MONTREAL, QUEBEC--(Marketwire - April 15, 2011) - Thallion Pharmaceuticals Inc. (TSX:TLN) today announced that its shareholders have approved a special resolution at its annual and special meeting of shareholders held on April 13, 2011 to enable Thallion to implement a normal course issuer bid. The resolution gives the Corporation the option to purchase common shares in the open market, if, as and when the Board considers it in the best interests of the Corporation to do so. This normal course issuer bid is subject to compliance with all applicable regulatory requirements.
"Given the strength of our balance sheet, this resolution by our shareholders permits us the discretion to use some of our funds to buy back shares in the open market," said Dr. Allan Mandelzys, Chief Executive Officer of Thallion Pharmaceuticals Inc. "As our development partnership and cash reserves represent more than sufficient resources to advance Shigamabs® through clinical development, a potential buy back may be in the best long-term interests of our shareholders. The approval of the resolution demonstrates the strong support and commitment of our shareholders to the Shigamabs® program and its potential in a market where no other therapies exist."
If the Corporation decides to proceed with a normal course issuer bid, its implementation and the purchase of common shares pursuant thereto is subject to the approval of the Toronto Stock Exchange.
About Thallion Pharmaceuticals Inc.
Thallion Pharmaceuticals Inc. (TSX:TLN) is a biotechnology company developing pharmaceutical products in the areas of infectious disease and oncology. The Company's clinical programs include Shigamabs® and TLN-4601, a novel anti-cancer therapy. Shigamabs® is a dual antibody product being evaluated in a Phase II clinical trial for the treatment of Shiga toxin producing E. coli bacterial infections. Additional information about Thallion can be obtained at www.thallion.com.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements reflect Thallion's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, the determination of the level of the TLN-232 licensor's damages by the Arbitral Tribunal as part of the final award, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time-to-time in Thallion's ongoing filings with the Canadian securities regulatory authorities which filings can be found at www.sedar.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Thallion undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.