Rebuttal Letters Shed Light on Nymox Pharmaceutical Corporation’s Shareholder Concerns

July 19, 2023
by

Key Takeaways:

  • The Committee to Restore Nymox Shareholder Value has issued rebuttal letters to all shareholders of Nymox Pharmaceutical Corporation.
  • Shareholders express concerns over the lack of company leadership, operational mismanagement, and disclosure issues.
  • The committee highlights the missed potential of the company’s relationship with AscellaHealth LLC, a global healthcare and specialty pharmacy solutions company.
  • Shareholders are disappointed with the absence of a strategic marketing plan to seek approval for the company’s drug NYMOZARFEX.
  • There is a lack of a clear financial recovery plan, with declining stock value and questionable CEO actions.

About Nymox Pharmaceutical Corporation:

Nymox Pharmaceutical Corporation, a company based in CARSON CITY, Nevada, and London, aims to develop innovative treatments for various medical conditions. One of their primary focuses is on benign prostatic hyperplasia (BPH), a prevalent condition affecting middle-aged and elderly men worldwide. The company’s leading drug candidate, NYMOZARFEX, shows promise in addressing the symptoms associated with BPH.

Lack of Company Leadership:

One of the primary concerns raised in the rebuttal letters is the perceived lack of company leadership. Shareholders accuse the management of terminating key personnel without proper notification, violating SEC rules governing 6-K filings. This operational mismanagement has resulted in uncertainty and confusion among shareholders, exacerbated by the recent NASDAQ delisting and stock price volatility.

Furthermore, shareholders criticize the CEO for his failure to execute key responsibilities, including adhering to expert advice, properly funding the company, and engaging with shareholders. These allegations raise questions about the CEO’s competence in steering the company towards success.

Inability to Realize the Potential Through AscellaHealth Relationship:

Shareholders express disappointment in Nymox Pharmaceutical Corporation’s failure to leverage its relationship with AscellaHealth LLC, a reputable global healthcare and specialty pharmacy solutions company. AscellaHealth possesses the expertise and resources to help commercialize the company’s BPH product effectively. However, shareholders believe the company missed the opportunity to capitalize on the committed funding, expertise, and experience provided by AscellaHealth.

The absence of a strategic marketing plan and effective communication with internal and external stakeholders further compounds the issue. The shareholders emphasize the need for a clear plan to seek approval for NYMOZARFEX, positioning it as a first-in-class drug for BPH treatment.

Lack of Solution or Plan for Financial Recovery:

The rebuttal letters highlight the lack of a clear solution or plan to recover shareholder value. Shareholders express their concern about the declining stock value while questioning the CEO’s actions. It is noted that the CEO received a substantial remuneration package and personally sold over $4,000,000 worth of stock in the last five years, raising doubts about their commitment to the company’s success.

Additionally, the termination of the potential partnership with AscellaHealth by the CEO, without consulting key board members or other officers, has further eroded shareholder confidence. The breakdown in alignment with AscellaHealth has negated the financial commitment and expertise that could have potentially restored value to the company, especially in anticipation of the Danish market approval decision.

In light of these concerns, The Committee to Restore Nymox Shareholder Value is calling for shareholder support to address these issues and work towards a more sustainable and successful future for Nymox Pharmaceutical Corporation.

As the company navigates these challenges, it is crucial for shareholders, management, and stakeholders to engage in transparent communication and collaborative decision-making to regain trust and ensure the company’s long-term success.

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