Oasmia Pharmaceutical AB (”Oasmia” or the ”Company”) has been notified of a decision by the Disciplinary Committee of Nasdaq Stockholm to order the Company to pay a fine of 15 annual fees, corresponding to a total amount of approximately MSEK 3.1, due to the former Board of the Company, in connection with the Extraordinary General Meeting in the Company in March 2019, in several respects violating generally accepted behaviour in the securities market.
As announced on 25 September 2020, Oasmia has brought action against the former Board. In that action, the Company seeks compensation covering the fine now issued by the Disciplinary Committee.
“It saddens me that Oasmia’s current shareholders are affected by the former Board’s erroneous decisions, but that is how Nasdaq’s rules work. In its decision, the Disciplinary Committee decides on the severity of the historical breaches, but it is not, which is important to emphasize, a review of the decisive measures that have been taken to clean up. The process of cleaning up is progressing and part of that is to hold the former Board accountable for the damages it has caused the company. Court proceedings have already been initiated, and we have high hopes of getting the money back”, comments Anders Härfstrand, Chairman of the Board of Oasmia.
The Disciplinary Committee’s decision 2020:13 will be available at the Company’s website.
For further information:
Francois Martelet, Chief Executive Officer
Telefon: +46 18-50 54 40
About Oasmia Pharmaceutical AB
Oasmia is a specialty pharma company dedicated to improving the lives of patients by enhancing the intravenous delivery of established and novel drugs in diseases, including cancer. Product development is based on the Company’s proprietary technology platform XR-17™, which can be applied to medicines in any therapeutic area to develop novel formulations of medicines with an improved performance and safety profile compared with existing alternatives. Oasmia has already demonstrated success applying its technology to develop improved formulations of well-established cytostatic cancer drugs. Apealea® (paclitaxel micellar), Oasmia’s most advanced product has received market authorization in the European Union and several other territories for the treatment of advanced ovarian cancer and its use in a number of other cancers is currently being evaluated. The Company is in the process of making Apealea® accessible to patients through its partnership with Elevar, together with its existing commercial operations in the Nordic region. Oasmia’s shares are traded on the Nasdaq Stockholm stock exchange (ticker: OASM). To find out more about Oasmia please visit www.oasmia.com.