Profound Medical Corp. Announces Share Consolidation in Connection With Proposed Nasdaq Listing

TORONTO, Oct. 11, 2019 (GLOBE NEWSWIRE) -- Profound Medical Corp. (TSX: PRN; OTCQX: PRFMF) (“Profound” or the “Company”) is pleased to announce that today it implemented a consolidation (the “Consolidation”) of its issued and outstanding common shares (“Common Shares”) on the basis of one post-Consolidation Common Share for every ten pre-Consolidation Common Shares. The Company believes that the Consolidation should permit it to qualify for a potential listing on The NASDAQ Stock Market LLC (“Nasdaq”). The Common Shares are expected to begin trading on a consolidated basis on the Toronto Stock Exchange on or about October 16, 2019 under the same trading symbol. Profound’s shareholders (the “Shareholders”) approved the Consolidation at Profound’s annual and special meeting of Shareholders held on June 13, 2019.

Profound currently has approximately 118.5 million Common Shares outstanding. As a result of the Consolidation, Profound expects to have approximately 11.8 million Common Shares outstanding. The exercise price and the number of Common Shares issuable under Profound’s outstanding share options and warrants will be proportionally adjusted as a result of the Consolidation.

As previously announced, no fractional Common Shares will be issued as a result of the Consolidation. Any fractional interest in Common Shares that would otherwise result from the Consolidation will be rounded up to the next whole Common Share, if the fractional interest is equal to or greater than one-half of a Common Share and rounded down to the next whole Common Share if the fractional interest is less than one-half of a Common Share. Shareholders who do not hold a sufficient number of pre-Consolidation Common Shares to receive at least one post-Consolidation Common Share will have no further interest in Profound upon completion of the Consolidation.

A letter of transmittal was mailed to registered Shareholders today providing instructions to surrender the certificates evidencing their Common Shares to Profound’s transfer agent, TSX Trust Company, for replacement certificates representing the number of Common Shares to which they are entitled as a result of the Consolidation. A copy of the letter of transmittal is available on the SEDAR profile of Profound at www.sedar.com. Registered Shareholders may also contact TSX Trust Company to request a copy of the letter of transmittal at (416) 342-1091, or [email protected].

Non-registered Shareholders who hold Common Shares through a bank, broker or other nominee should note that these intermediaries may have their own procedures for processing the Consolidation which may differ from those described above for registered Shareholders. Non-registered Shareholders who have questions should contact their bank, broker or other nominee for more information.

Profound has applied to list the Common Shares on Nasdaq under the symbol “PRN.” The listing of the Common Shares on Nasdaq is dependent upon satisfaction of all necessary listing requirements.

About Profound Medical Corp.

Profound develops and markets customizable, incision-free therapies for the ablation of diseased tissue.

Profound is commercializing TULSA-PRO®, a technology that combines real-time MRI, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. TULSA-PRO® is designed to provide customizable and predictable radiation-free ablation of a surgeon-defined prostate volume while actively protecting the urethra and rectum to help preserve the patient’s natural functional abilities. We believe TULSA-PRO® is demonstrating to be a flexible technology in customizable prostate ablation, including intermediate stage cancer, localized radio-recurrent cancer, retention and hematuria palliation in locally advanced prostate cancer, and the transition zone in large volume benign prostatic hyperplasia (BPH). TULSA-PRO® is CE marked and received 510(k) clearance from the U.S. Food and Drug Administration in August 2019.

Profound is also commercializing Sonalleve®, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. Sonalleve® has also been approved by the China Food and Drug Administration for the non-invasive treatment of uterine fibroids. The Company is in the early stages of exploring additional potential treatment markets for Sonalleve® where the technology has been shown to have clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy.

Forward-Looking Statements

This release includes forward-looking statements regarding Profound and its business which may include, but are not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, uterine fibroids and palliative pain treatment and the Company’s expectations regarding its proposed listing of the Common Shares on Nasdaq. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.  Such statements are based on the current expectations of the management of Profound.  The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the regulatory approval of the shelf prospectus supplement filings, the pharmaceutical industry, economic factors, the equity markets generally and risks associated with growth and competition.  Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.  No forward-looking statement can be guaranteed.  Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.

For further information, please contact:

Stephen Kilmer
Investor Relations
[email protected]
T: 647-872-4849