Devonian Appoints André P. Boulet to Chairman of the Board and Chief Operating Officer

Rhea-AI Summary

Devonian Health Group announced the appointment of Dr. André P. Boulet as Chairman of the Board and Chief Operating Officer. Dr. Boulet, the founder of Devonian, has been a Board member since 2015 and the Chief Scientific Officer since August 2022. He brings extensive experience in drug development, regulatory affairs, market access, financing, and restructuring. Dr. Boulet holds multiple degrees, including a Ph.D. in physiology-endocrinology and has completed postdoctoral and health economics training. This strategic leadership change aims to enhance the integration of Devonian's development strategy and manage key stakeholder relationships. Outgoing Chairman David Baker will remain a Board member.

Positive

• Appointment of experienced leader Dr. André P. Boulet as Chairman and COO.
• Dr. Boulet retains Chief Scientific Officer role, ensuring continuity in scientific leadership.
• Dr. Boulet’s extensive background in drug development, regulatory affairs, market access, and financing.
• Clear acknowledgment of progress in research and production scaling programs.
• Incoming leadership aimed at better integration of development strategy and stakeholder management.

Negative

• Retaining multiple key roles by Dr. Boulet could lead to overextension and potential management challenges.
• The transition in chairmanship might indicate previous governance or strategic issues.

MONTREAL--(BUSINESS WIRE)-- Devonian Health Group Inc. (“Devonian” or the “Corporation”) (TSXV: GSD; OTCQB: DVHGF), a clinical stage botanical pharmaceutical corporation, focused on developing a unique portfolio of botanical pharmaceutical and cosmeceutical products, announced today that Dr. André P. Boulet has been appointed as the Chair of the Board of Directors (the "Board") of the Corporation and Chief Operating Officer. Dr. Boulet, the founder of the Corporation, has been a director of the Corporation since 2015. Additionally, Dr. Boulet has held the position of Chief Scientific Officer since August 2022 a role he will retain in addition to these new roles.

Dr. André P. Boulet has a vast experience in drug development, regulatory affairs, market access, financing and restructuration in the pharmaceutical and biotech fields. Dr. Boulet holds a bachelor’s degree in medical biology from Université du Québec à Trois-Rivières (September 1981), as well as a master’s degree (M.Sc.) in experimental medicine/immunology-immunochemistry (June 1985) and a Ph.D. in physiology-endocrinology (June 1988) from Université Laval in Québec City. He also completed a postdoctoral fellowship in biochemistry and biophysics at the University of Pennsylvania, in the United States, and a training program in Health Economics at York University, in the United Kingdom.

“The appointment of André reflects the excellent progress of our research and production scaling programs currently underway and will help facilitate the necessary integration of all facets of our development strategy, including managing the Corporations’s relationships with key stakeholders,” said Luc Grégoire, President and Chief Executive Officer of the Corporation.

Mr. David Baker, the outgoing Chairman of the Board, will continue to serve as a member of the Board. “On behalf of the members of our Board and management, I wish to express our deep appreciation for David's contributions during his tenure as Chair of the Board, where he led the establishment of strong governance policies in the Corporation,” said Luc Grégoire, President and Chief Executive Officer of the Corporation.

About Devonian

Devonian Health Group Inc. is a late-stage botanical pharmaceutical corporation with novel therapeutic approaches to targeting unmet medical needs. Devonian’s core strategy is to develop prescription botanical drugs from plant materials and algae for the treatment of inflammatory-autoimmune diseases including but not limited to ulcerative colitis and atopic dermatitis. Based on a foundation of over 15 years of research, Devonian’s focus is further supported by the American Food and Drug Administration set of regulatory guidelines favouring a more efficient drug development pathway for prescription botanical drug products over those of traditional prescription medicines.

Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Québec, Canada where it owns a state-of-the art extraction facility with full traceability ‘from the seed to the pill’. Acquired in 2018, Altius Healthcare Inc., its commercialization subsidiary, brings opportunities for further diversification and growth potential. Devonian is traded publicly on the TSX Venture Exchange (the “Exchange”) (TSXV: GSD) and on OTCQB exchange (OTCQB: DVHGF).

For more information, visit www.groupedevonian.com.

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained in this press release including, but not limited to those relating to the Loan, and the approval of the Loan by the Exchange, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the applicable securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20240603981405/en/

Mr. Luc Grégoire

President and CEO

Devonian Health Group Inc.

Telephone: 1 (450) 979-0598

e-mail: investors@groupedevonian.com

Source: Devonian Health Group Inc.

FAQ

What new roles has Dr. André P. Boulet been appointed to within Devonian Health Group?

Dr. André P. Boulet has been appointed as Chairman of the Board and Chief Operating Officer.

What roles will Dr. André P. Boulet retain along with his new appointments in Devonian Health Group?

Dr. Boulet will continue to serve as Chief Scientific Officer.

What experience does Dr. André P. Boulet bring to his new roles at Devonian Health Group?

Dr. Boulet has extensive experience in drug development, regulatory affairs, market access, financing, and restructuring.

When did Dr. André P. Boulet become a director of Devonian Health Group?

Dr. Boulet has been a director since 2015.

What educational background does Dr. André P. Boulet have?

Dr. Boulet holds a Ph.D. in physiology-endocrinology, a master's in experimental medicine/immunology-immunochemistry, and has completed a postdoctoral fellowship in biochemistry and biophysics.