MONTREAL, Aug. 06, 2019 (GLOBE NEWSWIRE) -- This press release is being disseminated by Knight Therapeutics Inc. ("Knight") (TSX:GUD), a specialty pharmaceutical company, as required by National Instrument 62-103 - The Early Warning System and Related Take Over Bid and Insider Reporting Issues regarding the disposition of securities of Crescita Therapeutics Inc. ("Crescita").
Since July 15, 2019, Knight disposed of an aggregate of 879,200 common shares of Crescita (the “Crescita Shares”) on the Toronto Stock Exchange at an average price of $1.02 per share for total gross proceeds of $894,750, representing approximately 4.2% of the outstanding Crescita Shares. The Crescita Shares sold were previously acquired by Knight at an average cost of $0.60 per share.
Prior to the dispositions, Knight owned 2,834,689 Crescita Shares representing approximately 13.5% of the outstanding Crescita Shares and 396,000 common share purchase warrants of Crescita (the “Warrants”). Had Knight exercised the Warrants in full, it would have acquired an additional 396,000 Crescita Shares, representing a combined holding of approximately 15.1% of the Crescita Shares outstanding, after giving effect to the exercise of the Warrants held by Knight only. Immediately after the sale of 879,200 Crescita Shares, Knight owns 1,955,489 Crescita Shares representing approximately 9.3% of the Crescita Shares outstanding, as well as 396,000 Warrants. Should Knight exercise the Warrants, it would acquire an additional 396,000 Crescita Shares, representing combined holdings of approximately 11.0% of the outstanding Crescita Shares, assuming the exercise of Warrants by Knight only.
Knight may in the future purchase or sell securities of Crescita or otherwise trade in securities of or engage in other transactions with respect to Crescita depending on a number of factors, including but not limited to, Crescita's financial position, the price levels of the Crescita Shares, conditions in the securities markets and general economic and industry conditions, Crescita's business or financial condition, and other factors and conditions Knight deems appropriate.
The head office address of Crescita is 2805 Place Louis-R-Renaud, Laval, Québec, H7V 0A3.
For further information or to obtain a copy of the Early Warning Report to which this press release relates, please contact Samira Sakhia at (514) 678-8930.
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 select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
Forward-Looking Statement
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. 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. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. 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 Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2018. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.
CONTACT INFORMATION:
Knight Therapeutics Inc.
Samira Sakhia
President & Chief Financial Officer
T: 514-678-8930
F: 514-481-4116
info@gudknight.com
www.gud-knight.com
Head office
3400 De Maisonneuve Blvd. West
Suite 1055
Montreal, Quebec H3Z 3B8