Appointment of Philip Young as CEO and director adds a seasoned executive with a track record of new device and therapeutics development, FDA/regulatory approvals, capital markets, M&A and operational success
Lobe Sciences Ltd (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce the appointment of Mr. Philip J. Young as Chief Executive Officer, Corporate Secretary and a director of the Company, effective January 15, 2021. Mr. Young replaces Thomas Baird, who resigned as CEO as of the same date.
Philip Young is an accomplished CEO and innovative professional with 25 years of expertise in senior executive management and board roles, with significant mergers and acquisitions and equity financing experience. He has a proven track record in the biotech, medtech and pharmaceutical industries with expertise in dealing with FDA/regulatory frameworks as well as new device and therapeutics development. From 2015 until 2019, Mr. Young was the Founder, Chairman, and CEO of Exactus Inc. (“Exactus“), an OTCQB listed company he successfully transitioned from a medical technology company to a farming focused hemp-derived CBD company.
Prior to Exactus, Mr. Young was the president, CEO, and Director of AmpliPhi Biosciences Corp. (now Armata Pharmaceuticals Inc.), a global biopharmaceutical company. He was also previously the President, CEO and a director of Osteologix Inc., where he was responsible for directing and managing all facets of the global pharmaceutical development company. He is the former Chief Business Officer and Executive Vice President of Insmed Inc., where he directed all financing, corporate and commercial communications activities. Prior thereto, he was the Vice President and General Manager of Neurex Corp., where he was involved with the negotiations for its US$700 million acquisition by Elan Corporation. Mr. Young holds a Bachelor’s of Science from James Madison University.
Jonathan Gilbert, Executive Chairman of Lobe, states, “We are very pleased to have Philip join our Lobe executive team. His addition is the latest in our strategy to strengthen our overall team, including recent additions to our industry renowned research and development partner, our board of directors and strategic advisors. Phil brings a wealth of experience in building companies, developing therapeutics and creating shareholder value, which is expected to support our current focus on advancing Lobe’s proprietary nasal device, furthering our pre-clinical study with the University of Miami and growing the Company through M&A. He has a demonstrated track record of senior leadership skills, capital markets acumen and FDA and regulatory experience. We will leverage these attributes as we progress with our nasal mist device engineering and overall therapeutics development initiatives involving psychedelic medicine. We are excited by his commitment to achieve the Company’s key strategic priorities.”
Philip Young states, “I look forward to working closely with Lobe’s board and executive team to grow the Company. I see great potential in the Company in this exciting and evolving industry where I can utilize both my therapeutics development/regulatory expertise and M&A experience to add value. We plan on continuing to build on Lobe’s progress made to date, in particular on the nasal device engineering and pre-clinical study with the University of Miami, as well as actively pursuing other M&A growth objectives.”
The Company also announces the grant of stock options to certain directors, officers and consultants to purchase an aggregate of 7,400,000 common shares, at a price of $0.15 per share for three years from the date of grant in accordance with and subject to the terms of Lobe’s stock option plan. 2,000,000 of the stock options are subject to vesting provisions, with 12.5% of such options vesting on the date of grant and 12.5% every quarter thereafter.
About Lobe Sciences Ltd.
Lobe is a growth-oriented research, technology & services company that provides financial, management, IP and branding support to businesses. The Company operates a portfolio of companies focused on developing transformational medicines and applies refined strategies to help partner companies reach their full potential. Based in Vancouver, BC, Lobe Sciences creates value through acquisitions and development of assets, products and technologies by leveraging its scientific, engineering, branding and operational expertise supported by strong capital markets acumen.
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Disclaimer for Forward Looking Statements
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this release, including statements regarding the future plans and objectives of the Company, progression with nasal mist device engineering and overall therapeutics development initiatives involving psychedelic medicine, the pursuit of M&A initiatives, creating shareholder value and growth of the business, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Readers are cautioned that assumptions used in the preparation of the forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including changes to the regulatory environment; and that the current Board and management may not be able to attain the Company’s corporate goals and objectives. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made only as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as expressly required by applicable Canadian securities laws.
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Meanwhile, two longstanding cannabis partners ended their relationship.
Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development
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HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.
DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.