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Orphazyme A/S (ORPHA.CO)

Copenhagen - Copenhagen Real-time price. Currency in DKK
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1.6050-0.0970 (-5.70%)
As of 04:59PM CEST. Market open.
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  • B
    BiotechWatch
    So what happens to ORPH/ORPHY's stock now? Is it converted to KenPharm shares?
  • e
    eyov11
    They sold the company/business if approved by their creditors and the Danish bankruptcy court.
    Link to buyers' PR:
    https://finance.yahoo.com/news/kempharm-announces-strategic-acquisition-arimoclomol-000000672.html
  • H
    H
    You can call your broker or speak with a representative at the depository bank and request that your ADRs be converted into ordinary stock shares. You must provide the name of the ADR’s parent company, the number of shares you own and the Committee on Uniform Securities Identification Procedures, or CUSIP, number. You can find this information on your statement or on the depository bank’s website. The depository bank representative or your broker will provide you with the conversion form you must complete and return. This gives the broker or bank representative the authority to act on your behalf. https://finance.zacks.com/convert-adr-ordinary-shares-10810.html
    Some of the world’s largest companies are not traded on a U.S. stock exchange. If you want to buy shares of BMW, Samsung or Shell Oil Company, for example, you must purchase the foreign company’s American depository receipts, or ADRs, instead. ADRs a
    Some of the world’s largest companies are not traded on a U.S. stock exchange. If you want to buy shares of BMW, Samsung or Shell Oil Company, for example, you must purchase the foreign company’s American depository receipts, or ADRs, instead. ADRs a
    finance.zacks.com
  • 5
    55Chevy
    Just read my email. Wow I was hoping they would make a comeback and do well

    What is everyone going to do with their shares? RH sent me an email with 3 offers.

    What are you planning to do with your shares? Any help or guidance is much appreciated

    Thanks again
  • S
    SHERIF
    so what next now just waiting
  • R
    Rezwan
    3) Transfer your ORPHY shares to an outside broker, and then convert them into foreign shares. Since Robinhood can’t support the underlying Danish shares, we’ll cover the cost of an ACAT transfer to a broker that supports foreign shares. Please note that you will be responsible for any fees that the outside broker may charge.
  • e
    eyov11
    https://ml-eu.globenewswire.com/Resource/Download/a902570a-92f8-435b-b821-7295f02a9d72

    Page 1 of 2
    Company announcement Orphazyme A/S in restructuring
    No. 18/2022 Ole Maaløes Vej 3
    DK-2200 Copenhagen N
    www.orphazyme.com
    Company Registration No. 32266355
    Notice received from the Depositary to holders of ADSs regarding
    termination of Deposit Agreement
    NOTICE TO HOLDERS OF AMERICAN DEPOSITARY SHARES (“ADSs”)
    EVIDENCED BY
    AMERICAN DEPOSITARY RECEIPTS (“ADRs”)
    REPRESENTING DEPOSITED COMMON SHARES OF:
    ORPHAZYME A/S IN RESTRUCTURING
    ONE ADS REPRESENTS ONE COMMON SHARE
    CUSIP: 687305102 AND UNDERLYING ISIN: DK0060910917

    Copenhagen, Denmark, April 6, 2022 – Orphazyme A/S in restructuring (ORPHA.CO) (“Orphazyme” or the “Company”), a late-stage biopharmaceutical company, has today received a notice from The Bank of New York Mellon, as depositary (the “Depositary”), that a notification has been sent to holders of American Depositary Shares (“ADSs”) evidenced by American Depositary Receipts (“ADRs”) representing deposited common shares of the Company, regarding termination of the Deposit Agreement dated September 28, 2020 among the Company, the Depositary, and Owners and ADR Holders (the “Deposit Agreement”).

    Owners and beneficial owners of the above ADRs (“ADR Holders”) have on April 5, 2022 been notified by the Depositary that the Depositary will terminate the Deposit Agreement. As a result, the existing ADR facility will be terminated effective at 5:00 PM (Eastern Time) on July 6, 2022.

    Under the terms of the Deposit Agreement, ADR Holders have until at least July 11, 2022 to surrender their Orphazyme ADRs for delivery of the underlying shares. If ADR Holders surrender ADRs for delivery of the underlying shares, ADR Holders must pay a cable fee of $17.50, a cancellation fee of up to $0.05 per ADRs surrendered and any applicable U.S. or local taxes or governmental charges. Payment should be made payable to the Depositary.

    Subsequent to July 11, 2022 under the terms of the Deposit Agreement, the Depositary may attempt to sell the underlying shares. If the Depositary has sold such shares, ADR Holders must surrender their ADRs to obtain payment of the sale proceeds, net of the expenses of sale, any applicable U.S. or local taxes or government charges and a cancellation fee of up to $0.05 per ADRs.

    For additional information, please contact

    Orphazyme A/S in restructuring
    Anders Vadsholt, Chief Executive Officer and Chief Financial Officer +45 2898 9055

    About Orphazyme
    Orphazyme is a late-stage biopharmaceutical company developing arimoclomol for Niemann-Pick disease type C (NPC). Orphazyme is headquartered in Denmark. Orphazyme’s shares are listed on Nasdaq Copenhagen (ORPHA).

    About arimoclomol
    Arimoclomol is an investigational drug candidate that amplifies the production of heat shock proteins (HSPs). HSPs can rescue defective misfolded proteins and improve the function of lysosomes. Arimoclomol is administered orally, and has now been studied in 10 Phase 1, four Phase 2, and three pivotal Phase 2/3 trials. Arimoclomol has received Orphan Drug Designation (ODD) for NPC in the US and EU. Arimoclomol has received Fast-Track Designation (FTD), Breakthrough Therapy Designation (BTD), and Rare Pediatric Disease Designation (RPDD) from the U.S. Food and Drug
    Page 2 of 2
    Administration (FDA) for NPC. On June 17, 2021, Orphazyme received a Complete Response Letter from the FDA regarding its New Drug Application for arimoclomol for the treatment of NPC. The Company plans to request a Type C Meeting with the FDA in Q2 2022.

    Forward-looking statement
    This company announcement may contain certain forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995 and otherwise, including forward-looking statements about the termination of the ADS program and the treatment of the ordinary shares underlying the ADSs. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this company announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control, including pursuant to regulatory intervention. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
    Orphazyme
    www.orphazyme.com
  • R
    Rezwan
    Any one moved their shares from RH that support Danish market
  • P
    Prince373
    Basically a strong company - looks like they didn't know enough how to act and/or perform as a public company. I took some shares before the fall. I only can hope they will jump up and strong - they can do it. 13.45 Million $ Market value? Wow. That's so cheap atm. G L everyone. Only my own opinion.
  • e
    eyov11
    Based on the EX-99.2 document (see below), they MUST complete the statutory restructuring plan to remain viable (in business).

    The company seems to be doing everything that is possible to complete the restructuring plan, but is very risky since there are a few obstacles that need to be resolved (i.e. suppliers or holders of charges/pledges, and investors/buyers).

    1) They need funding; 2) they reduced the number of employees by 50%, 3) a marketing authorization filed with EMA has been withdrawn, 4) they volunteered to delist from Nasdaq, and 5) they've identified and approached investors/buyers, but they have not made it public as to whether they secured any investors/buyers. The paragraph that describes the circumstances that may prevent the completion of the restructuring process is, imo, a huge hurdle. Not that it can't be overcome, otherwise they would not be pursuing to complete the restructuring process.

    To me, this is daunting, but they just may complete the task. Time will tell.
    -------------------------------------------------------------
    The following are links for the Plan for you to read if you so desire.

    The meeting for the creditors was held April 7, 2022, and the Plan was approved.

    SEC docs
    https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1764791&type=&dateb=&owner=include&count=40

    6-K SEC Restructuring Proposal Plan
    https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1764791&type=&dateb=&owner=include&count=40

    EX-99.2 Proposal for a statutory restructuring plan including appendix 1-4
    https://www.sec.gov/Archives/edgar/data/1764791/000156459022012953/orph-ex992_7.htm

    This is the Proposal for the Restructuring...

    31 March 2022

    Excerpts from EX-99.2:

    All creditors are eligible to attend the meeting.

    At the creditors’ meeting, this proposal for a restructuring plan will be discussed.

    Type of restructuring proceedings

    Orphazyme needs funding from an investor or buyer to complete the application process with the US Food and Drug Administration (FDA) on the approval of arimoclomol for the treatment of Niemann-Pick disease type C (NPC).

    On this basis, Orphazyme is working on performing a business transfer by asset sale or an agreement on refinancing (potentially in combination with a compulsory compossision) or a combination of sale and refinancing.

    Main steps contemplated in the restructuring proceedings

    During the restructuring proceedings, mass redundancies have taken place and employees have been released from their duties in order to reduce payroll costs. Furthermore, an application for a marketing authorisation filed with the European Medicines Agency (EMA) has been withdrawn, in order for the company to focus its efforts on the application process with the US Food and Drug Administration (FDA). In addition, the voluntary delisting of the company’s ADSs representing its shares from Nasdaq Global Select Market in the USA has been initiated.

    Potential investors/buyers have been identified and approached. A virtual data room has been established and potential investors/buyers has been granted access to the data room as part of a process on sale/refinancing.

    Circumstances that may prevent the completion of the restructuring process

    The main risks that may prevent the restructuring proceedings from being completed are the potential lack of cooperation from critical suppliers or holders of charges/pledges and the potential failure to identify investors or buyers and to enter agreements with such investors or buyers shortly.
    ...
    If you as a creditor agree to the restructuring plan but do not wish to attend the bankruptcy court meeting on 7 April 2022, we attach a power of attorney under which you can authorise the restructuring administrator to vote in favour of the approval of the restructuring plan.
  • s
    saeed
    Allah helps us and the company, Allah willing
  • s
    saeed
    Rezwan please respond my message , how can I move it from Gulf country
  • S
    SHERIF
    good its not dropping down like all other stocks
  • E
    EF
    what to do with my shares now?
  • S
    S
    Voluntary delisting announcement. Will they keep trading on the OTC?
  • 🦇batman
    whar can i do with.my stocks???
  • s
    saeed
    What is going on
  • V
    Vijay Kumar
    I tried to transfer to Firstrade but they aren’t processing it.
  • U
    Ubayda
    please help me how can I move my share to another broker. Anyone please guide me. I will appreciate your response 🙏 please .