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Cynapsus Therapeutics Securityholders Approve the Plan of Arrangement with Sunovion Pharmaceuticals

TORONTO, Oct. 13, 2016 (GLOBE NEWSWIRE) — Cynapsus Therapeutics Inc. (“Cynapsus”) (NASDAQ:CYNA) (TSX:CTH), a specialty central nervous system pharmaceutical company developing a fast-acting, easy-to-use, sublingual thin film for the on-demand management of debilitating OFF episodes associated with Parkinson’s disease (“PD”), is pleased to announce today that at its special meeting of shareholders and warrantholders (collectively, the “Securityholders”) held earlier today (the “Meeting”), Securityholders approved the special resolution (the “Arrangement Resolution”) authorizing the previously announced plan of arrangement (the “Arrangement”) with Sunovion Pharmaceuticals Inc. (the “Purchaser”). Pursuant to the terms of the Arrangement, the Purchaser will acquire all of the outstanding (i) common shares of Cynapsus for US$40.50 cash per common share and (ii) warrants of Cynapsus for US$40.50 cash per warrant minus the exercise price of each warrant.  As announced on August 31, 2016, the transaction values Cynapsus at approximately US$624 million (or approximately C$820 million).

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