Nymox Update

IRVINE, Calif., July 13, 2023 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation [OTC Markets – NYMXF] (the “Company”) is providing additional information concerning recent changes in the Company’s board of directors (the “Board”) and management, as well as additional information regarding the Company’s conclusion that a potential transaction was not in the best interests of the Nymox and its shareholders.

Nymox recently terminated the employment of Mr. Randall Lanham, the Company’s former in-house legal counsel, and Mr. Christopher Riley, the Company’s former chief financial officer. Mr. Lanham and Mr. Cutler were removed from the Board.

Mr. Lanham (legal counsel) and Mr. Riley (CFO) previously presented Nymox with a transaction with a potential business partner (the “Proposed Transaction”). The Company undertook a thorough discussion and deliberation regarding the merits of the Proposed Transaction and its value to the Company and its shareholders. After thorough consideration, the Company rejected the Proposed Transaction for several reasons, including, but not limited to, the following:

• Under the terms of the Proposed Transaction, Mr. Riley (CFO) and Mr. Lanham (legal counsel) would have immediately been awarded up to 18 million shares of Common Stock (6 million) and future shares (12 million) of the Company;
  
  
• Mr. Riley, after serving as CFO of Nymox for approximately 3 months, would have been appointed to the Company’s Board, along with an executive of the potential business partner, with whom Mr. Riley has an existing business relationship, and Mr. Lanham (legal counsel), Mr. Riley, Mr. Cutler (Board member and attorney) and the executive of the potential business partner would comprise a majority of Nymox’s Board;
  
  
• Under the terms of the Proposed Transaction, the potential business partner would not pay any cash for certain rights of the Company that it received; rather it would loan cash to the Company, creating a debt on the Company’s balance sheet;
  
  
• In their attempt to induce Nymox to accept the terms of the Proposed Transaction, Mr. Riley and Mr. Lanham (legal counsel) represented the terms involving their proposed 18 million shares of the Proposed Transaction and Board control as being boilerplate, while simultaneously being aware that the terms of the Proposed Transaction would have resulted in extraordinary awards to Mr. Riley and Mr. Lanham (legal counsel) of up to 18 million shares of Common Stock and future shares of the Company, membership and control of the Board, as well as other personal benefits;