MONTREAL, CANADA–(Marketwired – Feb. 28, 2014) – The Common Shares of Knight Therapeutics Inc. (TSX VENTURE:GUD) are now listed on the TSX Venture Exchange under the ticker symbol GUD and are expected to begin trading on March 3, 2014 at opening. Knight Therapeutics Inc. (“Knight”) is owned by the former shareholders of Paladin Labs Inc. (“Paladin”) pursuant to a spin-off transaction that was effected today, along with the acquisition of Paladin by Endo Health Solutions Inc. (NASDAQ:ENDP), a leading U.S.-based specialty pharmaceutical company.
Jonathan Ross Goodman, the co-founder and former CEO of Paladin since inception is Knight's CEO. Knight's board of directors is composed of Mr. Goodman and 4 other independent directors 3 of whom are former Paladin Board members.
Pursuant to the spin-off transaction, Knight has 3 main assets: (1) a royalty stream from sales of Impavido® outside of the United States. Impavido is approved for sale in 14 countries for the treatment of Leishmaniasis and has been licensed by Knight to Paladin. Applying this royalty stream to Impavido sales in 2012, $463,990 in royalties would have been generated by Knight. (2) A U.S. FDA submission for Impavido, which, if approved, would result in the issuance to Knight of a Priority Review Voucher, discussed further below and (3) $1 million in cash.
“I led Paladin from birth 18 years ago to sale to Endo today.” said Mr. Goodman. “During this time,” he continued “Paladin experienced 18 consecutive years of record revenues. This resulted in Paladin's share price increasing over 100 times from $1.50 per share to $150. Knight won't rest until it is at least as successful.”
Knight will conduct a conference call with financial analysts to discuss this news release on March 3, 2014 at 8:00 a.m. Investors and other interested parties may call 877-223-4471 (Operator Assisted Toll-Free) or 647-788-4922 (local or international).
About Knight Therapeutics Inc.:
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. Knight Therapeutics' shares will trade on the TSX-V under the symbol GUD. For more information about Knight Therapeutics, please visit the Company's web site at www.gud-knight.com or at www.sedar.com.
Priority Review Voucher
Developed by the U.S. FDA in 2007, a Priority Review Voucher (“PRV”) is an incentive for companies to invest in new drugs and vaccines for neglected tropical diseases. A Priority Review means that the time it takes the FDA to review a new drug application is reduced. The PRV is transferable and can be sold and entitles the bearer to a priority review for any product. To date, only 3 companies have received a PRV and none have been sold.
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the Company's final application for listing on the TSX Venture and can be found on SEDAR at www.sedar.com, which investors should consult for additional information. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.