Investee company update: YRRO Ltd

RNS Number : 2037Q

Craven House Capital PLC

26 October 2021

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this Announcement, this information is now considered to be in the public domain.

Craven House Capital plc

Investee company update: YRRO Ltd

Craven House Capital plc ("Craven House" or the "Company"), the AIM quoted investment company provides the following update regarding its investee company YRRO Ltd. ("YRRO"). Craven House owns 29.39% of YRRO, a company specialising in the distribution and sale of dietary supplements.

The Company was today notified that YRRO has passed resolutions to change its name to 'Bio Vitos Ltd.' and has entered into an agreement with Double Bond Pharmaceuticals AB ("DBP") to acquire the licence for its patented, therapeutic application of the active substance iron succinate (also termed "ferrous succinate", molecular formula: C4H4FeO4). The patented application proprietary to DBP is marketed in the USA, Japan, China and the EU (excluding the Nordic countries) as "Inofer™".

Results of clinical trials undertaken by DBP indicated that Inofer™ markedly and significantly improved iron uptake, iron saturation and iron stores in patients with heart disease and iron deficiency. The links below provide additional information relating to these clinical trials:

https://mb.cision.com/Main/12720/2974295/1151389.pdf https://www.scirp.org/journal/paperinformation.aspx?paperid=106484)

Inofer™ is a low cost, oral alternative to a widely-sold, competing product 'FerInject™' (which is, as its name indicates, administered intravenously).

In consideration for the acquisition of the licence, shareholders of DBP will receive a 20% shareholding in YRRO via the issuance of new shares in YRRO. As a result, Craven House's holding will be diluted down to 24.49%. YRRO subsequently intends to incorporate a new, wholly-owned subsidiary which will own its entire portfolio of dietary supplements and the Inofer™ licence and will proceed to apply for a public listing on either the Nasdaq in Stockholm or Euronext in Oslo.

In addition to the future marketing of the iron succinate product, YRRO has developed a range of over 40 different Omega-3 supplements.

Further updates regarding the prospective listing of YRRO's new subsidiary will be provided in due course.

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For further information please contact:

Craven House Capital Plc Mark Pajak www.Cravenhousecapital.com	Tel: [phone]
SI Capital Broker Nick Emerson www.sicapital.co.uk	Tel: [phone]
SPARK Advisory Partners Limited Nominated Adviser Matt Davis/James Keeshan www.Sparkadvisorypartners.com	Tel: [phone]

About Craven House Capital plc:

The Company's Investing Policy is primarily to invest in or acquire a portfolio of companies, partnerships, joint ventures, businesses or other assets participating in the e-Commerce sector.

 

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