Toronto, Ontario--(Newsfile Corp. - February 27, 2024) - PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) ("PharmaDrug" or the "Company"), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs, is pleased to announce that current board member Dr. David Kideckel has been appointed Chairman of the Board of PharmaDrug replacing Robert Steen who will remain as CEO of the Company.
Robert Steen, CEO of PharmaDrug commented, "We believe it is the right time to have David step into the Chairman role with his pedigree in the pharmaceutical industry given the potential for Sairiyo to move into a clinical trial in Australia while SecureDose plans to move into the manufacturing phase of its drug development in the short term."
As Founder of the Kideckel Advisory Group Inc., David provides fractional CFO and CBO services to both public (TSX, Nasdaq) and private corporations. David combines nearly 20 years of industry, advisory, and capital markets experience, most recently serving as Managing Director, Head of Life Sciences & Senior Institutional Equity Research Analyst at ATB Capital Markets. David's industry experience spans several senior healthcare & biotechnology executive roles including at Johnson & Johnson Inc. and Alexion Pharmaceuticals (acquired by AstraZeneca PLC). David holds a Doctorate in Neuroscience & Statistics from the University of Toronto's Institute of Medical Science and an MBA from the University of Toronto's Rotman School of Management.
Dr. David Kideckel, Chairman of PharmaDrug commented, "I believe the coming year will be transformational for PharmaDrug. As a proponent of biosynthesis and its applications through pharmaceutical manufacturing, I am excited about the work being done by SecureDose. At the same time, what initially attracted me to the Company, cepharanthine and specifically PD-001's potential to become a multi-therapeutic agent ranging from oncology to infectious diseases, is proceeding according to plan."
Sairiyo Update
Sairiyo Therapeutics Inc. ("Sairiyo"), a company that is fifty-one percent (%1%) owned by PharmaDrug and forty-nine percent (49%) owned by PharmaTher Holdings Ltd, has initiated its regulatory and clinical development plan to evaluate Sairiyo's patented reformulated enteric coated version of orally bioavailable cepharanthine ("PD-001") as a potential treatment for oncology and infectious diseases in a Phase1 clinical study in Australia.
In pursuit of its clinical strategy for PD-001, Sairiyo is establishing a wholly-owned subsidiary in Australia to conduct the proposed Phase 1 study and capitalize on drug development incentives in Australia. Sairiyo could earn a 43.5 percent rebate from the Australian Federal Government's Research and Development tax incentive program.
SecureDose Update
SecureDose has finalised its formulation and has been focusing on fine tuning the process. The next phase will come with the manufacturing of a test batch. Management's priority will be to continue SecureDose's strategy to develop synthetic formulations for the potential third wave of drug policy reform. The Company already has biosynthetic formulations, but will continue to fine tune them for scalable and economic production in pharmaceutical grade facilities. The Company plans to be able to announce the drugs it is focusing on in the next few weeks and also anticipates being able to commission its first test batch in the next couple of months.
About PharmaDrug Inc.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 51% of Sairiyo Therapeutics ("Sairiyo"), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the US and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease and rare cancers. Sairiyo is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions. PharmaDrug also owns 100% of SecureDose Synthetics Inc. ("SecureDose"), a pharmaceutical research and development company focused on the development of synthetic formulations of currently existing drugs for potential commercialization and distribution.
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Forward-looking statements in this press release relate to the integration of the SecureDose business, the ability achieve the anticipated benefits of the Transaction and the development of the Company's business. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company's future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals..
A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons," as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, are subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
