OTTAWA, ON, May 18, 2021 /CNW Telbec/ - Tetra
Bio-Pharma Inc. ("Tetra" or the "Company")
(TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1), a leader in
cannabinoid-derived drug discovery and development, wishes to
announce changes to its board of directors (the "Board") and
the filing of a supplement to its management information circular
dated April 20, 2021 (the
"Circular") filed on SEDAR under the Company's profile at
www.sedar.com.
The Company wishes to announce that two additional nominees will
be proposed for election as directors at the upcoming annual and
special meeting of shareholders of the Company scheduled to be held
on May 28, 2021
(the "Meeting"), and management wishes to announce its
support for the election of Ms. Catherine
Auld and Mr. John Kim as
directors of the Company. The Board believes that the addition of
these two nominees will enhance the overall skill set of the Board
given their relevant industry expertise.
Mr. John Kim –
Mr. Kim is an independent business consultant, investor, and
director of both public and private companies and has extensive
experience in capital markets. He is passionate about helping
entrepreneurs grow their businesses, especially in the areas of
technology and healthcare, and currently advises several startups
in Canada. Mr. Kim is a
director of WELL Health Technologies Corp, a TSX listed company,
where he chairs the Governance and Compensation Committee. He
is also a director of EMERGE Commerce Ltd., a TSX Venture listed
company, where he chairs the Audit Committee. Previously, Mr. Kim
was an award-winning Portfolio Manager whose career spanned over 20
years, managing mutual funds, hedge funds, and private client
assets. Mr. Kim is a CFA charter holder and graduated from
the University of Toronto with a B.Sc.
in Applied Mathematics.
Ms. Catherine Auld
– Ms. Catherine Auld is a
CPA, C.A. and has a Bachelor of Commerce from Queen's University.
Ms. Auld is an experienced senior financial executive
who currently serves as the Executive Director of
Finance and Operations at Crescent Oral Surgery. Ms. Auld has
provided CFO and other financial consulting services to public and
private companies in the Biotechnology, Healthcare IT and Pharma
industries for over 20 years. She has a deep understanding and
expertise in public reporting, budgeting, cash flow management,
contracting, treasury, human resources, corporate governance,
investor relations and merger & acquisition activities.
Ms. Auld served as interim CFO and consultant at Arius Research
Inc., which was acquired by Roche, CFO for Transition Therapeutics
Inc. and NeuroMedix Inc. and Executive Director, Finance for
Optimer Pharmaceuticals. Ms. Auld started her career at KPMG
LLP.
"The Board strongly believes that the nomination of Ms. Auld and
Mr. Kim, with their proven track record and expertise in the
biotechnology, healthcare and pharmaceutical industries will help
Tetra achieve its growth strategy" said Brent Norton, Chair of the Board's Compensation,
Nominating and Governance Committee.
In addition, Mr. Carl Merton has
advised the Company that he will not stand for re-election to the
Board due to other professional obligations to which he needs to
devote his time and attention. The Company hereby wishes to
withdraw his nomination for election as a director at the Meeting.
Accordingly, the Board is proposing 5 nominee directors instead of
4 nominee directors. Mr. Merton will remain as director of the
Company and Chair of the Audit Committee to complete his current
term, which expires at the opening of the Meeting, but will not
stand for re-election.
Mr. Guy Chamberland, Chief
Executive Officer of the Company, stated: "On behalf of the
Company, I wish to express our sincere gratitude to Carl Merton for his many years of service to the
Company while serving as Director and Chair of the Audit Committee
of the Company".
In light of Mr. Merton deciding not to stand for re-election,
the Board intends to appoint Catherine
Auld as the new Chair of the Audit Committee after the
Meeting. In addition, as Mr. Cheliak will not be seeking
re-election, the Board has appointed Brent
Norton as interim Chair of the Board, effective upon the
expiry of Mr. Cheliak's term at the opening of the Meeting.
Supplement to the Management Information Circular
Ms. Auld and Mr. Kim were not included in the Circular or in the
form of proxy or in the voting instruction form sent by the Company
in connection with the Meeting given that they were identified as
nominees subsequent to the sending of these materials. The Company
will prepare and make available to shareholders a supplement to the
Circular (the "Supplement"), which will include the
information required under applicable securities laws with respect
to the two additional nominees and reflect the fact that Mr. Merton
will not stand for re-election at the Meeting. Since the Company
used notice-and-access to deliver the Circular to shareholders,
shareholders will have access to the Supplement electronically and
shareholders who elected to receive a printed copy of the Circular
will receive a printed copy of the Supplement before the Meeting.
Furthermore, shareholders will be mailed new forms of proxy and
voting instruction forms in order to vote their shares in respect
of the election of the 5 nominees.
Please disregard the form of proxy or voting instruction form
that was delivered to you with the prior notice of Meeting. A new
form of proxy or voting instruction will be provided to you. If you
have already provided voting instructions, you may provide new
instructions which will supersede your previous instructions. If
you have already provided voting instructions and you do not
provide new instructions, your initial instructions will remain
valid, except with regard to the election of Mr.
Carl Merton who will not stand for
re-election. Mr. Guy Chamberland,
Chief Executive Officer, or failing him, Mr. Jean-François Boily,
Chief Financial Officer, will remain the persons designated in the
new forms of proxy and voting instruction forms to be made
available to the shareholders, and they will use their
discretionary authority to cast the votes represented by proxy
appointing them at the Meeting (whether pursuant to old forms or
new forms) for the election to the Board of all of the 5 proposed
nominees, including Ms. Auld and Mr. Kim.
A copy of the Supplement, the amended notice of availability of
proxy materials and the form of proxy will be available on SEDAR at
www.sedar.com.
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF) (FRA:
JAM1), is a leader in cannabinoid-derived drug discovery and
development with a FDA and a Health Canada cleared clinical program
aimed at bringing novel prescription drugs and treatments to
patients and their healthcare providers. Our evidence-based
scientific approach has enabled us to develop a pipeline of
cannabinoid-based drug products for a range of medical conditions,
including pain, inflammation, and oncology. With patients at the
core of what we do, Tetra Bio-Pharma is focused on providing
rigorous scientific validation and safety data required for
inclusion into the existing biopharma industry by regulators,
physicians and insurance companies.
For more information visit: www.tetrabiopharma.com.
Forward-looking statements
Some statements in this release may contain forward-looking
information. All statements, other than of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding potential
acquisitions and financings) are forward-looking statements.
Forward-looking statements are generally identifiable by use of the
words "may", "will", "should", "continue", "expect", "anticipate",
"estimate", "believe", "intend", "plan" or "project" or the
negative of these words or other variations on these words or
comparable terminology. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company's ability to control or predict, that may cause the actual
results of the Company to differ materially from those discussed in
the forward-looking statements. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things, without limitation, the inability of
the Company to obtain sufficient financing to execute the Company's
business plan; competition; regulation and anticipated and
unanticipated costs and delays, the success of the Company's
research and development strategies, including the success of this
product or any other product, the applicability of the discoveries
made therein, the successful and timely completion and
uncertainties related to the regulatory process, the timing of
clinical trials, the timing and outcomes of regulatory or
intellectual property decisions and other risks disclosed in the
Company's public disclosure record on file with the relevant
securities regulatory authorities. Although the Company has
attempted to identify important factors that could cause actual
results or events to differ materially from those described in
forward-looking statements, there may be other factors that cause
results or events not to be as anticipated, estimated or intended.
Readers should not place undue reliance on forward-looking
statements. The forward-looking statements included in this news
release are made as of the date of this news release and the
Company does not undertake an obligation to publicly update such
forward-looking statements to reflect new information, subsequent
events or otherwise unless required by applicable securities
legislation.
SOURCE Tetra Bio-Pharma Inc.