Altamira Therapeutics Regains Compliance with Nasdaq Minimum Stockholders' Equity Requirement

- Partial spin-off of Bentrio completed to increase focus on RNA delivery activities

- Retains 49% in Altamira Medica AG, and secures 25% of future licensing revenue

HAMILTON, BERMUDA, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Altamira Therapeutics Ltd. ("Altamira" or the "Company") (Nasdaq: CYTO), a company dedicated to developing therapeutics that address important unmet medical needs, today announced that it recently received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”), informing the Company that it has regained compliance with the minimum stockholders' equity requirement as set forth under Nasdaq Listing Rule 5550(b)(1) for continued listing on Nasdaq. The Company had boosted its equity position through a public offering of common shares in July, the partial amortization of convertible debt granted by FiveT Investment Management as well as, most recently, the partial spin-off of its Bentrio activities.     

The Bentrio transaction involved the spin-off of a 51% stake in its subsidiary Altamira Medica AG (“Medica”), as a strategic move to reposition Altamira Therapeutics as an RNA delivery technology company. Bentrio is a drug-free OTC nasal spray utilized for the treatment of allergic rhinitis. The transaction closed on November 21, 2023 during which Altamira received a cash consideration of CHF 2,040,000 (approximately $2.3 million). The Company retains a 49% stake in Medica, which will be consolidated as an ‘associated company’ and will be entitled to receive 25% of its future licensing income. 

Nasdaq will continue to monitor the Company’s ongoing compliance with the stockholders’ equity requirement. The next review will be performed at the time of the Company’s next periodic report, i.e. the publication of its year-end 2023 balance sheet on Form 20-F (currently scheduled for early April 2024).

About Altamira Therapeutics

Altamira (Nasdaq: CYTO) is dedicated to developing RNA-based therapeutics for extrahepatic targets (OligoPhore / SemaPhore delivery platforms). The Company currently has two flagship siRNA programs in preclinical development beyond in vivo proof of concept: AM-401 for KRAS driven cancer and AM-411 for rheumatoid arthritis. The versatile delivery platform is also suited for mRNA and other types of RNA therapeutics and is planned to be leveraged via out-licensing to pharma or biotech companies. In addition, Altamira is in the process of divesting and/or out-licensing its legacy assets in allergology and viral infection (Bentrio OTC nasal spray; commercial) and inner ear therapeutics (AM-125 nasal spray for vertigo; post Phase 2; Keyzilen and Sonsuvi for tinnitus and hearing loss; Phase 3). Founded in 2003, Altamira is headquartered in Hamilton, Bermuda, with its main operations in Basel, Switzerland. For more information, visit: https://altamiratherapeutics.com/