Knight has Less Skin in the Game with Medimetriks
MONTREAL, QUEBEC–(Marketwired – March 8, 2018) - Knight Therapeutics Inc. (TSX:GUD) (“Knight”), a leading Canadian specialty pharmaceutical company, announced today that Medimetriks Pharmaceuticals Inc. (“Medimetriks”) has prepaid US$20 million of Knight’s US$23 million secured strategic loan issued in 2016. The remaining loan receivable balance is US$2 million.
Knight has generated approximately US$8.5 million from interest and fees from the strategic loan since February 2016, representing a pre-tax internal rate of return of approximately 20%. Knight currently owns 19% of Medimetriks’ common shares outstanding and remains Medimetriks’ exclusive distribution partner in Canada and select international markets for future products acquired or in-licensed by Medimetriks.
“We pride ourselves on our ability to add strategic value to our secured loan partners,” said Jonathan Ross Goodman, CEO of Knight. “Knight’s support facilitated Medimetriks’ ability to in-license an innovative Phase 2 asset and has allowed for significant product pipeline advancement.”
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.’s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company’s web site at www.gudknight.com or www.sedar.com.
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.’s Annual Report and in Knight Therapeutics Inc.’s Annual Information Form for the year ended December 31, 2016. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.
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