TORONTO, July 10, 2023 (GLOBE NEWSWIRE) — Acerus Pharmaceuticals Corporation (the “Company”) announces that, in connection with its creditor protection proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) and its previously announced sale and investment solicitation process (the “SISP”), the Company completed the previously announced transactions (the “Transaction”) with First Generation Capital Inc. (“First Generation”) as successful bidder under the SISP. The Transaction was approved by the Ontario Superior Court of Justice (Commercial List) (the “Court”) on May 30, 2023 (the “Approval Order”).
Following completion of the Transaction, in accordance with the definitive agreement in respect of the Transaction and the Approval Order, all of the previously issued and outstanding common shares of the Company have been cancelled without consideration and the Company became a wholly-owned subsidiary of First Generation.
Copies of the orders granted by the Court, as well as other information regarding the CCAA proceedings, are available on the Monitor’s website at www.ey.com/ca/acerus.
Acerus Pharmaceuticals Corporation is a specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the field of men’s health.
FAAN Advisors Group Inc.
Chief Restructuring Officer