AMT tries to survive under a new name
Amsterdam - Amsterdam Molecular Therapeutics has announced a financial manoeuvre which is aimed to get the biotech out of a dead end. The assets and – more importantly – the liabilities of the drug developer will be acquired by a newly formed private company, uniQure BV, which is based in Amsterdam as well. AMT as a legal entity will cease to exist and will be delisted.UniQure will pay with unlisted depositary receipts, which may be exchangeable for uniQure shares. "We believe the proposed transaction will ensure the future of AMT following the failure to gain approval of Glybera in 2011, given the very limited options available to us", said Jörn Aldag, CEO of AMT. "The Transaction offers the only viable way to secure a capital injection", said Aldag. "We ultimately believe that this transaction offers the renewed possibility of a meaningful exit for our shareholders, allowing them to benefit from the potential future upside in the business, including the possible outcome of the reconsideration by CHMP of our Glybera product." After devouring AMT, uniQure is promised to receive additional equity funding of €7.0m, including €6.0m from Forbion Capital managed funds together with €1.0m in additional new financing to be secured by AMT prior to completion. In addition, uniQure will take over AMT's liability related to the €5.0m convertible loan notes and accrued interest of €0.3m. AMT will receive one new uniQure DR for every existing issued and outstanding AMT share. uniQure will continue with AMT's strategy to invest in the haemophilia B, GDNF and AIP programs, as well as the collaboration with Institut Pasteur on Sanfilippo B, but will not invest significant additional funds into Glybera unless and until it receives a positive decision from the CHMP.