EDMONTON, Nov. 3 /PRNewswire-FirstCall/ - Isotechnika Inc. announced today that effective immediately the Company will separate the position of Chairman and Chief Executive Officer, currently held by Dr. Robert Foster and reduce the number of insiders on the Board of Directors.
Effective immediately, Dr. Foster is resigning as Chief Executive Officer and will take on the position of Executive Chairman. Dr. Randall Yatscoff will assume the position of Chief Executive Officer and President. “In keeping with good corporate governance, we feel it is important to establish a clear distinction between the executive team and the Board of Directors,” stated Dr. Foster. “We believe these changes will clarify the board governance and management functions and in turn strengthen each function as the Company evolves. After more than 12 years as CEO of Isotechnika, I am extremely pleased that Dr. Yatscoff has agreed to take over this important executive position. Dr. Yatscoff brings over 16 years academic experience in immunosuppression and over 10 years biotechnology experience to our company. Having Dr. Yatscoff assume this role is a natural transition process. I am pleased to be able to focus my time on Board issues and continue working with the executive group.”
In assuming the position of Chief Executive Officer and President, Dr. Yatscoff will resign from his position on the Board of Directors upon the appointment of a suitable replacement. It is anticipated that this will occur prior to the year end. “We believe these are positive changes for the Company,” stated Dr. Yatscoff. “These new roles will create a more independent board and reinforce the accountability of the executive team to the Board of Directors for the day to day operations of the Company.”
About Isotechnika
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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.
Forward-Looking Statements
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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), rfoster@isotechnika.com; StephanieGillis-Paulgaard, Senior Manager, Corporate Communications, IsotechnikaInc., (780) 487-1600 (243), (780) 484-4105 (fax),sgillis-paulgaard@isotechnika.com; To request a free copy of thisorganization’s annual report, please go to http://www.newswire.ca and clickon Tools for Investors.
