Diffusion Pharmaceuticals Inc.
(Nasdaq: DFFN)
(“Diffusion” or “the Company”) today announced the appointment of
William Elder, J.D., to the position of general counsel and
corporate secretary, effective immediately. He will report to
Robert Cobuzzi, Ph.D., chief executive officer of Diffusion. As
general counsel, Mr. Elder is responsible for overseeing all legal
functions, in particular corporate governance, securities and
compliance and commercial transactions.
“We are delighted to have Bill join the
Diffusion team,” said Dr. Cobuzzi. “He has had a long and
productive association with the company, and we look forward to
benefiting from Mr. Elder’s legal advice and support as we develop
our lead product candidate, trans sodium crocetinate (“TSC”), and
grow our business.”
Since 2019, Mr. Elder has served as president
and chief executive officer for BillyVonElds, LLC, a season-long
and daily fantasy sports company, where he managed all corporate,
legal and operational aspects of the business. From 2011 to 2019,
Mr. Elder was a corporate and securities associate in the
Philadelphia office of the international law firm Dechert LLP.
While at Dechert, Mr. Elder’s practice focused primarily on
counseling public companies on securities laws and regulatory
requirements, corporate governance matters and financial
transactions.
He received his Juris Doctorate from the
University of Pennsylvania Law School, where he was an editor of
the Journal of Business Law. He received an M.S. in finance from
Villanova University and a B.A. in economics from Tufts
University.
“I believe Diffusion is poised to make an
important difference in treating hypoxia and related medical
conditions. I am thrilled to join the Diffusion team and look
forward to playing a part in the Company’s future, as we work to
establish TSC as an important compound for better outcomes for
patients afflicted with COVID-19 and, in time, other hypoxic
conditions,” said Mr. Elder.
Inducement Grant under NASDAQ
Listing Rule 5635(c)(4)
In connection with Mr. Elder’s new employment,
the Compensation Committee of Diffusion’s Board of Directors has
approved the grant of non-qualified stock options to Mr. Elder, who
will receive options to purchase 70,000 shares of Diffusion’s
common stock. The grant was made on September 22, 2020 and
the exercise price per share for such stock options is $0.82, the
closing price of Diffusion’s common stock on such date, as reported
by NASDAQ. The grant was made as an inducement material
to Mr. Elder’s acceptance of employment with Diffusion, in
accordance with NASDAQ Listing Rule 5635(c)(4).
The options have a 10-year term and will vest on
a monthly basis over the 36 months after the date of grant, subject
to Mr. Elder’s continuous employment with Diffusion through each
applicable vesting date. In addition, the options are subject to
acceleration or forfeiture upon the occurrence of certain events as
set forth in Mr. Elder’s option and employment agreements.
About Diffusion Pharmaceuticals
Inc.
Diffusion Pharmaceuticals Inc. is an innovative
biotechnology company developing new treatments that improve the
body’s ability to deliver oxygen to the areas where it is needed
most, offering new hope for the treatment of life-threatening
medical conditions. Diffusion’s lead drug, TSC, was originally
developed in conjunction with the United States (“U.S.”) Office of
Naval Research, which was seeking a way to treat multiple organ
failure and its resulting mortality caused by low oxygen levels
from blood loss on the battlefield. Evolutions in research have led
to Diffusion’s focus today on addressing some of medicine’s most
intractable and difficult-to-treat diseases, including multiple
organ failure from respiratory distress, stroke and glioblastoma
multiforme (“GBM”) brain cancer. In each of these diseases, lack of
available oxygen presents a significant obstacle for medical
providers and is the target for TSC’s novel mechanism. The Company
is currently partnering with U.S. and European institutions on an
expedited research program to develop TSC as a treatment for the
low oxygen levels and associated multiple organ failure in COVID-19
patients.
Preclinical data support the potential for TSC
as a treatment for other conditions where low oxygen availability
plays an important role, such as myocardial infarction, peripheral
artery disease and neurodegenerative conditions such as Alzheimer’s
and Parkinson’s disease. In addition to the development of TSC,
DFN-529, the Company’s PI3K/AKT/mTOR pathway inhibitor that
dissociates the mTORC1 and mTORC2 complexes, is in preclinical
testing for GBM.
Diffusion is headquartered in Charlottesville,
Virginia – a hub of advancement in the life science and
biopharmaceutical industries
Forward-Looking Statements
To the extent any statements made in this news
release deal with information that is not historical, these are
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements about the company's plans, objectives, expectations
and intentions with respect to future operations and products, the
potential of the company's technology and product candidates, and
other statements that are not historical in nature, particularly
those that utilize terminology such as "would," "will," "plans,"
"possibility," "potential," "future," "expects," "anticipates,"
"believes," "intends," "continue," "expects," other words of
similar meaning, derivations of such words and the use of future
dates. Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. Uncertainties and risks
may cause the Diffusion’s actual results to be materially different
than those expressed in or implied by such forward-looking
statements. Particular uncertainties and risks include the
Company’s ability to develop TSC to address an unmet medical need
with respect to COVID-19 or any other medical condition and the
various risk factors (many of which are beyond Diffusion’s control)
as described under the heading “Risk Factors” in Diffusion’s
filings with the United States Securities and Exchange Commission.
All forward-looking statements in this news release speak only as
of the date of this news release and are based on management's
current beliefs and expectations. Diffusion undertakes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Contacts:Robert Cobuzzi, Ph.D.,
CEODiffusion Pharmaceuticals Inc.(434)
220-0718rcobuzzi@diffusionpharma.com
LHA Investor RelationsKim Sutton Golodetz(212)
838-3777kgolodetz@lhai.com
Media Contact:Jeffrey
FreedmanRooneyPartners646-432-0191jfreedman@rooneyco.com
Diffusion Pharmaceuticals (NASDAQ:DFFN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Diffusion Pharmaceuticals (NASDAQ:DFFN)
Historical Stock Chart
From Apr 2023 to Apr 2024