Medicus Pharma Ltd. Enters into Standby Equity Purchase Agreement and Announces Intention to Voluntarily Delist from the TSX Venture Exchange (TSXV)
Medicus Pharma (NASDAQ: MDCX) has announced two significant developments: First, the company entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, , managed by Yorkville Advisors Global, LP. This agreement allows Medicus to sell up to US$15 million of common shares over 36 months, with shares priced at 97% of market price during a specified three-day pricing period.
Second, Medicus announced plans to voluntarily delist from the TSX Venture Exchange (TSXV) while maintaining its NASDAQ listing under 'MDCX'. The company cited low TSXV trading volume as the reason for delisting. Medicus will remain a reporting issuer in Canada, continuing to provide disclosure on SEDAR+.
The SEPA includes limitations, capping total issuable shares at 19.99% of outstanding shares, with the Investor's beneficial ownership not exceeding 4.99% at any time. The agreement requires SEC registration for share resale.
Medicus Pharma (NASDAQ: MDCX) ha annunciato due sviluppi significativi: in primo luogo, l'azienda ha stipulato un Accordo di Acquisto di Capitale di Emergenza (SEPA) con YA II PN, gestito da Yorkville Advisors Global, LP. Questo accordo consente a Medicus di vendere fino a 15 milioni di dollari USA di azioni ordinarie nel corso di 36 mesi, con un prezzo delle azioni pari al 97% del prezzo di mercato durante un periodo di determinazione del prezzo di tre giorni specificato.
In secondo luogo, Medicus ha annunciato piani per dismettere volontariamente la propria quotazione dalla TSX Venture Exchange (TSXV), mantenendo però la propria quotazione su NASDAQ con il simbolo 'MDCX'. L'azienda ha citato il basso volume di scambi TSXV come motivo per la dismissione. Medicus rimarrà un emittente di report in Canada, continuando a fornire le informazioni richieste su SEDAR+.
Il SEPA prevede limitazioni, ponendo un tetto al totale delle azioni emettibili pari al 19,99% delle azioni in circolazione, con la proprietà effettiva dell'investitore che non deve superare il 4,99% in qualsiasi momento. L'accordo richiede la registrazione presso la SEC per la rivendita delle azioni.
Medicus Pharma (NASDAQ: MDCX) ha anunciado dos desarrollos significativos: primero, la compañía firmó un Acuerdo de Compra de Capital de Emergencia (SEPA) con YA II PN, gestionado por Yorkville Advisors Global, LP. Este acuerdo permite a Medicus vender hasta 15 millones de dólares estadounidenses en acciones ordinarias durante 36 meses, con un precio de las acciones fijado en el 97% del precio de mercado durante un periodo de precios específico de tres días.
En segundo lugar, Medicus anunció planes para deslistarse voluntariamente de la Bolsa de Valores TSX Venture Exchange (TSXV) mientras mantiene su cotización en NASDAQ bajo 'MDCX'. La compañía citó el bajo volumen de negociación en TSXV como razón para el deslistado. Medicus seguirá siendo un emisor reportante en Canadá, continuando con la divulgación en SEDAR+.
El SEPA incluye limitaciones, fijando un límite total de acciones emitibles del 19.99% de las acciones en circulación, con la propiedad beneficiosa del inversionista no excediendo el 4.99% en cualquier momento. El acuerdo requiere el registro ante la SEC para la reventa de acciones.
메디쿠스 파르마 (NASDAQ: MDCX)는 두 가지 중요한 개발을 발표했습니다: 첫째, 회사는 Yorkville Advisors Global, LP가 관리하는 YA II PN과 함께 대기 자본 구매 계약(SEPA)을 체결했습니다. 이 계약에 따라 메디쿠스는 36개월 동안 최대 1500만 달러의 보통주를 판매할 수 있으며, 주가는 특정 3일 가격 결정 기간 동안 시장 가격의 97%로 책정됩니다.
둘째, 메디쿠스는 TSX 벤처 거래소(TSXV)에서 자발적으로 상장 폐지할 계획을 발표하면서 NASDAQ에서 'MDCX'로 상장된 상태를 유지할 것입니다. 회사는 TSXV의 낮은 거래량을 상장 폐지의 이유로 언급했습니다. 메디쿠스는 캐나다에서 공시 의무를 계속 수행하며 SEDAR+에서 정보를 제공할 것입니다.
SEPA에는 제한이 포함되어 있으며, 총 발행 가능한 주식을 유통 주식의 19.99%로 제한하고, 투자자의 유익한 소유권은 어느 시점에서도 4.99%를 초과하지 않아야 합니다. 이 계약은 주식 재판매를 위한 SEC 등록을 요구합니다.
Medicus Pharma (NASDAQ: MDCX) a annoncé deux développements significatifs : Premièrement, la société a conclu un Accord d'Achat de Capital d'Urgence (SEPA) avec YA II PN, géré par Yorkville Advisors Global, LP. Cet accord permet à Medicus de vendre jusqu'à 15 millions de dollars US d'actions ordinaires sur 36 mois, les actions étant fixées à 97 % du prix du marché pendant une période de fixation des prix de trois jours spécifiée.
Deuxièmement, Medicus a annoncé des plans pour se retirer volontairement de la Bourse de Toronto, TSX Venture Exchange (TSXV), tout en maintenant sa cotation NASDAQ sous 'MDCX'. La société a cité le faible volume d'échanges TSXV comme raison de son retrait. Medicus restera un émetteur d'informations au Canada, continuant à fournir des informations sur SEDAR+.
Le SEPA inclut des limitations, plafonnant le total des actions pouvant être émises à 19,99 % des actions en circulation, avec la propriété bénéficiaire de l'investisseur ne dépassant pas 4,99 % à tout moment. L'accord nécessite un enregistrement auprès de la SEC pour la revente d'actions.
Medicus Pharma (NASDAQ: MDCX) hat zwei bedeutende Entwicklungen angekündigt: Erstens trat das Unternehmen in einen Standby Equity Purchase Agreement (SEPA) mit YA II PN ein, das von Yorkville Advisors Global, LP verwaltet wird. Dieses Abkommen ermöglicht es Medicus, bis zu 15 Millionen US-Dollar an Stammaktien über einen Zeitraum von 36 Monaten zu verkaufen, wobei die Aktien während eines bestimmten drei Tage langen Preisfestlegungszeitraums zu 97% des Marktpreises bewertet werden.
Zweitens kündigte Medicus Pläne zur freiwilligen Abmeldung von der TSX Venture Exchange (TSXV) an, während das Listing an der NASDAQ unter 'MDCX' beibehalten wird. Das Unternehmen nannte das niedrige Handelsvolumen an der TSXV als Grund für die Abmeldung. Medicus bleibt ein berichtspflichtiger Emittent in Kanada und wird weiterhin Informationen über SEDAR+ bereitstellen.
Der SEPA beinhaltet Beschränkungen, die die insgesamt ausgebbaren Aktien auf 19,99% der ausstehenden Aktien beschränken, wobei der vorteilhafte Eigentum des Investors zu keinem Zeitpunkt 4,99% überschreiten darf. Das Abkommen erfordert eine SEC-Registrierung für den Weiterverkauf von Aktien.
- Access to up to US$15 million in potential equity financing through SEPA
- Flexibility in timing and amount of share sales over 36-month period
- Cost reduction through TSXV delisting while maintaining NASDAQ presence
- Potential shareholder dilution through new share issuance under SEPA
- 3% discount on shares sold through SEPA
- Reduced trading venue options for Canadian investors
Insights
The newly announced $15 million SEPA with Yorkville Advisors represents a strategic financing move that provides Medicus with significant flexibility in capital raising. The 36-month duration and discretionary nature of the agreement allows management to access capital opportunistically while maintaining control over timing and amount of dilution. The 3% discount to market price is relatively modest compared to typical financing arrangements in the biotech sector.
The structural protections in the SEPA are noteworthy: the 19.99% cap on total shares issuable helps prevent excessive dilution, while the 4.99% beneficial ownership limit mitigates the risk of concentrated ownership. However, investors should recognize that the effectiveness of this facility depends on having an active SEC registration statement and meeting various conditions, which could affect the company's ability to access capital when needed.
The decision to delist from TSXV while maintaining NASDAQ listing reflects practical capital markets strategy. With minimal TSXV trading volume, the move should reduce administrative costs and regulatory complexity without materially impacting liquidity. This aligns with the company's focus on the U.S. market, particularly relevant given their ongoing Phase 2 clinical trial for basal cell carcinoma treatment.
The timing of these moves suggests proactive capital management as Medicus advances its clinical programs. The Phase 2 trial involving 60 patients across nine U.S. sites will require significant funding and having flexible access to capital through the SEPA could be important for maintaining momentum in clinical development without relying solely on more dilutive traditional financing options.
Medicus Pharma Ltd.'s shares will remain listed on the NASDAQ Capital Market
Toronto, Ontario and Philadelphia, Pennsylvania--(Newsfile Corp. - February 11, 2025) - Medicus Pharma Ltd. (NASDAQ: MDCX) ("Medicus" or the "Company") today announced that it has entered into a Standby Equity Purchase Agreement (the "SEPA") with YA II PN, LTD (the "Investor"), an investment fund managed by Yorkville Advisors Global, LP. Pursuant to the SEPA, the Company has the option, at its sole discretion, to sell up to US
The Investor's obligation to purchase Shares is subject to a number of conditions, including that the Company file a registration statement with the Securities and Exchange Commission (the "SEC") registering the resale of the Shares issuable thereunder, and that the registration statement is declared effective by the SEC.
The total number of Shares issuable under the terms of the SEPA is limited to a number equivalent to
Shares issued and sold to the Investor under the SEPA will be priced at
For further information on the SEPA, including important terms and conditions, please see the Company's filings with the SEC, including the Company's Current Reports on Form 8-K filed with the SEC from time to time.
TSXV Delisting
The Company also today announced that the Company's board of directors has approved the voluntary delisting (the "Delisting") of the Shares from the TSX Venture Exchange (the "TSXV"). The Company has submitted an application to the TSXV to complete such Delisting in due course. Following review of the Company's application, the Delisting will be subject to the approval of the TSXV and the satisfaction of all necessary conditions. The Shares will continue to be listed on The Nasdaq Capital Market ("Nasdaq") under the symbol "MDCX" and shareholders will be able to continue to trade their Shares through Nasdaq.
Trading on Nasdaq represents the large majority of the Company's trading volume. Given the low trading volume on the TSXV, the Company has determined, after due consideration, that maintaining the TSXV listing does not form part of the Company's go-forward capital markets strategy. The Company is not required to seek shareholder approval for the Delisting since an alternative market for the Shares exists on Nasdaq.
Medicus will remain a "reporting issuer" in Canada and will continue to provide disclosure on SEDAR+ as required by applicable Canadian securities laws. Additional information regarding the Delisting application will be disseminated in due course.
Many brokers in Canada, including discount and online brokers, can buy and sell securities listed on Nasdaq. Shareholders holding Shares in Canadian brokerage accounts may contact their brokers to confirm how to trade their Shares on Nasdaq.
For further information contact:
Carolyn Bonner, President
(610) 636-0184
cbonner@medicuspharma.com
Jeremy Feffer
LifeSci Advisors
(212) 915-2568
jfeffer@lifesciadvisors.com
About Medicus Pharma Ltd:
Medicus Pharma Ltd. (NASDAQ: MDCX) (TSXV: MDCX) is a biotech/life sciences company focused on accelerating the clinical development programs of novel and disruptive therapeutics assets.
SkinJect Inc. a wholly owned subsidiary of Medicus Pharma Ltd, is a development stage, life sciences company focused on commercializing novel, non-invasive treatment for basal cell skin cancer using patented dissolvable microneedle patch to deliver chemotherapeutic agent to eradicate tumors cells. The Company has completed a phase 1 safety & tolerability study (SKNJCT-001) in March of 2021, which met its primary objective of safety and tolerability; the study also describes the efficacy of the investigational product D-MNA, with six (6) participants experiencing complete response on histological examination of the resected lesion. The Company submitted a Phase 2 IND clinical protocol to the FDA in January 2024 for a randomized, controlled, double-blind, multicenter clinical study (SKNJCT-003) that is expected to randomize up to 60 patients. The study is designed to evaluate the efficacy of two dose of two dose levels (100 and 200 ug) of D-MNA compared to placebo (P-MNA) in subjects with nodular BCC. Patient recruitment is currently underway in nine sites across the United States.
Cautionary Notice on Forward-Looking Statements
Certain information in this news release constitutes "forward-looking information" under applicable securities laws. "Forward-looking information" is defined as disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and includes, without limitation, statements regarding the amount of Shares the Company may issue pursuant to the SEPA, if any, the terms and conditions of the SEPA, including the requirement to have an effective registration statement with the SEC, the Company's intention to delist the Shares from the TSXV, including approval from the TSXV and the timing thereof and the expectation that a market will continue to exist for the Shares on Nasdaq. Forward-looking statements are often but not always identified by the use of such terms as "may", "might", "will", "will likely result", "would", "should", "estimate", "plan", "project", "forecast", "intend", "expect", "anticipate", "believe", "seek", "continue", "target" or the negative and/or inverse of such terms or other similar expressions.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including those risk factors described in the Company's public filings on SEDAR+ and on EDGAR, which may impact, among other things, the trading price and liquidity of the Shares. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the Company's long form prospectus accessible on the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240327
FAQ
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