SOURCE: Panacea Global, Inc.

Panacea Global, Inc.

July 19, 2016 08:30 ET

Panacea Global Announces Changes in Directors and Senior Management

RICHMOND HILL, ON --(Marketwired - July 19, 2016) - Panacea Global Inc. (Panacea) (OTCBB: PANG), a biotechnology company focusing on developing and commercializing products for the early detection, and monitoring of cancer reoccurrence, announced today a restructuring of its Board of Directors and senior management team, in an effort to advance the company's strategic goal of achieving commercialization of its product candidates.

Board of Directors has appointed Dr. Chandra Panchal as Chairman and independent member of the Board, as well as Dr. Yuri Lawryshyn, appointed as interim CEO and will be joining Mr. Reza Samimi as a Director. A key mandate of the new Board will be to ensure effective and efficient management of cash-flow, with the primary aim of validating and commercializing Panacea's lead product candidate, namely its blood-based test that can measure low concentration of Human Aspartyl (Asparaginyl) B-Hydroxylase (HAAH).

"On behalf of my Director colleagues, I would like to thank Dr. Mahmood Moshiri, Dr. Zahra Shariat and Mr. Binnay Sethi for their dedication to the Company," commented chairman Dr. Panchal. All three Directors submitted their resignation to pursue other opportunities. Joining Dr. Lawryshyn as interim CEO, will be Dave Sohi as Interim CFO, and Aras Azadian, as interim COO. The aforementioned changes take effect from June 30, 2016.

"We are very excited to bring new leadership to Panacea; to deliver on our strategic plan with an open style of management that emphasizes shareholder value," commented Dr. Lawryshyn, CEO. "We have significantly reduced our costs and are concentrating the majority of our expenditures on test validation. Our priority is to ensure that we have a viable and market-ready transferable technology to offer our established regional partners. I am very proud to lead this cohesive and dedicated team. We pride ourselves on integrity and hard work, and it is our aspiration to stand before our shareholders by the end of this year with an announcement that our HAAH technology is ready for commercialization. I am also greatly privileged in having two seasoned executives joining me on the Board to guide us through these challenging yet exciting times."

Dr. Chandra Panchal is currently President & CEO at Axcelon Biopolymers Corporation, London, Ontario, and Managing Director of Panford Investment Corp based in Montreal. From 1989-1999 he was Co-founder, President, and CEO of Procyon Biopharma Inc., and from 1999-2006 he was Chief Scientific Officer and Senior Executive VP. Dr. Panchal has authored over 50 scientific papers and has edited a book entitled Yeast Strain Selection, published in 1990. Dr. Panchal has been on the editorial board of the Canadian Journal of Microbiology and is a co-inventor in respect of several patents in oncology, diagnostics and industrial microbiology. Dr. Panchal is an Adjunct Professor in Chemical and Biochemical Engineering at the University of Western Ontario. He currently sits on the Boards of: Chemaphor, Canadian Oil Recovery and Remediation Inc., Cardiogenics Inc., Rodocanachi Capital Pool Company, and MaRS Innovation.

Dr. Yuri Lawryshyn completed a Ph.D. degree in Engineering at the University of Toronto, specializing in Computational Fluid Dynamics (CFD), an MBA degree at the Richard Ivey Business School (UWO), and a Financial Engineering diploma at the Schulich School of Business. He has worked in numerous industries, focusing in research and development, management, marketing, and strategy. In 2007, he joined the Faculty of Engineering at University of Toronto, specializing in applying financial engineering principles for the valuation of real assets/projects, with specific emphasis in the development of practical approaches to real option valuation and strategic decision making.

Dave Sohi is a graduate of the Commerce Program at the Queen's School of Business. After graduating from Queen's, Dave joined a mid-sized accounting and advisory firm, RSM Richter LLP. He spent three years in their audit and tax group, where he earned his Chartered Accountant designation. Following his time in audit and tax, Dave joined their advisory group where he specialized in Valuations, Restructurings and Mergers and Acquisitions. While in this group, he also obtained his Chartered Business Valuator designation. Dave spent seven years in this group, including one year with Ernst and Young, who purchased RSM Richter in 2011. Dave opened his own consulting business in 2012, providing accounting and advisory services for small to mid-sized companies, including Panacea, before taking on the role as the Interim CFO.

Aras Azadian is a Corporate Development executive with experience in a range of industries, specializing in Biotechnology. He has been involved in the inception and development of several Canadian based start-ups, and has been a key consultant to Panacea before his current role. Aras is a board member of the "Purple Elephant" which is a national not-for-profit organization focusing on increasing awareness and understanding of Alzheimer's disease among the younger generations. Aras Azadian has a Bachelor's degree in Economics from York University in Toronto and an MBA from EADA Business School in Barcelona.

About Panacea Global

Panacea is a biotechnology company focusing on developing and commercializing products for the early detection, diagnosis and monitoring the recurrence of cancer. Panacea's novel product is a blood test that can measure the blood level of Human Aspartyl (Asparaginyl) B-Hydroxylase (HAAH). HAAH, a novel cancer biomarker, is an enzyme which is over expressed in cancer cells and is the foundation of our breakthrough technology.


This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

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