WINNIPEG, MANITOBA--(Marketwire - March 26, 2010) - Medicure Inc. ("Medicure" or the "Company") (TSX: MPH) announced today that, effective at the opening of trading on Monday, March 29, 2010, the Company's common shares will commence trading on the NEX board of the TSX Venture Exchange under the symbol "MPH.H".
The transfer in stock exchange listing to the NEX is designed to ensure continuous trading and continued liquidity for the Company's shareholders. As previously announced, the Company's common shares will be delisted from the Toronto Stock Exchange effective at the close of trading on Friday, March 26, 2010 due to the Company's current inability to meet continued listing requirements.
In an effort to maximize value for shareholders and other stakeholders, the Company is continuing its strategic review process as previously announced on January 13, 2010. With the assistance of its advisors, the Company is exploring potential transactions involving AGGRASTAT®, as well as other financial alternatives and fundraising options. Although such process is ongoing, there can be no assurance that any transaction will ultimately be completed.
About Medicure Inc.
Medicure Inc is a biopharmaceutical company focused on the research, development and commercialization of novel small molecules to treat cardiovascular and neurological disorders. The Company's primary business activity is the marketing and distribution in the United States of AGGRASTAT® (tirofiban hydrochloride) for acute coronary syndromes.
The Company sells AGGRASTAT® through its subsidiary, Medicure Pharma, Inc. (Somerset, NJ). In parallel with the Company's ongoing commitment to support the product, its valued customers and the continuing efforts of its field based cardiovascular team, the Company is in the process of developing and, to the extent possible, implementing a new brand and life cycle management strategy for AGGRASTAT®. The objective of this effort is to secure a significant portion of, and to further expand AGGRASTAT'S® share of, the US $450 million GP IIb/IIIa inhibitor market. While the Company believes that it has identified a relatively low cost clinical, product and regulatory strategy, it requires additional resources to implement this plan and is currently attempting to secure these resources through the announced strategic process. Medicure and its commercial organization continue to advance AGGRASTAT® at purchasing hospitals and health systems. Medicure does not anticipate any interruption to product supply or business activity due to the announced process.
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, and applicable Canadian securities laws. Specifically, this press release contains forward-looking statements regarding the completion of a value-enhancing transaction, the securing of additional financing, the restructuring of current debt obligations and the implementation of new strategies regarding AGGRASTAT®. Such forward-looking statements are made as of the date hereof, and the Company disclaims any intention and has no obligation or responsibility to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise except as required by law. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Factors which may cause such differences include, among others, the Company's ability to locate a suitable partner, licensee, or acquiror with whom to complete a value-enhancing transaction, the Company's ability to obtain additional financing on satisfactory terms and to restructure its current debt obligations, the Company's ongoing capital requirements, general economic conditions, risks associated with completing clinical trials and obtaining regulatory approval for the Company's products, the Company's ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Such forward- looking statements are also based on a number of assumptions which may prove to be incorrect, including, among others, the demand for the Company's products, the availability of financing for the biopharmaceutical industry, market competition, and general business and economic conditions. Additional risks and uncertainties relating to the Company and its business can be found in the "Risk Factors" section of its Form 20F for the year ended May 31, 2009.