RhoVac Provides Status Update and Investigation of Potentially Accelerated Convertible Loan Repayment

RhoVac AB (“RhoVac”), (June 30the 2022) a Swedish company active in cancer immunotherapy, was forced May 29, 2022 to announce that the company’s Phase IIb prostate cancer study, BRaVac, despite previous positive drug-related results, failed to show that RV001 (onilcamotide) was superior to placebo for prevent progression in patients with biochemical recurrence (an increase in PSA) after treatment with curative intent. Further research on the study data has been undertaken, but so far nothing substantial has been identified that has a justifiable risk/benefit ratio to warrant further studies. The review of the data will continue during the month of July. At the same time, the Board is examining the possibilities of a possible merger between RhoVac and another potential company, an option that might yield the best return on the company’s assets. The alternative is probably a solvent liquidation of the company if additional studies are not deemed justified. Regardless of the options in the end, the company is studying the possibilities of an accelerated repayment of the convertible loan with a first installment already later this summer.

At the end of May, the company put in place a contingency plan focused on minimizing costs, while the company carries out more in-depth analyzes of the results, in order to facilitate the recommendations of the board of directors on the future of the society. The status is as follows:

  • An immediate discontinuation of the long-term follow-up of the BRaVac study was implemented at the same time as RhoVac terminated the agreement with the CRO that carried out the study. Additionally, the company’s staff, including consultants, has been reduced to reduce costs. Business Development Manager, Steffen Wad Jorgensenhas received notice of termination of the contract. Steffen Wad Jorgensen will continue to work for the company during their three-month notice period.
  • The company performed analyzes of the main results of the study to analyze whether a subgroup of patients responded better than the group as a whole. To date, these analyzes have not yielded substantial results in this regard. Analyzes will continue, in particular focusing on the relationship between efficacy and different types of immune types, called HLA types. This is based on data that will not be available until July.
  • RhoVac is studying the possibility of a merger, known as a “reverse merger”, whereby another company would benefit from RhoVac trading platform, assets and certain key personnel. It could have potential value, and RhoVac will come back with information on this at the latest at the end of July.
  • If neither the further analysis of the study data nor a possible merger justify the continuation of the activities of the company, the alternative is probably a solvent liquidation of RhoVacwhereby the company repays all debts, realizes its assets and returns the remaining cash to shareholders.

RhoVac will convene an Extraordinary General Meeting (AGE) to be held at September 2022 at the latest. Right now, RhoVac expects to have a decision-making basis for all available alternatives, as above, and the EGM is assessed as able to decide the future of the company based on the recommendations of the board administration. Regardless, repayment-of-the-converti-40861171/xmltag.org”>RhoVac is exploring the possibilities of an accelerated repayment of the convertible loan with a first installment later this summer.

This disclosure contains information that RhoVac is required to make public under the EU Market Abuse Regulation (EU 596/2014). The information has been submitted for publication, through the contact person, the 30-06-2022 08:27 CET.

For more information please contact:
Anders Mansson – CEO, RhoVac AB
Telephone: +46 73 751 7278
Email: [email protected]

On RhoVac AB
RhoVac was established as a private company in Denmark in 2007. Within this company, the basic stages of the development of the drug candidate RV001 have been initiated. In 2015 the Swedish RhoVac AB was formed, which now has its registered office and in 2016 the company was listed on the then Aktietorget in Sweden (now Stock market). RhoVac has passed the early stages of development.In 2019, patient recruitment began for a larger Phase IIb clinical study that included over 180 prostate cancer patients. Top Line results were featured in May 2022. Other data are currently being evaluated. RhoVac is listed on the Spotlight Stockmarket. The stock is traded under the ticker RHOVAC. More information is available at www.rhovac.com.

https://news.cision.com/rhovac/r/rhovac-provides-a-status-update-and-investigates-a-potentially-accelerated-repayment-of-the-converti,c3593434

https://mb.cision.com/Main/13747/3593434/1598925.pdf

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