TheraVitae Inc.

October 03, 2014 13:18 ET

TheraVitae Inc. Announces Leadership Transition

Elmar Burchardt to be Appointed CEO and Director of TheraVitae Inc.

TORONTO, ONTARIO--(Marketwired - Oct. 3, 2014) - Bill Baker, Chairman and Chief Executive Officer of Canadian-based TheraVitae Inc. ("TVI") announced today the appointment of Elmar R. Burchardt, M.D., Ph.D., D.Sc. as the company's incoming Chief Executive Officer effective October 22, 2014. At that time he will also join the company's Board of Directors.

"On behalf of our shareholders, Board of Directors, and employees," stated Board Chairman and outgoing CEO, Bill Baker, "I am pleased to have a regenerative medicine executive with Elmar's depth and breadth of experience to lead the company during this very important transition. His combination of leadership skills, technical expertise and industry experience provide the company a solid foundation to emerge as a leader in the cell therapy sector."

Dr. Elmar R. Burchardt, M.D., Ph.D, D.Sc., has over 20 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, Dr. Burchardt 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.

"I am excited to lead this company and the development of its technology," states incoming CEO Elmar Burchardt. "I believe we have the opportunity to build something very clinically and commercially significant."

Closing Update

TVI has executed an Amending Agreement (the "Agreement") to the original Plan of Arrangement Agreement with Technical Ventures RX Corp. ("Technical") dated July 19, 2013, as amended, Pursuant to the terms of the Agreement, the outside closing date for merger with Technical has been extended to November 14, 2014. The extension will provide time for Technical to complete the increased financing, which was increased from $2M to up to $3.5M, as described in Technical's news release dated September 23, 2014, a copy of which is available for review on SEDAR at www.sedar.com.

About TVI

TVI is a clinical-stage Canadian-Israeli company developing and commercializing innovative, autologous (patient's own), blood-derived cell therapies to treat a variety of medical disorders not adequately addressed by current treatments. The company has launched a phase 2 clinical trial of its lead product (ACP-01) in critical limb ischemia.

TVI has two subsidiaries, Hemostemix Ltd. and Kwalata Trading Ltd.

Hemostemix Ltd is a company incorporated in Israel with an operating research, development and manufacturing facility in Kiryat Weizmann Science Park, Ness Ziona. Kwalata holds the intellectual property on behalf of TVI.

For more information see www.hemostemix.com.

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.

The forwardlooking statements and information are based on certain key expectations and assumptions made by management of TVI, including project development and overall business strategy. Although management of TVI believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forwardlooking statements and information since no assurance can be given that they will prove to be correct.

Contact Information

  • TheraVitae Inc.
    Charles W. "Bill" Baker
    CEO
    (250) 546-0603