Medexus Announces New Chief Executive Officer, Chair of the Board of Directors, Other Organizational Updates and Equity Incentive Grants
MONTREAL, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Medexus Pharmaceuticals Inc. (formerly Pediapharm Inc.) (the “Company”) (TSXV: PDP, OTCQB: PDDPF) today announced organizational changes designed to better position the Company as it continues to integrate the transformative acquisitions of Medexus Inc. (“Medexus”) and medac Pharma, Inc. (“Medac Pharma”).
ORGANIZATIONAL AND CORPORATE UPDATES
The Company is pleased to announce that the board of directors of the Company (the “Board”) has appointed Ken d'Entremont as Chief Executive Officer of the Company. Mr. d'Entremont joined the Company as a director and Chief Operating Officer following the Company's acquisition of Medexus, of which he was the founder, President, Chief Executive Officer and Chair of the board of directors. Mr. d’Entremont has over 30 years of experience in the pharmaceutical industry and will lead a strong commercial team focussed on the Company’s growth going forward.
Pierre Lapalme, the Chair of the Board since 2009, has determined to step down as a member of the Board effective December 19, 2018. Mr. Lapalme commented that: “it has been a privilege and an honour to have been associated with Pediapharm and its directors, executives and employees, and I thank the entire Pediapharm team for their relentless pursuit of the dream to develop and successfully market speciality pharmaceutical products in Canada.”
The Company is pleased to announce that effective upon Mr. Lapalme’s resignation, the Board has appointed Peter van der Velden as Chair of the Board. Mr. van der Velden is the Managing General Partner of Lumira Ventures and has significant private and public market experience in the pharmaceutical industry. Mr. van der Velden commented that: “I am very pleased to take on this role and to have the opportunity to work with the Company’s outstanding team of proven pharmaceutical executives as they strive to leverage the Company’s portfolio of best-in-class products. The Company is well positioned to efficiently integrate the operations of Medexus and Medac Pharma and to execute on its growth strategies in each of its key markets.”
Sylvain Chrétien, the founder of Pediapharm Inc., has been appointed as President of the Canadian Operations of the Company. Terri Shoemaker, the President of Medac Pharma prior to its acquisition by the Company, has been appointed as President of the United States Operations of the Company.
Further to the Company’s announcement on December 13, 2018, the common shares of the Company are expected to be trading on the TSX Venture Exchange under the new corporate name, on a post-consolidated basis, and under the new stock symbol “MDP” at market opening on December 19, 2018.
EQUITY INCENTIVE GRANTS
The Company also announced that the Board has approved the issuance of an aggregate of 1,884,219 restricted share units (“RSUs”) (28,263,332 RSUs before giving effect to the consolidation of the Company’s common shares announced on December 13, 2018 (the “Consolidation”)) to certain directors, officers and employees of the Company and 3,333 stock options (“Options”) (50,000 Options before giving effect to the Consolidation) to a director of the Company under the Company’s 2018 omnibus equity incentive plan (the “Plan”). The Company anticipates issuing all RSUs and Options effective December 19, 2018. The RSUs will vest in equal amounts upon the first, second, third and fourth anniversaries of the effective issuance date and the Options will vest upon issuance. The exercise price of the Options will be the closing price of the Company’s common shares on the day prior to issuance. Each vested RSU and Option entitles the holder to receive one common share of the Company by delivering an exercise notice in accordance with the Plan and the terms of the applicable award agreement.
About the Company
Medexus Pharmaceuticals Inc. is a leading specialty pharmaceutical company with a strong North American commercial platform. The Company’s vision is to provide the best healthcare products to healthcare professionals and patients, through our core values of Quality, Customer Service, Innovation and Teamwork. Medexus Pharmaceuticals is focused on the therapeutic areas of auto-immune disease and pediatrics. The leading products are Rasuvo and Metoject, a unique formulation of methotrexate (auto-pen and pre-filled syringe) designed to treat rheumatoid arthritis and other auto-immune diseases; and Rupall, an innovative allergy medication with a unique mode of action.
For more information, please contact:
Ken d’Entremont, Chief Executive Officer
Medexus Pharmaceuticals Inc.
Roland Boivin, Chief Financial Officer
Medexus Pharmaceuticals Inc.
Tel.: 514-762-2626 ext. 202
Direct Financial Strategies and Communication Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s expected timing for the commencement of trading of the common shares under the new corporate name, on a post-consolidated basis, and under the new stock symbol “MDP”, the effective date of issuance of the RSU and Option grants, and expected future business operation and results. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the risk that trading of the common shares under the new symbol “MDP” will be delayed, the risk that the operations of the Company, Medac Pharma and Medexus will not be integrated successfully, the Company's business plans, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Company will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide securityholders with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes. Readers should not place undue reliance on forward-looking statements. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect the Company's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.