Announcement follows recent listing on Toronto Stock Exchange
TORONTO, Jan. 30, 2014 /PRNewswire/ -- Concordia Healthcare Corp. ("Concordia"), (TSX: CXR, OTCQX: CHEHF), announced today it has been approved to trade in the United States on OTCQX® (OTCQX). Trading is expected to begin immediately on OTCQX International, a segment of OTCQX marketplace, under the stock symbol CHEHF. The Corporation will continue to trade on the Toronto Stock Exchange under its existing symbol CXR.
Concordia is an integrated, specialty healthcare company focused on the acquisition and development of legacy pharmaceutical products, medical devices and orphan drugs. The Corporation has just completed a year of rapid, strategic growth culminating with the listing of Concordia's common shares on the Toronto Stock Exchange and the acquisition of Pinnacle Biologics, Inc., a U.S.-based biopharmaceutical company specializing in the development of drugs to treat rare diseases.
"Trading on the OTCQX is an important step for Concordia and puts us in a strong position to take our business to the next stage by increasing our exposure to a U.S. investor base," said Mark Thompson, CEO of Concordia. "Our recent acquisition of Pinnacle Biologics, Inc. has expanded our presence strategically in the U.S., and this move further complements our plans for long-term growth."
Concordia will be traded on OTCQX International, which has earned a reputation for providing U.S. investors with improved liquidity, transparency, superior information, and easy access through their U.S. regulated broker dealers. It is also recognized within the industry for maintaining rigid quotation standards for companies that trade there. U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Dorsey & Whitney LLP serves as Concordia's Principal American Liaison ("PAL") on OTCQX, responsible for providing professional guidance on OTCQX requirements and U.S. securities laws.
Concordia is a diverse healthcare company focused on legacy pharmaceutical products, orphan drugs and medical devices for the diabetic population.
The company's legacy pharmaceutical business consists of an ADHD-treatment drug, Kapvay® (clonidine extended release tablets), Ulesfia® (benzyl alcohol) Lotion a Head Lice Treatment, and an Asthma-related medication, Orapred ODT® (prednisolone sodium phosphate orally disintegrating tablets). Concordia's Specialty Healthcare Distribution (SHD) division (Complete Medical Homecare) distributes medical supplies targeting diabetes and related conditions. Concordia's orphan division, Pinnacle, markets Photofrin® in the United States, which recently announced it has reached an agreement with the U.S. Food and Drug Administration (FDA) under a special protocol assessment (SPA) to enroll patients with an advanced form of bile duct cancer in a pivotal Phase 3 clinical trial. There is currently no approved therapy for this cancer type.
Concordia operates out of facilities in Oakville, Ontario, Lenexa, Kansas (near Kansas City, Missouri), Bannockburn, (near Chicago), Illinois and Bridgetown, Barbados. For more information, please visit www.concordiarx.com
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Concordia and its business, which may include, but is not limited to, statements with respect to the commencement of trading of Concordia's securities on the QTCQX, increased exposure to the U.S. investor base, Concordia's growth and other factors. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of Concordia's management, and are based on assumptions and subject to risks and uncertainties. Although Concordia's management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Concordia, including risks regarding the pharmaceutical industry, the failure to obtain regulatory approvals, economic factors, market conditions, the equity markets generally, risks associated with growth and competition, risks associated with the delay and/or the failure of Concordia'ssecurities to commence trading on the QTCQX and many other factors beyond the control of Concordia. Although Concordia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Concordia undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Concordia Healthcare Corp.