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Admedus in trading halt pending update on Admedus Immunotherapies transaction

Hong Kong investor Sun Bright Holdings is contributing up to $18 million for cancer vaccine and immunotherapies development
The securities will remain in trading halt until Wednesday, April 17, 2019, or when an announcement is made.

Admedus Ltd (ASX:AHZ) has been granted a trading halt by the ASX with an announcement pending in regards to the Admedus Immunotherapies sale transaction.

The trading halt will remain in place until the beginning of trading on April 17, 2019, or when an announcement is made to the market.

Admedus securities last traded at 6 cents.

READ: Admedus to spin-off immunotherapies business; shares surge

Last week the company made further progress towards securing up to $18 million in funding for its immunotherapies business, Admedus Vaccines Pty Ltd.

The company entered into a share sale agreement with Constellation Therapeutics and other shareholders of Admedus Vaccines whereby Constellation would acquire all the shares of Admedus Vaccines.

On completion of the transaction:

  • Admedus Vaccines will be a wholly-owned subsidiary of Constellation;

  • The company will hold a 29.13% interest in Constellation through AIPL;

  • Other shareholders will hold a 10.8% stake in Constellation;

  • Sun Bright Holding will hold a 60% interest in Constellation;

  • Sun Bright will contribute up to $18 million to Admedus Vaccines over the period to November 2022 to meet ongoing funding requirements; and

  • Admedus chief executive Wayne Paterson will be appointed as the chairman of Constellation and Professor Ian Frazer will be appointed as a consultant to oversee the vaccine and immunotherapies development.

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