Forward Pharma Pre-IPO Investors Voluntarily Agree To Extend Lock-Up
Published: Apr 10, 2015
COPENHAGEN, Denmark, April 9, 2015 (GLOBE NEWSWIRE) -- Forward Pharma A/S (Nasdaq:FWP) (the "Company" or "Forward") announced today an agreement among all of its pre-IPO shareholders to voluntarily lock-up their shares for an additional 365 days beyond the expiration of the original IPO lock-up. These shareholders collectively account for over 75% of the Company's shares outstanding. The original lock-up agreement with the IPO underwriters expires on April 12, 2015. The new lock-up expires on April 12, 2016.
"This represents the commitment of our significant pre-IPO shareholders to what both we and they believe is the long-term potential of the Company," commented Florian Scho¨nharting, Co-Founder of NB Capital, and Forward Pharma's Co-Founder and Chairman of the Board of Directors.
About Forward Pharma:
Forward Pharma A/S is a Danish biopharmaceutical company developing FP187, a proprietary formulation of DMF (dimethyl fumarate) for the treatment of inflammatory and neurological indications. Since our founding in 2005, we have worked to advance unique formulations of DMF, which is an immune modulator, as a therapeutic agent to improve the health and well-being of patients with immune disorders including multiple sclerosis. FP187, our clinical candidate, is a DMF formulation in a delayed and slow release oral dose.
Our principal executive offices are located at Østergade 24A, 1, 1100 Copenhagen K, Denmark and our American Depositary Shares are publicly traded on NASDAQ Stock Market (symbol: FWP). For more information about the Company's products and developments, please visit our web site at www.forward-pharma.com.
Forward Pharma A/S Media Contact:
Sharon Klahre, Director, Investor Relations
Forward Pharma USA, LLC
7 Skyline Drive
Hawthorne, NY 10532
The Ruth Group
Forward Looking Statements:
Certain statements in this press release may constitute "forward-looking statements" of the Company within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements which contain language such as "believe," "expect," "hope," "would" and "potential." Forward-looking statements are predictions only which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, the following: the Company's ability to obtain, maintain and defend issued patents with protective claims; the commencement of any patent interference or infringement action; the Company's ability to prevail in or obtain a favorable decision in any such action; the Company's ability to recover damages in any such action; uncertainties relating to our development plans and activities, including the results, timing, cost and location thereof; risks and uncertainties related to the scope, validity and enforceability of our intellectual property rights in general and the impact on us of patents and other intellectual property right of third parties. These and other factors are identified and described in detail in certain of our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 20-F for the year ended December 31, 2014.
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