Rockwell Medical Determines Medical Resource Acquisition Group’s Director Nominations Are Invalid
March 11 2020 - 8:30AM
Rockwell Medical, Inc. (NASDAQ:RMTI) (“Rockwell Medical” or the
“Company”), a biopharmaceutical company dedicated to transforming
anemia management and improving outcomes for patients around the
world, today announced that its Board of Directors has determined
that Medical Resource Acquisition Group LLC (MRAG) failed to
properly deliver a notice of director nominations under the
Company’s Bylaws within the prescribed advance notice period. As
such, their three director nominees will not stand for election at
the 2020 annual meeting of stockholders.
Based on public records, MRAG is an entity that came into
existence only three weeks ago and the Company is not aware of it
having any operating history. Nor has the Company been able to
locate any filings made by it with securities regulators. Neither
MRAG nor Mr. Shroff are stockholders of record, a pre-requisite
under our Bylaws to submit director nominations. MRAG has a website
that the Company believes went live in the last few days. The
Company advises shareholders to exercise caution in reviewing any
MRAG communications.
Gibson, Dunn & Crutcher LLP is acting as legal counsel to
Rockwell Medical.
About Rockwell MedicalRockwell Medical is a
biopharmaceutical company dedicated to transforming anemia
management in a wide variety of therapeutic areas and across the
globe, improving the lives of very sick patients. The Company’s
initial focus is the treatment of anemia in end-stage renal disease
(ESRD). Rockwell Medical's exclusive renal drug therapy, Triferic
(ferric pyrophosphate citrate), is the only FDA-approved
therapeutic indicated for iron replacement and maintenance of
hemoglobin in hemodialysis patients. The Company has developed
multiple formulations of Triferic (1) FDA-approved Dialysate
Triferic, and (2) I.V. Triferic, for which the Company filed a New
Drug Application in May 2019. Rockwell Medical is also an
established manufacturer, supplier and leader in delivering
high-quality hemodialysis concentrates/dialysates to dialysis
providers and distributors in the U.S. and abroad.
Triferic® is a registered trademark of Rockwell Medical,
Inc.
Forward-Looking Statements
This press release may contain statements which may be
considered forward-looking within the meaning of the U.S. federal
securities laws. These statements are subject to known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to differ materially from
results expressed or implied in this press release. Additional
information is contained in the Risk Factors sections of Rockwell’s
most recent reports filed with the SEC on Form 10-K and Form 10-Q.
Rockwell does not intend to update these forward-looking statements
as a result of future events or developments.
ContactInvestor Relations: Lisa M. Wilson,
In-Site Communications, Inc. T: 212-452-2793 E:
lwilson@insitecony.com
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