Chimerix Responds to Rubric Capital Management
November 10 2022 - 4:30PM
Chimerix (NASDAQ:CMRX), a biopharmaceutical company whose
mission is to develop medicines that meaningfully improve and
extend the lives of patients facing deadly diseases, issued the
following statement regarding a press release issued today by
Rubric Capital Management:
At Chimerix, we focus on oncology
therapies most likely to have profound impact on patients and
create the greatest value for shareholders. We have a fully funded
Phase 3 neuro-oncology program, ONC201, a highly differentiated
asset in an area of high unmet need and little competition, and
multiple paths toward potential regulatory approval. The upfront
capital gained through the sale of TEMBEXA® positions us
exceptionally well to fund the ongoing development of our oncology
franchise.
Our engagement with Rubric regarding
their interest in a liquidation began in May. We had a number of
meetings with them on this topic and have tried to engage
constructively with them, including as recently as a few weeks ago.
We take feedback from our shareholders seriously and have
significant shareholder representation on the Board.
We do not believe a liquidation of
Chimerix is in the best interests of all of our shareholders as it
would deprive them of the significant upside potential of ONC201
and our other assets. It would also be irresponsible to patients
with this deadly disease as it would halt critical progress on
ONC201 simply as a means to appease a shareholder making such
demands. While we are confident that the continued successful
execution of our strategy will drive significant shareholder value,
our Board and leadership team regularly consider all opportunities
to create or enhance value.
Chimerix is poised for significant
future value creation as we continue to advance ONC201 and the rest
of our product pipeline. Based on our strong Phase 2 data for
ONC201, we are confident in the path forward and believe we have
the right strategy and team in place to deliver on our financial
and operational goals.
About ChimerixChimerix is a
biopharmaceutical company with a mission to develop medicines that
meaningfully improve and extend the lives of patients facing deadly
diseases. The Company’s most advanced clinical-stage development
program, ONC201, is in development for H3 K27M-mutant glioma.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected. Forward-looking statements
include those relating to, among other things, the paths toward
regulatory approval of ONC201, the sufficiency of the Company’s
capital reserves, and the execution of the Company’s strategy.
Among the factors and risks that could cause actual results to
differ materially from those indicated in the forward-looking
statements are risks related to the timing and completion of the
Phase 3 ACTION study of ONC201; risks associated with the
availability of accelerated approval for ONC201; risks that future
payments in connection with the TEMBEXA sale transaction will not
be made; and additional risks set forth in the Company's filings
with the Securities and Exchange Commission. These
forward-looking statements represent the Company's judgment as of
the date of this release. The Company disclaims, however, any
intent or obligation to update these forward-looking
statements.
CONTACTS:
Michelle LaSpaluto919 972-7115ir@chimerix.com
Will O’ConnorStern Investor
Relations212-362-1200will@sternir.com
Nick Lamplough / Dan Moore / Tanner KaufmanJoele Frank,
Wilkinson Brimmer Katcher(212) 355-4449
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