Medexus Pharmaceuticals Announces Normal Course Issuer Bid
14 May 2019 - 10:00PM
Medexus Pharmaceuticals Inc. (the “Company”) (TSXV:
MDP, OTCQB: PDDPF) announced today it has submitted to the
TSX Venture Exchange (the “
Exchange”) a notice of
its intention to make a normal course issuer bid (the
“
Bid”). Provided the Company receives the
approval of the Exchange, the Company may purchase for
cancellation, from time to time, as it considers advisable, up to
1,005,333 of its issued and outstanding common shares
(“
Shares”), being approximately 6.8% of the
Company’s currently outstanding Shares and approximately 10% of the
Company’s Public Float (as that term is defined in the policies of
the Exchange) under the Bid. The Company may not purchase
more than 2% of the issued and outstanding Shares during any 30 day
period, which as of the date of this announcement represents
294,925 Shares.
Medexus has entered into an “automatic
securities purchase plan” (as defined under applicable securities
laws) with Canaccord Genuity Corp. (“Canaccord”)
for the purpose of making purchases under the Bid (the
“ASPP”). Such purchases will be determined
by Canaccord in its sole discretion, without consultation with
Medexus, having regard to the price limitation and aggregate
purchase limitation and other terms of the ASPP and the rules and
policies of the Exchange. Conducting the Bid as an ASPP
allows Shares to be purchased at times when the Company would
otherwise be prohibited from doing so pursuant to securities laws
and its internal trading policies.
The maximum number of Shares to be purchased
pursuant to the Bid represents approximately 10% of Public Float on
the date hereof. Purchases of Shares will be made on the open
market through the facilities of the Exchange or by other means as
may be permitted by the Exchange (including through other published
markets). The price that Medexus will pay for any Shares purchased
by it will be the prevailing market price of the Shares on the
Exchange at the time of such purchase. The actual number of Shares
that may be purchased for cancellation and the timing of any such
purchases will be determined by Canaccord in accordance with the
ASPP.
It is anticipated that the Bid will commence on
or about May 16, 2019 and will conclude on the earlier of (i) May
15, 2020, (ii) the date on which the Company has purchased the
maximum number Shares to be acquired pursuant to the Bid, or (iii)
the Company providing a notice of termination of the Bid to the
TSX-V.
The Board of Directors of Medexus believes that
the market price of the Shares may not fully reflect the underlying
value of the Shares and that the proposed purchase of Shares would
be in the best interests of the Company and is a desirable use of
corporate funds. Such purchases will increase the
proportionate interest of, and may be advantageous to, all
remaining shareholders of Medexus. In addition, the purchases
by Medexus may increase liquidity to shareholders wishing to sell
their Shares. All Shares purchased by the Company will be
cancelled.
About Medexus
Medexus is a leading specialty pharmaceutical
company with a strong North American commercial platform. The
Company’s vision is to provide the best healthcare products to
healthcare professionals and patients, through our core values of
Quality, Innovation, Customer Service and Teamwork. Medexus
Pharmaceuticals is focused on the therapeutic areas of auto-immune
disease and pediatrics. The leading products are Rasuvo and
Metoject, a unique formulation of methotrexate (auto-pen and
pre-filled syringe) designed to treat rheumatoid arthritis and
other auto-immune diseases; and Rupall, an innovative allergy
medication with a unique mode of action.
For more information, please
contact:
Ken d’Entremont, Chief Executive OfficerMedexus
Pharmaceuticals Inc.Tel.: 905-676-0003E-mail:
ken.dentremont@medexus.com
Roland Boivin, Chief Financial OfficerMedexus
Pharmaceuticals Inc.Tel.: 514-762-2626 ext. 202E-mail:
roland.boivin@medexus.com
Investor Relations
(U.S.):Crescendo Communications, LLCTel:
+1-212-671-1020Email: mdp@crescendo-ir.com
Investor Relations
(Canada):Frank CandidoDirect Financial Strategies and
Communication Inc.Tel: 514-969-5530E-mail:
frank.candido@medexus.comNeither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
READER ADVISORIES
Forward Looking Statements This press release
contains “forward-looking information” within the meaning of
applicable securities legislation. Forward-looking information
includes, but is not limited to, statements with respect to future
business operation and results, including with respect to future
profitability and financial results. All statements, other than of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future are forward-looking statements. Forward-looking
statements are generally identifiable by use of the words “may”,
“will”, “should”, “continue”, “expect”, “anticipate”, “estimate”,
“believe”, “intend”, “plan” or “project” or the negative of these
words or other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's ability to
control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things, without limitation, the risk that the
operations of the Company, Medac Pharma, Inc. and Medexus Inc. will
not be integrated successfully, the Company's inability to
commercialize products in the medac GmbH portfolio or its inability
to realize upon potential opportunities presented thereby, as well
as risks relating to market factors and other risks applicable to
the Company disclosed in the Company's public disclosure record on
file with the relevant securities regulatory authorities. Although
Company believes that the expectations and assumptions on which
such forward-looking information is based are reasonable, undue
reliance should not be placed on the forward-looking information
because Company can give no assurance that they will prove to be
correct. Since forward-looking information addresses future events
and conditions, by its very nature they involve inherent risks and
uncertainties. The Company’s actual results, performance or
achievement could differ materially from those expressed in, or
implied by, the forward-looking information and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits that Company will derive therefrom.
Management has included the above summary of assumptions and risks
related to forward-looking information provided in this press
release in order to provide securityholders with a more complete
perspective on the Company's future operations and such information
may not be appropriate for other purposes. Readers should not place
undue reliance on forward-looking statements. Readers are cautioned
that the foregoing lists of factors are not exhaustive. Additional
information on these and other factors that could affect the
Company's operations or financial results are included in reports
on file with applicable securities regulatory authorities and may
be accessed through the SEDAR website (www.sedar.com). The
forward-looking statements included in this news release are made
as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities
legislation.
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