Tiziana Life Sciences - Scheme Effective Date
Tiziana Life Sciences plc (NASDAQ: TLSA) has announced a significant corporate restructuring, establishing Tiziana Life Sciences Ltd as the new parent company, effective October 20, 2021. The scheme of arrangement has been sanctioned by the Court, and the Old Tiziana shares will be delisted on October 21, 2021. Following a two-for-one share capital consolidation, the new shares are set to begin trading on NASDAQ. Tiziana specializes in innovative therapeutics for oncology and autoimmune diseases, with upcoming Phase 2 trials for its lead drug, Foralumab.
- Successful completion of corporate restructuring, enhancing organizational structure.
- Establishment of Tiziana Life Sciences Ltd as the new parent company.
- Initiation of Phase 2 studies for Foralumab targeting Crohn's Disease and multiple sclerosis.
- Old Tiziana shares will be delisted from the Main Market, potentially affecting liquidity.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
LONDON and NEW YORK, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Tiziana Life Sciences plc (Nasdaq: TLSA / LSE: TILS) ("Old Tiziana") a biotechnology company focused on innovative therapeutics for oncology, inflammation, and infectious diseases announced on 20 August 2021 that it had formally commenced its strategic plan to change its corporate structure by establishing Tiziana Life Sciences Ltd (“New Tiziana”), a Bermuda-incorporated company, as the ultimate parent company of the Tiziana Group. The reorganisation will be achieved by a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").
A Scheme Document setting out full details of the Scheme (the "Scheme Document") was posted to the shareholders of Old Tiziana on 3 September 2021.
Capitalised terms defined in the Scheme Document shall, unless the context provides otherwise, have the same meanings in this announcement.
Old Tiziana announces that the order of the Court sanctioning the Scheme and confirming the Old Tiziana Reduction of Capital have been delivered to the Registrar of Companies today.
The Scheme and the Old Tiziana Reduction of Capital are therefore effective today. The Scheme Record Time is 6:00 p.m. (London time) today. The last day of dealings in Old Tiziana Shares is today and the Old Tiziana Shares will be delisted tomorrow from the Main Market. It is expected that, following the implementation of the Share Capital Consolidation (at a ratio of two-for-one), the New Tiziana Shares will commence trading on NASDAQ on 21 October 2021.
For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Old Tiziana is Dr Kunwar Shailubhai, Chief Executive Officer.
For further information please contact:
Keeren Shah, Finance Director: +44 (0) 207 495 2379 or email: info@tizianalifesciences.com
About Tiziana Life Sciences
Tiziana Life Sciences plc is a dual listed (NASDAQ: TLSA & UK LSE: TILS) biotechnology company that focuses on the discovery and development of novel molecules to treat human diseases in oncology, inflammation and infectious diseases. In addition to Milciclib, the Company will be shortly initiating Phase 2 studies with orally administered Foralumab for Crohn's Disease and nasally administered Foralumab for progressive multiple sclerosis. Foralumab is the only fully human anti-CD3 monoclonal antibody ("mAb") in clinical development in the world. This Phase 2 compound has potential application in a wide range of autoimmune and inflammatory diseases, such as Crohn's Disease, multiple sclerosis, type-1 diabetes ("T1D"), inflammatory bowel disease ("IBD"), psoriasis and rheumatoid arthritis, where modulation of a T-cell response is desirable. The Company is accelerating development of anti-Interleukin 6 receptor ("IL6R") mAb, a fully human monoclonal antibody for treatment of IL6-induced inflammation, especially for treatment of COVID-19 patients.
Forward looking statements
This announcement may contain certain forward-looking statements. These forward-looking statements include all matters that are not historical facts. These forward-looking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, prospects and the development of the sector in which Old Tiziana operates to differ materially from the impression created by these forward-looking statements. Old Tiziana does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Do not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.
FAQ
What significant change did Tiziana Life Sciences announce on October 20, 2021?
When will the Old Tiziana shares be delisted?
What is the planned trading initiation date for the new Tiziana shares?
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What type of drug is Foralumab?
