PharmaDrug Enters into Employment Agreement with Dr. Paul Van Slyke and Grants Him Options and Promotes Him to Chief Scientific Officer for All of Pharmadrug
Toronto, Ontario--(Newsfile Corp. - May 13, 2021) - PharmaDrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF) ("PharmaDrug" or the "Company"), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs, is pleased to announce that it has entered into an employment agreement with Dr. Paul Van Slyke and promoted him to Chief Scientific Officer (CSO) for all of PharmaDrug Inc.
As part of the employment agreement, and pursuant to the terms and conditions of the Company's stock option plan, the PharmaDrug Board of Directors has approved the grant of 2,000,000 stock options to Paul Van Slyke. The options expire five years from the date of grant and are exercisable at a price of $0.09 per common share. 500,000 of the options vest immediately and 1,500,000 of the options vest in one half increments after 6 months and 12 months.
Paul previously served as CSO of Sairiyo Therapeutics on a consultancy basis. Given all of the advancements in the company's Cepharanthine activities and the quickly evolving DMT strategy, the Board of Directors felt Paul's attention was needed on an exclusive and full-time basis. The Board of Directors is also extremely impressed with Paul's business acumen and believes he can play a positive role in PharmaDrug's other divisions where he can contribute to product expansion and development.
Dr. Van Slyke is an entrepreneur-scientist with 18 granted and filed patents, and most recently co-founder and former CSO of Vasomune, a clinical stage Canadian biotech company. Paul brings to PharmaDrug a breadth of experience in preclinical and IND-enabling activities. Having completed his PhD at the University of Toronto, Department of Medical Biophyics, Paul brings exercises a multidisciplinary approach to developing market ready solutions to foundational biological questions. Paul's previous research interests are broad and complementary to those of PharmaDrug; spanning a number of clinical indications including acute respiratory distress syndrome, acute kidney injury, vascular inflammatory disease, sepsis and oncology.
"We are extremely excited to have Paul join the company on a full-time basis. We also believe Paul will add tremendous value as a C-suite executive as he gets involved in both Super Smart and PharmaDrug Production in Germany" said Daniel Cohen, CEO of PharmaDrug. "We look forward to Paul continuing to grow with PharmaDrug while he helps build out our team as we evolve in all facets of the Company."
"I am delighted to take on the role of CSO at PharmaDrug and look forward to working collaboratively with the world-class team of leaders and innovators. The Company's diversified business model spans multiple key verticals including traditional pharma, medical cannabis, and the burgeoning field of psychedelics. This is an exciting opportunity to represent and grow Canadian biotech globally" says Dr. Van Slyke.
About PharmaDrug Inc.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs. The Company owns 80% of Pharmadrug Production GmbH, a German medical cannabis distributor, with a Schedule I European Union narcotics license and German EuGMP certification allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the EU. The Company also owns 100% of Super Smart, a Dutch company building a modern adult use psychedelic retail business with an elevated and educational focus. PharmaDrug recently acquired Sairiyo Therapeutics, a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through regulatory and research driven clinical trials.
For further information, please contact:
Daniel Cohen, Chairman and CEO
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to locate additional supply of medical cannabis, owning interests in companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history, reliance on management, requirements for additional financing, competition, hindering market growth; regulatory and political change. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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