ANN ARBOR, Mich., Sept. 25, 2020 (GLOBE NEWSWIRE) — Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) (“Zomedica” or the “Company”), a veterinary health company creating point-of-care diagnostics products for companion animals, today announced the voting results of its 2020 Annual and Special Virtual-Only Meeting of Shareholders (the “ Meeting”).
At the Meeting, the Company’s shareholders approved the following proposals:
- Election of Jeffrey Rowe, Robert Cohen, Johnny D. Powers, Rodney Williams, Chris MacLeod and Christopher Wolfenberg as directors;
- Appointment of MNP LLP as the auditors of the Company and related matters;
- Authorization of a reduction of the stated capital account applicable to the Common Shares of the Company in the discretion of the board of directors;
- An amendment to the articles of the Company (the “Articles”) to remove a lien on a share registered in the name of a shareholder for a debt to the Company;
- An amendment to the Articles allowing for shareholder meetings to be held outside of Alberta;
- An amendment to the Articles to change the name of the Company from “Zomedica Pharmaceuticals Corp.” to “Zomedica Corp.”; and,
- The ratification and confirmation of amendments to the Company’s by-laws.
The proposal to effect a proposed share consolidation/reverse stock split of the Company’s common shares was approved by a majority of the shares voting at the Meeting but did not receive the required two-thirds majority vote required under Canadian law.
Robert Cohen, Interim Chief Executive Officer of Zomedica, stated: “We believe that our core technology and planned products are strong, and that our future is bright. We remain focused on our key goal of advancing and bringing to market our lead product platform, TRUFORMA™, as expeditiously as possible. We have approximately US$50 million in cash and cash equivalents, and believe that our cash resources position us well beyond the TRUFORMA commercialization. We will update shareholders as we make additional progress with our key milestones. Additionally, we understand the value of listing on a major exchange and are exploring all options available. We clearly appreciate and hope to reward investors’ patience in the not-too-distant future, as we believe that these are exciting times for our company.”
Additional information regarding the voting on these matters will be filed separately by the Company on SEDAR (www.sedar.com) and EDGAR (www.sec.gov).
The Company’s board of directors intends to effect the name change and amendments to the Articles to remove the lien on shares and to allow shareholder meetings to be held outside of Alberta. The ratification of the amendments to the by-laws requires no further action by the board of directors.
The Company also is assessing its options with respect to effecting a reverse stock split of its common shares, which had been sought to maintain the continued listing of the common shares on the NYSE American.
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for companion animals (canine, feline and equine) by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include innovative diagnostics and therapeutics that emphasize patient health and practice health. With a team that includes clinical veterinary professionals, it is Zomedica’s mission to provide veterinarians the opportunity to lower costs, increase productivity, and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
Except for statements of historical fact, this news release contains certain “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur and include statements relating to Zomedica’s expectations regarding the public offering. Although we believe that the expectations reflected in the forward looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and pilot and pivotal studies, uncertainty as to the likelihood and timing of regulatory approvals, availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to future clinical trials, regulatory approvals, safety and efficacy of our products, the use of our product, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon Zomedica’s business operations generally, including Zomedica’s ability to develop its diagnostic products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Investor Relations Contact:
PCG Advisory Group
Kirin Smith, COO