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Irish-based drugmaker Ovoca says its Russian assets go unpunished

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Ireland-based biology company Ovoca, which has two subsidiaries in Russia and a stake in an Anglo-Russian mining company, said it was not directly subject to international sanctions.

owever, the company said in a statement today that it is “concerned about the situation in Ukraine and Russia” and will update shareholders if “additional” business risks are identified.

More than 90 percent of Ovoca’s total cash flow last year originated outside of Russia, with 60 percent of the company’s operating cash in subsidiaries in Australia and Ireland.

All of Ovoca’s intellectual property outside of Russia is held by its Irish subsidiary, OVB (Ireland) Ltd..

The group has two subsidiaries registered in Russia, IVIX, which holds a marketing license and a Russian patent for the premenopausal treatment, Orenetide.

Ovoca said today that the Russian business generates only 10 percent of Ovoca’s total operating cash flow in 2021 and is still “operating as usual.”

It has a second Russian subsidiary, Comtrans, which is inactive, with no operations or assets.

Ovoca also holds 125,000 shares of Anglo-Russian metal mining company Polymetal International, a Jersey-registered, London-listed company with headquarters in Cyprus.

Both Ovoca subsidiaries in Russia are not state or government funded and are not currently subject to EU, US, UK or other international sanctions.

The company confirmed that no member, board of directors or “significant shareholder” was on the list of sanctioned individuals.

Ovoca holds more than US$9.5 million (€8.75 million) in cash and cash equivalents, all held in UK, Irish and Australian banks.

The company is pursuing ongoing and planned research and development activities throughout 2022.

Ovoca, which operates in Ireland, the UK and Russia, develops treatments for women’s health, including the drug Orenetide to reduce libido.

“The Ovoca Board of Directors is concerned about the situation in Ukraine and Russia and the tragic consequences that are occurring there and hopes for a peaceful resolution as soon as possible,” the company said in a statement. Dad on Monday morning.

“The Board of Directors is closely monitoring the situation and its impact on Ovoca and will provide timely updates if any additional risks to the business are identified.”

https://www.independent.ie/business/irish/irish-based-drugmaker-ovoca-says-its-russian-assets-not-exposed-to-sanctions-41418877.html Irish-based drugmaker Ovoca says its Russian assets go unpunished

Fry Electronics Team

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