April 26, 2024
I can safely say that it’s the beginning of the end of InDex as you know it. During the course of this quarter, we have announced that the company will discontinue development of the drug candidate cobitolimod. After an extremely engaged process we have decided on the next step for the company, which entails a reverse merger, as the most promising way forward for shareholders.
An overwhelming amount of interest has been shown in InDex given our expected remaining cash balance, public listing and impressive shareholder base. The current financing climate has undoubtedly contributed to the amount of activity. The process of evaluating all options has been thorough and interesting. We have worked in a structured manner and narrowed down our options from over 35 to one preferred deal. We are now in the midst of financial and legal reviews as well as ensuring that the transaction is achievable and hope to be able to present the outlines of deal terms ahead of our Annual General Meeting taking place on May 7. The final decision on the company’s future will be taken by shareholders at a subsequent Extraordinary General Meeting.
The termination of all obligations is moving along at speed. The closure of our phase III program is running per plan and in as cost-efficient ways as possible. The departure of the company’s last two employees (myself and my ‘brother in arms’ Johan Giléus) has been announced.
The dialogue between our largest shareholders, the Board and Management has been very productive and supportive all along. I also want to thank all advisors and our speaking partners on the other side of the potential deal for very valuable and speedy discussions.
Jenny Sundqvist, CEO