Redwood Pharma provides an update on the process for divesting the company's assets
Stockholm, 12 June 2024. Redwood Pharma AB (publ) today provides an update on the process for divesting the company's assets. A number of ophthalmology companies in the USA, Europe and Asia have been invited to participate in an auction process which is expected to be completed during the month of July.
Redwood Pharma, a company developing next-generation dry eye treatments, announced on May 23 that due to financial difficulties, it intends to sell off the company's assets in an accelerated auction process, where potential buyers have the opportunity to acquire all or part of the company. Assets available for sale are: RP501, RP101, license to the IntelliGel drug delivery platform, listing on the Nasdaq First North Growth Market and certain high-tech production equipment.
"Redwood Pharma is working intensively on the sale of our projects RP501, RP101 and the IntelliGel platform to one or more companies that want to take the baton in the development and commercialization of an innovative product portfolio in the field of ophthalmology. In the current financial climate, it has unfortunately been impossible for us to fund the last steps towards a market introduction of our unique products ourselves, but we are convinced that in the right hands they have a good potential to generate significant sales revenue", says Martin Vidaeus, CEO at Redwood Pharma.
The schedule for the auction process:
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June 10 – 23 |
Redwood outreach to possible candidates |
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23 June |
Indicative bids are collected and reviewed |
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24 June – 7 July |
Redwood candidate selection |
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8 – 21 July |
Final candidate negotiations |
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22 – 26 July |
Announcement of deal |
For further information:
Martin Vidaeus – CEO, phone: 070-232 29 29
Email: [email protected]
About Redwood Pharma
Redwood Pharma AB (publ) (Nasdaq First North Growth Market: REDW) develops next-generation treatments for dry eye. More than 300 million people suffer from dry eyes and today’s standard treatment provides only temporary relief and may need to be applied more than ten times a day. Redwood Pharma’s programs are based on IntelliGel – a patented and unique formulation of polymers and water that has the consistency of a drop of water when dropped into the eye, where it immediately forms a viscous, protective and lubricating film that remains for a long time. The company is currently pursuing two development projects: RP501 as a readily available medical device for the first line treatment of dry eye, and the drug candidate RP101 that contains estrogen for the treatment of women who suffer from dry eye after menopause. The company’s Certified Adviser is Erik Penser Bank AB, Box 7405, SE-103 91 Stockholm (+46 8 463 80 00, [email protected]). For more information, visit www.redwoodpharma.com