Pascal Biosciences Announces Management Changes

Rhea-AI Summary

Pascal Biosciences (OTC PINK:BIMUF) announced significant management changes following a capital raise. Chairman Karoly Nikolich will step down, while Vice President Kevin Egan has been promoted to Chief Business Officer due to his extensive biotech experience. CFO Judi Dalling will retire at the end of April. The company is focused on developing therapies for serious diseases like cancer and COVID-19, with ongoing clinical trials for promising candidates such as PAS-403 and PAS-393. These leadership changes might facilitate new partnerships and advancements in their programs.

Positive

• Kevin Egan's promotion could enhance leadership effectiveness due to his extensive experience in biotech.
• New financing positions the company to secure additional partnerships for its programs.

Negative

• Karoly Nikolich's departure could lead to a loss of strategic insight and continuity.
• Judi Dalling's retirement may create a gap in financial management expertise.

VANCOUVER, BC / ACCESSWIRE / March 22, 2021 / Pascal Biosciences Inc. ("Pascal" or the "Company") (TSXV:PAS)(OTC PINK:BIMUF), a biotechnology company that specializes in cancer, cannabinoids, and Covid-19 is announcing several management changes following its recent capital raise. First, Chairman of the Board Karoly Nikolich is stepping down from the Board of Directors. "We are thankful for Karoly's many contributions to Pascal," stated CEO Dr. Patrick Gray. "We will miss his guidance, but we understand his devotion to his own very successful company, Alkahest." Second, Pascal's Vice President of Business Development Kevin Egan is being promoted to Chief Business Officer. "Kevin has been in the biotech industry since 1981 and has seen success at Amgen, ICOS, and CMC-ICOS," said Dr. Gray. "Kevin is largely responsible for coordinating our successful partnerships with both SoRSE Technology and Y Biologics. Pascal is very fortunate to have his leadership and business skills. With our new financing, Kevin will play a key role in bringing in additional partners for our programs." In addition, Chief Financial Officer, Judi Dalling, will be retiring at the end of April. Dr. Gray stated, "Judi has been with our company since the very start and has always done a great job managing our finances and complying with TSXV regulations. We will miss her and wish her the best in retirement."

ABOUT PASCAL BIOSCIENCES INC.

Pascal is a biotechnology company targeting innovative therapies for serious diseases, including COVID-19. Pascal is also developing treatments for cancer with targeted therapies for acute lymphoblastic leukemia and cannabinoid-based therapeutics. Pascal's leading portfolio also comprises a small molecule therapeutic, PAS-403, that is advancing into clinical trials for the treatment of glioblastoma, and PAS-393, an immuno-stimulatory cannabinoid to be used in combination with checkpoint inhibitor therapy which is being developed collaboratively with SoRSE Technology.

To learn more, visit: https://www.pascalbiosciences.com/.

On Behalf of the Board of Directors
Dr. Patrick W. Gray, CEO

Company Contact:
Dr. Patrick Gray

Investors:
invest@pascalbiosciences.com
Tel: 206-221-3443

Forward-Looking Statements

DISCLAIMER
Certain statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and similar expressions. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments express or implied by such forward-looking statements or information. Such factors include, among others, our stage of development, lack of any product revenues, additional capital requirements, risk associated with the completion of clinical trials and obtaining regulatory approval to market our products, the ability to protect our intellectual property, dependence on collaborative partners and the prospects for negotiating additional corporate collaborations or licensing arrangements and their timing. Specifically, certain risks and uncertainties that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to, the risks and uncertainties that: products that we develop may not succeed in preclinical or clinical trials, or future products in our targeted corporate objectives; our future operating results are uncertain and likely to fluctuate; we may not be able to raise additional capital; we may not be successful in establishing additional corporate collaborations or licensing arrangements; we may not be able to establish marketing and the costs of launching our products may be greater than anticipated; we have no experience in commercial manufacturing; we may face unknown risks related to intellectual property matters; we face increased competition from pharmaceutical and biotechnology companies; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on our current expectations and we undertake no obligation to revise or update such forward- looking statements and information to reflect subsequent events or circumstances, except as required by law.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release"

SOURCE: Pascal Biosciences Inc.

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FAQ

What recent management changes occurred at Pascal Biosciences?

Pascal Biosciences announced the resignation of Chairman Karoly Nikolich, the promotion of Kevin Egan to Chief Business Officer, and the retirement of CFO Judi Dalling.

Why did Karoly Nikolich step down from Pascal Biosciences?

Karoly Nikolich stepped down to focus on his successful company, Alkahest, though his contributions to Pascal were acknowledged.

How will Kevin Egan's promotion affect Pascal Biosciences?

Kevin Egan's extensive experience in biotech is expected to strengthen Pascal's leadership and facilitate new partnerships.

What is the timeline for Judi Dalling's retirement from Pascal Biosciences?

Judi Dalling will retire at the end of April, after successfully managing the company's finances since its inception.