Cambridge, UK- 16th October 2015: Acacia Pharma Group plc ("Acacia Pharma" or "the Company"), a specialty pharmaceutical group developing supportive care products for US and international markets, announces the postponement of its Initial Public Offering ("IPO") and of its application for admission of its shares to the premium listing segment of the Official List of the Financial Conduct Authority ("FCA") and to trading on the Main Market of the London Stock Exchange plc. The Company announced its Intention to Float on 14 September 2015. Acacia Pharma's shareholders and management elected to postpone the IPO based on the recent high levels of volatility and uncertainty in global equity markets and in the pharmaceuticals sector in particular.
Dr Julian Gilbert, CEO and Founder of Acacia Pharma said:
"It is disappointing that our intended IPO, which has received a good level of interest and positive reaction from investors both in the UK and internationally, has coincided with this current period of market uncertainty. However, our development programmes continue to progress well and our ambition to become a specialty pharma company focused in supportive care remains. We will continue to work with our existing investors to execute the key elements of our strategy."
Forward looking statements
This announcement contains "forward-looking" statement, beliefs or opinions. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of Acacia Pharma and all of which are based on the Directors' current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "projects", "anticipates", "continues", "assumes", "positioned" or "anticipates" or the negative thereof, other variations thereon or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. Forward-looking statements may and often do differ materially from actual results. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Directors or Acacia Pharma with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth and strategies of Acacia Pharma and the industry in which it operates. These forward-looking statements and other statements contained in this announcement regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing Acacia Pharma. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Such risks and uncertainties include, but are not limited to: future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions. As a result, investors are cautioned not to place undue reliance on such forward-looking statements. Investors should specifically consider the factors identified in this announcement that could cause actual results to differ before making any investment decision. All of the forward-looking statements made in this announcement are qualified by these cautionary statements.
The forward-looking statements contained in this announcement speak only as of the date of this announcement. The Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law, the Prospectus Rules, the Listing Rules or the Disclosure Rules and Transparency Rules of the FCA.
Each of J.P. Morgan Cazenove and Canaccord Genuity and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this announcement whether as a result of new information, future developments or otherwise, except where it would be required to do so under applicable law.
J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove), which is authorised by the Prudential Regulation Authority ("PRA") and regulated by the FCA and the PRA in the United Kingdom, and Canaccord Genuity which is authorised and regulated by the FCA in the United Kingdom are both acting exclusively for Acacia Pharma and no-one else in connection with the matter. They will not regard any other person as a client in relation to the matter and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to the matter, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
This announcement is not an offer of securities for sale, or a solicitation or an offer to purchase securities, in the United States. The securities to which this announcement relates have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or with any regulating authority or under any applicable securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States unless registered under the Securities Act or pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act, and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of the securities of the Company in the United States.