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wayne serving as chairman for minimum 5yrs

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garthdaisy

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27/06/18

10:08

Post #: 33973548
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Originally posted by barracudaking ↑

Admedus Limited (ASX:AHZ)

NEGOTIATIONS ENTER NEXT STAGE FOR ADMEDUS VACCINES

Admedus Limited (ASX:AHZ) is pleased to announce today that it has progressed towards securing a long-term funding arrangement for Admedus Vaccines Pty Ltd, executing a Memorandum of Understanding (MOU) with Hong Kong investor Star Bright Holding Ltd.
Key terms of the MOU include:

• A new company (Company) to be established with Admedus retaining a 29.1 percent shareholding in the new entity.
• Wayne Paterson to serve on the Company Board as Chairman for a minimum of five years.
• Professor Ian Frazer to provide Principal Researcher and Chief Scientific Officer services to the Company.
• Initial investment to focus on HSV-2 and HPV head and neck cancer vaccines in the first two years.
• An application for listing of the new Company on the Hong Kong Stock Exchange to be planned, subject to regulatory requirements.

As announced on 27 April, Admedus Vaccines entered into a Letter of Intent with Star Bright Holding Ltd, who paid a non-refundable break-fee of $500k for a six-month exclusivity period to finalise the terms of an agreement based on a minimum investment of $18M for a 60% interest. The $18M investment will be retained in the Immunotherapies business to support ongoing research and development, as well as operational activities.

Chairman Wayne Paterson welcomed today’s development,

“Today’s signing of the MOU is an important step in this process and we look forward to continuing negotiations with Star Bright who share our enthusiasm for the work of Professor Frazer and the Admedus Vaccines team.”

“We are committed to securing a final agreement that will enable Admedus Vaccines to continue their ground-breaking research into vaccines and alternative treatment options for a variety of cancers and chronic diseases.” ENDS

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wayne serving as chairman for minimum 5yrs

AHZ Price at posting: 23.0¢ Sentiment: Buy Disclosure: Held
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