Isotechnika Inc. Appoints Mary Ritchie To Its Board Of Directors
EDMONTON, Jan. 4 /PRNewswire-FirstCall/ - Isotechnika Inc. announced today the January 3, 2006 appointment of Mary C. Ritchie, F.C.A. to its Board of Directors. Ms. Ritchie is a member of the Canadian Institute of Chartered Accountants and a Fellow of the Institute of Chartered Accountants of Alberta. She is the Vice-Chairman of EPCOR Utilities Inc. and Chairman of the Audit Committees of RBC Funds Inc. and RBC Advisor Global Fund Inc., the Canada Pension Plan Investment Board and the Credit Union Deposit Guarantee Corporation. Ms. Ritchie is also a member of the Board of Directors of Industrial Alliance Ltd., a Quebec-based, national insurance company.
Additionally, Ms. Ritchie is a member of the University of Alberta Audit Committee and the Business Advisory Council for the University's Faculty of Business. She also sits on the Accounting Standards Oversight Council of the Canadian Institute of Chartered Accountants, which supports the setting of accounting standards domestically and contributes to the development of internationally accepted standards. In 1995, Ms. Ritchie received the YWCA Tribute to Women Award for her Community Service.
"We are extremely pleased that Ms. Ritchie, a highly respected individual in the investment community, has agreed to join our Board. She has extensive Board experience and also has the qualifications of a financial expert in both Canada and the U.S. Her extensive board experience will be beneficial to the Company in improving the Company's corporate governance. Having Mary join our Board moves us much closer to achieving an independent and more diversified Board that will take this Company to the next level," states Dr. Robert Foster, Executive Chairman of Isotechnika Inc.
"I am pleased to have been asked to join Isotechnika's Board," states Ms. Ritchie. "I find the prospect of working closely with an Edmonton based biotechnology company exciting. Moreover, I look forward to working with the other Board members and the dedicated management team of Isotechnika."
The Company has reached a settlement regarding the termination of Mr. Joseph Koziak. Pursuant to the settlement agreement, Mr. Koziak will receive a severance of approximately two years of base salary. The amount of the settlement reflects Mr. Koziak's years of service and senior level position held within the Company. As part of the settlement agreement Mr. Koziak resigned his position on the Board of Directors effective immediately.
Isotechnika Inc. is an international biopharmaceutical company headquartered in Edmonton, Alberta, Canada. Drawing upon its expertise in medicinal chemistry and immunology, the Company is focused on the discovery and development of novel immunosuppressive therapeutics that are safer than currently available treatments. Its entrepreneurial management and world-class team of scientists are building a pipeline of immunosuppressive drug candidates for treatment of autoimmune diseases and for use in the prevention of organ rejection in transplantation. Isotechnika looks to become the leader in development of immunosuppressant therapies.
Isotechnika's lead compound, ISA247 is an immunosuppressant currently in an extension protocol of a Canadian Phase III human clinical trial for the treatment of moderate to severe psoriasis. In addition, ISA247 has successfully completed a Phase IIa trial for kidney transplantation. The Company also has an additional immunosuppressive compound in its drug pipeline, TAFA93 which is in Phase I.
Isotechnika Inc. is a publicly traded company on the Toronto Stock Exchange under the symbol ISA. More information on Isotechnika can be found at www.isotechnika.com.
Isotechnika Inc. has a collaboration agreement with Hoffman La Roche which licensed the worldwide rights to develop and commercialize Isotechnika's novel molecule ISA247 for all transplant indications.
In addition, the Company has an exclusive worldwide licensing agreement with Atrium Medical Corporation for the use of ISA247 and TAFA93 specifically with drug eluting devices for the non-systemic treatment of vascular, cardiovascular, target vessel and tissue disorders.
This press release may contain forward-looking statements. Forward looking statements, including the Company's belief as to the potential of its products, the Company's expectations regarding the issuance of additional patents and the Company's ability to protect its intellectual property, involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the ability to economically manufacture its products, the potential of its products, the success and timely completion of clinical studies and trials, the Company's ability to successfully commercialize its products, the ability of the Company to defend its patents from infringement by third parties, and the risk that the Company's patents may be subsequently shown to be invalid or infringe the patents of others. Investors should consult the Company's quarterly and annual filings with the Canadian commissions for additional information on risks and uncertainties relating to the forward- looking statements. Investors are cautioned against placing undue reliance on forward-looking statements.Isotechnika Inc.
CONTACT: Dr. Robert Foster, Executive Chairman, Isotechnika Inc., (780)487-1600 (246), (780) 484-4105 (fax), firstname.lastname@example.org; Dr. RandallYatscoff, President & CEO, Isotechnika Inc., (780) 487-1600 (246), (780)484-4105 (fax), email@example.com; Archived images on thisorganization are searchable through CNW Photo Archive website athttp://photos.newswire.ca. Images are free to accredited members of themedia. To request a free copy of this organization's annual report, pleasego to http://www.newswire.ca and click on Tools for Investors.