BOSTON--(BUSINESS WIRE)--Tokai Pharmaceuticals Inc. (NASDAQ: TKAI), a biopharmaceutical company focused on developing and commercializing innovative therapies for prostate cancer and other hormonally driven diseases, today announced that its Board of Directors has initiated a review of strategic alternatives for the company focused on maximizing stockholder value.
Potential strategic alternatives that may be explored or evaluated as part of this review include a sale of the company, a reverse merger, a business combination or a sale, license or other disposition of corporate assets of the company. There is no set timetable for this process and there can be no assurance that this process will result in any such transaction. In conjunction with this process, the company is continuing to assess the best path forward for its galeterone clinical trial program. The company now anticipates all patients enrolled in the ARMOR3-SV clinical trial will discontinue treatment by the end of the year.
As part of its review of strategic alternatives, Tokai has engaged Wedbush PacGrow as its financial advisor.
About Tokai Pharmaceuticals
Tokai Pharmaceuticals is a
biopharmaceutical company focused on developing and commercializing
innovative therapies for prostate cancer and other hormonally driven
diseases. The company’s lead drug candidate, galeterone, is an oral
small molecule that utilizes the mechanistic pathways of current
second-generation hormonal therapies, while also introducing a unique
third mechanism – androgen receptor degradation. Tokai is developing
galeterone for the treatment of patients with metastatic
castration-resistant prostate cancer. The company also has a cancer
discovery program focused on compounds that potently and selectively
degrade the androgen receptor. For more information on the company,
please visit www.tokaipharmaceuticals.com.
About Wedbush Securities
Founded in 1955, Wedbush Securities
is a leading investment firm that provides brokerage, clearing,
investment banking, equity research, public finance, fixed income, sales
and trading, and asset management to individual, institutional, and
corporate clients. Headquartered in Los Angeles, with nearly 100 offices
nationwide, the firm focuses on a dedication to quality service, client
financial safety, continuity, and advanced technology. Wedbush
Securities is the largest subsidiary of holding company WEDBUSH,
Inc., which also includes affiliated firms Wedbush
Asset Management, Wedbush
Capital Partners, Wedbush
Opportunity Partners, and Lime
Brokerage, LLC.
Wedbush PacGrow specializes in numerous segments of the healthcare industry, including biopharma, medical technology, diagnostics, and life science tools companies at all stages of development. Focused on servicing the financial needs of public and private healthcare companies for over 25 years, Wedbush PacGrow maintains a full spectrum of capabilities, including public equity, PIPEs, ATMs, private equity, mergers & acquisitions, and strategic advisory.
Forward-looking Statements
Any statements in this press
release about the company’s future expectations, plans and prospects,
including statements about its strategy, future operations, development
of its product candidates, the review of strategic alternatives and the
outcome of such review and other statements containing the words
“believes,” “anticipates,” “plans,” “expects,” “may,” and similar
expressions, constitute forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: whether
the company’s cash resources will be sufficient to fund its continuing
operations for the period anticipated; whether, if it determines to move
forward with the development of galeterone, necessary regulatory and
ethics approvals to commence additional clinical trials for galeterone
can be obtained and data from early clinical trials of galeterone will
be indicative of the data that will be obtained from future clinical
trials; whether the results of clinical trials will warrant submission
for regulatory approval of galeterone, any such submission will receive
approval from the United States Food and Drug Administration or
equivalent foreign regulatory agencies and, if galeterone obtains such
approval, it will be successfully distributed and marketed; and other
factors discussed in the “Risk Factors” section of our quarterly report
on Form 10-Q for the three months ended June 30, 2016 Any
forward-looking statements contained in this press release speak only as
of the date hereof and not of any future date, and the company expressly
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
