Eupraxia Pharmaceuticals Announces Filing of Preliminary MJDS Base Shelf Prospectus
VICTORIA, BC, Jan. 8, 2024 /CNW/ - Eupraxia Pharmaceuticals Inc. ("Eupraxia" or the "Company") (TSX: EPRX) today announced that it has filed and obtained a receipt for a preliminary multijurisdictional short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada, except Québec.
Upon a final multijurisdictional short form base shelf prospectus (the "Prospectus") becoming effective, replacing the Company's existing shelf prospectus filed in June 2023, this filing, subject to securities regulatory requirements, will allow the Company and certain of its securityholders to qualify the distribution of up to US$200 million of common shares, preferred shares, debt securities, warrants, subscription receipts, and units, or any combination thereof (collectively, the "Securities") during the 25-month period that the Prospectus is effective, in amounts, at prices and on terms based on market conditions at the time of any offering, and set forth in an accompanying shelf prospectus supplement ("Prospectus Supplement").
The filing of the Prospectus is intended to provide the Company with financing flexibility. Each Prospectus Supplement will contain specific information concerning, among other matters, the Securities to be issued and the use of proceeds from any such issuance. There is no certainty that any Securities will be offered or sold under the Prospectus and any Prospectus Supplement within the 25-month period that it is effective.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.
This news release is not an offer of securities for sale in the United States and the Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of Securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company or any selling securityholder and that will contain detailed information about the Company and management, as well as financial statements.
Eupraxia is a clinical-stage biotechnology company focused on the development of locally delivered, extended-release products that have the potential to address therapeutic areas with high unmet medical need. The Company strives to provide improved patient benefit and has developed technology that delivers targeted, long-lasting activity with fewer side effects. Diffusphere™, a proprietary, polymer-based micro-sphere technology, facilitates targeted drug delivery, with extended duration of effect, and offers multiple, highly tuneable PK profiles. The technology can be used with multiple active pharmaceutical ingredients and delivery methods.
Eupraxia's lead product candidate, EP-104IAR, recently completed a Phase 2b clinical trial for the treatment of pain due to osteoarthritis of the knee. EP-104IAR met its primary endpoint and three of the four secondary endpoints. The EP-104 platform has expanded into gastrointestinal disease and has initiated a Phase 1b/2a program to treat EoE. Eupraxia is also developing a pipeline of later- and earlier-stage long-acting formulations. Potential pipeline indications include candidates for both other inflammatory joint indications and oncology, each designed to improve on the activity and tolerability of currently approved drugs. For further details about Eupraxia, please visit the Company's website at: www.eupraxiapharma.com.
This news release includes forward-looking statements and forward–looking information within the meaning of applicable securities laws. Often, but not always, forward–looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes", "potential" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements in this news release include statements regarding the anticipated offering of Securities under the Prospectus; the filing of a Prospectus Supplement; and the potential of Eupraxia's product candidates. Such statements and information are based on the current expectations of Eupraxia's management, and are based on assumptions, including but not limited to: future research and development plans for the Company proceeding substantially as currently envisioned; industry growth trends, including with respect to projected and actual industry sales; the Company's ability to obtain positive results from the Company's research and development activities, including clinical trials; and the Company's ability to protect patents and proprietary rights. Although Eupraxia's management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward–looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Eupraxia, including, but not limited to: the Company's limited operating history; the Company's novel technology with uncertain market acceptance; if the Company breaches any of the agreements under which it licenses rights to its product candidates or technology from third parties, the Company could lose license rights that are important to its business; the Company's current license agreement may not provide an adequate remedy for its breach by the licensor; the Company's technology may not be successful for its intended use; the Company's future technology will require regulatory approval, which is costly and the Company may not be able to obtain it; the Company may fail to obtain regulatory approvals or only obtain approvals for limited uses or indications; the Company's clinical trials may fail to demonstrate adequately the safety and efficacy of our product candidates at any stage of clinical development; the Company may be required to suspend or discontinue clinical trials due to side effects or other safety risks; the Company completely relies on third parties to provide supplies and inputs required for its products and services; the Company relies on external contract research organizations to provide clinical and non-clinical research services; the Company may not be able to successfully execute its business strategy; the Company will require additional financing, which may not be available; any therapeutics the Company develops will be subject to extensive, lengthy and uncertain regulatory requirements, which could adversely affect the Company's ability to obtain regulatory approval in a timely manner, or at all; the impact of health pandemics on the Company's operations; the Company's restatement of its consolidated financial statements, which may lead to additional risks and uncertainties, including loss of investor confidence and negative impacts on the Company's common share price; and other risks and uncertainties described in more detail in Eupraxia's public filings on SEDAR+ (sedarplus.ca). Although Eupraxia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward–looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward–looking statement or information can be guaranteed. Except as required by applicable securities laws, forward–looking statements and information speak only as of the date on which they are made and Eupraxia undertakes no obligation to publicly update or revise any forward–looking statement or information, whether as a result of new information, future events or otherwise.
SOURCE Eupraxia Pharmaceuticals Inc.
For investor and media inquiries, please contact: Danielle Egan, Eupraxia Pharmaceuticals Inc., 778.401.3302, [email protected] or Adam Peeler, on behalf of: Eupraxia Pharmaceuticals Inc., 416.427.1235, [email protected]
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