Cambridge -
Under the Investment Agreement, Cosmo would have become eligible to receive a
On
BYFAVO was approved by the
DEA scheduling requirements between July and October this year delayed the final approval and finalization of the BYFAVO label, leading Acacia Pharma to request Cosmo to prioritize the BYFAVO processing schedule during a time when its facility would typically be closed. The agreement to amend the timing for this payment was reached in consideration for Cosmo modifying its production schedule and expediting its packaging and labelling production for BYFAVO.
Acacia Pharma is preparing to launch BYFAVO in the US as soon as possible in the coming weeks.
'We are very excited to be able to bring BYFAVO to the US market,' commented
Payment will be settled by the Company issuing new ordinary shares in the share capital of the Company (the 'New Ordinary Shares') to Cosmo, at an issue price of
The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares in issue.
Following the issue of the New Ordinary Shares, the Company's total issued share capital will comprise 89,597,951 ordinary shares with one voting right per share. The Company does not hold any ordinary shares in treasury. Therefore the total number of voting rights in the Company will be 89,597,951.
Following the issue of the New Ordinary Shares to Cosmo, Cosmo will hold 19,600,098 ordinary shares in the Company, representing a shareholding of 21.88% of the Company's issued ordinary share capital.
Contact:
Tel: +44 1223 919760
Email: IR@acaciapharma.com
Forward looking statements
This announcement includes forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as 'believe', 'expect', 'intend', 'may', 'plan', 'will', 'should', 'could' and other words and terms of similar meaning or the negative thereof. Forward-looking statements may and often do differ materially from actual results. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's business, results of operations, financial position, prospects, growth or strategies and the industry in which it operates. Save as required by law or applicable regulation, the Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Forward-looking statements speak only as of the date they are made.
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