ASLAN Pharmaceuticals Announces it Has Filed for Voluntary Liquidation of Its Sole Operating Subsidiary and is Commencing Steps to Place Itself Into Voluntary Liquidation
17 Luglio 2024 - 1:25PM
ASLAN Pharmaceuticals (“ASLAN” or the “Company”), a clinical-stage,
immunology-focused biopharmaceutical company developing innovative
treatments to transform the lives of patients, today announced that
its Singapore-incorporated, sole operating subsidiary, ASLAN
Pharmaceuticals Pte Ltd (“ASLAN SG”), has filed for voluntary
liquidation. The decision follows a comprehensive review by the
Board of the Company of ASLAN SG’s financial position and strategic
alternatives. Effective immediately, all employees of ASLAN SG and
fellow subsidiary ASLAN Pharmaceuticals (USA) Inc. have been
terminated.
By a resolution in writing passed by the directors
of ASLAN SG on July 17, 2024, it was resolved that ASLAN SG cannot
by reason of its liabilities continue its business, and Mr Luke
Anthony Furler and Mr Tan Kim Han of Quantuma (Singapore) Pte
Limited were appointed as joint and several provisional liquidators
(“Provisional Liquidators”) of ASLAN SG. The Provisional
Liquidators will be responsible for the orderly winding up of ASLAN
SG’s affairs, including seeking potential strategic alternatives
for its development programs and the Company’s primary assets,
eblasakimab and farudodstat, settling outstanding obligations, and
distributing any remaining proceeds, if any, to creditors and
shareholders, including the Company, in accordance with Singaporean
law.
Following the resolution in writing of the
directors of ASLAN SG, the Board of the Company also resolved by a
resolution in writing that the Company cannot by reason of its
liabilities continue its business and that the Company will apply
for liquidation under Cayman law procedures.
As previously disclosed on July 15, 2024, the
Company has received a staff delisting determination from the
Nasdaq Stock Market due to its failure to meet continued listing
requirements, and determined not to request a hearing before the
Nasdaq Hearings Panel. As such, the Company expects its American
Depository Shares (“ADSs”) will be suspended from trading in due
course with trading moved to the over-the-counter market.
Forward looking statements
This release contains forward-looking statements.
These statements are based on the current beliefs and expectations
of the management of the Company. These forward-looking statements
may include, but are not limited to, statements regarding the
trading price of the Company’s ADSs. The Company’s estimates,
projections and other forward-looking statements are based on
management’s current assumptions and expectations of future events
and trends, which affect or may affect the Company’s orderly
winding up, business, strategy, operations, or financial
performance, and inherently involve significant known and unknown
risks and uncertainties. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of many risks and
uncertainties, which include, the Company’s orderly winding up
process, as well as unexpected safety or efficacy data observed
during preclinical or clinical studies; risks that future clinical
trial results may not be consistent with interim, initial or
preliminary results or results from prior preclinical studies or
clinical trials; clinical site activation rates or clinical trial
enrollment rates that are lower than expected; the impact of health
epidemics or pandemics, or geopolitical conflicts on the Company’s
operations, research and development and clinical trials and
potential disruption in the operations and business of third-party
manufacturers, contract research organizations, other service
providers and collaborators with whom the Company conducts
business; general market conditions; and changes in the competitive
landscape. Other factors that may cause actual results to differ
from those expressed or implied in such forward-looking statements
are described in the Company’s U.S. Securities and Exchange
Commission filings and reports (Commission File No. 001-38475),
including the Company’s Annual Report on Form 20-F filed with the
U.S. Securities and Exchange Commission on April 12, 2024. All
statements other than statements of historical fact are
forward-looking statements. The words “believe,” “may,” “might,”
“could,” “will,” “aim,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “plan,” or the negative of those terms, and
similar expressions that convey uncertainty of future events or
outcomes are intended to identify estimates, projections, and other
forward-looking statements. Estimates, projections, and other
forward-looking statements speak only as of the date they were
made, and, except to the extent required by law, the Company
undertakes no obligation to update or review any estimate,
projection, or forward-looking statement.
Contact
Luke Furler Quantuma
International Phone: (SG) +65 9821 4124/ (HK) +852 8170 3838 Email:
Luke.Furler@quantuma.com
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