The Board of Zucero Therapeutics Limited (Zucero) is pleased to confirm that it has completed payment of the $5,999,000 deferred consideration payable to ASX listed biotech TBG Diagnostics Ltd (ASX Code:TDL) (TBG) following the purchase by Zucero of the PG500 IP Assets in August 2016.
Under the terms of settlement, Zucero has paid to TBG a cash payment of 1,999,000 and issued 10,000,000 Zucero shares at an issue price of $0.40 per share in full and final settlement of the deferred consideration.
With approx. 126 million shares now on issue, at the conversion price of $0.40 this gives Zucero a current equity valuation of $50.4 million.
The conversion of $4.0m of the deferred consideration into equity is a massive achievement and a confidence boost to our clinical activities we are undertaking and our future directions.
MD & Chairman of Zucero, Mr Chris Burrell, said “we are extremely pleased to have settled the outstanding deferred consideration with TBG and we are humbled that they have seen fit to convert a significant portion of the deferred consideration debt into equity.”
“Over the past 3 years we have raised almost $5m in equity and have worked diligently in putting together a strong pipeline of clinical activity. The conversion of the $4m into equity gives us renewed confidence that the work we are doing is on the right track.” Mr Burrell said.
A copy of TBG’s ASX Announcement can be accessed here.
For further information, please contact:
MD & Chairman
+61 417 832 153