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FIT Biotech Oy: Tekes issues a partial decision on the company's rectification request related to Tekes's claim to capital loan related to the FIT Biotech HIV vaccine project in 2009-2010

11:40 EDT 23 Sep 2016 | GlobalNewsWire (2014)

FIT BIOTECH OY
Company release
September 23, 2016 at 16:40 EET       

Tekes issues a partial decision on the company's rectification request related to Tekes's claim to capital loan related to the FIT Biotech HIV vaccine project in 2009-2010

According to FIT Biotech's company release of June 22,2016, Tekes (the Finnish Funding Agency for Innovation) had reclaimed part of FIT Biotech's Development of HIV vaccine project costs consisting of salaries, indirect employee expenses and overhead expenses which were earlier partly converted to grant. As announced, FIT Biotech submitted a rectification request on June 30, 2016 to which Tekes has today submitted an announcement of decision. According to the decision, company's rectification request has been partially accepted.

According to its decision, Tekes reclaims monetary salaries of EUR 69.355, indirect employee expenses of EUR 15.847,64 and overhead expenses of EUR 42.788,62. In it's reasoning, Tekes states that the aforesaid expenses are ineligible according to their audit.

In addition, Tekes states in its decision that patent expenses of EUR 273.393 reported to the Development of HIV vaccine project will be re-visited to assess whether they are totally or partially acceptable.

The Company is reconsidering submitting an appeal to the decision.

Tekes has funded FIT Biotech's Development of HIV-vaccines project with EUR 3.2 million. As FIT Biotech has earlier announced, this loan was partly converted to a grant in accordance with Tekes' decision on April 10, 2015.

FIT BIOTECH OY

Further information:
Juha Vapaavuori
Chairman of the Board of Director
FIT Biotech Oy
Tel: +358 50 372 0824
E-mail: juha.vapaavuori@sitra.fi

Certified Advisor: Aalto Capital Partners Oy, Tel. +358 40 587 7000

FIT Biotech in brief

FIT Biotech Oy is a biotechnology company established in 1995 that develops and licenses its patented GTU® (Gene Transport Unit) vector technology for new-generation medical treatments. GTU® is a gene transport technology that meets an important medical challenge in the usability of gene therapy and DNA vaccines.

FIT Biotech applies GTU® technology in its drug development programmes. Application areas include cancer (gene therapy) and infectious diseases such as HIV and tuberculosis, as well as animal vaccines.

FIT Biotech shares are listed on the First North Finland market maintained by Nasdaq Helsinki Oy.

DISTRIBUTION:
Nasdaq Helsinki
Principal media
www.fitbiotech.com




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FIT Biotech Oy via Globenewswire

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