“Sophiris Bio To Shut Down Operations
PR Newswire
SAN DIEGO and VANCOUVER, British Columbia, May 18, 2020
SAN DIEGO and VANCOUVER, British Columbia, May 18, 2020 /PRNewswire/ -- Sophiris Bio Inc. (OTCQB: SPHS) (the "Company" or "Sophiris"), today announced that its board of directors has formally approved an immediate shutdown of the operations of the Company. The Company has been unable to find a partner or raise capital to support the continued development of topsalysin in either benign prostatic hyperplasia or localized prostate cancer.
"We have conducted an extensive year long process with the assistance of an experienced financial advisor to identify potential strategic buyers and partners to support the continued development of topsalysin," said Randall E. Woods, president and CEO. "During the process, we had contacts with more than 70 strategic and financial parties including biopharma companies, healthcare investment funds and strategic financing companies. We held discussions, including management presentations and more extensive due diligence, with many of these parties and the process, regrettably did not result in any actionable transaction."
The Company's outstanding debt exceeds its assets. The Company's lender has a security interest in and lien on all of the assets. The Company currently has outstanding liabilities of $4.3 million and cash and cash equivalents of approximately $0.5 million. The Company will not have any funds to distribute to the shareholders.
The Company will immediately begin to initiate the process of shutting down the Company.“
https://www.otcmarkets.com/stock/SPHS/news/Sophiris-Bio-To-Shut-Down-Operations?id=262400
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