IGEA to get SIX approval to delay the 2020 annual report disclosure
Hoofddorp, the Netherlands, 30 April 2021. IGEA Pharma N.V. (SIX: IGPH) today announced the grant of a temporary exemption from its disclosure obligations with respect to the 2020 annual report.
As anticipated on 28 April 2021, certain decisions taken by the last extraordinary general meeting, following which a relevant business combination process and changes in the corporate governance have been approved, required to have all implications of such matters on the Company’s reporting obligations adequately presented, leading to a delay in disclosing the 2020 annual report. IGEA expects to disclose its 2020 annual report within the next coming weeks.
In accordance with SIX’s approval, this press release sets out the relevant section of the decision:
“I. The exemption application of IGEA Pharma N.V. (Issuer) dated 29 April 2021 requesting an extension of the deadline to publish its 2020 annual report and to file such report with SIX Exchange Regulation AG until 31 May 2021 at the latest is granted with the following reservation (lit. a) and under the following conditions (lit. b):
a. SIX Exchange Regulation AG reserves the right to suspend trading of the registered shares of the Issuer in case its 2020 annual report is not published in accordance with the provisions on ad hoc publicity (Art. 53 of the Listing Rules [LR] in connection with the Directive on Ad hoc Publicity [DAH]) and not filed with SIX Exchange Regulation AG until Monday, 31 May 2021, 11.59 pm CET, at the latest.
b. IGEA Pharma N.V. is required to publish a notice in accordance with the provisions of ad hoc publicity (art. 53 LR in connection with the DAH) concerning this decision until Monday, 3 May 2021, 7.30 am CET, at the latest. The notice must contain:
- the unaltered reproduction of the wording of para. I. of this decision, placed in a prominent position;
- the reasons for the application of the Issuer requesting an extension of the deadline to publish its 2020 annual report and to file such report with SIX Exchange Regulation AG;
- the unaudited key figures such as net revenues, EBITDA, EBIT, profit/loss, balance sheet total, equity etc. for the annual results 2020.”
The unaudited key figures for 2020 are anticipated as follow:
- the group generated marginal revenue of TUSD 79 due to the ongoing efforts to establish market acceptance and position for its health prevention solutions (previous year: none or not material);
- cost of sales was TUSD 291 (2019: TUSD 440). No impairment charges were recognized during 2020 (2019: TUSD 166.90), which substantially contributed for the reduction;
- operating expenses were TUSD 753 (2019: TUSD 1’491). The significant decrease is mainly due to the reduction for TUSD 352 (2019: increase for TUSD 529) of the sales and marketing expenses, occurred after the Group’s decision to focuses on the wholesale distribution and to the ongoing optimisation on general and administration, generating a further reduction for TUSD 269 (2019: TUSD 367, net of any exceptional items of the listing in 2018). Other income, net of other expenses, related to certain non-core operations for TUSD 53 (2019: none or not material) contributed furthermore to decrease operating expenses;
- EBITDA as adjusted (before impairment charges) and EBIT is TUSD -1’040 (2019: TUSD -1’617) and TUSD -1,135 (2019: TUSD -1,930) respectively;
- finance income and costs were not material (same as last year) except for exchange losses of TUSD 185 mainly driven by a year-end worsening of the EUR/USD rate;
- the net loss is TUSD 1’140 (2019: TUSD 1,908);
- Total assets are TUSD 731 (2019: TUSD 1’067), with a Group equity of TUSD 185 (2019: TUSD 544)
IGEA Pharma N.V. focuses on health-tech and med-tech products and devices. Health-tech products are exclusively preventative. IGEA commercializes an Alzheimer’s prevention set (which includes ’Alz1’, an at-home lab test kit to measure non-bound copper in the blood and a natural dietary supplement branded ‘Alz1 Tab’ designed to reduce blood heavy metals content) and expects to integrate the non-bound copper detection-based pipeline with a diabetes type II prevention set in 2021. Non-bound copper is an expected Alzheimer’s and diabetes type II associated biomarker. Controlling non-bound copper can contribute to reduce the risk of Alzheimer’s and diabetes type II. IGEA furthermore commercializes a COVID19 rapid test for the detection of IgM and IgG SARSCoV-2 related antibodies. Med-tech products focuses on selected solutions and specialties, among which dry aerosol generators for air and inanimate environmental surfaces sanitization and sterilization and air purification devices.
IGEA is listed on the SIX Swiss Exchange (ticker IGPH) and is headquartered in Hoofddorp, the Netherlands. Find out more at www.igeapharma.nl
Vincenzo Moccia, CEO, +39 340 583 09 33, email@example.com
This document constitutes neither an offer to buy nor to subscribe securities and neither this document nor any part of it should form the basis of any investment decision in IGEA. The information contained in this press release has been carefully prepared. However, IGEA bears and assumes no liability of whatever kind for the correctness and completeness of the information provided herein. IGEA does not assume an obligation of whatever kind to update or correct information contained in this press release whether as a result of new information, future events or for other reasons. This publication may contain specific forward-looking statements and assessments or intentions concerning IGEA and its business. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development, or performance of IGEA and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. IGEA assumes no responsibility to update forward looking statements or to adapt them to future events or developments, except as may be required by law.