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Shares of the thinly traded micro-cap biotech OASMIA PHARMACE/ADR (NASDAQ:OASM) were advancing strongly Friday.
What Happened
Sweden-based Oasmia, which develops new generation human and veterinary oncology drugs, said Friday ahead of the market open that it has reached an agreement with its largest shareholder Arwidsro that would settle all outstanding balances and support a planned capital infusion into Oasmia.
The agreement provides for the fulfillment of a commitment Arwidsro made in January 2018 to provide capital of 75 million Swedish krona ($7.9 million) through the exercise of warrants.
Oasmia will also acquire Arwidsro's claims OF 60.2 million SEK to MGC for 40.2 million SEK, with the difference added to the former as a positive earnings item, according to Oasmia.
Why It's Important
These measures will substantially reduce Oasmia's liabilities and increase its equity and liquidity, the company said.
"It feels good to straighten out some historical question marks and close further parts of our review by fulfilling past agreements. In addition, getting SEK 20 million to reduce our debt burden is very positive," ChairmanJörgen Olsson said in a statement.
"The most important thing now is to get progress, capital and stability to continue the path towards a commercially successful pharmaceutical company."
Earlier on Thursday, the company announced the creation of a business advisory board to help with the commercialization of Apealea, its ovarian cancer drug, as well as the evaluation and development of market opportunities for other product candidates.
Oasmia shares were skyrocketing 76.42% to $2.17 on roughly 438 times their average volume at the time of publication Friday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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