Acerus Announces Commencement of Court-Approved Sale and Investment Solicitation Process
TORONTO, March 14, 2023 (GLOBE NEWSWIRE) -- On January 26, 2023, Acerus Pharmaceuticals Corporation and certain of its subsidiaries (collectively, “Acerus”) were granted protection pursuant to an order (the “Initial Order”) issued under the Companies’ Creditors Arrangement Act (the “CCAA Proceedings”) by the Ontario Superior Court of Justice (the “Canadian Court”). Ernst & Young Inc. was appointed Monitor of Acerus (in such capacity, the “Monitor”). On February 3, 2023, the Initial Order was amended and restated (the “Amended and Restated Initial Order”). On February 27, 2023, pursuant to Chapter 15 of the U.S. Bankruptcy Code, the U.S. Bankruptcy Court for the District of Delaware granted an order recognizing the CCAA Proceedings as the foreign main proceedings and giving full force and effect to the orders entered in the CCAA Proceedings.
Pursuant to an order granted by the Canadian Court on March 9, 2023 (the “SISP Approval Order”), Acerus has initiated a sale and investment solicitation process (the “SISP”) to be conducted by the Monitor with the assistance of Acerus.
The SISP is intended to solicit interest in the opportunity for a sale of or investment in all or part of Acerus’ assets (which includes Noctiva, Natesto, Strendra (avanafil), Lidbree, Tefina, TriVair and all other products of Acerus) and business operations.
All qualified interested parties will be provided with an opportunity to participate in the SISP, including receipt of a process summary describing the opportunity and access to a virtual data-room on execution of a non-disclosure agreement acceptable to Acerus and the Monitor.
The deadline to submit a binding offer under the SISP is set for April 28, 2023, at 5:00 p.m. (Toronto Time).
Those who are interested in participating in this SISP can contact the Monitor to receive additional information at:
Ernst & Young Inc.
100 Adelaide Street West, P.O. Box 1
Toronto, ON, M5H 0B3
Canada
Phone: 416-932-4890
Email: m
Attention: Parker Lobban
Copies of the Amended and Restated Initial Order, the SISP Approval Order and the SISP may be obtained from the website of the Monitor, /ca/acerus.
Acerus’ common shares were delisted from the Toronto Stock Exchange effective March 3, 2023.
About 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.
For further information regarding the CCAA proceedings you can refer to the Monitor’s website at .
Notice regarding forward-looking statements
Information in this press release that is not historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the Company is subject to several risks and uncertainties, including the results of the proceedings under the CCAA and any potential recovery for stakeholders of the Company, and results could differ materially from what is currently expected as set out above. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable law.
Company Contact
FAAN Advisors Group Inc.
Chief Restructuring Officer
