Pharmacolog divests part of its operations to RaySearch Laboratories AB
Pharmacolog AB (Publ) announces today that the company will divest it’s product line Druglog™ to RaySearch Laboratories AB through a so-called asset acquisition. The total value of the transaction amounts to SEK 8.5 million, of which the cash consideration is SEK 7 million , which will be paid at the time of the closing. Through this transaction, Druglog™ gains new and better conditions to develop commercially within RaySearch, for the benefit of cancer patients and healthcare providers worldwide.
During the fourth quarter of 2024, the Board of Directors of Pharmacolog implemented a strategy with the main focus of implementing a divestment of all or part of the company's operations. The background was a combination of a significantly deteriorated financing climate for small companies, together with a continued subdued demand for the company's products and challenges in opening up the company's markets under its own auspices. During this period, Pharmacolog has continued to deliver on its commitments to its existing customer base.
RaySearch Laboratories has now acquired ownership of the Druglog™ product for use in the field of oncology, including the Measuring unit v2.0 hardware platform, and all intellectual property rights relating to Druglog™.
The asset deal significantly reduces Pharmacolog's financial risk and allows the work on continued implementation of the previously communicated strategy to continue during 2024 with full intensity. Dialogues are ongoing regarding the divestment of all or parts of Pharmacolog's remaining operations.
Lars Gusch, CEO of Pharmacolog, comments: "During the autumn and winter, the Board of Directors and management have worked intensively to execute a sale of all or parts of the business in order to strengthen the company's financial position and preserve shareholder value. A significant milestone has been reached with this asset deal and I am very pleased that RaySearch wants to continue with our Druglog™ product line and thereby honor the development work that has been done on our product to date. I am confident that Druglog™, in combination with RaySearch's other product portfolio, will continue to make an important contribution to increasing patient safety."
Johan Löf, founder and CEO, RaySearch, comments: "We are pleased to welcome DrugLog to the RaySearch product portfolio. Since its inception, RaySearch has focused on software for optimization and planning of radiation therapy. However, the long-term vision is to provide software support for all types of cancer treatments, including chemotherapy and surgery. As a first step, we intend to add support for treatment planning in RayStation and workflows in RayCare for chemotherapy management. We envision that these extensions will be launched by 2026. DrugLog will be an excellent complement to this and significantly improve and simplify quality assurance in cancer treatment with chemotherapy. We look forward to integrating DrugLog into our offering and continuing to deliver innovative solutions to cancer clinics worldwide."
This disclosure contains information that Pharmacolog is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 09-02-2024 13:39 CET.
For more information contact:
Lars Gusch, CEO
Phone: +46 70-223 97 72
Pharmacolog provides solutions and products that enhance work efficiency and safety when preparing injectable medication. Our goal is to help prevent medication errors and ensure maximum medication efficacy when treating patients with powerful yet potentially harmful injectable drugs. Pharmacolog’s products help staff at pharmacies and hospital wards minimize the risk of errors in the compounding process. Furthermore, by verifying that drugs and narcotics used in surgery have not been tampered with, our solutions also make a vital contribution to preventing drug diversion.