Ovoca Bio (AIM:OVB) PLC added nearly 7% on the junior market on Wednesday in response to the disposal of certain Russian assets to Desirix, a private Russian company, for a cash consideration of 84.6 million Russian rubles (£900,000).
The sale involves assets related to its clinical development product Orenetide, namely the Russian patents for Orenetide, the results of completed scientific development of Orenetide in Russia, together with the right to own a Russian Marketing Authorization for Orenetide in Russia.
Ovoca expects the disposal to complete by 31 March 2023, when operational activities of Ovoca in Russia will cease and Ovoca's Russian subsidiary will be transferred to an inactive, non-operating status.
Ovoca Bio (AIM:OVB) shares were changing hands at 5.3p with a market capitalisation of £5.4mln as of 8.40am, 8 March.