Pediapharm Announces Name Change, Consolidation and Debenture Repayment
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MONTREAL, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Medexus Pharmaceuticals Inc. (formerly Pediapharm Inc.) (the "Company") (TSXV: PDP, OTCQB: PDDPF) is pleased to announce that at the annual general and special meeting of shareholders held on December 12, 2018 (the "Meeting"), the Company's shareholders approved the change of the Company's name to Medexus Pharmaceuticals Inc. (the "Name Change") and the consolidation of its outstanding common shares ("Common Shares") on the basis of one (1) post-consolidation share for every fifteen (15) pre-consolidations shares (the "Consolidation"). The Company expects its Common Shares will commence trading on a post-Consolidation and post-Name Change basis on the TSX Venture Exchange ("TSXV") under the symbol TSXV: MDP effective in the next 3-5 business days.
SHAREHOLDER MEETING RESULTS
At the Meeting, in addition to approving the Name Change and Consolidation, shareholders of the Company elected each nominated director, appointed PricewaterhouseCoopers LLP, Chartered Accountants as the auditors of the Company, ratified the adoption of the Company's 2018 omnibus equity incentive compensation plan (the "Plan"), and, with certain interested shareholders abstaining, approved the increase of the number of equity grants available to insiders of the Company to up to 20% of the total issued and outstanding Common Shares as at December 12, 2018, as well as certain individual grants proposed by the Corporation that exceed 1% of the awards available under the Plan, all in accordance with the policies of the TSXV.
The number outstanding and exercise price of all the Company's currently outstanding convertible securities, including warrants, compensation warrants, convertible debentures and stock options will also be adjusted to give effect to the Consolidation.
REPAYMENT OF 2015 DEBENTURES
The Company is also pleased to announce that on December 12, 2018, it repaid its outstanding convertible secured debentures issued in 2015 (the "Debentures"), for a total aggregate payment of $5,743,833, representing the principal amount of the Debentures and accrued interest thereon, plus the required 2% early repayment fee.
About the Company
Medexus Pharmaceuticals Inc. 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, Customer Service, Innovation 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) 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:
Roland Boivin, Chief Financial Officer
Medexus Pharmaceuticals Inc.
Tel.: 514-762-2626 ext. 202
Direct Financial Strategies and Communication Inc.
Neither 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.
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 the Company’s expected timing for the commencement of trading of the Company's Common Shares under the symbol TSXV: MDP on a post-Consolidation and post-Name Change basis. 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; regulation and anticipated and unanticipated costs and delays in implementing the Consolidation or the Name Change, or the Company's business plans, and other risks 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.