The biotechnology company Oryzon has opened today's session in stock with a strong rise after announcing transfer of its headquarters from Cornellà de Llobregat (Barcelona) to Madrid. The shares of company have opened session to 1.93 euros, after closing yesterday to 1.79 euros, which implies a rise of almost 8%.
Oryzon reported transfer yesterday afternoon to National Securities Market Commission (CNMV). "Hereby we inform you that, in order to optimize your operations and relationship with investors, board of Directors of Oryzon has agreed to move its registered office from present in (...)" Cornellà de Llobregat, Barcelona, A (...) Madrid, which establishes its effective administration and management, said note sent by company to stock supervisor.
A legal reform attributed two years ago to boards of directors of companies ability to move ir social headquarters to any place within national territory. Until n, Council could only move headquarters within same municipality and it was necessary to approve shareholders ' meeting to move to anor municipality.
Oryzon, which was founded in year 2000 in Barcelona, has become a leading European clinical phase biopharmaceutical in field of epigenetics. The company also has a strong technological platform for identification of biomarkers and rapeutic targets for oncological and neurodegenerative diseases. The company has offices in Barcelona and Cambridge (Massachusetts, USA).
The company entered 2.8 million euros in first half of year and recorded a loss of 2.7 million. However, company attributed se red numbers to specificity of business model of companies in sector, which require a lot of capital until y manage to market ir product.
Oryzon's actions carried a very negative evolution this year. Until yesterday's meeting, y accumulated a fall of 58%, partly because of announcement that experimental drug ORY-1001, a compound tested in patients with acute leukemia and solid tumours, was no longer developed.