ASIT biotech Reintroduces an Application for Judicial Reorganization and Modifies the Composition of Its Board of Directors

LIÈGE, Belgium--(BUSINESS WIRE)--Regulatory News:

ASIT biotech (BSE:ASIT) (Paris:ASIT) (ASIT - BE0974289218), a clinical stage biopharmaceutical company focused on the research and development of breakthrough immunotherapy products for the treatment of allergies, was informed by the Enterprise Court of Liège that certain information had to be added to its request for judicial reorganization, as filed on 19 December 2019¹. To this end, a new request for reorganization by collective agreement was filed today at the clerk's office of the Enterprise Court of Liège².

In addition, during the board of directors' meeting of January 16, 2020, Harry Welten and Jean-Paul Prieels informed the board of directors of their intention to resign as directors at the next general meeting of the company. Mr. Louis Champion, permanent representative of ZOPAMAVI SAS, also submitted his resignation with immediate effect. Mr. Yves Désiront, permanent representative of RE FINANCE CONSULTING SA was appointed Chairman of the board of directors in place of Mr. Louis Champion, permanent representative of ZOPAMAVI SAS. There is no other change in the composition of the board of directors, the list of members can be consulted on the ASIT biotech website. On the other hand, the board of directors confirmed the mandate of the management of ASIT biotech to explore during the first semester of 2020 the strategic options to preserve the interests of the creditors and shareholders to the maximum extent possible.

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About ASIT biotech

ASIT biotech is a Belgian clinical stage biopharmaceutical company focused on the research and development of a range of breakthrough immunotherapy products for the treatment of allergies. Thanks to its innovative ASIT+' technology platform, ASIT biotech is currently the only developer of allergy immunotherapy (AIT) product candidates consisting of a unique mixture of highly purified natural allergen fragments in an optimal size selection. This innovation results in a short treatment, expected to improve patient compliance and real-life effectiveness.

Further information can be found at www.asitbiotech.com

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This announcement is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for the Company’s shares in any jurisdiction. This announcement does not constitute a prospectus. Any purchase of, subscription for or application for, Shares to be issued in connection with the intended offering should only be made on the basis of information contained in the prospectus and any supplements thereto, as the case may be.

Forward-looking statements

This release may contain forward-looking statements. Such forward-looking statements are not guaranteeing future results. These forward-looking statements speak only as of the date of publication of this document. The Company expressly disclaims any obligation to update any forward-looking statements in this document, unless specifically required by law or regulation.

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¹ The document entitled "Judgment relating to the judicial reorganization introduced on December 19, 2019" is available on the website of ASIT biotech.
² The document entitled "Request for judicial reorganization by collective agreement" is available on the website of ASIT biotech.