Innovation Norway has approved a grant of 10 MNOK to fund some of the R&D costs from late 2010 to mid 2012. Payment of the grant requires that Lytix Biopharma receive new equity of at least 20 MNOK.
By the end of the recent funding round Lytix Biopharma has obtained 9 MNOK in new equity at an issue price of NOK 800, - per share.
The next few month the company aims at receiving an additional 11 MNOK and thus receive the grant of 10 MNOK from Innovation Norway.
Shortly Lytix Biopharma will choose a facilitator of longer-term funding towards the essential results of the patient tests, and towards commercial policies in 2014. In context of the pending strategy, project- and financial reviews, during the first half of 2013, Lytix Biopharma and the facilitator will prepare a prospectus to raise funds to ensure the operation of 2014.
For further information, please contact:
Hjelmaas Unni, CEO., +47 915 19 651
Knut Eidissen, Chairman, +47 916 17 707