EDMONTON, July 3 /CNW/ - CardioMetabolics(TM) Inc. (the "Company"),
announced today that at its Annual and Special Meeting of Shareholders held on
June 27, 2008, its shareholders approved a change in the Company's name to
Valens Pharma Ltd. All matters put before the shareholders at the meeting were
approved including the reappointment of the Company's Board of Directors, Dr.
David Cox, Colin Eicher, Dr. Larry Ohlhauser, Yves Rosconi and Dr. Randall
Yatscoff, Edward Taylor.
"The change in our name to Valens Pharma Ltd. is symbolically meant to
reflect the strength, power and health of our maturing clinical and corporate
fundamentals and literally demonstrates the work of our team to prepare for
the potential transition of the Company to a public entity. With the
enrollment completed in our voluntary Phase II trial of DCA i.v. in high risk
geriatric patients undergoing open heart surgery, we expect to receive
top-line data from this trial during the third quarter of 2008," said Kimmo
Lucas, President and CEO of Valens Pharma Ltd. "On behalf of the Company, I
would also like to extend our appreciation to Mr. Hladyshevsky, Q.C., former
Board Director, for his contribution to Valens during his tenure on the board.
His counsel and expertise were extremely valuable as we advanced our corporate
About Valens Pharma Ltd.
Edmonton-based Valens Pharma Ltd. is a privately held, late-stage,
biopharmaceutical company focused on commercializing drug product candidates
in the novel class of energy metabolism agents, referred to as PDK blockers.
Valens' technology is focused on metabolic modulation, through the use of
dichloroacetate (DCA) and related compounds, which improve energy production
by favouring glucose metabolism. "DCA i.v." is the late stage anchor product
in the PDK Blocker platform which includes earlier stage compounds that target
the treatment of cardiovascular disease, and related metabolic conditions
(e.g., diabetes). Cardiovascular disease is the "number one" cause of death in
North America, and each year in the United States alone, over 650,000 open
heart surgeries are conducted.
This news release may contain forward-looking statements, including
statements regarding the business and anticipated financial performance of
Valens Pharma Ltd. Forward looking statements involve risks and uncertainties
related to our business and the general economic environment, many beyond our
control. These risks, uncertainties and other factors could cause our actual
results to be materially different. Some of the factors that could cause such
differences include exchange rate fluctuations, market demand for our products
and services, the general state of the economy, our ability to execute
projects and deliver solutions, our ability to retain and attract qualified
employees and contain payroll expenses, the availability of credit lines and
future financing, legal claims, the results of our scientific research, in
particular the results of clinical trials, our ability to obtain necessary
regulatory approvals to continue or initiate further or future clinical
trials, and other factors.
For further information: Valens Pharma Ltd., Debbra DeMarco, Director of
Investor Relations, Phone: (780) 438-2813 ext. 223, Fax: (780) 438-2874,
E-mail: firstname.lastname@example.org, Internet: http://valenspharma.com; Investor
Relations, Ross Marshall, The Equicom Group Inc., Phone: (416) 815-0700 (Ext.
238), Fax: (416) 815-0080, E-mail: email@example.com