Osta Biotechnologies Inc.
TSX VENTURE : OBI

Osta Biotechnologies Inc.

January 23, 2012 12:45 ET

Osta Reports Changes to its Board of Directors

MONTREAL, QUEBEC--(Marketwire - Jan. 23, 2012) -

THE ISSUE OF THIS PRESS RELEASE IS LIMITED TO CANADA ONLY. THIS PRESS RELEASE SHOULD NOT BE ISSUED IN THE UNITED STATES THROUGH U.S. NEWS WIRE AGENCIES.

Osta Biotechnologies Inc. (TSX VENTURE:OBI) announced today that Dr. Aldo Baumgartner and Mr. Paul L'Archeveque have resigned from its board of directors. Both Dr. Baumgartner and Mr. L'Archeveque had joined the board in 2005. During his tenure at Osta, Dr. Baumgartner served on various committees and acted as the Chairman of the audit committee. He had previously served as President & CEO of Roche Canada and Wyeth Ayerst Canada. During his tenure at Osta, Mr. L'Archeveque served on various committees. He had previously served as President & CEO of Genome Quebec.

"Dr. Baumgartner and Mr. L'Archeveque have been valued members of Osta's board of directors," said Dr. Ajay Gupta, Chairman and CEO of Osta. "We are grateful for their professional advice and we wish both Dr. Baumgartner and Mr. L'Archeveque the very best in the future."

Osta is also pleased to announce the appointment of Dr. Michael Munzar to its board of directors. The appointment of Dr. Munzar to Osta's board of directors remains subject to TSX approval. Dr. Munzar is a clinician and is currently serving as Medical Director of Statcare medical clinic in Pointe Claire, Quebec. Dr. Munzar has extensive experience in the regulatory development of drugs and medical devices, especially in-vitro diagnostic devices. He obtained his MDCM from McGill University in 1979. He served as Medical Director of Nymox Pharmaceutical Corporation (NASDAQ:NYMX) from 1996-2004 and as the President of Serex Inc., a wholly owned subsidiary of Nymox from 2000-2004.

"It is a great pleasure and honor for us to have a highly experienced clinician scientist like Dr. Munzar joining our board of directors. His addition to our team is very timely and synergistic to our new and exciting research and development programs and is invaluable as he brings vast knowledge in clinical trials as well as solid expertise in regulatory affairs" says Dr. Ajay Gupta, Osta's Chairman & CEO.

Osta will not be filling the remaining vacancy right away while it searches for a suitable replacement.

Osta Biotechnologies Inc.

Osta is a biopharmaceutical company listed on the TSX Venture Exchange (TSX VENTURE:OBI) currently focusing on developing therapeutics for Cancer and Alzheimer's disease.

Certain information in this press release is forward-looking and is subject to numerous risks and uncertainties. By their nature, such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include actions of Osta's competitors, and those inherent in scientific research and development.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Osta Biotechnologies Inc.
    Dr. Ajay Gupta
    Chairman & CEO
    (514) 626-9519