Aralez CEO Purchases 500,000 Shares Of Company Common Stock On Open Market
Published: Mar 20, 2017
MISSISSAUGA, Ontario, March 20, 2017 /PRNewswire/ -- Aralez Pharmaceuticals Inc. (NASDAQ: ARLZ) (TSX: ARZ) (Aralez or the Company) today announced that Adrian Adams, the Chief Executive Officer of the Company, acquired an additional 500,000 shares of the Company's common stock on March 15, 2017 in open-market purchases.
The shares were purchased at an average price of $2.46 per share, for an aggregate purchase price of approximately $1,230,000. Following this transaction, Mr. Adams owns 3,569,230 shares (including 1,541,562 restricted stock units subject to vesting) of the Company's common stock, of which 1,500,000 were purchased by Mr. Adams on the open market and the remainder were granted to Mr. Adams under the Company's equity incentive plan. In addition, Mr. Adams holds 105,251 options to acquire shares of Company common stock. The acquisition was disclosed in a Form 4 filing and a SEDI filing, which are accessible on the U.S. Securities and Exchange Commission's (SEC's) website at www.sec.gov and www.sedi.ca, respectively.
"The purchase of these shares is a reflection of my confidence in the long-term value of Aralez and also represents my continued belief in the Company's evolving business model, products and growth prospects," said Adrian Adams, Chief Executive Officer of Aralez. "Over the past week, I have listened closely to the concerns voiced by a number of our significant shareholders. Aralez is committed to swiftly addressing these concerns, including the development of a plan to improve our cost structure and balance sheet, maximizing and preserving our cash, and opportunistically evaluating M&A or other opportunities that provide accretion and an enhanced platform for creating value. We have an unwavering commitment to our shareholders and remain focused on building long-term value and intend to communicate our planned next steps and actions within the next few weeks."
In addition to Mr. Adams, members of Aralez's Board of Directors and executive management team recently acquired approximately 90,000 shares of the Company's common stock in open market purchases.
About Aralez Pharmaceuticals Inc.
Aralez Pharmaceuticals Inc. (NASDAQ: ARLZ and TSX: ARZ) is a global specialty pharmaceutical company focused on delivering meaningful products to improve patients' lives while creating shareholder value by acquiring, developing and commercializing products primarily in cardiovascular, pain and other specialty areas. Aralez's Global Headquarters is in Mississauga, Ontario, Canada, its U.S. Headquarters is in Princeton, New Jersey and the Ireland Headquarters is in Dublin, Ireland. More information about Aralez can be found at www.aralez.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain statements that constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements regarding the long-term value of Aralez, the Company's evolving business model, products and growth prospects, that Aralez is committed to swiftly addressing shareholder concerns, including the development of a plan to improve its cost structure and balance sheet, maximizing and preserving its cash, and opportunistically evaluating M&A or other opportunities that provide accretion and an enhanced platform for creating value, the Company's unwavering commitment to its shareholders, the Company's focus on building long-term value, the Company's intention to communicate its planned next steps and actions within the next few weeks, and other statements that are not historical facts, and such statements are typically identified by use of terms such as "may," "will," "would," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "likely," "potential," "continue" or the negative or similar words, variations of these words or other comparable words or phrases, although some forward-looking statements are expressed differently.
You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, and are based on current estimates and assumptions made by management in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that it believes are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct and, as a result, the forward-looking statements based on those estimates and assumptions could prove to be incorrect. Accordingly, actual results, level of activity, performance or achievements or future events or developments could differ materially from those expressed or implied in the forward-looking statements.
Our operations involve risks and uncertainties, many of which are outside of our control, and any one or any combination of these risks and uncertainties could also affect whether the forward-looking statements ultimately prove to be correct and could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward- looking statements. These risks and uncertainties include, without limitation, our inability to build, acquire or contract with a sales force of sufficient scale for the commercialization of our products in a timely and cost-effective manner; our failure to successfully commercialize our products and product candidates; competition, including increased generic competition; costs and delays in the development and/or approval of our product candidates (including Yosprala® in the EU), including as a result of the need to conduct additional studies or due to issues with third-party API or finished product manufacturers, or the failure to obtain such approval of our product candidates for all expected indications, including as a result of changes in regulatory standards or the regulatory environment during the development period of any of our product candidates; with respect to certain products, dependence on reimbursement from third-party payors and the possibility of a failure to obtain coverage or reduction in the extent of reimbursement; the inability to maintain or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products, including our dependence on AstraZeneca AB and Horizon Pharma USA, Inc. for the sales and marketing of VIMOVO®, our dependence on Patheon Pharmaceuticals Inc. for the manufacture of Yosprala, our dependence on Schering-Plough (Ireland) Company for the supply of Zontivity® and our dependence on AstraZeneca AB for the manufacture and supply of Toprol-XL® and its currently marketed authorized generic (AG); our dependence on maintaining and renewing contracts with customers, distributors and other counterparties (certain of which are currently under negotiation), including our inability to renew existing contracts on favorable terms, and the risks that we may not be able to maintain our existing terms with certain customers, distributors and other counterparties; our ability to protect our intellectual property and defend our patents; regulatory obligations and oversight; failure to successfully identify, execute, integrate, maintain and realize expected benefits from new acquisitions, such as the acquisitions of Tribute Pharmaceuticals Canada Inc., Zontivity and Toprol-XL and its AG; fluctuations in the value of certain foreign currencies, including the Canadian dollar, in relation to the U.S. dollar, and other world currencies; changes in laws and regulations, including tax laws and unanticipated tax liabilities and regulations regarding the pricing of pharmaceutical products; risks related to our financing; general adverse economic, market and business conditions; and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in the Company's SEC filings and reports and Canadian securities law filings, including in our Annual Report on Form 10-K for the year ended December 31, 2016, which is available on EDGAR at www.sec.gov, on SEDAR at www.sedar.com, and on the Company's website at www.aralez.com, and those described from time to time in our future reports filed with the SEC and applicable securities regulatory authorities in Canada. You should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.
Aralez Pharmaceuticals US Inc. Contact:
Nichol L. Ochsner
Executive Director, Investor Relations & Corporate Communications
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SOURCE Aralez Pharmaceuticals Inc.