Waverley Pharma Announces Reliance on Relief from Filing Requirements for Annual Financial Statements

WINNIPEG, April 28, 2020 /CNW/ - Waverley Pharma Inc. (the "Company" or "Waverley") announces that due to audit delays caused by COVID-19 related restrictions, the Company is not expected to file its annual financial statements and associated management's discussion and analysis for the year ended December 31, 2019 ("2019 Financials") prior to the filing deadline prescribed by National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102").  Waverley Pharma will be relying on blanket orders and similar instruments recently granted by the Canadian Securities Administrators (including the Manitoba Securities Commission Blanket Order 52-502 – Temporary Exemption from Certain Corporate Finance Requirements) (collectively "Blanket Relief") which provide temporary relief to reporting issuers from certain requirements of NI 51-102.  Specifically, the Company expects to rely on Blanket Relief to exempt it from filing its 2019 Financials and related CEO and CFO certifications by the filing deadline of April 29, 2020.  The Company expects to file in advance of the maximum 45-day extension allowed under the Blanket Relief.

Other than as disclosed in the Company's press releases, there have not been any material business developments since November 28, 2019, when the Company filed its interim financial statements and related management's discussion and analysis for the period ended September 30, 2019.

The Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that these individuals are in a black-out period until the commencement of the second trading day after the 2019 Financials have been filed under NI 51-102.

About Waverley Pharma

Waverley Pharma is an emerging pharmaceutical company focused on the development and commercialization of safe, effective and affordable therapeutics in the EU and North American market. The Company, through its subsidiary, is selling two generic oncology products in the United Kingdom, namely capecitabine and temozolomide and has three additional generic products under development. Waverley Pharma is committed to providing patients with affordable prescription medicines that lower healthcare costs and provide a better quality of life. For more information on Waverley Pharma please visit www.waverleypharma.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Waverley Pharma Inc.

Haaris Uddin, Chief Financial Officer by phone: [phone] or by E-mail: [email protected], or visit www.waverleypharma.com