Urteste gives priority to the PANURI project, the shareholder has secured its implementation

Urteste has adopted a resolution to update the investment objectives, which assumes that the most important strategic goal is the continuation of the PANURI project, the company announced. At the same time, a letter of intent was concluded between the company and Twiti Investments Limited, containing a declaration of the parties regarding the conclusion of an investment agreement regulating the terms of cooperation and co-financing by Twiti in order to secure the PANURI project.

“The adoption of the resolution is related to the company’s public offering process for 395,286 new series E shares […] The most important strategic goal of the company is the continuation of the PANURI project, i.e. the implementation of research in the field of developing a method for non-invasive diagnosis of pancreatic cancer. Among the projects developed by the issuer, PANURI is at the most advanced stage of implementation, which is of key importance for the company’s shareholders, as it can significantly affect its value. Therefore, the company treats activities aimed at implementing the PANURI project as a priority, including in the area of allocating funds for this purpose.

In the course of the public offering, the company set the final issue price of the offered shares at PLN 110 per share. As a consequence, the maximum amount of gross proceeds from the offering is PLN 43,481,460 (originally, in the prospectus, before setting the issue price, the company assumed raising funds in the amount of PLN 54,300 PLN 000). Bearing in mind the strategic goals of the company, the management board revised and updated the investment goals, including the priorities for their implementation and financing.

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Moreover, Urteste concluded a letter of intent with a major shareholder of the company, Twiti Investments Limited (currently holding nearly 18% of Urteste shares). The intention of the parties is to conclude an investment agreement, which will provide that if the company fails to obtain series E shares from the public offering, funds in the amount sufficient to cover the costs of the clinical trial and to finance the certification process of the medical device under the PANURI project (objective no. 1) and financing the remuneration costs of the research team and the costs of maintaining the company’s laboratory in the scope related to the PANURI project until the end of 2025 (goal 2), Twiti will recapitalize the company’s operations in the amount that will allow it to finance goal 1 and goal 2, by taking up shares by Twiti new issue of the company as part of a private placement, for a cash contribution in the amount constituting the difference between the total amount necessary to finance objectives 1 and 2, and the amount of net proceeds from the public offering of series E shares. The shares will be offered to Twiti at a price equal to the final issue price of series E shares E, i.e. PLN 110 per share, was announced in a separate announcement.

Urteste specializes in creating innovative technology for detecting cancer at the early stages of development. The company debuted on the NewConnect market in 2021.

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