Sophiris Bio Announces Changes to Board of Directors
SAN DIEGO & VANCOUVER, July 12, 2013 /PRNewswire/ - Sophiris Bio Inc. (Sophiris, TSX: SHS) (the "Company" or "Sophiris"), a biopharmaceutical company developing a clinical-stage, targeted treatment for benign prostatic hyperplasia (BPH or enlarged prostate), today announced the resignation of both Noah Knauf and Amit Sobti, the Warburg Pincus nominees to its Board of Directors. The resignation of the Warburg Pincus nominees is in conjunction with the independent sales transaction of 50 million shares of Sophiris' common shares from Warburg Pincus to Tavistock Life Sciences ("Tavistock"). Following the transaction, Warburg Pincus continues to own approximately 10% of Sophiris' outstanding common shares. Tavistock, a private and public equity investment firm, now owns approximately 30% of the outstanding common shares of Sophiris.
"Warburg Pincus has been instrumental in bringing Sophiris to where it is today. We would like to thank both Noah and Amit for their services," said Randall Woods, President and Chief Executive Officer of Sophiris. "Tavistock has developed an appreciation for the potential of PRX302 as a treatment for BPH and for advancing the program into the final stages of clinical development."
Sophiris Bio Inc. is a biopharmaceutical company developing a clinical-stage, targeted treatment for the symptoms of benign prostatic hyperplasia (BPH or enlarged prostate), which it believes is an unsatisfied market with significant market potential. Sophiris' lead candidate for BPH, PRX302, is designed to be as efficacious as pharmaceuticals, less invasive than the surgical interventions, and without the sexual side effects seen with existing treatments. Sophiris is planning to begin a Phase 3 clinical trial of PRX302 in the second half of 2013 subject to raising additional capital. For more information, please visit www.sophirisbio.com.
Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on Sophiris' current beliefs as well as assumptions made by and information currently available to Sophiris and relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by Sophiris in its public securities filings; actual events may differ materially from current expectations. Sophiris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
SOURCE Sophiris Bio, Inc.