Tenax Therapeutics Expands Board of Directors with the Appointment of Two New Directors, Steven Boyd and Keith Maher, MD
July 20 2020 - 8:45AM
Business Wire
Tenax Therapeutics, Inc. (Nasdaq: TENX), a specialty
pharmaceutical company focused on identifying, developing and
commercializing products that address cardiovascular and pulmonary
diseases with high unmet medical need, today announced the
expansion of its Board of Directors with the appointment of Steven
Boyd and Keith Maher, M.D. Both Directors are from Armistice
Capital, LLC, which recently purchased the Company’s equity
securities for aggregate gross proceeds of approximately $8.0
million in a registered direct offering and concurrent private
placement.
Anthony DiTonno, Chief Executive Officer of Tenax Therapeutics
remarked, “We are pleased to welcome Steven and Keith to our Board.
Steve has an outstanding reputation as a healthcare investor and
brings a wealth of experience advising and investing in specialty
pharmaceutical companies like Tenax. We believe his experience and
insights will serve the Company well as we continue to build upon
our recently reported positive Phase 2 results for levosimendan for
the treatment of patients with pulmonary hypertension and heart
failure with preserved ejection fraction (PH-HFpEF). We also
believe Keith’s background will be invaluable to Tenax as the
Company engages with the FDA and finalizes its Phase 3 program for
levosimendan in PH-HFpEF patients. We look forward to working with
Steve and Keith as our newest Board members as we seek to grow our
product portfolio and expand the Company’s development and
commercial capabilities.”
Mr. Boyd stated, “I am honored to join the Board of Directors of
Tenax. Levosimendan represents a pipeline within a product and we
look forward to working with Ron and Tony to expeditiously realize
its tremendous value for patients and shareholders.”
Mr. Boyd has served since 2012 as the chief investment officer
of Armistice Capital, LLC (“Armistice”), a long-short equity hedge
fund focused on the health care and consumer sectors. From 2005 to
2012, Mr. Boyd was a research analyst at Senator Investment Group,
York Capital and SAB Capital Management, where he focused on health
care. Mr. Boyd began his career as an analyst at McKinsey &
Company. Mr. Boyd currently serves as a member of the boards of
directors of Tetraphase Pharmaceuticals Inc., Aytu BioScience,
Inc., Cerecor Inc., EyeGate Pharmaceuticals, Inc. and Vaxart, Inc.
Mr. Boyd received a B.S. in economics and a B.A. in political
science from The Wharton School of the University of
Pennsylvania.
Dr. Maher has served as a managing director at Armistice since
2019. From 2007 to 2018, Dr. Maher held senior roles at Schroder
Investment Management, Omega Advisors and Gracie Capital. Dr. Maher
joined Gracie from Valesco Healthcare Partners, a global healthcare
fund he founded in partnership with Paramount Bio Capital. Prior to
starting Valesco, Dr. Maher was a managing director at Weiss, Peck
& Greer Investments (“WPG”). He joined WPG from Lehman
Brothers, where he worked as an equity research analyst covering
medical device and technology companies. Dr. Maher currently serves
on the boards of directors of Tetraphase Pharmaceuticals Inc.,
EyeGate Pharmaceuticals, Inc. and Vaxart, Inc. Dr. Maher received a
B.A. in biology from Boston University, an M.B.A. from Northwestern
University’s Kellogg Graduate School of Management and an M.D. from
Albany Medical College. Dr. Maher completed his clinical training
at the Mount Sinai Medical Center in the Department of
Medicine.
About Tenax Therapeutics Tenax Therapeutics, Inc., is a
specialty pharmaceutical company focused on identifying,
developing, and commercializing products that address
cardiovascular and pulmonary diseases with high unmet medical need.
The Company has a world-class scientific advisory team including
recognized global experts in pulmonary hypertension. The Company
owns North American rights to develop and commercialize
levosimendan and has reported positive results from its Phase 2
clinical trial for the use of levosimendan in the treatment of
Pulmonary Hypertension associated with Heart Failure and preserved
Ejection Fraction (PH-HFpEF). For more information, visit
www.tenaxthera.com.
About Levosimendan Levosimendan is a calcium sensitizer
that works through a unique triple mechanism of action. It
initially was developed for intravenous use in hospitalized
patients with acutely decompensated heart failure. It was
discovered and developed by Orion Pharma, Orion Corporation of
Espoo Finland, and is currently approved in over 60 countries for
this indication and not available in the United States. Tenax
Therapeutics acquired North American rights to develop and
commercialize levosimendan from Phyxius Pharma, Inc.
Caution Regarding Forward-Looking Statements This news
release contains certain forward-looking statements by the Company
that involve risks and uncertainties and reflect the Company’s
judgment as of the date of this release. The forward-looking
statements are subject to a number of risks and uncertainties,
including, but not limited to matters beyond the Company’s control
that could lead to delays in the clinical study, new product
introductions and customer acceptance of these new products;
matters beyond the Company’s control that could impact the
Company’s continued compliance with Nasdaq listing requirements;
the impact of management changes on the Company’s business and
unanticipated charges, costs and expenditures not currently
contemplated that may occur as a result of management changes; and
other risks and uncertainties as described in the Company’s filings
with the Securities and Exchange Commission, including in its
annual report on Form 10-K filed on March 30, 2020, and its
quarterly report of Form 10-Q filed on May 15, 2020, as well as its
other filings with the SEC. The Company disclaims any intent or
obligation to update these forward-looking statements beyond the
date of this release. Statements in this press release regarding
management’s future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.
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version on businesswire.com: https://www.businesswire.com/news/home/20200720005145/en/
Investor Contact: ICR Stephanie Carrington, 646-277-1282
Stephanie.carrington@icrinc.com
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