WOODBRIDGE, ON, Sept. 8, 2014 /CNW/ - 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 ("CVD") and overall health, today announced the appointment of Prakash Gowd as the Company's Chief Financial Officer. Mr. Gowd succeeds Eugene Bortoluzzi, who will remain Pivotal's Chief Executive Officer.
In addition to having an impressive track record as one of Canada's leading healthcare equity research analysts and investment bankers, Mr. Gowd has an accomplished history of operations, finance, sales and marketing, business development and general management success within the pharmaceuticals and life sciences industries. He joins Pivotal from a leading Canadian investment bank, where he served as a Managing Director in the firm's healthcare investment banking unit. Among his earlier achievements, Mr. Gowd was a top-ranked equity research analyst at two national investment firms, managed the planning of new product and commercial development at a major pharmaceutical company and served as a Managing Director at a well-known strategic advisory firm working with major pharmaceutical companies. Mr. Gowd has been the Audit Chair and a director of a public drug developer and also as the CEO of a private drug discovery company.
"Prakash is ideally qualified to help us effectively manage our resources and sharpen the execution of our growth strategy," said John Gebhardt, Chairman of Pivotal's Board. "Prakash's unique mix of senior capital markets and healthcare industry experience brings an important depth of knowledge to Pivotal's management team, and we are very pleased to have attracted an executive of his caliber to this important position."
Mr. Gowd said, "Pivotal is well-positioned for strong growth as a leader in the emerging medical foods industry. I am incredibly energized by this opportunity and look forward to contributing to the Company's success and to building shareholder value."
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.
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, uniquely formulated Omega-3.
The information contained in this document is as of September 8, 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. The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this information.
SOURCE: Pivotal Therapeutics Inc.
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