EDMONTON, Alberta, Jan. 6, 2012 (GLOBE NEWSWIRE) -- Isotechnika Pharma Inc. (TSX:ISA) ("Isotechnika" or the "Company") announced today a number of changes to its senior management and Board of Directors.
Mr. Daniel Park has resigned as Chief Business Officer. He remains a Director of the Company. Mr. Park currently serves as Executive Vice-President of ILJIN Life Science Co., Ltd. ("ILJIN"), Isotechnika's second largest shareholder. In that capacity, he has verbally informed Isotechnika's Board of Directors that ILJIN is planning to "increase their level of control within the Company." In order to avoid any conflict of interest that may arise as a result of this discussion, in addition to resigning from his executive position with Isotechnika, Mr. Park has committed not to participate in any Board discussions related to ILJIN, including the contemplated verbal proposal and/or other strategic alternatives that the Board may consider.
In connection with this verbal proposal and Mr. Park's resulting resignation, Dr. Robert Foster has relinquished the title of Chairman of the Board to Dr. Peter Wijngaard of Duggingen, Switzerland. Dr. Foster remains Chief Executive Officer and a Director of the Company. This change is designed to allow Dr. Foster to continue to focus firmly on Phase 3 development activities of the Company's leading product candidate, voclosporin, for the prevention of kidney transplant rejection, and to continue licensing opportunity discussions.
A member of Isotechnika's Board of Directors since February 2011, Dr. Wijngaard is the Vice President, Innovation Leader Research & Development for The Medicines Company (Schweiz) GmbH. Prior to this, he served as the Senior Director Medical Affairs at ViroPharma Incorporated, and as the Global Alliance Director, Life Cycle Leader in Transplantation, International Medical Manager in Transplantation, and Country Medical Manager Transplantation at Hoffmann-La Roche. In the latter role, Dr. Wijngaard contributed greatly to the continuing development of voclosporin, along with other well-known immunosuppressive drugs such as Cellcept, Zenapax, and DAC HYP. He holds a Ph.D. in Immunology from Utrecht University, The Netherlands, and has published extensively in the area of transplant immunology and immunosuppression.
In making today's announcement, Isotechnika stated that there can be no assurance that the contemplated verbal discussion will materialize and/or will result in a transaction. The Company does not intend to disclose developments with respect to the contemplated proposal or the exploration of strategic alternatives unless and until its Board of Directors has approved a specific transaction.
About Isotechnika Pharma Inc.
Isotechnika Pharma Inc. is a biopharmaceutical company focused on the discovery and development of immunomodulating therapeutics designed to offer key safety advantages over currently available treatments. Its lead drug, voclosporin, is a calcineurin inhibitor, and is targeted at the estimated US$3.0 billion market for this class of immunosuppressants. Isotechnika Pharma Inc. trades on the Toronto Stock Exchange under the symbol "ISA". More information on Isotechnika Pharma can be found at www.isotechnika.com or www.sedar.com.
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