Efficacy Capital sells shares of Repros, keeps 17.8% stake

By Lisa Kerner

Charlotte, N.C., July 3 - Efficacy Capital sold 501,067 shares of Repros Therapeutics Inc. between Jan. 4 and March 27 priced from $8.96 to $9.82.

The investor beneficially owns 2,277,956 shares, or 17.8%, of Repros, according to a schedule 13D filing with the Securities and Exchange Commission.

In January, Repros approved an amendment to its shareholder rights plan allowing Efficacy to purchase up to 33% of the company's outstanding capital stock on the open market or directly from Repros, it was previously reported.

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 filing noted.

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

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