Zomedica to Remain Domiciled in Canada
Zomedica Corp. reports on the results from its Special Virtual-Only Meeting of Shareholders held on December 15, 2020.
While a majority supported the domestication proposal to Delaware, it failed to achieve the necessary 2/3 vote. Consequently, a new stock option plan will be shelved, though the current plan remains in effect. Despite this setback, Zomedica remains focused on the commercial launch of TRUFORMA™ on March 30, 2021, which utilizes advanced Bulk Acoustic Wave technology for veterinary diagnostics, protected by 70 patents.
- Focus on the anticipated commercial release of TRUFORMA on March 30, 2021.
- TRUFORMA is protected by approximately 70 issued and pending patents.
- The diagnostic platform utilizes advanced Bulk Acoustic Wave technology for reliable results.
- Failure to approve the domestication proposal may limit potential cost savings.
- Absence of a new stock option plan may impact employee incentives.
Progress Continuing Toward Commercialization of TRUFORMA™
ANN ARBOR, Mich., Dec. 15, 2020 (GLOBE NEWSWIRE) -- Zomedica Corp. (NYSE American: ZOM) (“Zomedica” or the “Company”), a veterinary health company creating point-of-care diagnostics products for dogs and cats, today announced that while a majority of shareholders voted at its Special Virtual-Only Meeting of Shareholders held on December 15, 2020 in favor of the Company’s proposed domestication to Delaware, shareholders failed to approve the proposal by the necessary 2/3 vote and therefore the domestication will not be implemented.
"I would like to sincerely thank our many shareholders who supported management's recommendation and voted in favor of the domestication of Zomedica, which would have enabled management to achieve a significant cost savings for the Company," stated Robert Cohen, Interim Chief Executive Officer of Zomedica. Because the domestication proposal failed to receive the votes required for approval, the implementation of a new stock option plan will not occur even though it was approved by the requisite majority vote at the meeting. The Company will continue to use its present stock option plan to grant options to its personnel. Mr. Cohen further stated that, "Remaining a Canadian company will have no impact whatsoever on our upcoming commercial release of TRUFORMA™, planned for March 30, 2021. Management, as well as all employees of Zomedica, continues to be focused on that release, as evidenced by the recently announced "launch team" that has been put in place. We look forward to providing additional updates as we prepare for this exciting event.”
Protected by approximately 70 issued and pending patents, the TRUFORMA diagnostic platform uses Bulk Acoustic Wave (“BAW”) technology, developed by Qorvo (NASDAQ: QRVO), to provide a non-optical and fluorescence-free detection system for use at the point-of-care. BAW technology, also used in cell phones and in the world’s most advanced radar and communications systems, is an extremely reliable and precise technology. Zomedica expects to begin commercial sales of TRUFORMA on March 30, 2021.
About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for dogs and cats by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include innovative diagnostics and medical devices that emphasize patient health and practice health. It is Zomedica’s mission to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
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- Twitter: https://twitter.com/zomedica
Reader Advisory
Except for statements of historical fact, this news release contains certain "forward-looking information" or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include statements relating to our expectations regarding the public offering. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies; uncertainty as to the timing and results of commercialization efforts; uncertainty as to our ability to supply equipment and assays in response to customer demand; uncertainty as to the likelihood and timing of any required regulatory approvals, availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; performance by our strategic partners of our obligations under our commercial agreements, including product manufacturing obligations; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Investor Relations Contact:
PCG Advisory
Kirin Smith, President
ksmith@pcgadvisory.com
+1 646.863.6519
FAQ
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