PreveCeutical - Announces Incorporation of Australian Subsidiary to Support Ongoing Research Programs
Vancouver, British Columbia: PreveCeutical Medical Inc. (the “Company” or “PreveCeutical”) (CSE: PREV, OTCQB: PRVCF, FSE: 18H), announces the incorporation of its first Australian wholly-owned subsidiary, PreveCeutical (Australia) Pty Ltd, as part of an expansion of the Company’s business in Brisbane, Australia. PreveCeutical’s new Australian team, led by Director of International Operations, Dr. Maher Khaled, will work closely with the Company’s Chief Research Officer, Dr. Harry Parekh, to advance the development of the Company’s therapeutic technologies.
The decision to incorporate the Company’s first subsidiary in Australia was influenced by Australia’s strong foundation of academic and clinical research, as well as the Australian government’s commitment to supporting innovation through a range of programs and incentives. Such incentives include the research and development (R&D) tax incentive, whereby the Australian government encourages companies to engage in R&D benefiting Australia by providing a tax offset for eligible R&D activities. The current annual refundable tax offset under the program is 43.5%.
Commenting on the announcement, Dr. Khaled stated, “Establishing a business presence in Australia will allow PreveCeutical to better access expertise and partnerships for its drug development programs. Many specialized Australian hospitals have strong clinical trial capabilities as well as the diverse patient populations needed for the range of products PreveCeutical is currently developing. Combined with Australia’s favourable regulatory regime for clinical trials, these benefits make Australia an attractive location for product development in preparation for commercialisation through the Company’s established North American networks”.
Australian Subsidiary Team
Management of the Company’s Australian subsidiary includes the following individuals:
Stephen Van Deventer – Chairman and Director
Mr. Van Deventer is an experienced businessman and corporate director. Specialising in international corporate relations and business development over the last twenty-five years, Mr. Van Deventer has focused on launching small to medium-sized companies into the public markets in Canada, the United States and Europe. He has also owned and operated private businesses.
Maher Khaled – PhD, LLB, BSc – Chief Executive Officer, Secretary and Director
Dr. Khaled has spent over a decade commercializing therapeutic and diagnostic technologies developed at the University of Queensland and the University of Cambridge, United Kingdom, while working at UniQuest Pty Ltd. Prior to his work at UniQuest, Dr. Khaled was an investment manager at Cambridge Enterprise Seed Funds. While at Cambridge, Dr. Khaled directed the investment ofseed capital in start-up companies, and in some of which also held directorships. He also advised pharmaceutical and medical device companies on strategic and operational issues while working at McKinsey & Company’s London office. Dr. Khaled holds a PhD in Biotechnology, as well as a Bachelor of Laws (LLB) and a BSc in Biomedical Science, all from the University of Queensland. Dr. Khaled is an admitted solicitor of the Supreme Court of Queensland.
Kimberly Van Deventer – Director
Ms. Van Deventer is an entrepreneur with a successful track record of accomplishment that she has brought to PreveCeutical. Motivated and determined, she was ranked the third highest grossing female business owner in British Columbia, Canada in 2009. Ms. Van Deventer is a driving force behind PreveCeutical and unwavering in her commitment to raising awareness about health and disease prevention.
Shabira Rajan, MBA, CPA, CGA – Chief Financial Officer
Ms. Rajan is a senior financial executive with over 20 years of experience, leading the financial discipline for successful businesses in both private and public sectors. She has a track record of providing leadership for strategic value creation and continuous improvement, as well as providing effective direction to organisations on issues relating to corporate governance, financial oversight and risk management. One of her past leadership roles was that of Director of Finance at Canada Line Rapid Transit Inc., which planned and constructed a $2 billion rapid transit system in metro-Vancouver, on time and within budget.
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; the Sol-gel Program; Nature Identical™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
PreveCeutical sells CELLB9®, an Immune System Booster. CELLB9® is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide obtained from Caribbean Blue Scorpion venom. This product is available on the Company’s website.
On Behalf of the Board of Directors
“Stephen Van Deventer”
Chairman & CEO
For further information, please contact:
Director of Corporate Communications & Investor Relations
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future including the Company’s anticipated business plans, and the prospect of its ability and success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “schedules”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including Canadian Securities Exchange acceptance of any planned future activities, commercialise therapeutic and diagnostic technologies, pursue business partnerships, complete its research programs as planned, qualify for government tax benefits or programs and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology or pharmaceutical industry, may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although the Company believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time. These reports and the Company’s filings are available at www.sedar.com.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.