Manchester Management Company, L.L.C.

November 25, 2013 10:46 ET

Manchester Management Company Associates Acquire Securities of Adherex Technologies Inc.

OTTAWA, ONTARIO--(Marketwired - Nov. 25, 2013) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Manchester Management Company, L.L.C. ("Manchester") announces that four of its associates, Manchester Explorer, L.P., JEB Partners, L.P., James Besser and Morgan Frank (collectively, the "Group") purchased an aggregate of 3,000,000 units (the "Units") on a private placement basis (the "Offering") from Adherex Technologies Inc. ("Adherex" or the "Company") pursuant to the terms of subscription agreements (the "Subscription Agreements"). Each Unit was purchased at a price of $0.40 per Unit and consists of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.50 per share for a period of five years from the date of issuance. In connection with the Offering, the Group purchased an aggregate of 3,000,000 Units, which are comprised of 3,000,000 Common Shares and 3,000,000 Warrants. Upon exercise of the Warrants in full, the Group would acquire 3,000,000 Common Shares.

Prior to the Offering, the Group held 511,650 Common Shares, which, to the knowledge of the Group, represented 2.0% of the issued and outstanding Common Shares without taking into account the Offering. The Common Shares and Warrants acquired by the Group in connection with the Offering represent, to the knowledge of the Group, approximately 18.7% of the current issued and outstanding Common Shares (assuming full exercise by the Group of the Warrants). As of the date hereof, the Group hold, to their knowledge, 6,511,650 Common Shares (assuming full exercise by the Group of the Warrants), which, to the knowledge of the Group, would represent 20.2% of the issued and outstanding Common Shares (assuming full exercise by the Group of the Warrants).

The foregoing acquisitions were made for investment purposes. Manchester may, directly or indirectly, depending on market and other conditions, acquire beneficial ownership of, control or direction over, additional Common Shares, through market transactions, private agreements or otherwise. Manchester may, depending on market and other conditions, sell any or all of the Common Shares held by the Group.

A copy of the early warning report relating to this transaction is available under Adherex's SEDAR profile at www.sedar.com and can be obtained from the contact below.

Contact Information

  • Manchester Management Company, L.L.C.
    Jeb Besser
    131 Charles Street, Boston, MA 02114
    617-399-1741
    617-723-9503 (FAX)
    jbesser@mgfund.com