TEL AVIV, Israel, Nov. 2, 2017 /PRNewswire/ -- Therapix Biosciences Ltd. (NASDAQ: TRPX) ("Therapix" or the "Company"), a specialty clinical-stage pharmaceutical company developing cannabinoid-based treatments, has appointed Ascher Shmulewitz, M.D., Ph.D., the Company's Chairman of the Board of Directors, to the role of Interim Chief Executive Officer (CEO), effective immediately.
The Company's Board of Directors and Audit Committee, as confirmed by yesterday's shareholder approval at its annual general meeting of shareholders, determined that authorizing Dr. Shmulewitz to serve as Interim CEO is currently the most effective leadership structure. As one of Therapix's key founding investors, Dr. Shmulewitz brings significant experience in cannabinoid-based medicine and has a well-established track record leading biopharmaceutical companies.
Dr. Shmulewitz commented, "I am pleased by the decision of the Board and shareholders to appoint me as Interim CEO and I look forward to the opportunities ahead. I believe that this Company's strong portfolio of therapeutic candidates for unmet needs is promising."
Dr. Shmulewitz has served as Chairman of Therapix since January 2014 and on the Company's Board of Directors since February 2013. He founded and invested in more than two dozen life science companies including NeoVision Corp., Labcoat Medical Ltd., Arteria Corp, Circulation Inc. and X-Cardia Inc., and led many of these companies to successful exits, including through merger and acquisition transactions with large life sciences companies.
Dr. Shmulewitz has vast venture capital experience investing in and managing dozens of companies and ventures. In 1995, he co-founded San Francisco Science and the Incumed Group, which provide seed funding. He is the founder of Medgenesis Partners Ltd., an Israeli private investment firm that has invested in more than a dozen ventures. He also previously held senior executive positions at Advanced Technology Laboratories Inc. from 1988 to 1992. Dr. Shmulewitz received an M.D. from The Technion American Medical School and a Ph.D. in engineering from Tel Aviv University in Israel.
About Therapix Biosciences:
Therapix Biosciences Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in two internal drug development programs based on repurposing an FDA approved synthetic cannabinoid (dronabinol): THX-110 targets the treatment of the symptoms of Tourette syndrome; and THX-130 targets the high-value and under-served market of mild cognitive impairments and Traumatic Brain Injury (TBI). Please visit our website for more information at www.therapixbio.com.
This press release contains forward-looking statements about the Company's expectations, beliefs, and intentions. Forward-looking statements can be identified by the use of forward-looking words such as "believe", "expect", "intend", "plan", "may", "should", "could", "might", "seek", "target", "will", "project", "forecast", "continue" or "anticipate" or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. Such forward-looking statements used in this press release include, among other things, references to the clinical and commercial potential of THX-OSA01 for the treatment of Obstructive Sleep Apnea. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, our ability to raise the additional funding needed to continue to pursue our business and product development plans, the inherent uncertainties associated with developing new products or technologies, our ability to obtain regulatory approval for our product candidates, our ability to commercialize our product candidates, competition in the industry in which we operate and overall market conditions. Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in Therapix Biosciences Ltd.'s annual report on Form 20-F dated May 1, 2017 filed with the SEC, which is available on the SEC's website, www.sec.gov.
For further information:
Josh Blacher, CFO, Therapix Biosciences, firstname.lastname@example.org
Therapix Biosciences Ltd.
For further information: +972-3-616-7055
Susan Forman, DGI
SOURCE Therapix Biosciences Ltd