WOODBRIDGE, ON, May 14, 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 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
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.
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.
For further information: Company Contacts: Rachelle MacSweeney, President and Chief Operating Officer, Phone: 905-856-9797, E-Mail: [email protected]; Kristine DiMatteo, Communications and Public Relations Manager, Phone: 905-856-9797 ext. 231, E-Mail: [email protected]