Business
Acquisition of Remaining Minority Interest in IVIX
Acquisition of Remaining Minority Interest in IVIX.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n \n \n RNS Number : 2900H\n Ovoca Bio PLC\n 24 March 2020\n \n \n \n \n Ovoca Bio plc\n \n \n \n \n \n (\"Ovoca\" or the \"Company\")\n \n \n \n \n \n \n \n \n Acquisition of Remaining Minority Shareholding in IVIX LLC\n \n \n \n \n \n Company to accelerate development of lead asset BP-101 for the treatment of HSDD\n \n \n \n \n \n Dublin, Ireland, March 24, 2020 - Ovoca Bio, a biopharmaceutical company with a focus on women's health, is pleased to announce that it has entered into an agreement to acquire the remaining shareholding in IVIX LLC. (\"IVIX\") (the \"Acquisition\") that the Company does not already control for a total cash consideration of approximately RUB354m (approximately US$5.0 million). IVIX was the original developer of BP-101, a novel medicinal treatment for premenopausal women with hypoactive sexual desire disorder (HSDD) a condition characterized by a distressing lack or loss of sexual desire in women.\n \n \n \n \n \n In September 2018, Ovoca completed the acquisition of a 50.02% participation interest of IVIX, a Russian incorporated biopharmaceutical company, for a cash consideration of approximately US$4.1 million. As a result of the acquisition, Ovoca refocused its core business on biotechnology and particularly the continued development and commercialisation of BP-101.\n \n \n \n \n \n In March 2019, Ovoca exercised its right to acquire a further participation interest for approximately US$2 million, whereby the Company increased its holding to a 59.9% interest in the charter capital of IVIX.\n \n \n \n \n \n Since the initial acquisition, Ovoca has made significant progress in the clinical and commercial development of BP-101 including through regulatory interactions with the health authorities in the Russian Federation, Germany and the USA. Top-line findings from a Russian pivotal Phase III trial of BP-101, announced in March 2019, demonstrated a strong efficacy profile in patients with HSDD. Patients reported a significant increase in the number of satisfying sexual events as well as a significant increase in sexual desire and reduction of distress associated with low sexual desire. In September 2019, the Company announced the submission of a marketing authorisation application for BP-101 with the Russian Ministry of Health. If approved, BP-101...