VANCOUVER, BC--(Marketwired - February 06, 2017) - Advanced Proteome Therapeutics Corporation ("APC" or the "Company") (TSX VENTURE: APC) (FRANKFURT: 0E8) is pleased to announce the appointment of Dr. Randal Chase to its executive leadership team to help shape the Company's future and advance its technology and business objectives in the domain of antibody-based therapeutics. Effective February 6, 2017, Dr. Randal Chase, a member of the Board of Directors since June 2, 2015, will assume the role of Chief Executive Officer (CEO) and President, while Allen (Alexander) Krantz will step down as CEO/President and assume the newly created roles of Chief Scientific Officer (CSO) and Chief Operating Officer (COO).
The leadership changes are intended to accelerate the growth of the Company and capitalize on the business opportunities that have emerged from the Company's new directions in antibody R&D.
Since its inception, APC has focused on developing technology for the chemical modification of commercially relevant proteins. During the past fiscal year, the Company has applied its technology to producing improved versions of antibody-drug conjugates, an exciting area of therapeutics, with numerous applications in the field of cancer.
"These changes underscore our commitment to ramp up the business component of APC and will strengthen the Company's ability to build on the progress we have made over the past year," said Dr. Allen Krantz, former CEO of Advanced Proteome Therapeutics. "Dr. Randal Chase has been a highly valued colleague with vast experience as a biotechnology executive and has enjoyed great success in leadership roles. Some of Randal's most notable appointments include acting as President and CEO of Immunovaccine from August 2006 to July 2011, serving as Chairman of Medicago from September 2006 to September 2013, and most recently serving as Chairman of Medimabs from January 2014 to July 2015."
"During his illustrious career, Dr. Randal Chase has assisted companies in raising over $500 million dollars while being instrumental in several successful sales of companies," continued Dr. Allen Krantz. "This realignment will now allow me to focus my attention on advancing the Company's core technologies and dealing with day-to-day operations."
"Firstly, I would like to thank Dr. Krantz for his dedication to APC and for taking our organization to where it stands today," offered Dr. Randal Chase. "I look forward to continuing on Dr. Krantz's work as CEO and growing our organization towards becoming one of the leading technologies in cancer treatment. Going forward I am eager to begin working with Advanced Proteome Therapeutic's talented and dedicated employees and immediately begin producing shareholder value."
Grant of Stock Options
The Company has granted, subject to approval of the TSX Venture Exchange, incentive stock options to Dr. Randal Chase to purchase 1,000,000 common shares in the capital of the Company, exercisable at a price of CDN $0.06 per share for a period of two years. The options are granted in accordance with the Company's Stock Option Plan and will vest immediately. The stock options will be subject to a four-month hold period commencing from the date of the grant. This will bring the total number of options outstanding to 10,625,000 with 2,043,542 remaining available for grant under the Plan.
Advanced Proteome Therapeutics Corporation (APC) is advancing a site-specific protein modification technology platform to enable the development of superior protein therapeutics. Using this technology, APC has generated numerous and diverse modifications of annexin proteins with superior binding and stability properties, which are amenable to further labeling and conjugation for use in therapeutic applications. APC is now vigorously applying its technologies to achieve the site-specific labeling of therapeutic antibodies and provide the next generation of antibody-drug conjugates.
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.
This communication contains certain forward-looking statements relating to the Company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "will", "should", "future", "potential" or similar expressions or by a general discussion of the Company's strategies, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results of operations, financial position, earnings, achievements, or industry results, to be materially different from any future results, earnings or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.