Dundee Corporation Portfolio Holding, TauRx Pharmaceuticals Ltd., Secures Funding for Regulatory Submissions of its Alzheimer’s Treatment
TORONTO, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announces that TauRx Pharmaceuticals Ltd. (“TauRx”), a leader in tau-based research in Alzheimer’s, raised USD$119 million through a warrant exercise, exercisable at USD$45.00 per share, funding TauRx’s regulatory submissions in the UK, US and Canada. Proceeds from the warrant exercise will also be used to advance development plans for regulatory approval in China. For a copy of TauRx’s official announcement, please visit:
TauRx Announcement Highlights:
- Substantial investment of USD$119 million achieved by TauRx through the exercise of warrants received from the previously announced rights offering. The warrant exercise was triggered by the announcement of LUCIDITY results in October, supporting HMTM regulatory submissions in UK, US and Canada, and preparation for market availability;
- Shareholder commitment to TauRx represents a significant success story for UK-based life sciences research and development in areas of great unmet medical need;
- TauRx will present the Phase 3 findings at the Clinical Trials on Alzheimer's Disease (CTAD) conference on Wednesday, 30th November 2022, in San Francisco
Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation commented: “We are extremely pleased to learn that TauRx was successful in its efforts to secure the necessary funding to undergo regulatory submissions of its promising Alzheimer’s treatment in 2023. We wish the company well in these efforts and look forward to its presentation of results of its LUCIDITY trial at the Clinical Trials on Alzheimer’s Disease (CTAD) conference in San Francisco on November 30th.”
Dundee holds 1,015,008 shares in TauRx, representing a 3.2% interest in the company. Dundee Corporation determined that the fair value of its investment in TauRx at September 30, 2022, was $38.5 million, or USD$27.69 per share.
ABOUT DUNDEE CORPORATION:
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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