VICTORIA, April 24, 2015 /CNW/ - T-Bird Pharma Inc.
(TSXV:TPI) ("T-Bird" or the "Company"), a
pharmaceutical company focused on developing premium quality
medical marijuana products and a licensed producer ("LP") to
cultivate marijuana under the Marihuana for Medical Purposes
Regulations (Canada) ("MMPR"), is
pleased to announce that it, together with certain of its
shareholders, has closed the transaction announced on March 11, 2015 with Medna Biosciences Inc.
("Medna"). Medna has acquired (the "Escrow Transfer") a total
of 20,156,790 common shares of T-Bird (45% of the Company's issued
shares) from five of its founding shareholders, including its
former CEO and CFO, at a price of $0.21 per share. This block of shares is
currently held in escrow and the shares have been transferred
within the escrow and remain bound by those terms and
conditions. The Escrow Transfer has been approved by the TSX
Venture Exchange.
The founder and Chairman of Medna and its largest shareholder,
Dr. Avtar Dhillon, has joined the
Board of T-Bird as Chairman along with Jim
Heppell, Director of Medna, and Punit Dhillon, currently CEO of OncoSec
Medical. David Raffa will
continue as a director of T-Bird but will step down as Chairman in
favour of Dr. Dhillon. In conjunction with the closing
Frank Barr, Dr. Essam Hamza and Dr. Bin Huang have resigned from
the board. Dr. Huang will remain as CEO of T-Bird.
"I am excited to have partnered with the T-Bird team and look
forward to advancing the business through our collaborative
efforts," said Dr.Dhillon. "My goal with T-Bird is to utilize
our experience and expertise in the pharmaceutical industry to
become a pre-eminent LP with expanded capabilities via cultivation
capacity and technology advancement."
About T-Bird and Thunderbird
T-Bird Pharma Inc. is the parent company of Thunderbird
Biomedical Inc., a wholly owned private subsidiary formed in
January, 2013. The principal activities of Thunderbird are
the production of marijuana from its Victoria, British Columbia production
facility, as regulated by the Marihuana for Medical Purposes
Regulations (Canada).
Thunderbird obtained a medical marijuana license to undertake the
production of medical marijuana in February
2014, being the fifth company in Canada to obtain such a license.
Thunderbird was acquired by T-Bird in September, 2013.
About Medna
Medna is a life science company focused on unlocking the medical
potential of cannabis through developing pharmaceutical drug
candidates from compounds derived from cannabis; creating natural
non-psychotropic extracts of cannabis as nutraceutical products;
designing proprietary strains of cannabis to treat specific medical
conditions; and carrying out clinical studies to determine the
efficacy and dosage of its pharmaceutical, nutraceutical and
cannabis products.
ON BEHALF OF THE BOARD
"David J. Raffa"
Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Certain statements in this press release constitute
forward-looking statements, within the meaning of applicable
securities laws. All statements that are not historical
facts, including without limitation, statements regarding future
estimates, plans, programs, forecasts, projections, objectives,
assumptions, expectations or beliefs of future performance, are
"forward-looking statements".
We caution you that such "forward-looking statements" involve
known and unknown risks and uncertainties that could cause actual
and future events to differ materially from those anticipated in
such statements.
Forward-looking statements include, but are not limited to,
statements with respect to commercial operations, including
production and sales of medical marijuana, anticipated revenues,
projected size of market, quantities of future medical marijuana
production, completion of production facilities and other
information that is based on forecasts of future results, estimates
of amounts not yet determinable and assumptions of management.
T-Bird Pharma Inc. (the "Company") does not intend, and does not
assume any obligation, to update these forward-looking statements
except as required by law. These forward-looking statements involve
risks and uncertainties relating to, among other things, results of
production and sale activities, the Company's historical experience
with medical marijuana operations, uninsured risks, regulatory
changes, availability of production facilities, timeliness of
government approvals and the granting of permits and licenses,
changes in prices, actual operating and financial performance of
facilities, equipment and processes relative to specifications and
expectations. Actual results may differ materially from those
expressed or implied by such forward-looking statements.
SOURCE T-Bird Pharma Inc.