TEL AVIV, Israel, May 9, 2018 /PRNewswire/ -- Therapix Biosciences Ltd. (Nasdaq: TRPX) (TASE: THXBY) ("Therapix" or "the Company"), a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics from its proprietary cannabinoid product platform THX-110, today announced that its Board of Directors has decided to take steps to voluntarily delist Therapix's ordinary shares from trading on the Tel Aviv Stock Exchange (TASE), while maintaining a continued listing of its American Depositary Shares (ADSs) on the Nasdaq Capital Market (Nasdaq).Therapix is delisting its ordinary shares from the TASE in order to be subject to one set of listing regulations instead of two, to allow greater flexibility to execute its business and financing strategy and to reduce costs of operations.
Under applicable Israeli law, the delisting of Therapix's ordinary shares from trading on the TASE is expected to become effective three (3) months from the date of the request. During this time, Therapix's ordinary shares will continue to be traded on the TASE. Therapix is not aware of any technical or substantive impediment to the trading of Therapix's ADSs on the Nasdaq Capital Market following its delisting from the TASE.
An announcement regarding the delisting procedure and timeline will follow. Therapix's listing and trading of its ADSs on Nasdaq will be unaffected by this decision. Therapix's ADSs will continue to trade on the Nasdaq Capital Market and Therapix will remain subject to the rules and regulations of the U.S. Securities and Exchange Commission and Nasdaq Capital Market applicable to listed companies.
Dr. Ascher Shmulewitz, Therapix's CEO, commented, "Our technology, which requires a global presence, led us to decide to unify trading on Nasdaq and take another important step towards achieving our goals."
About Therapix Biosciences
Therapix Biosciences Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of Senior Executives and Scientists. Our focus is creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in the following drug development programs based on repurposing an FDA-approved synthetic cannabinoid (Dronabinol): THX-110 for the treatment of Tourette syndrome (TS), for the treatment of Obstructive Sleep Apnea (OSA), and for the treatment of Pain; THX-130 for the treatment of Mild Cognitive Impairment (MCI) and Traumatic Brain Injury (TBI); and THX-150 for the treatment of infectious diseases. Please visit our website for more information at www.therapixbio.com
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Because such statements deal with future events and are based on Therapix's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Therapix could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding the Company's plans with respect to its clinical trials and its intent to report material developments and information regarding such trials. In addition, historic results of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will suggest identical or even similar conclusions. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Therapix Biosciences Ltd.'s Annual Report on Form 20-F filed with the Securities and Exchange Commission (SEC) on April 30, 2018 and in subsequent filings with the SEC. Except as otherwise required by law, Therapix disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
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SOURCE Therapix Biosciences Ltd.