|By Marketwired .||
|May 20, 2014 04:42 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/20/14 -- Cynapsus Therapeutics Inc. (TSX VENTURE:CTH)(OTCQX:CYNAF), a specialty pharmaceutical company, announced today that the Corporation's Board of Directors granted stock options to acquire 2,256,000 common shares.
The stock options were granted to officers, directors, employees and a consultant of the Corporation at an exercise price equal to $0.65 per share, and expire 5 years from the date of grant. One third of the options granted will vest immediately, one-third will vest in 6 months and one-third will vest in 12 months. Of the total, 884,000 stock options were granted to Anthony Giovinazzo (President & CEO), 355,000 to Andrew Williams (COO/CFO), 350,000 to Albert Agro (CMO), 102,000 to Rochelle Stenzler (Director), 64,000 to Ronald Hosking (Director), 56,000 to Perry Molinoff (Director), 52,000 to Alan Ryley (Director), 42,000 to Tomer Gold (Director) and 25,000 to Nan Hutchinson (Director). The remaining 326,000 stock options were granted to employees and a consultant of the Corporation.
Following the grant of these options, there are a total of 4,622,316 options outstanding, representing 5.9% of the issued and outstanding common shares of the Corporation.
The Corporation has a 10% rolling stock option plan. The TSX Venture Exchange requires that all listed companies with a 10% rolling stock option plan, obtain shareholder approval of the plan on an annual basis. The stock option plan was most recently approved at the Annual and Special Meeting of the Shareholders held on May 7, 2014. The stock option plan was established to provide an incentive to the officers, directors, employees and consultants of the Corporation to achieve the longer-term objectives of the Corporation, to give suitable recognition to the ability and efforts of such persons who contribute materially to the success of the Corporation, and to attract and retain such persons in the employ of the Corporation.
About Cynapsus Therapeutics
Cynapsus is a specialty pharmaceutical company developing a convenient and easy to use sublingual (oral) thin film strip for the acute rescue of "off" motor symptoms of Parkinson's disease. Cynapsus' drug candidate, APL-130277, is an easy-to-administer, fast-acting reformulation of apomorphine, which is the only approved drug (in the United States, Europe, Japan and other countries) to rescue patients from "off" episodes. Cynapsus is focused on maximizing the value of APL-130277 by completing pivotal studies in advance of a New Drug Application ("NDA") expected to be submitted in 2016.
Over one million people in the U.S. and an estimated 4 to 6 million people globally suffer from Parkinson's disease. Parkinson's disease is a chronic and progressive neurodegenerative disease that impacts motor activity, and its prevalence is increasing with the aging of the population. Based on a recent study and the results of the Corporation's Global 500 Neurologists Survey, it is estimated that between 25 percent and 50 percent of patients experience "off" episodes in which they have impaired movement or speaking capabilities. Current medications only control the disease's symptoms, and most drugs become less effective over time as the disease progresses.
Forward Looking Statements
This announcement contains "forward-looking statements" within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or 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". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cynapsus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks and uncertainties relating to Cynapsus' business disclosed under the heading "Risk Factors" in its March 26, 2014, Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com. Although Cynapsus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cynapsus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor the OTCQX International has approved or disapproved the contents of this press release.