As announced on January 26, 2023, Acerus Pharmaceuticals
Corporation (the “
Company” or
“
Acerus”) and its subsidiaries were granted
creditor protection pursuant to an order (the “
Initial
Order”) granted by the Ontario Superior Court of Justice
(Commercial List) (the “
Court”) under the
Companies’ Creditors Arrangement Act (the “
CCAA”).
Pursuant to the Initial Order, Ernst & Young Inc. was appointed
as monitor of the Company (in such capacity, the
“
Monitor”).
As announced on March 14, 2023, the Court
granted an order (the “SISP Order”) authorizing
the Monitor to conduct, with the assistance of the Company, a sale
and investment solicitation process (the “SISP”)
intended to solicit interest in the opportunity for a sale of or
investment in all or part of Acerus’ assets and business
operations. The deadline to submit bids under the SISP was April
28, 2023 at 5:00 p.m.
Acerus today announces that a bid by First
Generation Capital Inc. has been designated as the successful bid
under the SISP (the “Successful Bid”) and that in
accordance with the SISP Order Acerus will be seeking Court
approval of the Successful Bid and authority to consummate the
transactions provided for therein at an approval hearing which will
be held on May 30, 2023 at 10:00 a.m.
The Successful Bid does not provide for any
recovery for holders of existing equity interests in the
Company.
Copies of the orders granted by the Court, as
well as any other information regarding the CCAA proceedings, are
available on the Monitor’s website at www.ey.com/ca/acerus.
About Acerus
Acerus Pharmaceuticals Corporation is a
specialty pharmaceutical company focused on the commercialization
and development of innovative prescription products that improve
patient experience, with a primary focus in the field of men’s
health.
Notice regarding forward-looking
statements
Information in this press release that is not
current or historical factual information may constitute
forward-looking information within the meaning of securities laws.
Implicit in this information are assumptions regarding our future
operational results and outcome of the CCAA proceedings. These
assumptions, although considered reasonable by the company at the
time of preparation, may prove to be incorrect. Readers are
cautioned that actual performance of the Company is subject to a
number of risks and uncertainties, including Acerus’ intention to
complete proceedings under the CCAA, the results of the proceedings
under the CCAA and any potential recovery for stakeholders of the
Company, and results could differ materially from what is currently
expected as set out above. For more exhaustive information on these
risks and uncertainties you should refer to our annual information
form dated March 14, 2022 that is available on www.sedar.com.
Forward-looking information contained in this press release is
based on our current estimates, expectations and projections, which
we believe are reasonable as of the current date. You should not
place undue importance on forward-looking information and should
not rely upon this information as of any other date. While we may
elect to, we are under no obligation and do not undertake to update
this information at any particular time, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
Company ContactFAAN Advisors
Group Inc.Chief Restructuring Officerir@aceruspharma.com
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