Repros Therapeutics amends shareholder rights plan to benefit Efficacy Capital

By Lisa Kerner

Charlotte, N.C., Jan. 10 - Repros Therapeutics Inc.'s board of directors approved an amendment to its shareholder rights plan.

The amendment allows Repros' largest shareholder, Efficacy Capital, to purchase up to 33% of the company's outstanding capital stock on the open market or directly from Repros, according to a company news release.

Efficacy owns slightly less than the current 20% threshold allowed in the rights plan.

Repros and Efficacy also entered into a standstill agreement that restricts Efficacy from taking certain actions related to its shares. Under the agreement, Repros agreed to appoint Efficacy managing partner Mark Lappe as a director of the company.

"The board of directors and I are quite pleased with the decision of Efficacy Capital to acquire more of our shares," Repros president and chief executive officer Joseph Podolski said in the release.

"Efficacy is an experienced and knowledgeable investor in the biotech marketplace, and we believe that this decision on their part reflects strongly on the strength of our product candidates, Proellex and Androxal.

Repros develops small-molecule therapeutics for the treatment of reproductive system disorders. The company is based in The Woodlands, Texas.

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