Profound Medical Clarifies Recent Insider Buying
Profound Medical Corp. clarifies recent insider trading activities amid investor inquiries, confirming open market purchases by executives. CEO Arun Menawat and Independent Lead Director Brian Ellacott collectively bought approximately US$763,000 worth of shares. Menawat acquired 60,516 shares at prices ranging from US$6.6548 to US$7.05. These transactions were disclosed to address shareholder concerns, as the company does not file on U.S. SEC forms that detail insider trading. Profound continues to focus on its innovative medical technologies.
- Insiders purchased approximately US$763,000 in Profound shares.
- Menawat now holds 408,796 shares, enhancing stakeholder confidence.
- Company continues to address investor inquiries transparently.
- Lack of U.S. SEC filings may lead to investor confusion.
- Potential misinterpretation of insider trading reports could affect market perception.
TORONTO, May 18, 2022 (GLOBE NEWSWIRE) -- In response to investor inquiries regarding insider trading activity, particularly with respect to recent open market stock purchases made by certain of its insiders, Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) (“Profound” or the “Company”) today provided the following clarifications.
“The Company does not currently file on domestic forms with the U.S. Securities and Exchange Commission, including Form 4: Statement of Changes in Beneficial Ownership, through which many U.S.-based investors monitor insider transactions, and as a result, some of our shareholders have raised questions about recent third-party reports that were presumably based on filings made with Canada’s System for Electronic Disclosure by Insiders, or SEDI,” said Arun Menawat, Profound’s CEO and Chairman. “After our first quarter 2022 blackout period was lifted, Brian Ellacott, our Independent Lead Director, and I purchased additional Company stock on Nasdaq at a combined cost of approximately US
- Brian Ellacott: Purchased 50,000 shares on May 12, 2022, at a price of US
$7.05 per share. Mr. Ellacott now holds 68,000 Profound shares. - Arun Menawat: Purchased 30,516 shares on May 12, 2022, and 30,000 shares on May 13, 2022, at a price per share of US
$6.65 48 and US$6.92 35, respectively. Dr. Menawat now holds 408,796 Profound shares.
This information is being provided solely to assist the Company’s shareholders in the present circumstances, and Profound does not intend to issue further press releases regarding insider transactions.
About Profound Medical Corp.
Profound is a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue.
Profound is commercializing TULSA-PRO®, a technology that combines real-time MRI, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. TULSA-PRO® is designed to provide customizable and predictable radiation-free ablation of a surgeon-defined prostate volume while actively protecting the urethra and rectum to help preserve the patient’s natural functional abilities. TULSA-PRO® has the potential to be a flexible technology in customizable prostate ablation, including intermediate stage cancer, localized radio-recurrent cancer, retention and hematuria palliation in locally advanced prostate cancer, and the transition zone in large volume benign prostatic hyperplasia (“BPH”). TULSA-PRO® is CE marked, Health Canada approved, and 510(k) cleared by the U.S. Food and Drug Administration (“FDA”).
Profound is also commercializing Sonalleve®, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. Sonalleve® has also been approved by the China National Medical Products Administration for the non-invasive treatment of uterine fibroids and has FDA approval under a Humanitarian Device Exemption for the treatment of osteoid osteoma. The Company is in the early stages of exploring additional potential treatment markets for Sonalleve® where the technology has been shown to have clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy.
Forward-Looking Statements
This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, BPH, uterine fibroids, palliative pain treatment and osteoid osteoma. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the medical device industry, regulatory approvals, reimbursement, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on Profound’s operations, the demand for its products, global supply chains and economic activity in general. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.
For further information, please contact:
Stephen Kilmer
Investor Relations
skilmer@profoundmedical.com
T: 647.872.4849
FAQ
What insider trading activity occurred for PROF in May 2022?
How much stock did CEO Arun Menawat buy in May 2022?
Why is Profound Medical providing insider trading clarification?
