Jun 30, 2022
RhoVac AB ("RhoVac"), (June 30th 2022) a Swedish company active in cancer immunotherapy, was forced on 29 May 2022 to announce that the company's phase IIb study in prostate cancer, BRaVac, despite the previous positive results related to the substance, failed to show that RV001 (onilcamotide) was superior to placebo in preventing progression in patients with biochemical recurrence (an increase in PSA) after curative intent treatment. Further investigations of study data have been undertaken, but so far nothing of substance has been identified that has a justifiable risk/benefit ratio to warrant further studies. The review of data will continue during the month of July. In parallel, the Board is examining the possibilities for a potential merger between RhoVac and a potential other 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 further studies are not deemed justified. Irrespective of options in the end, the company is examining the possibilities for an accelerated repayment of the convertible loan with a first down payment already later this summer.
At the end of May, the company implemented a contingency plan that focuses on cost minimisation, while the company conducts further analyses of the results, in order to facilitate Board recommendations on the company’s future. The status is as follows:
RhoVac will convene an Extraordinary General Meeting (EGM), which will be held in September 2022 at the latest. At this time, RhoVac expects to have a decision basis for all available alternatives, as above, and the EGM is assessed to be able to decide on the future of the company supported by Board’s recommendations. Irrespectively, RhoVac investigates the possibilities for an accelerated repayment of the convertible loan with a first down payment later this summer.
This disclosure contains information that RhoVac is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-06-2022 08:27 CET.