Appointments in Conjunction With Theratechnologies Annual Meeting
MONTREAL, May 10, 2022 - Theratechnologies (TSX: TH, NASDAQ: THTX) held its annual meeting where shareholders elected Board candidates and appointed KPMG as auditors. Resolutions for a shareholder rights plan and amendments to the share option plan were approved. The company reported successful revenue growth and is building a research pipeline in oncology, aiming for strong returns for shareholders. Chair Dawn Svoronos emphasized the need for a balanced approach between commercial operations and research development for maximizing shareholder value.
- Successful election of Board candidates: Majority approval percentages range from 73.28% to 91.25%.
- KPMG appointed as auditors for the fiscal year, ensuring financial oversight.
- Revenue growth reported, indicating a strong commercial performance.
- Plans for an oncology research pipeline, which could enhance future financial returns.
- None.
MONTREAL, May 10, 2022 (GLOBE NEWSWIRE) -- Theratechnologies Inc. (“Theratechnologies” or “the Company”) (TSX: TH) (NASDAQ: THTX), a biopharmaceutical company focused on the development and commercialization of innovative therapies, today held its annual meeting of shareholders.
As part of the meeting, shareholders proceeded to elect the below candidates to the Company’s Board of Directors for a one-year term and appointed KPMG, LLP, as the Company’s auditors for the current fiscal year. Shareholders also passed resolution 2022-1 and resolution 2022-2 approving the shareholder rights plan and the amendments to the Company’s share option plan, respectively.
All candidates proposed for the position of directors were elected in the following proportion:
| FOR | % FOR | ABSTENTION | % ABSTENTION | |
| Joseph Arena | 24,547,704 | 3,415,822 | ||
| Frank Holler | 22,885,751 | 5,077,775 | ||
| Gérald A. Lacoste | 20,492,703 | 7,470,823 | ||
| Paul Lévesque | 25,518,114 | 2,445,412 | ||
| Gary Littlejohn | 21,994,509 | 5,969,017 | ||
| Andrew Molson | 23,811,147 | 4,152,379 | ||
| Dawn Svoronos | 21,785,888 | 6,177,638 | ||
| Alain Trudeau | 23,574,348 | 4,389,178 | ||
| Dale MacCandlish Weil | 22,784,001 | 5,179,525 |
Dawn Svoronos, Chair of the Board and Paul Lévesque, President and CEO of Theratechnologies, addressed people who attended the virtual meeting:
“Many of you will recall that only a few short years ago, Theratechnologies was a purely commercial company with no research pipeline. And as we know, in the business we are in, in order to create maximum value for shareholders, it isn’t optimal over the long term to just be a commercial company or, for that matter, to just have a research pipeline. To have the best shot at delivering the healthiest return on investment for shareholders, you need to have both. And it is with this very much in mind that a few years ago, under the strategic direction of the board, the company set out to build a research pipeline – which is no easy feat for a company the size of Theratechnologies with the limited financial resources that go along with being a small company,” said Dawn Svoronos, Chair of the Board, Theratechnologies.
“And so we are very happy to be where we are today, with a well-established commercial operation that is achieving nice revenue growth and where we also have an early stage development pipeline that is being built on a strong and novel oncology platform with the potential to not only change lives and future standards of care in solid tumors but also gives us the chance to provide a very healthy return on investment for our shareholders,” concluded Ms. Svoronos.
Paul Lévesque, President and CEO, Theratechnologies added, “Looking back at our quarterly performance and the milestones that we have crossed in order to reach this juncture, we continue to capitalize on our ability to unlock the intrinsic value of our commercial portfolio. Not only have we reconfirmed full year guidance in the new reporting period that has just passed but we have yet to fully utilize the coordinated strength of our newly formed internal field force which is expected to ramp awareness and engagement between the market and our brands.”
About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THTX) is a biopharmaceutical company focused on the development and commercialization of innovative therapies addressing unmet medical needs. Further information about Theratechnologies is available on the Company's website at www.theratech.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Forward-Looking Information
This press release contains forward-looking statements and forward-looking information, or, collectively, forward-looking statements, within the meaning of applicable securities laws, that are based on our management’s beliefs and assumptions and on information currently available to our management. You can identify forward-looking statements by terms such as "may", "will", "should", "could", “promising”, “would”, "outlook", "believe", "plan", "envisage", "anticipate", "expect" and "estimate", or the negatives of these terms, or variations of them. The forward-looking statements contained in this press release include, but are not limited to, statements regarding return on investments, revenue growth, the development of a pipeline, the development of our oncology platform and our revenue guidance for the current fiscal year.
Although the forward-looking information contained in this press release is based upon what the Company believes are reasonable assumptions in light of the information currently available, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Certain assumptions made in preparing the forward-looking statements include that: the current COVID-19 pandemic will have limited adverse effect on the Company’s operations; sales of EGRIFTA SV® and Trogarzo® in the United States will increase over time; the Company’s commercial practices in the United States will not be found to be in violation of applicable laws; the long-term use of EGRIFTA SV® and Trogarzo® will not change their respective current safety profile; no recall or market withdrawal of EGRIFTA SV® and Trogarzo® will occur; no laws, regulation, order, decree or judgment will be passed or issued by a governmental body negatively affecting the marketing, promotion or sale of EGRIFTA SV® and Trogarzo® in countries where such products are commercialized; continuous supply of EGRIFTA SV® and Trogarzo® will be available; the Company’s relations with third-party suppliers of EGRIFTA SV® and Trogarzo® will be conflict-free and such third-party suppliers will have the capacity to manufacture and supply EGRIFTA SV® and Trogarzo® to meet market demand on a timely basis; no biosimilar version of EGRIFTA SV® will be approved by the FDA; the Company’s intellectual property will prevent companies from commercializing biosimilar versions of EGRIFTA SV® in the United States; results obtained in preclinical studies with respect to our oncology development program will be replicated into humans; and, the Company’s business plan will not be substantially modified.
Forward-looking information assumptions are subject to a number of risks and uncertainties, many of which are beyond Theratechnologies’ control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those related to or arising from: the adverse impact of the COVID-19 pandemic on (a) the Company’s sales efforts and sales initiatives, (b) the capacity of the Company’s suppliers to meet their obligations vis-à-vis the Company, (c) the Company’s research and development activities, as well as (d) global trade; the Company’s ability and capacity to grow the sales of EGRIFTA SV® and Trogarzo® successfully in the United States; the Company’s capacity to meet supply and demand for its products; the market acceptance of EGRIFTA SV® and Trogarzo® in the United States; the continuation of the Company’s collaborations and other significant agreements with its existing commercial partners and third-party suppliers and its ability to establish and maintain additional collaboration agreements; the success and pricing of other competing drugs or therapies that are or may become available in the marketplace; the Company’s ability to protect and maintain its intellectual property rights in EGRIFTA SV® and tesamorelin; the Company’s ability to successfully conduct its Phase 1 clinical trial using TH1902 in various types of cancer the discovery of a cure for HIV; the Company’s expectations regarding its financial performance, including revenues, expenses, gross margins, profitability, liquidity, capital expenditures and income taxes; and, the Company’s estimates regarding its capital requirements.
We refer current and potential investors to the “Risk Factors” section of our Annual Information Form dated February 23, 2022 available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov as an exhibit to our report on Form 40-F dated February 24, 2022 under Theratechnologies’ public filings. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking statements reflect current expectations regarding future events and speak only as of the date of this press release and represent our expectations as of that date.
We undertake no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.
For media inquiries:
Philippe Dubuc
Senior Vice President and Chief Financial Officer
communications@theratech.com
514-336-7800
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