TORONTO, June 13, 2019 (GLOBE NEWSWIRE) -- Profound Medical Corp. (TSX:PRN; OTCQX:PRFMF) (“Profound” or the “Company”), the only company to provide customizable, incision-free therapies which combine real-time Magnetic Resonance Imaging (“MRI”), thermal ultrasound and closed-loop temperature feedback control for the radiation-free ablation of diseased tissue, is pleased to announce the results of the votes on the matters considered at its Annual and Special Meeting of Shareholders that was held today (the “Meeting”). A total of 65,503,023 common shares, representing 60.6% of the shares outstanding, were represented in person and by proxy at the Meeting.

All of the matters put forward before the shareholders, as set out in the Company's management information circular dated May 6, 2019, were approved by the requisite majority of votes cast at the Meeting.

Election of Directors

At the Meeting, the shareholders of the Company elected all six nominees for the board of directors (the “Board”).  Detailed results of the voting in respect of the election of directors are as follows:

Director Number of 
Shares
Percentage of Votes Cast 
(rounded)
Arun MenawatVotes For:65,429,62199.9%
 Votes Withheld:73,4020.1%
Jean-François PariseauVotes For:64,634,62198.7%
 Votes Withheld:868,4021.3%
Linda MaxwellVotes For:65,419,22699.9%
 Votes Withheld:83,7970.1%
Kenneth GalbraithVotes For:64,586,51398.6%
 Votes Withheld:916,5101.4%
Arthur RosenthalVotes For:65,434,62199.9%
 Votes Withheld:68,4020.1%
Brian EllacottVotes For:65,435,62199.9%
 Votes Withheld:67,4020.1%

Other Matters
             
The Company’s shareholders also approved the audited annual financial statements of the Company for the year ended December 31, 2018; approved the re-appointment of PricewaterhouseCoopers LLP as the auditor of the Company for the ensuing year at the remuneration to be fixed by the Board; approved an ordinary resolution approving all unallocated options under the Company’s share option plan; and approved a special resolution authorizing the Board to amend the articles of the Company to effect a consolidation of all of the issued and outstanding common shares at a consolidation ratio that would permit it to qualify for a potential secondary listing on the NASDAQ Stock Market LLC (“NASDAQ”).

“On behalf of the Board, I would like to take this opportunity to thank the Company’s shareholders for their continued support,” said Arun Menawat, Profound’s CEO. “We were particularly pleased with their resounding approval, as demonstrated by the 98.5% of votes cast in favour, of the resolution authorizing, but not compelling, the Board to implement a reverse stock split if and when Profound decides to pursue a NASDAQ listing.”

About Profound Medical Corp.

Profound develops and markets customizable, incision-free therapies for the ablation of diseased tissue.

Profound is commercializing TULSA-PRO®, a novel technology that combines real-time MRI, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. TULSA-PRO® is designed to provide customizable and predictable radiation-free ablation of a surgeon-defined prostate volume while actively protecting the urethra and rectum to help preserve the patient’s natural functional abilities.

TULSA-PRO® is CE marked and commercially launched in key European and other CE mark jurisdictions. TULSA-PRO® is demonstrating to be a flexible technology in customizable prostate ablation, including intermediate stage cancer, localized radio-recurrent cancer, retention and hematuria palliation in locally advanced prostate cancer, and the transition zone in large volume benign prostatic hyperplasia (BPH).

In April 2019, Profound announced positive topline results from a multicenter, prospective clinical trial, TACT, which is expected to support its recent application to the U.S. Food and Drug Administration for 510(k) clearance to market TULSA-PRO® in the United States. 

Profound is also commercializing Sonalleve®, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. Sonalleve® has also been approved by the China Food and Drug Administration for the non-invasive treatment of uterine fibroids. The Company is in the early stages of exploring additional potential treatment markets for Sonalleve® where the technology has been shown to have clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy.

Forward-Looking Statements

This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, uterine fibroids and palliative pain treatment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.  Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.

For further information, please contact:

Stephen Kilmer
Investor Relations
skilmer@profoundmedical.com
T: 647.872.4849