TEL AVIV, Israel, Oct. 10, 2019 /PRNewswire/ -- Therapix
Biosciences Ltd. ("Therapix" or the "Company") (NASDAQ: TRPX),
a specialty, clinical-stage pharmaceutical company focusing on the
development of cannabinoid-based treatments, announced today an
update on its planned merger with Destiny Biosciences Global Corp.
("Destiny").
On July 23, 2019, Therapix
announced the signing of a Letter of Intent for a proposed merger
with Destiny. If completed, the transaction will create a combined
company that focuses on Therapix's proprietary IP and related
technology, and assets pertaining to all clinical stage
pharmaceutical applications and Destiny's genomics-based breeding
techniques and development capabilities.
The Company previously stated that it expects to execute a
definitive agreement pertaining to the merger during the third
quarter of 2019. According to the Letter of Intent, the parties
agreed to allow until October 31,
2019 to complete the definitive agreement before abandoning
the transaction. The Company's Board of Directors is willing to
provide Destiny with additional time to complete its due diligence
process. In addition, Destiny has retained an investment bank to
carry out a relative valuation analysis of both companies to assist
the Destiny Board of Directors in connection with the merger.
Destiny informed the Company that the valuations are being
completed, but initial draft results of the valuations support the
transaction and the relative pricing.
About Therapix Biosciences
Therapix Biosciences Ltd. is a specialty clinical-stage
pharmaceutical company led by an experienced team of senior
executives and scientists. Our focus is creating and enhancing a
portfolio of technologies and assets based on cannabinoid
pharmaceuticals. With this focus, the company is currently engaged
in the following drug development programs based on
tetrahydrocannabinol (THC): THX-110 for the treatment of Tourette
syndrome (TS), for the treatment of obstructive sleep apnea (OSA),
and for the treatment of pain; and THX-160 for the treatment of
pain. Please visit our website for more information at
www.therapixbio.com, the content of which is not part of this press
release.
Forward-looking statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward-looking
statements when it discusses executing a definitive merger
agreement on or before October 31,
2019, that valuations support the transaction and the
relative pricing, and completing a transaction with Destiny. A
definitive merger agreement may or may not be executed on or before
October 31, 2019 and, if executed,
the merger will be subject to conditions before it can be
completed. In addition, historic results of scientific research and
clinical and preclinical trials do not guarantee that the
conclusions of future research or trials will suggest identical or
even similar conclusions. Because such statements deal with future
events and are based on the Company's current expectations, they
are subject to various risks and uncertainties and actual results,
performance or achievements of the Company could differ materially
from those described in or implied by the statements in this press
release. The forward-looking statements contained or implied in
this press release are subject to other risks and uncertainties,
including those discussed under the heading "Risk Factors" the
Company's Annual Report on Form 20-F filed with the Securities and
Exchange Commission (SEC) on May 15,
2019 and in subsequent filings with the SEC. Except as
otherwise required by law, the Company disclaims any intention or
obligation to update or revise any forward-looking statements,
which speak only as of the date they were made, whether as a result
of new information, future events or circumstances or
otherwise.
Investor Contact
IR@therapixbio.com
Tel: +972-3-6167055
info@therapixbio.com
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SOURCE Therapix Biosciences Ltd.