Theratechnologies Inc.: Renegotiated Lease to Generate Substantial Annual
MONTREAL, CANADA -- (Marketwired) -- 04/03/13 -- Theratechnologies
Inc. (TSX:TH) today announced the signature of an amended lease
agreement with its lessor which will result in a 1.2 million dollar
annual reduction of its lease-related expenses.
These new terms, effective for five years, reduce by 85 percent
lease-related expenses for Theratechnologies' office space. Total
office space rented by Theratechnologies goes down from 36,400 square
feet to 5,000 square feet.
This amended agreement also allows to reduce by approximately 3
million dollars a lease-related provision which was calculated in the
company's financial statement. This reduction takes into account a
lease renegotiation fee of approximately 2 million dollars.
"The signing of this amended lease convention allows us to accomplish
several objectives including bringing us closer to becoming cash
neutral by substantially reducing our expenses and that of reducing
the length of our lease obligations," said Luc Tanguay, President and
Theratechnologies (TSX:TH) is a biopharmaceutical company that
specializes in innovative therapeutic peptide products, with an
emphasis on growth-hormone releasing factor peptides. Further
information about Theratechnologies is available on the Company's
website at www.theratech.com, on SEDAR at www.sedar.com and on the
Securities and Exchange Commission's website at www.sec.gov.
This press release contains certain statements that are considered
"forward-looking information" within the meaning of applicable
securities legislation, which statements may contain such words as
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions. This
forward-looking information includes, but in not limited to,
information on Theratechnologies becoming cash neutral.
Forward-looking information is based upon a number of assumptions and
is subject to a number of risks and uncertainties, many of which are
beyond Theratechnologies' control that could cause actual results to
differ materially from those that are disclosed in or implied by such
ation. These assumptions include, but are not
limited to, the fact that Theratechnologies will be able to control
its expenses, that sales of EGRIFTA(TM) in the United States will not
decrease and that pending regulatory submissions for tesamorelin in
the treatment of excess abdominal fat in HIV-infected patients with
lipodystrophy will be approved. Risks and uncertainties include, but
are not limited to, the fact that unexpected expenses may be
incurred, that EGRIFTA(TM) sales in the United States decrease or
that pending regulatory submissions may not be approved.
We refer potential investors to the "Risks Factors" section of our
Annual Report on Form 20-F dated February 26, 2013 available at
www.sedar.com, www.sec.gov and www.theratech.com. The reader is
cautioned to consider these and other risks and uncertainties
carefully and not to put undue reliance on forward-looking
statements. Forward-looking statements reflect current expectations
regarding future events and speak only as of the date of this press
release and represent our expectations as of that date.
Theratechnologies undertakes no obligation to update or revise the
information contained in this press release, whether as a result of
new information, future events or circumstances or otherwise, except
as may be required by applicable laws.
NATIONAL Public Relations
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