BURNABY, BC, Nov. 29 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. today announced that Mr. David Barr has been appointed to its Board of Directors.
“We are very pleased to welcome Mr. Barr to Chromos’ board of directors,” said Darrell Elliott, Chairman and Director of Chromos. “David’s extensive experience in helping companies achieve their potential, will bring immediate value to strategic planning at the Board level.”
Mr. Barr is currently the CFO and Investment Manager of PenderFund Capital Management Ltd. PenderFund is a shareholder of Chromos and a participant in the recent bridge loan financing. “I look forward to working with management in achieving the Company’s strategic goals including building upon the significant progress being made in the cell line engineering business,” said Mr. Barr. “Recent achievements, including first in class productivity data and signing Y’s Therapeutics, Inc. as a new customer, provides Chromos with the foundation to build near term shareholder value by securing additional engineering cell lines contracts and licensing agreements for the manufacture of biopharmaceuticals including monoclonal antibodies.”
Mr. Barr joined PenderFund Capital in 2000. Previously, he worked as a consultant to emerging technology companies, assisting them in the development of strategic and financing plans. Mr. Barr holds a BSc Degree (Cell Biology and Genetics) from the University of British Columbia and an MBA (Finance & Strategic Management) from Schulich School of Business at York University. He is a CFA charterholder and a member of the CFA Institute.
This appointment brings the number of directors on the Board to five.
Chromos is a biopharmaceutical company with two drug development programs focused on inflammatory diseases and thrombotic disorders. The Company’s lead program, CHR-1103, is a humanized monoclonal antibody being developed as a treatment for acute relapses associated with multiple sclerosis. Chromos generates revenue from its proprietary ACE System technology to engineer production quality cell lines to manufacture biopharmaceutical products including monoclonal antibodies. For more information visit our website at www.chromos.com.
Risks and Uncertainties
Certain of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Chromos (the “Company”), or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
To the extent possible, management implements strategies to reduce or mitigate the risks and uncertainties associated with the Company’s operations. Operating risks include (i) the continued availability of capital to finance the Company’s activities; (ii) the Company’s limited cash position, (iii) the ability to successfully obtain proof of the effectiveness of the Company’s technology (iv) the ability to complete and maintain corporate alliances relating to the development and commercialization of the Company’s technology; (v) the ability to obtain and enforce patent and other intellectual property protection for the Company’s technology; (vi) market acceptance of the Company’s technology; (vii) the competitive environment and impact of technological change; (viii) the Company’s ability to attract and retain employees to carry out its business plans; (ix) the timely development and commercialization of any technology or products that are contingent on the completion and maintenance of corporate alliances with third parties and (x) regulatory approval for the conversion of the outstanding Notes. Further details on Chromos’ operating risks can be found in the Company’s Quarterly and Annual Reports to Shareholders.
CONTACT: Jeff Charpentier, Vice President, Finance and CFO, Tel: (604) 415-7132, Email: jcharpentier@chromos.com, Website: www.chromos.com
Chromos Molecular Systems Inc.
CONTACT: Jeff Charpentier, Vice President, Finance and CFO, Tel: (604)415-7132, Email: jcharpentier@chromos.com, Website: www.chromos.com
