MONTREAL, QUEBEC–(Marketwired – Jun 26, 2015) – Knight Therapeutics Inc. (TSX:GUD) (“Knight” or the “Company”), a leading Canadian specialty pharmaceutical company, announced today that it has (1) extended a secured loan of US$15 million to Pro Bono Bio PLC (“Pro Bono Bio”), the world’s leading healthcare nanotechnology company, and (2) entered into an exclusive distribution agreement with Pro Bono Bio to commercialize its wide range of nanotechnology products, medical devices and drug delivery technologies in select territories.
The secured loan of US$15 million, which matures on June 25, 2018, will bear interest at 12% per annum plus other additional consideration. The interest rate will decrease to 10% if Pro Bono Bio meets certain equity-fundraising targets. The loan is secured by a charge over the assets of Pro Bono Bio and its affiliates which includes but is not limited to Flexiseq™, an innovative topical pain product that has sales of more than 3 million units since its U.K. launch last year.
As part of the license agreement, Knight obtained the exclusive Quebec and Israeli distribution rights to Pro Bono Bio’s innovative Flexiseq™ range of pain relief products and its promising SEQuaderma™ derma-cosmetic range of products, both of which are expected to launch in Quebec within the next 12 months. In addition, Knight obtained the exclusive Canadian and Israeli rights to two earlier stage product groups: blood factor products for the treatment of Hemophiliacs, and diagnostic devices designed for the automated detection of peripheral arterial disease.
John Mayo, Chairman and CEO of Pro Bono Bio, said, “We worked night and day to find a good distribution and strategic partner to help our North American team launch our existing products and drive growth. We welcome the good Knight on our quest to deliver to Canadian and American consumers’ best-in-class, drug-free nanotechnology products that are safe, effective and of the highest quality: truly the holy grail!”
“When you donate to charity, you always receive back more than you give. I hope this truism also holds true for this Pro Bono world!” said Jonathan Ross Goodman, President and CEO of Knight. “We look forward to the late 2015 launch of Flexiseq™ and SEQuaderma™ in La Belle Province.”
Flexiseq™ is a topically applied drug-free gel which is clinically proven to safely relieve the pain and improve the joint stiffness associated with osteoarthritis (OA). Flexiseq™ is unique – it lubricates your joints to address joint damage. Pain is relieved and joint function improved because it lubricates away the friction and associated wear and tear on a user’s joints.
SEQuaderma™ Dermatology Products are a unique range of active dermatology solutions specifically designed to address the symptoms and, in some cases, the causes of the targeted conditions, leading to reduced recurrence. SEQuaderma™ Dermatology Products are suitable for long term use and can be used on their own or in between drug treatments to reduce exposure to adverse events; they will not compromise any other medication and are suitable for those with multiple conditions.
About Pro Bono Bio PLC
Pro Bono Bio PLC is the world’s leading healthcare nanotechnology company offering health and lifestyle products, headquartered in London with presence in Europe, Africa and Asia and due to launch in North America.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight’s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the Company’s web site at www.gud-knight.com or www.sedar.com.
This document contains forward-looking statements for the Company and its subsidiaries. These forward looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in the Company’s Annual Report and in the Company’s Annual Information Form for the year ended December 31, 2014. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.