TRxADE Health, Inc. Announces New Addition and Changes to Scienture, LLC’s Executive Leadership Team

Rhea-AI Summary

TRxADE Health (NASDAQ: MEDS) has announced changes to the executive leadership team of its subsidiary, Scienture. Narasimhan Mani, Ph.D., MBA has been appointed as Scienture's President, bringing over 25 years of experience in the pharmaceutical industry. Shankar Hariharan, Ph.D., the current President and CEO, will remain as CEO. Rahul Surana, Ph.D., MBA has been promoted to Executive VP and COO.

Dr. Mani's extensive experience includes roles at New Rhein Healthcare Investors, Kesin Pharma, Xiromed , and Amneal Pharmaceuticals. Dr. Hariharan, the founder of Scienture, has over 37 years of experience in the pharmaceutical industry, having held leadership positions at Forest Labs, Par Pharmaceuticals, and Amneal Pharmaceuticals. These leadership changes aim to expand capabilities and drive growth as Scienture prepares for upcoming specialty portfolio launches.

Positive

• Appointment of experienced pharmaceutical industry veteran Narasimhan Mani as President
• Retention of founder Shankar Hariharan as CEO, ensuring continuity
• Promotion of Rahul Surana to Executive VP and COO, recognizing internal talent
• Expansion of executive capabilities in finance, business strategy, and commercial operations
• Preparation for upcoming launches of specialty portfolio products

Negative

• None.

TAMPA, FL and COMMACK, NY, Aug. 05, 2024 (GLOBE NEWSWIRE) -- TRxADE Health, Inc. (“TRxADE”) (NASDAQ: MEDS) and Scienture, LLC (“Scienture”), a wholly owned subsidiary of TRxADE, today announced the appointment of Narasimhan Mani, Ph.D., MBA as Scienture’s President. Shankar Hariharan, Ph.D., the current President and CEO, will be CEO of Scienture. Rahul Surana, Ph.D., MBA has been promoted to Executive VP and COO of Scienture.

Dr. Narasimhan Mani is an experienced healthcare professional and a proven leader with over 25 years of experience in both the scientific and business areas of the pharmaceutical industry. He currently is a part of the Executives-in-Residence program at New Rhein Healthcare Investors, a life-sciences focused private equity firm and is a Board Member at Corsair Pharma, Inc. one of their portfolio companies. He most recently served as the President & CEO for Kesin Pharma Corporation, a Specialty Pharma company with a focus on commercializing specialty brand products. His past roles include serving as the CEO of Xiromed LLC, a Generics and Specialty drug product company and as the VP, Global Corporate Strategy and BD, at Amneal Pharmaceuticals where he led the company's strategic initiatives across Global Strategy, Product Development, Portfolio Management, Business Development and Commercial Operations. He was a Research Scientist and Product Development leader during his tenure at Par Pharmaceuticals and Forest Laboratories.

“I am pleased to welcome Narasimhan Mani as President to our executive leadership team,” commented Shankar Hariharan, CEO. “He brings significant experience in the core functionalities of Finance, Business Strategy and Commercial Operations across Sales & Marketing, Market Access, Distribution and P&L Management. This will be an important expansion of capabilities at Scienture as the company moves into its next phase of value-added growth with the upcoming launches of its specialty portfolio.”

“I am also delighted to announce the well-deserved promotion of Rahul Surana to Executive VP and Chief Operating Officer (COO). Rahul has been with the company since its inception and his management and oversight across all aspects of the business has been instrumental in Scienture achieving significant milestones. He has played a pivotal role in shaping Scienture's strategic direction and driving business and product development initiatives. I look forward to his continued leadership to drive excellence at the company.”

Dr. Shankar Hariharan is the Founder, former President and CEO of Scienture. He has over 37 years of experience in successfully leading branded, specialty and generic pharmaceutical businesses and has held several leadership positions at Forest Labs, Par Pharmaceuticals and Amneal Pharmaceuticals. At Amneal in his role as the Executive Vice President and Chief Scientific Officer, he oversaw Global Research & Development, Global Regulatory Affairs, and Specialty Product Development and was instrumental in the company achieving significant revenue growth (>$1.5B) with high profit margins. Prior to joining Amneal, Dr. Hariharan founded DermAct, an R&D organization specializing in new molecule discovery and product development for key indications in Dermatology, leading to the company’s successful acquisition. Some notable blockbuster drug products, offering unique value to patients and caregivers, brought to market under Dr. Hariharan’s leadership include Celexa^® (>$2B), Lexapro^® ($ 4B), Namenda^® (>$2B), Megace ES^® (>$100M) and over 200 generic products (including many complex generic products). Dr. Hariharan obtained his bachelor’s degree in pharmacy at the Banaras Hindu University (BHU) in India and his Ph.D. in Pharmaceutical Sciences at Northeastern University in Boston, Massachusetts. Dr. Hariharan currently serves on the Board of Depymed, Inc. and on the Advisory Board of New Rhein Healthcare, LLC and MAA Laboratories

About Scienture

Scienture, LLC is a NY based branded, specialty pharmaceutical company. We are a highly experienced team of industry professionals who are passionate about developing unique specialty product concepts and solutions that bring enhanced value to patients and healthcare systems. Our assets in development are across therapeutics areas, indications and cater to different market segments. Scienture recently entered into a business combination with TRxADE Health, Inc. (NASDAQ: MEDS) in an all-stock transaction valued at $103 million. Learn more at https://www.scienture.com/.

About TRxADE

TRxADE HEALTH, INC. historically focused on health services IT assets and operations aimed at digitalizing the retail pharmacy experience. Our current primary operations are conducted through our wholly-owned subsidiary, Integra Pharma Solutions, LLC (“IPS”), which is a licensed pharmaceutical wholesaler and sells brand, generic and non-drug products to customers. IPS customers include all healthcare markets including government organizations, hospitals, clinics and independent pharmacies nationwide.

Cautionary Statements Regarding Forward-Looking Statements

This press release contains certain statements that may be deemed to be “forward-looking statements” within the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. Such forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to a number of risks and uncertainties (some of which are beyond our control) that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. These risks include risks relating to agreements with third parties; our ability to raise funding in the future, as needed, and the terms of such funding, including potential dilution caused thereby; our ability to continue as a going concern; security interests under certain of our credit arrangements; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; claims relating to alleged violations of intellectual property rights of others; the outcome of any current legal proceedings or future legal proceedings that may be instituted against us; unanticipated difficulties or expenditures relating to our business plan; and those risks detailed in our most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.

Forward-looking statements speak only as of the date they are made. TRxADE undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.

Contacts:

TRxADE

TRxADE HEALTH, INC.
6308 Benjamin Rd, Suite 708
Tampa, Florida 33634
Phone: (866) 468-6535
Email: IR@Rxintegra.com

Scienture

Scienture, LLC
20 Austin Boulevard
Commack, New York 11725
Phone: (631) 670-6039
Email: investorrelations@Scienture.com

FAQ

Who is the new President of Scienture, ?

Narasimhan Mani, Ph.D., MBA has been appointed as the new President of Scienture, , a subsidiary of TRxADE Health (NASDAQ: MEDS).

What changes were made to Scienture's executive leadership team?

Narasimhan Mani was appointed as President, Shankar Hariharan transitioned from President and CEO to CEO only, and Rahul Surana was promoted to Executive VP and COO of Scienture,

What is Dr. Narasimhan Mani's background?

Dr. Mani has over 25 years of experience in the pharmaceutical industry, including roles at New Rhein Healthcare Investors, Kesin Pharma, Xiromed , and Amneal Pharmaceuticals.

How might these leadership changes impact TRxADE Health (MEDS) and Scienture?

The changes are expected to expand capabilities in finance, business strategy, and commercial operations, potentially driving growth as Scienture prepares for upcoming specialty portfolio launches.