Mr. Mariusz Olejniczak reports
WPD PHARMACEUTICALS ANNOUNCES SHARE CAPITAL INCREASE IN POLISH SUBSIDIARY
WPD Pharmaceuticals Inc.'s WPD Pharmaceuticals Sp zoo (WPD Poland), the Polish subsidiary of the company, has increased its share capital from 400,000 Polish zlotys to 2.1 million Polish zlotys, that is by the amount of 1.7 million Polish zlotys, by establishment of 34,000 new, equal and indivisible shares of the nominal value of 50 Polish zlotys each and the total nominal value of 1.7 million Polish zlotys.
District court for the capital city of Warsaw on Nov. 25, 2022, registered an increase in the share capital at WPD Poland. Currently new shareholder -- Houston Pharmaceuticals -- owns 80.95 per cent of WPD Poland's share capital. The company owns 19.05 per cent of WPD Poland's shares.
This financing is of a bridging nature until additional capital can be obtained by WPD Pharmaceuticals Sp from investors from the capital market. The next step of the management board of WPD Pharmaceuticals Sp to be undertaken in Poland, in line with the recovery program, is to search for domestic Polish and eligible foreign investors also from European Union and the United States who are interested in capital participation in financing the next stages of the development of WPD Pharmaceuticals Sp in Poland.
About WPD Pharmaceuticals Inc.
WPD Pharmaceuticals is a biotechnology research and development company with a focus on oncology and virology, namely research and development of medicinal products involving biological compounds and small molecules. WPD Pharmaceuticals has licensed nine novel drug candidates in certain countries, with four being at a clinical development stage. These drug candidates were researched at medical institutions, and WPD Pharmaceuticals has been currently collaborating with Wake Forest University and leading hospitals and academic centres in Poland.
WPD Pharmaceuticals has entered into licence agreements with Wake Forest University Health Sciences and sublicence agreements with Moleculin Biotech Inc. and CNS Pharmaceuticals Inc., respectively, each of which grant an exclusive, royalty-bearing sublicence to certain technologies of the licensor to WPD Pharmaceuticals. Such agreements provide WPD Pharmaceuticals with certain research, development, manufacturing and sales rights, among other things. The sublicence territory from CNS Pharmaceuticals and Moleculin Biotech comprises about 29 countries in Europe and Asia, including Russia, depending on the compound.
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