Register here for the next investor webinar (27th Feb) with Sovereign Metals (SVML), Europa Oil & Gas (EOG) and Microsalt (SALT).

Less Ads, More Data, More Tools Register for FREE

Ovoca Bio Completes Buyout Of Russia's IVIX For USD5 Million

Tue, 24th Mar 2020 18:39

(Alliance News) - Ovoca Bio PLC has bought the remaining shares in IVIX LLC that it did not already hold, it said on Tuesday.

The women's health-focused firm, based in Dublin, has paid approximately USD5 million for the remaining 40.1% it did not hold. The first 50% was bought in September 2018 for USD4.1 million, and another 9.9% was bought in March last year for USD2 million.

IVIX is a Russian biopharmaceutical company which has developed BP-101, a treatment for premenopausal women who have a condition causing a "distressing" lack of sexual desire.

The drug was submitted for approval to the Russian Ministry of Health in September last year, and Ovoca Bio said it could be on the market by the end of 2020 in Russia.

Ovoca Bio Chief Executive Kirill Golovanov said: "The acquisition of the remaining stake in IVIX is a significant milestone in Ovoca's development as a biopharmaceutical company focused on women's health.

"With full control, we can accelerate the development of BP-101 as we pursue marketing authorisation and potential partnering opportunities in Russia and establish a clinical programme to meet the needs of patients and regulators in western markets."

Ovoca Bio shares closed 7.1% higher in London on Tuesday at 7.50 pence per share.

By George Collard;

Copyright 2020 Alliance News Limited. All Rights Reserved.

Related Shares

More News
23 Nov 2023 15:53

UK shareholder meetings calendar - next 7 days

28 Sep 2023 14:41

EARNINGS: Ovoca "to adapt" after study let-down, Kelso NAV rises

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

31 Aug 2023 16:50

LONDON MARKET CLOSE: FTSE 100 down amid stubborn US inflation

(Alliance News) - Stock prices in London closed mixed on Thursday, after news that a key US inflation reading came in in line with market expectations...

31 Aug 2023 14:33

Ovoca Bio shares plummet after female libido treatment trial fails

(Sharecast News) - Biopharmaceutical developer Ovoca Bio's shares were plummeting on Thursday, after it released a summary of the top-line results fro...

31 Aug 2023 12:08

Ovoca Bio shares dive following disappointing Orenetide study results

(Alliance News) - Ovoca Bio PLC shares plummeted on Thursday, after it said that a study into Orenetide did not show statistically significant superio...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.