Inhalation Sciences (ISAB) announced that it has sold all of its remaining shares in its spinoff Ziccum AB, a spray drying specialist, for a total of approximately SEK 21.2 million. In May 2019, ISAB announced that it was selling 40,000 shares of Ziccum to finance a study necessary to validate its PreciseInhale dosing system for clinical use. With the sale of the remaining shares, the company said that it can repay all short-term loans and finance its operations through the end of 2021.
ISAB CEO Manoush Masarrat commented, “This is a message of strength for both ISAB and Ziccum. We can now continue to work on the expansion of our market penetration as well as the validation of the clinical version of PreciseInhale. This is despite the prevailing circumstances in the traces of Covid-19.” [Google translation]
ISAB Chairman Fredrik Sjövall, who also chairs the board of Ziccum and was one of the purchasers of the ISAB shares, said, “We can see that Ziccum has developed very positively since the listing and that there is a clear interest in the share in the market. We are, of course, very pleased to have secured ISAB’s long-term financing and at the same time that Ziccum has acquired new capital-strong and long-term owners.” [Google translation]
Read the Inhalation Sciences press release.
