the strong progress made with Libicore (BP-101) and development plans for the rest of the 2019.

Acquisition of Additional Interest in IVIX

As disclosed at the time of its initial investment in IVIX, Ovoca also had the right to acquire a further participation interest (shareholding) to be issued by IVIX for US$2.04 million which would increase its overall participation interest in the charter capital of IVIX by 9.9 per cent. Ovoca is pleased to announce that the Board of Ovoca has now approved the acquisition of this further participation interest in IVIX. Following the exercise of the option, Ovoca now holds an approximately 59.9 per cent interest in the charter capital of IVIX. Further details of the transaction agreements were included in the Admission Document published by Ovoca on 4 July 2018.

For further information: 

Ovoca Bio plc 

Kirill Golovanov (Chief Executive)

Tel [phone]

[e-mail]

Davy (Nominated Adviser, Euronext Growth Advisor and Broker)

John Frain / Daragh O'Reilly

Tel: [phone]

About IVIX: 

IVIX, a Russian‐incorporated company, was formed in 2012 and since that time has sought to develop and subsequently commercialize a proprietary drug candidate, BP-101 (known as "Libicore"), for the treatment of female sexual dysfunction. Libicore is a novel synthetic peptide, administered through a nasal spray. Clinical studies completed to-date have demonstrated statistically significant efficacy in the treatment of a major form of female sexual dysfunction. So far, IVIX has reached and completed Phase III clinical studies in Russia for Libicore. It now intends to seek approval for the marketing of Libicore in the Russian market, as well seek to expand its use internationally.

 

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