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2016-05-13

CombiGene: Preparing distribution of subsidiary

CombiGene Vet AB, the wholly owned subsidiary which according to a
decision at CombiGene's Annual Shareholders' Meeting April 4th will
be distributed to CombiGene AB's shareholder, changes name to Panion
Animal Health AB and has elected Dede Willis from the US as new Board
member. In addition, a number of other decisions were taken to enable
the distribution and to enable a future application to be listed at a
feasible marketplace. This press release, which is issued by
CombiGene AB, is also communicating the status of a sponsored dog
study, as well as other circumstances and decisions of significance
for CombiGene Vet AB (undergoing change of name to Panion Animal
Health AB).

CombiGene Vet AB's Annual Shareholders' Meeting May 12th

The meeting decided that the company should become a public company,
that the company name should be changed to Panion Animal Health AB,
that it should become a CSD-registered company, that its share should
be affiliated to Euroclear, and that a shares split should be made so
that the number of shares in the company will correspond to the
number of shares in CombiGene AB which allows a 1:1 distribution to
CombiGene AB's shareholders, and also decided about a number of other
changes in the in the Articles of Association. Board members Arne
Ferstad, Lars Thunberg and Morten Albrechtsen were re-elected, and
Lars Thunberg was appointed new Chairman of the Board. Dede Willis
from the US was elected new Board member. Dede Willis has more than
30 years of experience from large corporations as well as startups.
Among other positions held, she has been President and CEO of a $100
million subsidiary of the former Hoechst Group, and she also has
experience from the animal health field.

Other plans and decisions of CombiGene Vet AB

CombiGene Vet AB has reached preliminary agreements with Carlos Velez
from the US who has been offered the position as Director Business
Development and with Niels-Erik Manniche from Denmark who has been
offered the position as Director Regulatory Affairs. A business plan
has been developed during the Spring, including an in-depth analysis
regarding the prevalence of drug-resistant epilepsy among companion
dogs in the US and other countries, as well as an estimate of the
market potential for CombiGene Vet AB's product. Furthermore, aided
by a legal advisor, the two companies have started to formalize their
future business relation, with the aim to enter into an extensive
license agreement. Such license agreement will be an important
fundament for CombiGene Vet AB's business model and future
operations.

Record date for the distribution of CombiGene Vet AB

At CombiGene AB's Annual Shareholders' Meeting April 4th it was
decided to authorize the Board to determine the so called record date
for the distribution. The record date is the day when registration
takes place of the current shareholders in CombiGene AB, how many
shares each owner has, and how many shares in CombiGene Vet AB they
should thus obtain. The Board of CombiGene AB has now decided that
the record date will be July 8th 2016, provided that the formal and
necessary preparations have been made, e.g. the affiliation to
Euroclear.

Status of ongoing dog study

As announced in a press release of Aug 26th 2015, CombiGene Vet AB has
sponsored a group of Danish scientists and veterinarians with 216 000
SEK for a study of gene-therapeutic upregulation of NPY and Y2 in
companion dogs with epilepsy, i.e. the same treatment concept as
being developed by CombiGene AB for use on human patients. The group
is led by David Woldbye who is also one of CombiGene AB's scientific
founders, but the study is an academic research study and has not
been coordinated or managed by CombiGene Vet AB or CombiGene AB. A
study of this kind has nevere before been made, and the study team
was thus faced with a number of challenges. Among other preparations,
the epileptic focus has to be localized and for that purpose MR
scanning, EEG and potentially a so-called SPECT-scanning will be
used, none of which are standard methods in veterinary medicine.
Furthermore, video equipment has to be installed in the dog owner
homes to allow a 24-7 observation of the dog patients. A few months
ago the study preparations were temporarily halted, as the study
team's attention was called to the fact that certain formal rules for
clinical studies on companion animals were not fulfilled. The study
team has now solved these issues in a dialogue with the Danish
medical product agency and the Danish animal experiments
inspectorate, and the recruitment has re-started. So far, one dog has
been recruited to the study. The initiator of the study, David
Woldbye, comments:

"We underestimated the amount of preparations needed. But there's also
a bright side of this delay: CombiGene AB will soon have selected the
candidate vector that expresses both NPY and Y2, which means that we
can use that vector instead of the two separate vectors that were
available from our past academic work and which was part of our
planning last Summer. We also hope for further sponsorship from
CombiGene Vet AB and also other kinds of support, for example advice
regarding the regulatory rules. In this way, the study will be even
better than before, once finished.".

For further information:

CombiGene AB (publ)

Bengt Westrin, CEO

Tel: +46 70 265 48 62

email: bengt.westrin@combigene.com

About CombiGene AB

By combining modern neuroscience with recent advances in gene
delivery, CombiGene has developed a method shown to suppress
epileptic seizures in preclinical studies. The current focus is on
continuing to develop this method into an effective and safe therapy
for epilepsy patients, but the method may also have development
potential as a means of treating other neurological disorders.
Founded on the basis of scientific discoveries made at Lund
University and the University of Copenhagen, CombiGene has offices at
Medicon Village in Lund, Sweden. The company is public and listed on
the Swedish marketplace AktieTorget. www.combigene.com

Please also read MORE FROM THE COMPANY, a newsletter from CombiGene
which contains general news and information that is judged not to
have a significant effect on the share price. Other issues of MORE
FROM THE COMPANY and PRESS RELEASES are available at
www.combigene.com

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http://news.cision.com/combigene/r/preparing-distribution-of-subsidiary,...
http://mb.cision.com/Main/12318/2008523/515337.pdf

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