Solna, Sweden, 5 July 2022 – Vivesto AB, an oncology-focused specialty pharmaceutical company, has today decided to wind down its activities in Russia following the Russian invasion of Ukraine, ongoing hostilities and international sanctions.
This means that the distribution activities for Paclical® (Apealea®) in Russia and the Commonwealth of Independent States (CIS) will be paused until further notice.
The wind down of Vivesto’s activities in Russia means that a write down of SEK 44.6 million will be carried out, equal to the net book value of the capitalized development costs for Paclical after amortization as of June 30, 2022. The write down will be a cost in the income statement and have a negative impact on the equity in the balance sheet. The write-down has no impact on the company's cash flow and has no material effect on the company's financial position in general.
For More Information:
Peter Zonabend, Chairman
Phone: +46 18-50 54 40
Consilium Strategic Communications
Phone: +44 (0)20 3709 5700
Vivesto is a specialty pharmaceutical company focused on the development of new therapeutic options for patients suffering from hard-to-treat cancers. It has a growing pipeline of clinical-stage assets targeting late-stage cancers. Apealea® (paclitaxel micellar) is being made available to ovarian cancer patients through a partnership with Elevar Therapeutics, Inc. Development programs include Cantrixil, in clinical development for late-stage ovarian cancer, and docetaxel micellar, in development for advanced prostate cancer. Vivesto has proprietary drug delivery technology designed to improve solubility, efficacy and safety. Vivesto’s shares are traded on Nasdaq Stockholm (VIVE). To find out more about Vivesto please visit www.vivesto.com.