Westcot Ventures Corp. Announces Name Change to “WPD Pharmaceuticals Inc.”
14 Janvier 2020 - 11:00AM
Westcot Ventures Corp (CSE: WBIO) (the “
Company”),
a clinical stage pharmaceutical company, announces that it has
changed its name from “Westcot Ventures Corp.” to “WPD
Pharmaceuticals Inc.” (“
WPD”) effective
today.
Trading of the Company's common shares will
resume under the new name and under the same ticker symbol “WBIO”
as of market open January 14, 2020. The new CUSIP will be 92941F105
and the new ISIN number will be CA92941F1053.
The name “WPD” was created through combining the
names of Dr. Waldemar Priebe and
Dr. Waldemar Debinski, each of whom are highly
accomplished translational scientists and inventors of the 101, 102
and 103 compounds in WPD’s portfolio. Dr. Priebe is a
world-renowned medicinal chemist and entrepreneur and, most
notably, one of the founding scientists of
Reata Pharmaceuticals, Inc., a leading Nasdaq-listed
pharmaceutical company with a market capitalization of over US$5
Billion. Dr. Priebe is the founder or founding scientist of
6 other pharmaceutical companies, and led the research of
WPD’s license partner CNS Pharmaceuticals Inc. in developing its
lead drug candidate, Berubicin. Dr. Debinski is an
internationally recognized leader in targeted cytotoxic
therapies and holds 25 patents on various
therapeutics and other cancer-fighting approaches. Dr.
Debinski’s patents include a drug candidate that uses specific
molecular targets to treat glioblastoma, an incurable primary
brain tumor, while being less toxic than radiation and
chemotherapy and less invasive than surgery.
In connection with its name change, WPD is proud
to announce that it has launched a new website,
www.wpdpharmaceuticals.com
“We are grateful for the experience
and guidance we have received from Dr. Priebe, who
has been instrumental in the development of WPD so far,
and are happy to welcome Dr. Debinski to our
Scientific Advisory Board,”
commented WPD’s CEO,
Mariusz Oleniczak. “We are strongly positioned for
growth with a world class management and advisory team,
an advanced drug portfolio, a tight
capital structure and we are fully funded
for 2020. I am proud of the work the team has put in to
date, and look forward to an exciting future.”
Stock Option Grant
The Company also announces that it has granted
5.6 million options today to purchase common shares of the Company
(the “Options”) to employees, management, officers
and consultants of the Company. As WPD continues to grow, the
Company intends to continue incentivising its long-term
contributors for their dedication and loyalty to the growth of the
business.
In accordance with the Company’s stock option
plan, each Option will be issued an exercisable at $0.86 and has a
term of five years. The Options vesting schedule is as follows:
- 25% will vest on the date that is 4 months after the grant
date;
- a further 25% will vest on the date that is 7 months after the
grant date;
- a further 25% will vest on the date that is 10 months after the
grant date; and
- the remaining 25% will vest on the date that is one year after
the grant date.
About WPD Pharmaceuticals
WPD is a biotechnology research and development
company with a focus on oncology, namely research and development
of medicinal products involving biological compounds and small
molecules. WPD has 8 novel drug candidates with 4 that are in
clinical development stage and 4 in pre-clinical development. These
drug candidates were researched at institutions including MD
Anderson Cancer Center, Mayo Clinic and Emory University, and WPD
currently has ongoing collaborations with Wake Forest University
and leading hospitals and academic centers in Poland.
WPD has entered into license agreements with
Wake Forest University Health Sciences and sublicense agreements
with Moleculin Biotech Inc. and CNS Pharmaceuticals, Inc.,
respectively, each of which grant WPD an exclusive, royalty-bearing
sublicense to certain technologies of the licensor. Such agreements
provide WPD with certain research, development, manufacturing and
sales rights, among other things.
On Behalf of the Board
‘Mariusz Olejniczak’
Mariusz OlejniczakCEO, WDP Pharmaceuticals
Inc.
Contact:
Investor Relations
Email: |
investors@wpdpharmaceuticals.com |
Tel: |
604-428-7050 |
Web: |
www.wpdpharmaceuticals.com |
Cautionary Statements:
Neither the Canadian Securities Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking
statements. Forward-looking statements are statements that
contemplate activities, events or developments that the Company
anticipates will or may occur in the future. Forward-looking
statements in this press release include those regarding the
anticipated vesting dates of the Options and the Company’s plan to
continue to work closely with Wake Forest University on the IB-13
and Ephrine technology platforms. These forward-looking
statements reflect the Company’s current expectations based on
information currently available to management and are subject to a
number of risks and uncertainties that may cause outcomes to differ
materially from those projected. Readers should refer to the
risk disclosure included from time-to-time in the documents the
Company files on SEDAR, available at www.sedar.com. Although
the Company believes that the assumptions inherent in these
forward-looking statements are reasonable, they are not guarantees
of future performance and, accordingly, they should not be relied
upon and there can be no assurance that any of them will prove to
be accurate. Finally, these forward-looking statements are
made as of the date of this press release and the Company assumes
no obligation to update them except as required by applicable
law.
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