TORONTO, May 25, 2023 (GLOBE NEWSWIRE) -- 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 Contact
FAAN Advisors Group Inc.
Chief Restructuring Officer
ir@aceruspharma.com
