REDWOOD CITY, California, June 3, 2020 / PRNewswire / – AcelRx Pharmaceuticals, Inc. (AcelRx) (Nasdaq: ACRX), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised environments, announced today that it does not did not intend to further revise its offers under the terms of its previously announced agreement to acquire Tetraphase Pharmaceuticals, Inc. (Tetraphase) (NASDAQ: TTPH), and it expects the agreement to be terminated by Tetraphase. At June 1, 2020, Tetraphase disclosed that its board of directors has determined that an amended proposal from Melinta Therapeutics, Inc. constitutes a “superior bid” under the terms of the AcelRx merger agreement. Under the terms of the agreement, as part of the termination of the merger agreement, AcelRx will receive severance pay of approximately $ 1.8 million.
Vince angotti, CEO of AcelRx said, “AcelRx is financially disciplined, and while we continue to recognize the merits of a combination of AcelRx and Tetraphase, we do not believe that any further increase in our offering would be in the best interest. of our shareholders. As a result, we have decided not to increase our offering further and will focus on other exciting opportunities to expand and diversify our product portfolio and create a platform for growth with other potential collaboration partners. ”
The co-promotion agreement between AcelRx and Tetraphase (or any successor to Tetraphase) remains in place – protected by significant financial obligations. The training of the AcelRx and Tetraphase teams is complete and the co-promotion efforts for DSUVIA® and XERAVA ™ are currently underway.
About AcelRx Pharmaceuticals, Inc.
AcelRx Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised environments. AcelRx’s proprietary, non-invasive sublingual formulation technology provides sufentanil with consistent pharmacokinetic profiles. AcelRx has a US approved product, DSUVIA® (sufentanil sublingual tablet, 30 mcg), known as DZUVEO ™ in Europe, indicated for the management of acute pain severe enough to require an opioid analgesic in adult patients in certified healthcare facilities under medical supervision, and a product candidate, Zalviso® (sufentanil sublingual tablet system, SST system, 15 mcg), an investigational product in the United States, is under development as an innovatively designed patient-controlled analgesia (PCA) system for the reduction of moderate to severe acute pain in medically supervised settings. DZUVEO and Zalviso are both approved products in Europe.
For more information on AcelRx, please visit www.acelrx.com.
This press release contains forward-looking statements, including, but not limited to, statements relating to the expected termination of the merger agreement with Tetraphase and the payment of termination indemnity, the expected benefits of the co-promotion agreement between AcelRx and Tetraphase, the business strategy to expand and diversify AcelRx’s product portfolio and potential collaborations. These and all other forward-looking statements are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking terminology such as “believes”, “s ‘expect’, ” anticipates’, ‘may’, ‘will’, ‘should’, ‘seeks’,’ approximately ‘,’ intends’, ‘plans’,’ estimates’ or the negative of these words or other comparable terminology. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied by such statements, including AcelRx’s ability to execute its business strategy. While it is not possible to predict or identify all of these risks and uncertainties, they may include, but are not limited to, those described in AcelRx’s annual, quarterly and ongoing reports (i.e. – say Form 10-K, Form 10-Q and Form 8 -K) as filed or provided with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which such statements were first made. AcelRx SEC reports are available at www.acelrx.com under the “Investors” tab. Except to the extent required by law, AcelRx assumes no obligation to publish the result of any revision of these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of unforeseen events.
SOURCE AcelRx Pharmaceuticals, Inc.