Cotinga Pharmaceuticals Announces Management and Board Changes
02 Juillet 2018 - 10:30PM
Cotinga Pharmaceuticals Inc. (TSX Venture:COT)
(OTCQB:COTQF)
(“Cotinga” or the “Company”), a
clinical-stage pharmaceutical company advancing a pipeline of
targeted therapies for the treatment of cancer, today announced the
appointment of Victor Hugo as Chief Financial Officer (CFO),
effective July 20, 2018, and the appointment of J. Matthew Bond as
a member of the Board of Directors and Chairman of the Audit
Committee, effective July 1, 2018. Mr. Hugo will succeed Gene
Kelly, who has served as Cotinga’s CFO since 2006. Mr. Bond will
succeed Douglas Alexander, who has served as a member of the Board
of Directors and Chairman of the Audit Committee since 2008.
Victor Hugo brings more than 20 years of
experience in finance and accounting including CFO experience with
public companies. Victor will have responsibility for accounting,
budgeting and reporting. Victor holds a B.Com. in Accounting from
Potchefstroom University. He is also a Certified Public Accountant
and Certified Management Accountant.
Matt Bond brings more than 30 years of
experience in finance and accounting. Most recently, Matt served as
CFO for Bracket Global LLC, a clinical trial specialty services
provider. Before that, he served as CFO for Aptiv Solutions, Inc
and PRA International, Inc. Matt also spent more than a decade with
Arthur Anderson, LLP. Matt holds a BS in Business from Wake
Forest University and is also a Certified Public Accountant.
“Victor and Matt are seasoned executives with
extensive experience in finance and accounting, and we are pleased
to welcome them to the team here at Cotinga,” said Alison Silva,
President and Chief Executive Officer. “We would like to thank both
Gene and Douglas for their leadership, service and contributions to
the Company. Due in large part to their efforts, we remain
well-positioned to continue advancing lead compound COTI-2 in our
ongoing Phase 1b/2a clinical trial.”
The Company awarded 119,100 stock options under
the terms of its Stock Option Plan in respect of these
appointments. The stock options are exercisable for common shares
of the Company for a period of five-years at an exercise price of
$0.50 per share, representing the closing price of the Company’s
common shares on the TSX Venture Exchange on June 28, 2018, the
last trading day prior to the grant date. The options will vest as
follows: for Mr. Hugo, in equal amounts at the end of each quarter
during the first year following the grant date; for Mr. Bond, in
equal amounts on September 18, 2018 and December 19, 2018,
consistent with the vesting schedule in effect for the stock
options granted to Directors’ on December 20, 2017.
About Cotinga Pharmaceuticals
Inc.
Cotinga Pharmaceuticals is a clinical-stage
pharmaceutical company that uses proprietary artificial
intelligence technologies to pursue a targeted and transformational
approach to treating cancer and other unmet medical needs.
Cotinga’s CHEMSAS® technology is intended to accelerate the
discovery and development of novel drug therapies, allowing the
Company to build a pipeline of potential drug candidates faster and
with a higher probability of success than traditional methods.
The Company’s lead compound, COTI‐2, has a novel
p53‐dependent mechanism of action with selective and potent
anti‐cancer activity. P53 mutations occur in over 50% of all
cancers. COTI‐2 is initially being evaluated in combination
with various standard of care chemotherapy regimens for the
treatment of a wide spectrum of cancers in a Phase 1b/2a clinical
trial at the MD Anderson Cancer Center at the University of Texas
and the Lurie Cancer Center at Northwestern University. The Company
has secured orphan drug status in the United States for COTI‐2 for
the treatment of ovarian cancer. Preclinical data suggests that
COTI-2 could dramatically improve the treatment of cancers with
mutations in the p53 gene.
The Company’s second lead compound, COTI-219, is
a novel oral small molecule compound targeting the mutant forms of
KRAS without inhibiting normal KRAS function. KRAS mutations occur
in up to 30% of all cancers and represent a tremendous unmet
clinical need and a desirable drug target. COTI-219 is undergoing
IND-enabling studies to support a regulatory submission.
Follow @CotingaPharma on Twitter at
http://twitter.com/CotingaPharma.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
For more information, visit http://www.cotingapharma.com/ or
contact:
Alison SilvaPresident and CEOTel:
1-800-798-6860Email: asilva@cotingapharma.com
Notice to Readers:
Information contained in this press release may
contain certain statements which constitute “forward-looking
statements” as such term is defined under applicable securities
laws. Forward‐looking statements by their nature are not guarantees
of future performance and are based upon management’s current
expectations, estimates, projections and assumptions. For example,
“We remain well-positioned to continue advancing lead compound
COTI-2 in our ongoing Phase 1b/2a clinical trial…” is a
forward-looking statement. Cotinga operates in a highly competitive
environment that involves significant risks and uncertainties,
which could cause actual results to differ materially from those
anticipated in these forward‐looking statements. Management of
Cotinga considers the assumptions on which these forward‐looking
statements are based to be reasonable, but as a result of the many
risk factors, cautions the reader that actual results could differ
materially from those expressed or implied in these forward-looking
statements. Information in this press release should be considered
accurate only as of the date of the release and may be superseded
by more recent information disclosed in later press releases,
filings with the securities regulatory authorities or otherwise.
Except as required by law, Cotinga assumes no obligation to update
forward-looking statements should circumstances or management's
expectations, estimates, projections and assumptions change.
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