Ambrilia Biopharma Inc. Announces That it Will Seek Permission to Terminate CCAA Protection and File for Bankruptcy
MONTREAL, QUEBEC--(Marketwire - 04/08/11) - Ambrilia announces that its Directors have approved resolutions whereby the Corporation will seek permission to terminate the protection granted by the Superior Court pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA") and, upon permission of the Court being granted, the Corporation will file for bankruptcy pursuant to the Bankruptcy and Insolvency Act and that Raymond Chabot inc be designated as Trustee. After their meeting, all the Directors of Ambrilia, Frederic Porte, Phil Tabbiner, Bonabes de Rouge and Faraj Nakhleh, have resigned as directors, effective immediately.
Ambrilia has been operating under the protection of the CCAA since July 31, 2009. The Toronto Stock Exchange ("TSX") has delisted the common shares (Symbol: AMB) of Ambrilia as at the close of market on March 4, 2011 for failure to meet the continued listing requirements of the TSX.
About Ambrilia Biopharma Inc.
Ambrilia Biopharma Inc. is a biotechnology company focused on the discovery and development of novel treatments for viral diseases and cancer. The Company's strategy aims to capitalize on its broad portfolio and original expertise in virology. Ambrilia's product portfolio is comprised of oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a targeted delivery technology for cancer, an HIV protease inhibitor program as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds. Ambrilia's head office is located in Montreal. For more information, please visit the Company's web site: www.ambrilia.com.
The Company is currently subject to court protection under the CCAA.
Ambrilia's forward looking statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, the timing and continuance of the CCAA protection, the uncertainty involved in the court proceedings and the implementation of any plan of arrangement under the CCAA, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the Company's filings. We refer you to the Risk Factors section of the Company's annual information form which contains a more exhaustive analysis of the risks and uncertainties that are generally connected to the business of the Company. Such statements are also based on various assumptions, including the successful emergence from the insolvency proceedings, the successful and timely completion of clinical studies on Ambrilia's products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelines and the attainment of the forecasted milestone payments and other revenues. Failure to complete a strategic or financial transaction as a result of the review of strategic alternatives could have a material adverse effect on Ambrilia. While Ambrilia anticipates that subsequent events and developments may cause Ambrilia's views to change, Ambrilia specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.