TORONTO, ONTARIO–(Marketwired – March 29, 2017) – Prospect Park Capital Corp. (“Prospect Park“) (TSX VENTURE:PPK), a public healthcare focused investment corporation, announces that one of its investees, IOI, LLC (“IOI“), has been advised by Serenity Pharmaceuticals, LLC (“Serenity“) that while the US Food and Drug Administration (“FDA“) has approved Serenity’s New Drug Application (“NDA“) for SER120 (desmopressin nasal spray), Prospect Park will not receive its previously announced milestone payment which it held onto upon the sale of its interest in IOI, in light of Allergan exercising its unilateral right to terminate its license, transfer and development agreement with Serenity which effectively terminated Serenity’s (and its partners) right to any milestone payments. Accordingly, Prospect Park’s final return on its investment in IOI remains at 8%.
Additional information about Prospect Park, Serenity and its investment in IOI is available at Prospect Park’s Profile on SEDAR at www.sedar.com.
Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to Prospect Park, are intended to identify forward-looking information.
All statements other than statements of historical fact may be forward-looking information. Such statements reflect Prospect Park’s current views and intentions with respect to future events, and current information available to Prospect Park, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward – looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include changes in law, competition, litigation, the ability to implement business strategies and pursue business opportunities, state of the capital markets, the availability of funds and resources to pursue operations, issuance of debt, dilution of existing securities, volatility of publicly traded securities, potential conflicts of interest, unlikelihood of dividend payments, costs associated in the event Prospect Park loses its status as a Foreign Private Issuer, the long-term viability of Prospect Park will depend, in part, on its ability to raise additional investment capital, Prospect Park faces competition from other capital providers and there can be no assurance that suitable investments will be found, Prospect Park will be dependent on attracting key personnel, investments made by Prospect Park are in early stage companies which carry significant risk, prior ranking indebtedness in debt investments, minority interest in investments, investments made by Prospect Park may lack liquidity, investments made by Prospect Park denominated in U.S. dollars carry currency risks, as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in Prospect Park’s annual Management’s Discussion and Analysis for the year ended September 30, 2016, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect Prospect Park in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Prospect Park does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Inspira undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Dr. Samuel Herschkowitz
Chief Executive Officer
(416) 865-7209
[email protected]
