WOODBRIDGE, ON, May 14, 2014 /PRNewswire/ - Pivotal Therapeutics
Inc. (OTCQX:PVTTF)(CSE:PVO) ("Pivotal" or "the Company"), a
specialty pharmaceutical company with a focus on Omega-3 therapies
for cardiovascular disease and overall health, today announced
changes to its Board designed to increase its independence and
enhance Pivotal's corporate governance at this stage of the
Company's development.
Dr. Jackowski has stepped down as Chairman of Pivotal
Therapeutics Inc. effective May 13,
2014 but remains a director and the Chief Scientific Officer
of the Company and will continue to leverage his wealth of
experience and contacts in the biotechnology and pharmaceutical
industry to advance Pivotal's clinical, R&D and business
development activities.
John S. Gebhardt, an independent
director of the Company, has been appointed as non-executive
Chairman to fill the vacancy. A member of Pivotal's Board of
Directors since 2011, Mr. Gebhardt has over thirty years of
experience in the financial and securities industry. A former
Managing Director at Knight Capital Group, Mr. Gebhardt also worked
at PaineWebber for over 20 years where he was a Managing Director,
prior to it becoming part of UBS Financial Services. Mr.
Gebhardt has also been involved in extensive public service serving
on a public school board for 12 years and currently serving on the
Board of Directors of both his county's Boys & Girls Clubs, as
well as the Educational Foundation of Osceola County, and is currently serving as an
elected public official in the State of
Florida.
Dr. Jackowski commented, "On behalf of my fellow directors, I
would like to congratulate John on his appointment as Chairman. The
Company has benefited from his insights and guidance over the years
and we look forward to continuing to work closely with him on the
Board. We believe that this recent change demonstrates that
management and the Board continues to act in the best interest of
shareholders and other stakeholders."
About Pivotal Therapeutics Inc.
Pivotal Therapeutics is a publicly traded (OTCQX:PVTTF)(CSE:PVO)
specialty pharmaceutical company with a focus on cardiovascular
disease and overall health. Pivotal Therapeutics' lead product
VASCAZEN® is a prescription only medical food
formulated to meet the dietary Omega-3 deficient needs of patients
with cardiovascular disease through elevating Eicosapentaenoic acid
(EPA) and Docosahexaenoic acid (DHA) to levels associated with
reduced risk of cardiovascular complications.
OMAZEN® is a pharmaceutical grade Omega-3
providing over 90% pure Omega-3 in each capsule for the maintenance
of good health. OMAZEN® is a patented product
available for sale and distribution in Canada
About VASCAZEN®
VASCAZEN® is currently available in the U.S.
as a prescription only medical food specifically formulated for the
dietary management of an Omega-3 deficiency in cardiovascular
patients. VASCAZEN® is a >90% pure Omega-3
with a proprietary 6:1 EPA:DHA fatty acid formulation, protected by
a series of both U.S. and foreign patents.
VASCAZEN® has been clinically shown to correct
an Omega-3 deficiency within eight weeks of treatment with positive
concomitant effects on the lipid profiles, mainly a 48% reduction
of triglycerides and an increase of HDL without negative impact on
the LDL-C lipid profile. VASCAZEN®'s
results were achieved with a dose of 3 grams of EPA and DHA per day
of a prescription grade, high purity Omega-3.
Disclosure Notice
The information
contained in this document is as of May 14,
2014. This press release contains forward-looking
statements. Such forward-looking statements are subject to a number
of risks, assumptions and uncertainties that could cause Pivotal's
actual results to differ materially from those projected in such
forward-looking statements. These statements can be identified by
the use of words such as "will", "anticipate", "estimate",
"expect", "project", "forecast", "intend", "plan", "believe",
"project", "potential", and similar expressions with any discussion
of future operating or financial performance or events. In
particular, factors that could cause actual results to differ
materially from those in forward looking statements include the
following: Pivotal's inability to obtain additional financing on
acceptable terms; growth in costs and expenses; inability to
compete with others who provide comparable products; risk that the
Company's products will not gain widespread market acceptance;
risks relating to the Company's ability to maintain its CSE
listing. Forward-looking statements speak only as of the date made
and are not guarantees of future performance. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements contained in this document as a result
of new information or future events or developments. CSE has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this information.
SOURCE Pivotal Therapeutics Inc.