Acerus Pharmaceuticals Corporation today announced that it had accepted a Part 36 settlement offer made by Recipharm Limited (“Recipharm”), a wholly-owned subsidiary of Recipharm AB.
TORONTO, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Acerus Pharma Corporation (“Acerus” or the “Company”) (TSX:ASP; OTCQB:ASPCF) today announced that it had accepted a Part 36 settlement offer made by Recipharm Limited (“Recipharm”), a wholly-owned subsidiary of Recipharm AB.
On June 18, 2020, Acerus announced it had commenced litigation against Recipharm in the Commercial Court of London. Acerus alleged that the suspension of Recipharm’s manufacturing license in August 2018 was a violation of its contractual obligations and led to a shortage of Estrace® in Canada. On June 15, 2021, the Company won at a preliminary issue trial in which Recipharm argued unsuccessfully that Acerus’ claim for damages was barred by the terms of the companies’ manufacturing contract. In agreeing with Acerus that its claim for damages was not barred, the Commercial Court of London directed the matter to proceed to a full trial. On July 6, 2021, Recipharm made an offer to settle pursuant to Part 36 of the English Civil Procedure Rules. On August 3, 2021, Recipharm was granted permission to appeal the Commercial Court’s decision, with the main proceedings being stayed pending appeal.
In light of permission to appeal being granted and, amongst other things, the delay to the proceedings and to final judgment this will cause, Acerus has accepted the Part 36 Offer and will receive from Recipharm in settlement a payment of GBP 1.7 million by August 24, 2021. In addition, Acerus will be entitled to payment of the majority of its costs of the litigation.
About Acerus
Acerus Pharmaceuticals Corporation is a Canadian-based specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the field of men’s health. The Company commercializes its products via its own salesforce in the United States and Canada, and through a global network of licensed distributors in other territories.
Acerus’ shares trade on TSX under the symbol ASP and on the OTCQB under the symbol ASPCF. For more information, visit www.aceruspharma.com and follow us on Twitter and LinkedIn.
Notice Regarding Forward-Looking Statements
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our annual information form dated March 10, 2021 which is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
Contacts:
Company Contact
ir@aceruspharma.com
Chris Witty
Acerus Investor Relations
(646) 438-9385
cwitty@darrowir.com
