Poda Enters Medical Device Market and Hires Chief Medical Officer

Rhea-AI Summary

Poda Lifestyle and Wellness Ltd. announced the appointment of Dr. Jagdeep Gupta as Chief Medical Officer, marking its entry into the medical device market. Dr. Gupta will lead clinical trials for smoking cessation products and oversee the development of inhalable therapeutic molecules. CEO Ryan Selby emphasized the company’s commitment to innovative smoking cessation solutions. Poda’s product aims to utilize precise tapering nicotine doses while addressing oral fixation, enhancing efficacy. Poda is recognized for its patented HNB smoking system that minimizes health risks associated with traditional smoking.

Positive

• Appointment of Dr. Jagdeep Gupta as Chief Medical Officer to enhance product development.
• Entry into the medical device market expands Poda's business scope.
• Potential development of effective smoking cessation technologies and inhalable therapeutics.

Negative

• None.

VANCOUVER, BC, July 14, 2021 /PRNewswire/ - PODA LIFESTYLE AND WELLNESS LTD. ("Poda" or the "Company") (CSE: PODA) (FSE: 99L) (OTC PINK: PODAF) is pleased to announce that it has appointed Dr. Jagdeep Gupta, MD ("Dr. Gupta") as Chief Medical Officer of the Company.

Ryan Selby, CEO, commented, "I am very pleased to have received approval from the Board to enter the medical device market and to create the position of Chief Medical Officer for Poda. In addition to providing exceptional reduced risk products designed for current adult smokers, Poda is also committed to providing effective smoking cessation products designed to help adult smokers quit smoking. The Poda product can provide an exceptional platform for the delivery of smoking cessation tools. Quitting smoking can be difficult, and the addition of Dr. Gupta as Chief Medical Officer will help Poda to potentially develop medically approved products and treatment strategies designed to provide adult smokers with the tools they need to successfully quit smoking. In addition, there are numerous opportunities for Poda to utilize our intellectual property and related technologies to potentially facilitate the delivery of many different therapeutic molecules by inhalation. This is an exciting next step for Poda and reflects our continued commitment to growing Poda on a truly global scale across a broad spectrum of applications."

As Chief Medical Officer, Dr. Gupta will be responsible for designing and implementing clinical trials designed to test the efficacy of Poda's smoking cessation products. In addition, Dr. Gupta will also help coordinate the development of additional products and treatment strategies across a wide range of inhalable therapeutic molecules, as well as coordinating and overseeing the application process for Poda's products to achieve certification as approved medical devices for smoking cessation or the inhalation of therapeutic molecules.

Dr. Gupta, newly appointed Chief Medical Officer for Poda, commented, "I am very pleased to be joining the Poda team as Chief Medical Officer. As a practicing medical doctor, I have numerous patients who desperately want to quit smoking, and in my experience, existing smoking-cessation products have not worked as well as I would have hoped. I am especially excited to study and develop a smoking cessation technology that not only uses a tapering nicotine dose that is very precise, but also addresses the oral fixation element at the same time. I believe the Poda system may potentially provide an extremely effective tool to help smokers quit, and I am very excited to coordinate the development and deployment of Poda's smoking cessation tools. In addition, I see numerous opportunities for the Poda system to potentially deliver a wide variety of inhalable therapeutic molecules for the treatment or relief of many different ailments or conditions. I look forward to working closely with the Poda team as we continue to develop effective medical applications for Poda's products and technologies."

Pursuant to the management agreement, the Company has granted an aggregate of 50,000 restricted share units (the "RSUs") to Dr. Gupta at a price of $2.42. The RSUs vest as follows: (a) 25,000 six months following the date of grant, and (b) 25,000 twelve months following the date of grant.

On Behalf of the Board,
Ryan Selby
CEO, Director, and Chairman of the Board

Poda Lifestyle and Wellness Ltd.
Toll-free North America: +1-833-TRY-PODA (879-7632)
Outside North America: +1-406-TRY-PODA (879-7632)
investors@podalifestyle.com
www.podalifestyle.com

ABOUT PODA LIFESTYLE

Poda Lifestyle is actively engaged in the global commercialization of HNB smoking products, which have the potential to reduce the risks associated with combustible smoking products. The Company has developed a patented HNB system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. The innovative design of the Company's HNB platform prevents cross-contamination between the heating devices and the pods, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially-reduced-risk smoking experience. Poda Lifestyle's HNB system is fully patented in Canada and is patent pending in 65 additional countries, covering over 70% of the global population. The Company's Poda Pods are the first and only cigarettes to have a completely closed end. This exclusive design entirely eliminates all cleaning requirements and provides a truly ashless HNB cigarette. Poda Lifestyle's fully patented system is truly one of a kind and solves the major pain-point that ALL other HNB products suffer from: daily cleaning requirements. The Company's flagship Beyond Burn™ Poda Pods contain a unique tobacco-free blend of pelletized tea leaves infused with synthetic nicotine, which provides adult smokers with a smoke-free alternative to their regular habit without sacrificing satisfaction. Beyond Burn™ Poda Pods have been expertly crafted to mimic the sensorial experience of traditional cigarettes without the smoke, without the smell, and without the tobacco.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable securities laws. Although Poda Lifestyle believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Poda Lifestyle can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. Poda Lifestyle undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Poda Lifestyle, its securities, or financial or operating results (as applicable). Poda Lifestyle disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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SOURCE Poda Lifestyle and Wellness Ltd.

FAQ

What is the significance of Dr. Jagdeep Gupta's appointment at Poda?

Dr. Jagdeep Gupta's appointment as Chief Medical Officer is significant as he will lead the development of smoking cessation products and oversee clinical trials, enhancing Poda's product efficacy.

What are Poda's plans for smoking cessation products?

Poda plans to develop innovative smoking cessation products that utilize precise tapering nicotine doses and address oral fixation, aiming to improve quitting success rates for smokers.

What market is Poda entering with its new Chief Medical Officer?

Poda is entering the medical device market, focusing on developing approved medical devices for smoking cessation and inhalable therapeutic molecules.

How many restricted share units were granted to Dr. Gupta?

Dr. Gupta was granted 50,000 restricted share units at a price of $2.42, with vesting occurring over 12 months.