The board of directors of Ziccum AB (publ) (”Ziccum”or the ”Company”) has today, 10 January 2025, resolved to file for bankruptcy on behalf of the Company to manage the financial situation that has occurred. The application for bankruptcy will be submitted to Lund District Court.
The decision is based on a thorough assessment of alternatives, considering the current financial situation, and the board has reached the overall conclusion that the Company does not have enough financing to fulfil outstanding obligations and continue operations. The Company completed a rights issue in fourth quarter 2024 where the proceeds gained were significantly lower than expected. Meanwhile, other sources of financing are judged inadequate to maintain continued Company operations, as the current investor Global Corporate Finance (“GCF) has chosen to decline the Company’s request for continued financing according to the existing agreement.
Considering the above, the board of directors of Ziccum has today decided to file for bankruptcy at Lund District Court.
Ziccum regrets the inability of the Company to pursue its continued technology and business development based on LaminarPace®, its patented pharmaceutical technology platform.