Achiko Announces an Extension of its Convertible Loan Transaction with Negma Group
ZURICH, June 18, 2021 (GLOBE NEWSWIRE) -- (SWX:ACHI, ISIN CH0522213468) (“Achiko”, the “Company”) has successfully extended the subordinated convertible loan agreement of CHF 900,000 dated 8 March 2021 to CHF 1,650,000 thereby granting Achiko an additional CHF 750,000 to be used on product development, sales and marketing and essential working capital with focus on and product launches in Indonesia in early Q3 2021.
The additional amount of the convertible loan comes attached with an issuance of an additional 1,500,000 warrants. Each warrant confers the right to purchase one registered share of the Company, has an exercise period between 2 November 2021 and the 360th day after the date of issuance of the warrants and with an exercise price of CHF 0.23 (subject to customary adjustments).
Following on from the earlier production and shipment of AptameX test kits to Indonesia and favourable preliminary Covid-19 diagnostic testing results of 77.59% sensitivity (95% Confidence Interval (CI): 75.94 – 79.24) at CT score 28.3, Achiko now moves to position itself to capitalize on the promise of its proprietory test kit.
“We are delighted to secure this additional financing which will both finalize the development of AptameX’s Covid-19 diagnostic test kit and ramp up the sales and marketing for the launch of our product in Indonesia in early Q3,” stated Steven Goh, Chief Executive Officer of Achiko.
This funding milestone allows Achiko to underscore its commitment to developing a rapid, accurate, cost-effective solution to diagnose those with Covid-19. The investments Achiko have made in the technologies of AptameX and Teman Sehat and the joint venture agreements it has secured offer an extraordinary solution to managing further outbreaks of Covid-19, particularly in developing nations in light of the rapid upsurge in the Delta variant, first identified in India.
AptameX has a distribution certificate for Indonesia via Achiko’s joint venture partner (“IFM”), and the Company is now progressing forward with the completion of final validation trials and product registration, ensuring test kit availability in Q3 2021.
Achiko aims to provide assurance services against the pandemic to a population of 270 million spread over 17,000 islands. The potential sees Achiko delivering testing to possibly 2% of the country’s population by year end, equating to approximately 5.4 million people at 3-5 tests per month, realizing a possible initial production of 15-25 million tests per month.
ABOUT ACHIKO AG
Achiko creates and develops new innovations in healthcare technology through its biotechnology division, AptameX, and its sister digital mobile health technology division, Teman Sehat. The Company has created a unique telehealth capability that provides user-friendly diagnostic testing integrated with a digital passport solution for the management of Covid-19.
AptameX comprises of DNA aptamer-based technology that is cost-effective, chemically synthesised and widely applicable to the evolving diagnostic field of healthcare. Together with the digital mobile health app Teman Sehat, Achiko is developing potential technologies that seek to deliver rapid, affordable diagnostic testing for a range of pathogenic diseases and therapeutic indications. The AptameX technology is licensed from Regenacellx.sl and Achiko has exclusive commercialisation rights.
Headquartered in Zurich, Achiko has offices in Hong Kong, Jakarta, Seoul and Singapore.
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DISCLAIMER
This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
