Cempra Retains Morgan Stanley to Lead Review of Strategic Business Options
March 13 2017 - 7:00AM
Cempra, Inc. (Nasdaq:CEMP), a clinical-stage pharmaceutical company
focused on developing differentiated anti-infectives for the acute
care and community settings to meet critical medical needs in the
treatment of infectious diseases, today announced that the company
has retained Morgan Stanley & Co. LLC as financial advisor to
the company and to lead its recently announced process to review
strategic business options.
The goal of this process is for Cempra to
determine the best use of its significant cash resources and
clinical programs to deliver value to patients and shareholders
through internal and/or potential external opportunities. As of
December 31, 2016, Cempra had cash and equivalents of $231.6
million.
The company has not set a timetable for this
process. No decision has been made as to whether the company will
engage in a transaction or transactions and there can be no
assurance that the review of strategic business options will result
in any transaction, or the terms or timing of any potential
transaction. The company does not intend to discuss or disclose
further developments during this process unless and until its board
of directors has approved a specific action or otherwise determined
that further disclosure is appropriate.
About Cempra, Inc.
Cempra, Inc. is a clinical-stage pharmaceutical
company focused on developing differentiated anti-infectives for
the acute care and community settings to meet critical medical
needs in the treatment of infectious diseases. Cempra's two lead
product candidates are currently in advanced clinical development.
Solithromycin has been evaluated in two phase 3 clinical trials for
community-acquired bacterial pneumonia (CABP). Cempra is currently
seeking approval for both intravenous and oral capsule formulations
from the U.S. Food and Drug Administration and the European
Medicines Agency. Solithromycin is licensed to strategic commercial
partner Toyama Chemical Co., Ltd., a subsidiary of FUJIFILM
Holdings Corporation, for certain exclusive rights in Japan. Cempra
is contracted with BARDA for the development of solithromycin for
pediatric use and has commenced enrollment in a global Phase 2/3
trial to evaluate the safety and efficacy of solithromycin versus
standard of care antibiotics in children and adolescents from two
months to 17 years of age. Solithromycin is also in development for
uncomplicated urogenital urethritis caused by Neisseria gonorrhoeae
or chlamydia. Fusidic acid is Cempra's second product candidate,
which has completed a phase 3 trial comparing fusidic acid to
linezolid in patients with acute bacterial skin and skin structure
infections (ABSSSI). Cempra also has an ongoing exploratory study
of fusidic acid for chronic oral treatment of refractory infections
in bones and joints. Both products seek to address the need for new
treatments targeting drug-resistant bacterial infections in the
hospital and in the community. Cempra is also studying
solithromycin for ophthalmic conditions and has synthesized novel
macrolides for non-antibiotic uses such as the treatment of chronic
inflammatory diseases, endocrine diseases and gastric motility
disorders. Cempra was founded in 2006 and is headquartered in
Chapel Hill, N.C. For additional information about Cempra please
visit www.cempra.com.
Please Note: This press release
contains forward-looking statements regarding future events. These
statements are just predictions and are subject to risks and
uncertainties that could cause the actual events or results to
differ materially. These risks and uncertainties include, among
others: the risk that we may be unable to identify, negotiate,
enter into or consummate strategic business transactions on terms
favorable to us or at all; our and our strategic partners’
prospects; our ability to obtain FDA and foreign regulatory
approval of solithromycin as a treatment for community-acquired
bacterial pneumonia; our and our strategic commercial partners'
ability to obtain FDA and foreign regulatory approval of our
product candidates; and results of our and our strategic commercial
partners' pre-clinical studies and clinical trials, which are not
predictive of results from subsequent clinical trials for any
possible therapy. The reader is referred to the documents that we
file from time to time with the Securities and Exchange
Commission.
Contact:
John Bluth
Cempra, Inc.
(984) 209-4534
jbluth@cempra.com
Investor Contact:
Robert H. Uhl
Westwicke Partners, LLC
(858) 356-5932
robert.uhl@westwicke.com
Media Contacts:
Melyssa Weible
Elixir Health PR
(201) 723-5805
mweible@elixirhealthpr.com
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