SAN DIEGO & VANCOUVER, July 12, 2013 /PRNewswire/ - Sophiris Bio Inc.
(Sophiris, TSX: SHS) (the "Company" or "Sophiris"), a biopharmaceutical
company developing a clinical-stage, targeted treatment for benign
prostatic hyperplasia (BPH or enlarged prostate), today announced the
resignation of both Noah Knauf and Amit Sobti, the Warburg Pincus
nominees to its Board of Directors. The resignation of the Warburg
Pincus nominees is in conjunction with the independent sales
transaction of 50 million shares of Sophiris' common shares from
Warburg Pincus to Tavistock Life Sciences ("Tavistock"). Following the
transaction, Warburg Pincus continues to own approximately 10% of
Sophiris' outstanding common shares. Tavistock, a private and public
equity investment firm, now owns approximately 30% of the outstanding
common shares of Sophiris.
"Warburg Pincus has been instrumental in bringing Sophiris to where it
is today. We would like to thank both Noah and Amit for their
services," said Randall Woods, President and Chief Executive Officer of
Sophiris. "Tavistock has developed an appreciation for the potential
of PRX302 as a treatment for BPH and for advancing the program into the
final stages of clinical development."
Sophiris Bio Inc. is a biopharmaceutical company developing a
clinical-stage, targeted treatment for the symptoms of benign prostatic
hyperplasia (BPH or enlarged prostate), which it believes is an
unsatisfied market with significant market potential. Sophiris' lead
candidate for BPH, PRX302, is designed to be as efficacious as
pharmaceuticals, less invasive than the surgical interventions, and
without the sexual side effects seen with existing treatments. Sophiris
is planning to begin a Phase 3 clinical trial of PRX302 in the second
half of 2013 subject to raising additional capital. For more
information, please visit www.sophirisbio.com.
Certain statements included in this press release may be considered
forward-looking. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements, and therefore these statements should not
be read as guarantees of future performance or results. All
forward-looking statements are based on Sophiris' current beliefs as
well as assumptions made by and information currently available to
Sophiris and relate to, among other things, anticipated financial
performance, business prospects, strategies, regulatory developments,
market acceptance and future commitments. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Due to risks and
uncertainties, including the risks and uncertainties identified by
Sophiris in its public securities filings; actual events may differ
materially from current expectations. Sophiris disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
This release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
SOURCE Sophiris Bio, Inc.