Decision in arbitration proceedings between Herantis Pharma Plc’s subsidiary Laurantis Pharma Ltd and Finvector Vision Therapies Ltd
Decision in arbitration proceedings between Herantis Pharma Plc's subsidiary Laurantis Pharma Ltd and Finvector Vision Therapies Ltd
Herantis Pharma Plc
Company release 25 February 2016, 11:00 am
In March 2015, Finvector Vision Therapies Ltd ("Finvector") initiated arbitration proceedings against Herantis Pharma Plc's ("Herantis") subsidiary Laurantis Pharma Ltd ("Laurantis") and a number of its former shareholders. Herantis holds 99.0 per cent of the shares in Laurantis. Based on an alleged breach of a shareholders' agreement regarding Laurantis, Finvector seeked from Laurantis and a number of its former shareholders damages in the total amount of approximately 1,000,000 euros including interests and costs.
The Finnish Court of Arbitration has given its final award on 25 February 2016 at 10:00am. The arbitral tribunal has held that there has been no alleged breach of shareholders' agreement and thus Finvector is not entitled to claim damages. Finvector's claim is dismissed in full and Finvector is obligated to pay to Laurantis and its former shareholders as compensation for the legal costs approximately 200,000 euro. The compensation to Laurantis is approximately 50,000 euro.
The decision does not impact the outlook for 2016 or guidance for 2016 of Herantis.
Herantis Pharma Plc., Pekka Simula, CEO, telephone: +358 40 7300 445
Company web site: www.herantis.com
Certified Advisor: UB Securities Ltd, telephone: +358 9 25 380 246
About Herantis Pharma Plc
Herantis Pharma Plc is a pharmaceutical company specialised in new drug research and development. The company focuses on diseases with an unmet clinical need. These diseases include for example Parkinson's disease and secondary lymphedema. The shares of Herantis are listed on the First North Finland marketplace run by Nasdaq Helsinki stock exchange.