Kitov Pharma Ltd. (NASDAQ/TASE: KTOV), an innovative
biopharmaceutical company, today announced that, following a filing
by Kitov’s Chairman of the Board and Chief Medical Officer, Dr.
Paul Waymack, of a motion to quash a subpoena for documents and
testimony served on Dr. Waymack by the Securities and Exchange
Commission (“SEC”), the SEC has commenced an action to enforce the
subpoena.
As stated by the SEC, “The application does not reflect a
determination by the SEC or its staff that Waymack or Kitov
Pharmaceuticals has violated any provisions of the federal
securities laws or any provisions at issue in the Israel Securities
Authority's investigation”. The formal order issued by the SEC,
which authorizes the SEC Staff to issue subpoenas and take
testimony, states that the Israel Securities Authority (“ISA”) has
requested assistance in connection with an investigation and does
not cite any other reason for issuing the formal order.
Furthermore, counsel for the SEC has confirmed to Dr. Waymack’s
counsel that the sole purpose of the SEC’s involvement in this
matter is to facilitate obtaining documents and testimony from Dr.
Waymack on behalf of the ISA, pursuant to the assistance
memorandums between the SEC and ISA, which, as previously announced
by Kitov, is conducting an ongoing investigation of Kitov and
certain of its principals.
Kitov Pharma’s board of directors has expressed its full support
of our management, including Dr. Waymack. Kitov looks forward to
the conclusion of this Israeli investigation by ISA in the most
expeditious manner possible.
According to Dr. Waymack’s filing, the SEC subpoena should be
quashed because the SEC’s assistance to the ISA in this matter
would prejudice the public interest of the United States; that in
conducting the underlying investigation, the ISA has violated both
Israeli and United States law that would normally prohibit the
ISA’s conduct in certain matters in connection with the
investigation; that Dr. Waymack’s rights under American law as an
American citizen and a respected member of the medical community
would not be respected and preserved by the SEC providing
assistance to the ISA; that to allow the SEC’s subpoena to stand
would result in an abuse of process; and, that the subpoena is also
overly broad and unduly burdensome to both Dr. Waymack and
Kitov.
While this matter is between the SEC, acting for the ISA, and
Dr. Waymack, Kitov fully understands Dr. Waymack’s position and
reaffirms its full support for Dr. Waymack, who is one of the
founders of Kitov, a former transplant surgeon and FDA Medical
Officer who has over twenty years of experience in drug development
and in conducting and overseeing clinical trials, and also
previously served as an Associate Professor of Surgery at leading
medical schools in the USA, and as a major in the U.S. Army Medical
Corps.
As previously announced by Kitov, it has not yet been advised by
the ISA of the full scope and focus of the ISA investigation;
however, as previously disclosed by Kitov, it is Kitov’s
understanding that the ISA is investigating certain circumstances
surrounding the post-trial internal dissemination of the
statistical analysis of the Phase III clinical trial data of
Consensi™, and whether or not, according to Israeli Law, this led
to any misleading disclosures in any of the Company’s public
filings.
Kitov believes that the ISA’s concerns are misguided and not
consistent with industry accepted U.S. Food and Drug Administration
(“FDA”) regulatory requirements, nor with the procedures for the
conduct of clinical trials for the purposes of New Drug Application
submissions to the FDA. Furthermore, Kitov believes that the ISA is
not the regulatory body authorized to evaluate the materiality of
events and the completeness of public disclosures made by us in
compliance with United States federal securities laws.
In addition, Kitov strongly disputes the legal ramifications of
any possible concerns of the ISA with respect to its disclosures in
these matters. Kitov firmly believes that the information relating
to the post-trial internal dissemination of the statistical
analysis of the Phase III clinical trial data of Consensi™ is not
material, and was not material at the time of the Company’s
announcement of the final clinical trial results. This matter had
no impact whatsoever on the validity of the analysis of the
Consensi™ Phase III clinical trial data, which successfully met its
primary efficacy endpoint with statistical significance. In
addition, the statistical analysis was further validated by the
Consensi™ Phase III/IV renal function clinical trial data, which
had a similar primary efficacy endpoint. Finally, the
statistical analysis was included in the final Phase III clinical
study report which was part of Kitov’s NDA submission for Consensi™
subsequently filed and approved for marketing by the FDA in May
2018.
Kitov has previously announced commercialization agreements for
Consensi™ with leading pharmaceutical companies in China and South
Korea, and is focused on securing an optimal U.S. commercialization
partner for Consensi™ in the U.S.
About Kitov Pharmaceuticals
Kitov Pharma (Kitov Pharma Ltd.; NASDAQ/TASE: KTOV) is an
innovative biopharmaceutical drug development company.
Leveraging deep regulatory and clinical-trial expertise, Kitov’s
veteran team of healthcare and business professionals maintains a
proven track record in streamlined end-to-end drug development and
approval. Kitov’s flagship combination drug, Consensi™
achieved the primary efficacy endpoints for its Phase III and Phase
III/IV clinical trials, and was approved by the FDA for patients
suffering from osteoarthritis pain and hypertension. NT219, which
is developed by its majority-owned subsidiary, TyrNovo Ltd., is a
novel patented small molecule designed to overcome cancer drug
resistance that is currently in pre-clinical development. By
lowering development risk and cost through fast-track regulatory
approval of innovative therapeutic candidates, Kitov is committed
to delivering rapid ROI and long-term potential to investors, while
making a meaningful impact on people’s lives.
Forward-Looking Statements
Certain statements in this press release that are
forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of
forward-looking words such as “believe”, “expect”, “intend”,
“plan”, “may”, “should”, “could”, “might”, “seek”, “target”,
“will”, “project”, “forecast”, “continue” or “anticipate” or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. You should not place undue reliance on these
forward-looking statements, which are not guarantees of future
performance. Forward-looking statements reflect our current views,
expectations, beliefs or intentions with respect to future events,
and are subject to a number of assumptions, involve known and
unknown risks, many of which are beyond our control, as well as
uncertainties and other factors that may cause our actual results,
performance or achievements to be significantly different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Important factors that could cause
or contribute to such differences include, among others, risks
relating to: risks and uncertainties associated with obtaining
court approval of the proposed settlement of the two U.S.
shareholder class-action lawsuits, the number of plaintiffs who may
opt-out of the proposed settlement, and whether any proposed
settlement is appealed; the fact that drug development and
commercialization involves a lengthy and expensive process with
uncertain outcomes; our ability to successfully develop and
commercialize our pharmaceutical products; the expense, length,
progress and results of any clinical trials; the lack of sufficient
funding to finance the clinical trials; the impact of any changes
in regulation and legislation that could affect the pharmaceutical
industry; the difficulty in receiving the regulatory approvals
necessary in order to commercialize our products; the difficulty of
predicting actions of the U.S. Food and Drug Administration or any
other applicable regulator of pharmaceutical products; the
regulatory environment and changes in the health policies and
regimes in the countries in which we operate; the uncertainty
surrounding the actual market reception to our pharmaceutical
products once cleared for marketing in a particular market; the
introduction of competing products; patents attained by
competitors; dependence on the effectiveness of our patents and
other protections for innovative products; our ability to obtain,
maintain and defend issued patents with protective claims; the
commencement of any patent interference or infringement action; our
ability to prevail, obtain a favorable decision or recover damages
in any such action; and the exposure to litigation, including
patent litigation, and/or regulatory actions; the continued
uncertainty surrounding an investigation by the Israel Securities
Authority into our historical public disclosures and the potential
impact of such investigation on the trading of our securities or on
our clinical, commercial and other business relationships; or on
receiving the regulatory approvals necessary in order to
commercialize our products; the uncertainty of the impact of such
investigation and/or the proposed settlement of the two U.S.
shareholder class-action lawsuits on the Israeli class action civil
litigation in connection with the investigation which is still
continuing, and other factors that are discussed in our in our
Annual Report on Form 20-F for the year ended December 31, 2017 and
in our other filings with the SEC, including our cautionary
discussion of risks and uncertainties under ‘Risk Factors’ in our
Registration Statements, Prospectuses and Annual Reports. These are
factors that we believe could cause our actual results to differ
materially from expected results. Other factors besides those we
have listed could also adversely affect us. Any forward-looking
statement in this press release speaks only as of the date which it
is made. We disclaim any intention or obligation to publicly update
or revise any forward-looking statement, or other information
contained herein, whether as a result of new information, future
events or otherwise, except as required by applicable law. You are
advised, however, to consult any additional disclosures we make in
our reports to the SEC, which are available on the SEC’s website,
http://www.sec.gov
Contact:
Simcha Rock, Chief Financial Officer and Director
+972-3- 9333121 ext. #105
simcha@kitovpharma.com
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