Altamira Therapeutics (NASDAQ:CYTO) shares soared on Friday after the therapeutics developer unveiled plans to sell its 51% stake in Altamira Medica to a Swiss private equity investor for approximately $2.3 million in cash.
The sale of the majority share in Medica is a significant move for Altamira, which holds on to 49% share capital and will also receive 25% of Medica’s future licensing income. The deal includes the sale of Auris Medical Pty Ltd in Melbourne, Australia, along with a cash contribution of CHF 1 million to Medica’s capital by its two shareholders.
Furthermore, Altamira anticipates a whopping financial gain of about $5.2 million from the transaction. The strategic repositioning of the company’s core RNA delivery technology has been set into motion.
Exciting Future Prospects
CEO Thomas Meyer expressed optimism about the future, stating, “This marks an important first step in our strategic repositioning of the company. We are looking forward to developing the Bentrio franchise together with the new co-owner of Medica. We expect major growth from 2024 onwards from existing distribution agreements as well as from the expansion into key markets in North America, Europe, and other world regions.”
The transaction has propelled CYTO shares to soar over 170% following the announcement.