Irish-based drugmaker Ovoca says its Russian belongings not uncovered to sanctions

Irish-based biopharma agency Ovoca, which has two subsidiaries in Russia and shares in an Anglo-Russian mining agency, stated it’s not straight uncovered to worldwide sanctions.

owever, the agency stated in an announcement in the present day that it’s “concerned about the situation in Ukraine and Russia” and can replace shareholders if it identifies “additional” enterprise dangers.

Over 90pc of Ovoca’s whole cashflow final yr originated exterior of Russia, with 60pc of its working money falling below its Australian and Irish subsidiaries.

All of Ovoca’s mental property belongings exterior of Russia are held by its Irish subsidiary, OVB (Ireland) Ltd.

The group has two Russian-registered subsidiaries, IVIX, which holds Russian advertising and marketing authorisation and patents for its pre-menopausal therapy, Orenetide.

The Russian enterprise generated simply 10pc of Ovoca’s whole working money circulation in 2021 and is “operating as usual”, Ovoca stated in the present day.

It has a second Russian subsidiary, Comtrans, which is dormant, with no operations or belongings.

Ovoca additionally holds 125,000 shares in Anglo-Russian metals miner Polymetal International, a London-listed, Jersey registered firm, headquartered in Cyprus.

Neither of Ovoca’s Russian subsidiaries is state or government-funded and isn’t at the moment topic to EU, US, UK or different worldwide sanctions.

The Company confirmed that none of its members, administration or “substantial shareholders” is on the listing of sanctioned people.

Ovoca holds over US$9.5m (€8.75m) in money and money equivalents, all of which is held in UK, Irish and Australian banks, it stated.

The Company in pursuing ongoing and deliberate analysis and improvement actions all through 2022.

Ovoca, which operates in Ireland, the UK and Russia, develops therapies for ladies’s well being, together with its Orenetide drug for the lack of sexual need.

“The Board of Ovoca is concerned about the situation in Ukraine and Russia and the tragic consequences unfolding there and is hopeful for a peaceful resolution as soon as possible,” the corporate stated in an announcement on Monday morning.

“The Board is closely monitoring the situation and its impact on Ovoca and will provide a timely update should any additional risks to the business be identified.”