Cynapsus Therapeutics Appoints Two New Directors
TORONTO, ONTARIO--(Marketwired - May 9, 2013) - Cynapsus Therapeutics Inc. (TSX VENTURE:CTH), a specialty pharmaceutical company developing an improved dosing formulation of an approved drug used to treat the symptoms of Parkinson's disease, today announced that Tomer Gold, the current Vice President, Research & Development of Dexcel Pharma ("Dexcel"), and Ilan Oren, currently Vice President, Business Development at Dexcel, will be joining its Board of Directors effective May 9, 2013.
Following the first closing of the Short Form Prospectus Offering (the "Offering") on March 1st, 2013, the Board of the Company agreed to allow Dexcel to nominate two new directors, subject to TSX Venture Exchange (the "Exchange") approval. Dexcel nominated Mr. Gold and Mr. Oren, and the Exchange has since reviewed and cleared their Personal Information Forms ("PIFs"). Dexcel is a strategic investor in the Company and paid $3,500,000 for 7,608,696 units of the Offering resulting in current ownership of 19.6% and 24.0% of all the issued and outstanding common shares of the Company on a basic and fully diluted basis, respectively. Dexcel is considered a "Control Person" under the policies of the Exchange.
The Company will now have a total of nine (9) directors until the next Annual General Shareholder Meeting, including: Rochelle Stenzler (Chair of the Board), Ronald Hosking (Chair of the Audit Committee), Dr. Julia Levy (Chair of the Corporate Governance, Nominating and Compensation Committee), Anthony Giovinazzo (President and CEO), Dr. Perry Molinoff, Dr. Alan Ryley, Alan Torrie, Tomer Gold and Ilan Oren.
"With their deep pharmaceutical drug development and business development experience, Tomer and Ilan will provide invaluable expertise to the Board going forward. Our team looks forward to working with them closely," said Rochelle Stenzler, Cynapsus' Chair of the Board.
"I am thrilled with Tomer and Ilan's appointment to our Board. They both have deep international pharma industry knowledge and experience that will aid the next stage of our development. They also have experience with the 505(b)(2) regulatory pathway, which is the pathway we are pursuing for our Parkinson's drug candidate, APL-130277. Dexcel's strategic investment in the Company also provides further independent corroboration of the potential for APL-130277," said Anthony Giovinazzo, President and CEO.
Mr. Gold is currently the Vice President, Research & Development of Dexcel where he oversees a group of 120 scientists and engineers. He is responsible for the development, registration and launching of generic and innovative products throughout the world. Mr. Gold previously led the Pharmaceutical Development - European Union team of the Global Generic Research and Development branch of Teva Pharmaceuticals Ltd. His activities focused on the development of controlled release, enteric and immediate release products. Mr. Gold holds a B.Sc in Chemical Engineering and was granted a M.Sc. degree in Biomedical Engineering from the Technion - Israel Institute of Technology in Haifa, Israel.
Mr. Oren is currently Vice President, Business Development at Dexcel. He was previously employed by L.E.K. Consulting, advising clients in the life science sector on corporate strategy, M&A, licensing and drug commercialization projects. Mr. Oren holds a B.A. in Economics from Harvard University.
About Dexcel Pharma
Dexcel Pharma is a privately-held international specialty pharmaceutical company dedicated to the development, manufacture, and marketing of pharmaceutical drugs. The company utilizes proprietary drug-delivery technologies to develop generic and innovative, modified-release 505(b)(2) drug formulations for CNS, GI, and CV therapeutic areas. Dexcel Pharma operates large-scale, highly-advanced manufacturing facilities and sells its product portfolio in more than 30 countries worldwide, including the United States, United Kingdom and Germany. Dexcel Pharma was founded in 1968 and is headquartered in Israel.
About Cynapsus Therapeutics
Cynapsus is a specialty pharmaceutical company developing the only non-injectable (i.e. sublingual) delivery of the only approved drug (apomorphine) to be used as a rescue therapy for "off" motor symptoms of Parkinson's disease. Over one million people in the U.S. and an estimated 5 million people globally suffer from Parkinson's disease. Parkinson's disease is a chronic and progressive neurodegenerative disease that impacts motor activity, and its prevalence is increasing with the aging of the population. Based on a recent study and the results of the Company's Global 500 Neurologists Survey, it is estimated that between 25 percent and 50 percent of patients experience "off" episodes in which they have impaired movement or speaking capabilities. Current medications only control the disease's symptoms, and most drugs become less effective over time as the disease progresses.
Cynapsus' drug candidate, APL-130277, is an easy-to-administer, fast-acting reformulation of apomorphine, which is approved in an injection formulation to rescue patients from "off" episodes. Cynapsus is focused on maximizing the value of APL-130277 by completing pivotal studies in advance of a New Drug Application expected to be submitted in 2015. Cynapsus anticipates a trade sale or out-licensing to an appropriate global pharmaceutical partner before such an application is submitted.
More information about Cynapsus (TSX VENTURE:CTH) is available at www.cynapsus.ca and at the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Forward Looking Statements
This announcement contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cynapsus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks and uncertainties relating to Cynapsus' business disclosed under the heading "Risk Factors" in its Annual Information Form filed on November 1, 2012 and its other filings with the various Canadian securities regulators which are available online at www.sedar.com. Although Cynapsus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cynapsus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
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