Amniotics AB (publ) ("Amniotics" or the "Company") today announces that Amniotics has agreed on an extension of the outstanding loan of approximately SEK 3.1 million from Buntel AB ("Buntel") until May 31, 2024. Furthermore, Amniotics has entered into a service agreement with Magle Chemoswed AB ("Magle"), which is expected to provide the Company with revenues of up to approximately SEK [2] million for the period until May 31, 2024. Together, the two measures are expected to secure Amniotic's short-term capital needs until the end of May 2024. In accordance with what has been communicated previously, the Company's management and board of directors are working actively to identify and evaluate various possible solutions to ensure the Company's continued financing needs in various ways.

Amniotics has today reached an agreement with Buntel to postpone the maturity date of the remaining loan that Amniotics has outstanding from Buntel until May 31, 2024. The loan, which as of today, including accrued interest, amounts to approximately SEK 3.1 million, would otherwise have had to be repaid no later than March 31, 2024.

Amniotics has today also entered into a service agreement with Magle under which Amniotics will provide services to Magle regarding GMP activities and development. The agreement runs for six months, but after 31 May 2024, each party has the right to terminate the agreement prematurely with immediate effect. Amniotics is not guaranteed any revenue under the agreement, but based on current indications from Magle, Amniotics expects to receive total revenues of approximately SEK [2] million for the period until May 31, 2024.

The Company estimates that the extension of the loan agreement and the entering into of the service agreement, together with available cash and cash equivalents, will secure Amniotics' short-term capital needs until the end of May 2024. In accordance with what has previously been communicated, the Company's management and board of directors are working actively to identify and evaluate various possible solutions to ensure the Company's continued financing needs in various ways.

For more information please contact

Marcus Larsson
CEO, Amniotics AB
Phone: +46 (0) 763 08 40 91
Email: ml@amniotics.com

About Amniotics

Amniotics AB (publ) is a clinical stage biotech company, developing innovative therapies, based on amniotic fluid derived stem cells. The company develops therapies to treat diseases where effective treatments are currently lacking.
Amniotics has an established GMP-facility, approved and licensed by the Swedish Medical Products Agency. The company has capabilities as a Contract Development and Manufacturing Organization (CDMO) for other biotech companies.
Amniotics is headquartered in Lund, Sweden.
The company is listed at Nasdaq First North Growth Market in Stockholm. Amniotics Certified Adviser at First North is Redeye AB.
Learn more at www.amniotics.com. 

This information is information that Amniotics is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-03-21 18:00 CET.

Attachments

Amniotics secures short-term capital needs by extending loan agreement and entering into a service agreement

© Modular Finance, source Nordic Press Releases