SAN DIEGO AND VANCOUVER, Nov. 5, 2013 /CNW/ - Sophiris Bio Inc. (NASDAQ:
SPHS) (TSX: SHS) (the "Company" or "Sophiris"), a biopharmaceutical
company developing a clinical-stage, targeted treatment for the
symptoms of benign prostatic hyperplasia (BPH or enlarged prostate),
today announced that it has applied for voluntary delisting of its
common shares from the Toronto Stock Exchange ("TSX"). Sophiris'
common shares are currently listed for trading on the NASDAQ Global
Market and the TSX. After delisting from the TSX, the Company's shares
will continue to trade on NASDAQ under the symbol "SPHS".
After careful consideration, the Directors of the Company decided to
delist from the TSX due to the minimal trading activity of the
Company's common shares on the TSX which no longer justifies the
expense and administrative efforts associated with maintaining a dual
listing and that the Company's NASDAQ listing and trading volume will
provide Sophiris shareholders with sufficient liquidity.
"Delisting from the TSX creates a central marketplace on NASDAQ for
Sophiris shares," explained Randall Woods, President and CEO of
Sophiris. "With Sophiris operations based in the United States, strong
exposure to the U.S. financial community, and a Phase 3 trial now
underway for PRX302, we believe this was a prudent move for
Subject to the application being accepted by the TSX, the Company
expects the delisting to be effective on or about November 13, 2013.
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
initiated its first Phase 3 clinical trial of PRX302 in October 2013.
For more information, please visit www.sophiris.com.
Forward Looking Statements
Certain statements included in this press release may be considered
forward-looking, including the expectation that the Company's shares
will be delisted from the TSX and that shareholders will have
sufficient liquidity. 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, the delisting of the common
shares from the TSX, 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
SOURCE: Sophiris Bio, Inc.
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