Share Name | Share Symbol | Market | Type |
---|---|---|---|
Knight Therapeutics Inc | TSX:GUD | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.11 | 1.87% | 5.99 | 5.95 | 5.99 | 5.99 | 5.85 | 5.90 | 57,293 | 20:10:13 |
PETACH TIKVA, Israel, April 8, 2019 /CNW/ - Medison Biotech (1995) Ltd. ("Medison"), which together with its affiliates owns more than 10.4 million shares or 7.3% of Knight Therapeutics Inc. (TSX:GUD) ("Knight" or the "Company"), today announced that it has filed a dissident information circular ("Medison's Circular") in connection with the Company's upcoming Annual and Special Meeting (the "Meeting") scheduled for May 7, 2019.
Medison's Circular proposes a slate of six exceptional nominees for election as directors at the Meeting. In addition to Medison's CEO, Meir Jakobsohn, a proven pharmaceutical leader who has served on the Knight Board since 2015, Medison has nominated five independent pharmaceutical executives (the "Independent Nominees"), all of whom have no personal or financial ties to Knight, Medison, Mr. Jakobsohn or Knight CEO Jonathan Goodman. In contrast to the current directors, the Independent Nominees will not work for the benefit of the CEO or any individual shareholder. Instead, they are committed to overseeing Knight in a fair and objective manner and are focused on maximizing value for all shareholders.
"Knight is a failure, which is why markets ascribe only $0.25 per share in value to the future plan and business," said Medison CEO Meir Jakobsohn. "Knight has tremendous opportunity and was founded with an inspiring vision, but five years later it has only 0.05% of the pharmaceutical market in Canada and no pharma operations outside of Canada. The Company and its stock price can and will grow, but only when management and the Board focus on the business, stop hoarding hundreds of millions of dollars and take decisive actions without delay. At the current pace of development, Knight may be able to garner 1% market share twenty years from now; that is not even good enough for our grandchildren."
"Sadly, the incumbent Knight Board and Mr. Goodman are now focused on protecting their own entrenched and entwined interests. They would rather spend millions of dollars of shareholders' money asserting hypocritical, false and baseless claims aimed at silencing shareholders than address legitimate concerns about Knight's failing performance. Unlike the current Board, the Independent Nominees will act solely in the interests of the shareholders who elect them. They bring a common-sense plan to realize Knight's potential – for shareholders and patients alike – and the deep industry experience that is necessary to effectively oversee and guide Knight on a positive path forward, without compromise or conflict."
Medison believes Knight shareholders should expect more from Knight and should vote for the Independent Nominees because:
"For three and a half years, Medison and other Knight shareholders have earned nothing on our investments in Knight," concluded Mr. Jakobsohn. "We know Knight's shareholders share our frustration and want change. Significant shareholders we have talked to say they want a new strategy, new oversight and new directors. I encourage all Knight shareholders to carefully review our plan and the impressive biographies of each of the Independent Nominees. Together, we can grow the business, help patients, and generate strong returns for shareholders. It is time for a New Day for Knight."
For more information on the Independent Nominees and the reasons Knight shareholders should support change, Medison encourages shareholders to read Medison's Circular, which is available at www.NewDayForKnight.com.
It's Time for a New Day for Knight
Medison has engaged Olshan Frome Wolosky LLP and Goodmans LLP as legal advisors.
About Medison
Medison is one of the world's largest commercial partners of leading global biotech companies. Backed by three generations of experience in the healthcare industry since 1937, Medison is uniquely qualified to provide the complete spectrum of integrated services for international companies looking to enter or expand their presence in Israeli and selected ROW markets. Over the years, Medison has become the partner of choice for biotech companies that produce highly innovative, cutting edge therapeutics for commercialization in the Israeli market and is currently the second largest pharmaceutical company in Israel, with over CAD 250 million in revenues annually and over 270 employees. Medison runs a corporate venture arm with a dedicated research and evaluation team boasting deep scientific and commercial backgrounds. Medison also operates a scouting program to cater to its partners and is an active investor in life science projects around drug development and digital health.
Additional information can be found at www.medison.co.il.
Forward Looking Statement
This news release contain forward-looking statements and forward-looking information within the meaning of applicable securities laws, including, without limitation, Medison's and Knight's respective priorities, plans and strategies. All statements and information, other than statements of historical fact, included herein are forward-looking statements, including, without limitation, statements regarding activities, events or developments that Medison expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words and expressions or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur or, even if they do occur, will result in the performance, events or results expected. We caution readers not to place undue reliance on forward-looking statements contained herein, which are not a guarantee of performance, events or results and are subject to a number of risks, uncertainties and other factors that could cause actual performance, events or results to differ materially from those expressed or implied by such forward-looking statements. These factors include: changes in Knight's strategies, plans or prospects; general economic, industry, business, regulatory and market conditions; actions of Knight and its competitors; conditions in the pharmaceutical industry; risks relating to government regulation and changes thereto, including in respect of the regulations concerning board composition, proxy solicitation and shareholder meetings; the state of the economy including general economic conditions globally and economic conditions in the jurisdictions in which Knight operates; the unpredictability and volatility of Knight's share price; and dilution and future sales of securities of the Company. These factors should not be construed as exhaustive. Certain forward-looking statements contained herein may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Future oriented financial information and financial outlook contained herein about prospective financial performance, financial position or cash flows are based on assumptions about future events, including economic conditions and proposed courses of action, based on the applicable management team's assessment of the relevant information available to them at the applicable time, and to become available in the future. In particular, the information contains projected operational information for future periods which are based on a number of material assumptions and factors. The actual results of the applicable operations for any period could vary from the amounts set forth in these projections, and such variations may be material. Further, there is no assurance or guarantee with respect to the prices at which any securities of Knight will trade, and such securities may not trade at prices that may be implied herein. See above for a discussion of the risks that could cause actual results to vary from such forward-looking statements. Readers are cautioned that all forward-looking statements involve known and unknown risks and uncertainties, including those risks and uncertainties detailed in the continuous disclosure and other filings of Knight, copies of which are available on the System for Electronic Document Analysis ("SEDAR") at www.sedar.com. We urge you to carefully consider those risks and uncertainties. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Unless expressly stated otherwise, the forward-looking statements included herein are made as of the date of this news release and Medison disclaims any obligation to publicly update such forward-looking statements, except as required by applicable law.
SOURCE Medison Biotech Ltd.
Copyright 2019 Canada NewsWire
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