TORONTO, Aug. 25, 2016 /PRNewswire/ - Transition
Therapeutics Inc. ("Transition" or the "Company") (NASDAQ:
TTHI, TSX: TTH) is pleased to announce that the Company has
received shareholder approval for the previously announced plan of
arrangement involving Transition, OPKO Health, Inc., OPKO Global
Holdings, Inc. and the Transition Shareholders (the
"Arrangement"). A total of 24,586,901 common shares,
approximately 63.4% of the outstanding common shares, were
represented at the meeting of Transition Shareholders (the
"Meeting") in person or by proxy.
The Arrangement was approved by shareholders holding
approximately 92.9% of the common shares of Transition who voted on
the Arrangement in person or by proxy at the Meeting. In addition,
the Arrangement was approved by shareholders holding a majority of
the common shares of Transition who voted on the Arrangement in
person or by proxy at the Meeting, after excluding the votes cast
in respect of common shares held by those persons whose votes may
not be included in determining minority approval pursuant to
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transaction. The Arrangement is subject to
final approval of the Ontario Superior Court of Justice (the
"Court"). The Court hearing for the final order is
scheduled to take place on August 29,
2016 and the Arrangement is expected to close on
September 1, 2016. The common shares
of Transition are expected to be delisted from the Toronto Stock
Exchange and The NASDAQ Stock Market on or about September 1, 2016.
Further details regarding the Arrangement can be found in
Transition's information circular dated July
26, 2016 available on SEDAR at www.sedar.com.
About Transition
Transition is a biopharmaceutical development company, advancing
novel therapeutics for CNS, metabolic diseases and androgen
deficiency indications. The Company's wholly-owned subsidiary,
Transition Therapeutics Ireland Limited, has two development
programs: CNS drug candidate ELND005 for the treatment of
Alzheimer's disease and Down syndrome; and selective androgen
receptor modulator drug candidate TT701. Transition's lead
metabolic drug candidate is TT401 for the treatment of type 2
diabetes and accompanying obesity. The Company's shares are listed
on the NASDAQ under the symbol "TTHI" and the Toronto Stock
Exchange under the symbol "TTH". For additional information about
the Company, please visit www.transitiontherapeutics.com.
Notice to Readers: Information contained in our press releases
should be considered accurate only as of the date of the release
and may be superseded by more recent information we have disclosed
in later press releases, filings with the OSC, SEC or otherwise.
Except for historical information, this press release may contain
forward-looking statements, relating to expectations, plans or
prospects for Transition, including the receipt of court approvals,
the closing of the Arrangement and the delisting of the common
shares of Transition, and the expected timing thereof. These
statements are based upon the current expectations and beliefs of
Transition's management and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks
and uncertainties include factors beyond Transition's control and
the risk factors and other cautionary statements discussed in
Transition's quarterly and annual filings with the Canadian
commissions and the information circular dated July 26, 2016 provided to Transition shareholders
in connection with the Meeting, which is available on SEDAR and
EDGAR at www.sedar.com and www.sec.gov, respectively.
SOURCE Transition Therapeutics Inc.