Following its announcement on 17 January 2017, Onzima Ventures Plc (“Onzima” or the “Company”), is pleased to announce the conditional acquisition of the remaining 51 per cent. of the issued shares of N4 Pharma Limited (“N4 Pharma”) which it does not already own (the “Acquisition”). Consideration for the Acquisition will be satisfied by the issue of 4,510,800 New Ordinary Shares and 4,591,400 Deferred Consideration Shares (post-Share Re-Organisation).
The Company has also conditionally raised £1.5 million (gross) by way of a placing of 21,428,571 New Ordinary Shares at 7p per share (the “Placing”) to fund development of additional patent applications for reformulations of a wide range of generic drugs, to undertake clinical trials for N4 Pharma’s reformulation of sildenafil and for working capital purposes.
Key points:
· N4 Pharma, founded in 2014, is a specialist pharmaceutical company which reformulates existing drugs and vaccines to improve their performance
· Contracts have been exchanged conditionally to acquire the 51 per cent. of the issued shares of N4 Pharma which Onzima does not already own
· Share Re-Organisation consolidating Existing Ordinary Shares on a 800:1 basis followed by a sub-division of 200:1
· The Company has conditionally raised £1.5 million (gross) by way of a placing of New Ordinary Shares
o Proceeds will be used to fund development of additional patent applications for reformulations of a wide range of generic drugs, to undertake clinical trials for N4 Pharma’s reformulation of sildenafil and for working capital purposes
· The Acquisition constitutes a reverse takeover for the purposes of the AIM Rules for Companies. Accordingly, the Acquisition and the Capital Raising are conditional, amongst other things, on Shareholders’ approval to be obtained at the General Meeting at 11.00am to be held on 2 May 2017
· Admission to trading on AIM of, and dealings in, the Enlarged Share Capital is expected to commence at 8:00am on 3 May 2017
· A special resolution will be proposed at the General Meeting to approve the change of the name of the Company to N4 Pharma plc. If the resolution is passed, the Company’s AIM symbol will be changed to N4P and its website address will be changed to www.n4pharma.com with effect from Admission
Copies of this announcement and the Company’s admission document, including the notice of General Meeting, are available on the Company’s website, www.onzimaventures.com.
Nigel Theobald, CEO of N4 Pharma, commented:
“Today marks an important step forward for N4 Pharma and we are delighted at the support of investors at this exciting time.
“Bringing a new drug to market is inherently risky, time consuming and extremely costly. However, the established process of reformulating already established drugs reduces the risk, cost and length of time it takes to bring new versions of these drugs to market. Following completion of the transaction, the net funds raised will enable N4 Pharma to accelerate its work on the reformulation of generic drugs and those that are coming to the end of their patent protection, each with attractive commercial opportunities, as well as expand our product portfolio.
“We look forward to life as a publicly traded company and will continue to update shareholders on progress in due course.”
