Rockwell Medical Determines Medical Resource Acquisition Group’s Director Nominations Are Invalid
WIXOM, Mich., March 11, 2020 (GLOBE NEWSWIRE) -- Rockwell Medical, Inc. (NASDAQ:RMTI) (“Rockwell Medical” or the “Company”), a biopharmaceutical company dedicated to transforming anemia management and improving outcomes for patients around the world, today announced that its Board of Directors has determined that Medical Resource Acquisition Group LLC (MRAG) failed to properly deliver a notice of director nominations under the Company’s Bylaws within the prescribed advance notice period. As such, their three director nominees will not stand for election at the 2020 annual meeting of stockholders.
Based on public records, MRAG is an entity that came into existence only three weeks ago and the Company is not aware of it having any operating history. Nor has the Company been able to locate any filings made by it with securities regulators. Neither MRAG nor Mr. Shroff are stockholders of record, a pre-requisite under our Bylaws to submit director nominations. MRAG has a website that the Company believes went live in the last few days. The Company advises shareholders to exercise caution in reviewing any MRAG communications.
Gibson, Dunn & Crutcher LLP is acting as legal counsel to Rockwell Medical.
About Rockwell Medical
Rockwell Medical is a biopharmaceutical company dedicated to transforming anemia management in a wide variety of therapeutic areas and across the globe, improving the lives of very sick patients. The Company’s initial focus is the treatment of anemia in end-stage renal disease (ESRD). Rockwell Medical's exclusive renal drug therapy, Triferic (ferric pyrophosphate citrate), is the only FDA-approved therapeutic indicated for iron replacement and maintenance of hemoglobin in hemodialysis patients. The Company has developed multiple formulations of Triferic (1) FDA-approved Dialysate Triferic, and (2) I.V. Triferic, for which the Company filed a New Drug Application in May 2019. Rockwell Medical is also an established manufacturer, supplier and leader in delivering high-quality hemodialysis concentrates/dialysates to dialysis providers and distributors in the U.S. and abroad.
Triferic® is a registered trademark of Rockwell Medical, Inc.
Forward-Looking Statements
This press release may contain statements which may be considered forward-looking within the meaning of the U.S. federal securities laws. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from results expressed or implied in this press release. Additional information is contained in the Risk Factors sections of Rockwell’s most recent reports filed with the SEC on Form 10-K and Form 10-Q. Rockwell does not intend to update these forward-looking statements as a result of future events or developments.
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