MONTREAL, CANADA--(Marketwired - Dec. 11, 2015) - Knight Therapeutics Inc. (TSX:GUD), through one of its wholly-owned subsidiaries ("Knight"), announced today that it has extended the first tranche of a fully secured loan of up to US$4 Million to 60° Pharmaceuticals LLC ("60P"). The loan proceeds will allow 60P to continue the development of medicines for treatment and prevention of tropical diseases. In addition, Knight has entered an exclusive license agreement with an option to develop and commercialize all of 60P's products in Canada, Israel and Russia.
The loan will bear interest at 15% per annum plus other additional consideration and will mature on December 11, 2020. As part of the transaction, Knight will receive a share of all proceeds arising from the successful approval of 60P's products in the US and elsewhere.
"Knight is pleased to once again be supporting development in the neglected tropical disease space," said Jonathan Ross Goodman, Director of Knight.
"60P is pleased to have found a strong partner in Knight and looks forward to working with the Knight team to successfully register and launch innovative products that will benefit humanity," said Geoff Dow, CEO of 60P.
About Knight Therapeutics Inc.:
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
About 60° Pharmaceuticals LLC
60° Pharmaceuticals was founded in 2010 with a mission to discover, develop and distribute new medicines for treatment and prevention of tropical diseases. The company is focused on delivering new drugs at affordable cost while providing an attractive return for investors. 60P is a unique company whose core business is tropical disease drug R&D. 60P has embraced an open innovation approach to reduce the time, cost, and risk needed to build a portfolio of drug discovery and development projects. For more information about 60P, please visit the company's web site at www.60degreespharma.com.
Forward-Looking Statement
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2014. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.