Altamira Therapeutics Announces Partial Spin-Off Of Bentrio Business; Entered Binding Agreement For Sale Of A 51% State In Altamira Medica For ~$2.3M And Will Retain 49% Of Company's Share Capital; Entitled To Receive 25% Future Licensing Income
Portfolio Pulse from Benzinga Newsdesk
Altamira Therapeutics has initiated a strategic repositioning by partially spinning off its Bentrio business. The company has entered into a binding agreement to sell a 51% stake in Altamira Medica for approximately $2.3 million, while retaining a 49% share of the company's capital. Additionally, Altamira Therapeutics is entitled to receive 25% of future licensing income from the business.
November 17, 2023 | 2:06 pm
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Altamira Therapeutics, trading under the symbol CYTO, has sold a majority stake in its Bentrio business but maintains significant interest with a 49% stake and a share in future licensing revenue.
The partial spin-off of Bentrio and the retention of a 49% stake along with future licensing income rights indicate a strategic move that could be viewed positively by investors. It allows Altamira Therapeutics to focus on its core RNA delivery technology while still benefiting from the Bentrio business. This could potentially lead to a short-term positive impact on CYTO's stock price as the market reacts to the company's strategic repositioning and potential future income stream.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80