BRUSSELS--(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, obtains the benefit of the judicial reorganization by collective agreement in execution of the judgment delivered on February 11, 2020 by the Commercial Court of Liège1 in application of the law of August 11, 2017 inserting Book XX "Insolvency of Enterprises" in the Code of economic law (hereinafter the "Law"), as well as a suspension of payment expiring on 11th June 2020.
According to the Law, ASIT biotech will establish a plan of judicial reorganization explaining its proposal regarding the conditions under which the Company’s creditors will be repaid. This plan will be deposit in the central solvency register at least 20 days prior to the 26th May 2020 audience where it will be submitted to the approval of the Company’s creditors.
This judicial reorganization’s procedure is an important step allowing the management of ASIT biotech to explore strategic options to preserve the interests of the creditors and shareholders to the maximum extent possible.
About ASIT biotech
ASIT biotech is a Belgian clinical stage biopharmaceutical company focused on the development and future commercialization 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. ASIT biotech’s product pipeline contains three novel ASIT+™ product candidates targeting respiratory allergies with the highest prevalence (i.e. grass pollen: gp-ASIT+™ - in ongoing phase III - and house dust mite: hdm-ASIT+™), and food allergies (peanut allergy: pnt-ASIT+™) that could significantly expand the current immunotherapy market. The Company believes that its innovative ASIT+™ platform is flexible and would be applicable across a range of allergies.
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.
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.
1 Judgment delivered on February 11, 2020 is available on the company website