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 entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, , allowing the company to sell up to $15 million of common shares over 36 months. The shares will be priced at 97% of the market price during a specified three-day pricing period, with limitations including a 4.99% ownership cap for the investor.
The company also announced plans to voluntarily delist from the TSX Venture Exchange (TSXV) while maintaining its NASDAQ listing under 'MDCX'. The delisting decision was made due to low TSXV trading volume, with NASDAQ representing the majority of trading activity. Medicus will remain a reporting issuer in Canada.
The company's subsidiary, SkinJect, is developing a dissolvable microneedle patch for basal cell skin cancer treatment. Following successful Phase 1 safety studies, a Phase 2 clinical trial (SKNJCT-003) is currently recruiting patients across nine U.S. sites to evaluate two dose levels compared to placebo.
Medicus Pharma (NASDAQ: MDCX) ha stipulato un Accordo di Acquisto di Azioni di Emergenza (SEPA) con YA II PN, consentendo all'azienda di vendere fino a 15 milioni di dollari di azioni ordinarie nell'arco di 36 mesi. Le azioni saranno quotate al 97% del prezzo di mercato durante un periodo di pricing specificato di tre giorni, con limitazioni che includono un tetto di proprietà del 4,99% per l'investitore.
L'azienda ha anche annunciato progetti per la delistazione volontaria dalla TSX Venture Exchange (TSXV) mantenendo la propria quotazione NASDAQ sotto 'MDCX'. La decisione di delistare è stata presa a causa del basso volume di negoziazione su TSXV, con NASDAQ che rappresenta la maggior parte dell'attività di trading. Medicus rimarrà un emittente in reporting in Canada.
La sussidiaria dell'azienda, SkinJect, sta sviluppando un cerotto microago dissolvibile per il trattamento del carcinoma basocellulare della pelle. Dopo gli studi di sicurezza di Fase 1, un trial clinico di Fase 2 (SKNJCT-003) è attualmente in fase di reclutamento di pazienti in nove sedi negli Stati Uniti per valutare due livelli di dose rispetto al placebo.
Medicus Pharma (NASDAQ: MDCX) ha entrado en un Acuerdo de Compra de Acciones de Respaldo (SEPA) con YA II PN, permitiendo a la compañía vender hasta 15 millones de dólares en acciones ordinarias durante 36 meses. Las acciones se establecerán al 97% del precio de mercado durante un período de precios específico de tres días, con limitaciones que incluyen un límite de propiedad del 4,99% para el inversor.
La compañía también anunció planes para la exclusión voluntaria de la TSX Venture Exchange (TSXV) mientras mantiene su cotización en NASDAQ bajo 'MDCX'. La decisión de excluirse se tomó debido al bajo volumen de negociación en TSXV, siendo NASDAQ la mayor parte de la actividad de comercio. Medicus seguirá siendo un emisor reportante en Canadá.
La subsidiaria de la compañía, SkinJect, está desarrollando un parche de microaguja disoluble para el tratamiento del cáncer de piel de células basocelulares. Tras los exitosos estudios de seguridad de Fase 1, actualmente se está reclutando pacientes para un ensayo clínico de Fase 2 (SKNJCT-003) en nueve sitios de EE.UU. para evaluar dos niveles de dosis en comparación con un placebo.
메디커스 파마 (NASDAQ: MDCX)는 YA II PN과 대기 자본 구매 계약 (SEPA)을 체결하여 회사가 1500만 달러까지의 보통주를 36개월 동안 판매할 수 있도록 합니다. 주가는 특정 3일 가격 책정 기간 동안 시장 가격의 97%로 책정되며, 투자자에 대한 4.99% 소유 한도 등의 제한이 있습니다.
회사는 또한 TSX 벤처 거래소 (TSXV)에서 자발적으로 상장 폐지를 할 계획을 발표했으며, 'MDCX'로 NASDAQ 상장은 유지합니다. TSXV에서의 거래량이 낮아 NASDAQ에서 대부분의 거래 활동이 이루어진 것에 따라 상장 폐지 결정을 내렸습니다. 메디커스는 캐나다에서 보고하는 발행사로 남을 것입니다.
회사의 자회사인 SkinJect는 기저 세포 피부암 치료를 위한 용해성 마이크로니들 패치를 개발 중입니다. 1상 안전성 연구가 성공적으로 완료된 후, 현재 미국의 9개 사이트에서 두 개의 용량 수준을 평가하기 위한 2상 임상 시험 (SKNJCT-003)을 위한 환자를 모집하고 있습니다.
Medicus Pharma (NASDAQ: MDCX) a conclu un Accord d'Achat d'Actions de Secours (SEPA) avec YA II PN, permettant à l'entreprise de vendre jusqu'à 15 millions de dollars d'actions ordinaires sur une période de 36 mois. Les actions seront fixées à 97% du prix du marché pendant une période de prix de trois jours spécifiée, avec des limitations comprenant un plafond de propriété de 4,99% pour l'investisseur.
L'entreprise a également annoncé son intention de se retirer volontairement de la TSX Venture Exchange (TSXV) tout en maintenant sa cotation NASDAQ sous 'MDCX'. La décision de se retirer a été prise en raison du faible volume de négociation sur la TSXV, NASDAQ représentant la majorité de l'activité de négoce. Medicus restera un émetteur déclarant au Canada.
La filiale de l'entreprise, SkinJect, développe un patch de microneedles dissous pour le traitement du cancer de la peau à cellules basocellulaires. Après des études de sécurité réussies de Phase 1, un essai clinique de Phase 2 (SKNJCT-003) est actuellement en train de recruter des patients dans neuf sites aux États-Unis pour évaluer deux niveaux de dose par rapport à un placebo.
Medicus Pharma (NASDAQ: MDCX) hat eine Standby-Eigenkapitalvereinbarung (SEPA) mit YA II PN abgeschlossen, die es dem Unternehmen ermöglicht, bis zu 15 Millionen Dollar an Stammaktien über einen Zeitraum von 36 Monaten zu verkaufen. Die Aktien werden während eines festgelegten dreitägigen Preissetzungszeitraums zu 97% des Marktpreises bewertet, wobei Einschränkungen wie eine Eigentumsobergrenze von 4,99% für den Investor bestehen.
Das Unternehmen gab auch Pläne bekannt, sich freiwillig von der TSX Venture Exchange (TSXV) abzulisten, während es seine NASDAQ-Listung unter 'MDCX' beibehält. Die Entscheidung zur Abmeldung wurde aufgrund des niedrigen Handelsvolumens an der TSXV getroffen, wobei die NASDAQ den Großteil der Handelsaktivität darstellt. Medicus wird weiterhin ein berichtspflichtiger Emittent in Kanada sein.
Die Tochtergesellschaft des Unternehmens, SkinJect, entwickelt ein auflösbares Mikronadel-Patch zur Behandlung von Basalzellkarzinomen. Nach erfolgreichen Sicherheitsstudien der Phase 1 rekrutiert eine Phase-2-Studie (SKNJCT-003) derzeit Patienten an neun Standorten in den USA, um zwei Dosen im Vergleich zu einem Placebo zu evaluieren.
- Access to up to $15 million in potential funding through SEPA
- Phase 2 clinical trial actively recruiting patients across nine sites
- Previous Phase 1 trial showed complete response in six participants
- Streamlining operations by consolidating to NASDAQ listing
- Potential shareholder dilution from SEPA share issuance
- SEPA shares will be sold at 3% discount to market price
- total proceeds available under SEPA due to 19.99% share issuance cap
Insights
The announced $15 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors represents a strategic financing move that merits careful analysis. The structure provides Medicus with flexible, on-demand capital access over 36 months, but comes with notable considerations:
The 97% pricing mechanism against market price offers relatively favorable terms compared to typical discount rates of 15-20% seen in similar arrangements. However, the 19.99% share issuance limit and 4.99% beneficial ownership cap create natural constraints on capital availability. This structured approach helps mitigate immediate dilution concerns while providing a funding safety net for their Phase 2 clinical program.
The concurrent TSXV delisting decision reflects practical capital markets strategy. With primary trading volume on NASDAQ, maintaining dual listing creates unnecessary administrative burden and costs. This consolidation should improve trading efficiency and reduce compliance expenses.
The timing aligns strategically with their advancing clinical program for basal cell carcinoma treatment. With patient recruitment underway at nine US sites for their Phase 2 trial, having reliable access to capital through the SEPA provides important operational flexibility during this critical development phase.
For investors, key considerations include:
- The SEPA's volume-weighted pricing mechanism helps protect against excessive dilution
- The 36-month term provides extended funding runway through key clinical milestones
- Market reaction may be mixed near-term as the dilution potential gets priced in
- The TSXV delisting could temporarily impact Canadian retail trading access
Medicus Pharma Ltd.'s shares will remain listed on the NASDAQ Capital Market
TORONTO and PHILADELPHIA, Feb. 11, 2025 (GLOBE NEWSWIRE) -- 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.
FAQ
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