Technical Ventures RX Corp.
TSX VENTURE : TIK.P

October 02, 2014 09:10 ET

Technical Ventures Announces Elmar R. Burchardt, M.D., Ph.D., D.S. to be Appointed as Chief Executive Officer and Director of TheraVitae Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 2, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Technical Ventures RX Corp. (the "Corporation" or "Technical" ) (TSX VENTURE:TIK.P) announced today the appointment of Elmar R. Burchardt, M.D., Ph.D., D.S., of Bedford, Massachusetts, as TheraVitae Inc.'s ("TVI") incoming CEO and director effective October 22, 2014. Bill Baker will step down as the CEO of TVI but remain as the Chairman, director, and Corporate Secretary of TVI and the resulting issuer after completion of Technical's Qualifying Transaction.

Dr. Burchardt has over 17 years of academic and industry experience in the areas of cell therapy, hematology, and cardiovascular diseases. As Vice President of Aastrom Biosciences Inc. (NASDAQ) from 2006 to 2010, Dr. Burchardt initiated and successfully completed Aastrom Bioscience's US-based clinical cell therapy trials in Critical Limb Ischemia and Dilated Cardiomyopathy. Dr. Burchardt has been the Vice President of Pfizer Inc. (NYSE) from 2010 to date.

Previously, he worked for Miltenyi Biotec GmbH in Germany, where his responsibilities included the worldwide development and market introduction strategy of 10 new clinical cell therapy products, including one of the most extensive cell therapy development programs in cardiac diseases. Dr. Burchardt holds M.Sc. and Ph.D. degrees in biochemistry, and an M.D. from Hannover Medical School in Hannover, Germany.

Technical also announces it has executed an Amending Agreement (the "Agreement") to the original Plan of Arrangement Agreement dated July 19, 2013, as amended. Pursuant to the terms of the Agreement, the outside closing date for Technical's Qualifying Transaction has been extended to November 14, 2014. The extension will provide additional time for Technical to complete the financing, which was increased from $2M to up to $3.5M, as described in its news release dated September 23, 2014.

Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Arrangement and associated transactions and has neither approved nor disapproved of the contents of this press release.

Cautionary and Forward-Looking Statements:

This news release contains forwardlooking statements and forwardlooking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forwardlooking statements or information. Forwardlooking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Corporation relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forwardlooking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forwardlooking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forwardlooking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.

Contact Information

  • Technical Ventures RX Corp.
    David Wood
    President and Chief Executive Officer
    (604) 720-7307