Ovoca Bio PLC - Dublin-based biopharmaceutical company with a focus on women’s health - Agrees to dispose of some of its Russian assets to Desirix LLC for €1.1 million. Ovoca agrees to sell 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 the end of this month. Upon completion, all operational activities of Ovoca in Russia will cease and its Russian subsidiary, IVIX LLC, will be transferred to an inactive, non-operating status. Proceeds from the disposal will be used for general corporate purposes, it adds.

Current stock price: 6.22 pence, up 11% on Wednesday afternoon in London

12-month change: down 50%

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