Therapix Biosciences Announces Replacement of its Board of Directors
Therapix Biosciences Ltd. (OTC Pink: TRPXY) has announced a complete replacement of its board of directors, bringing in six new members. Itschak Shrem has been appointed as Chairman, and Amitay Weiss will serve as the new CEO. Shrem, boasting over 40 years of experience, aims to guide the Company towards maximizing its potential and delivering returns to shareholders. The management change signifies a shift in leadership direction, with a focus on developing cannabinoid-based treatments for conditions like Tourette syndrome and obstructive sleep apnea.
- New board of directors appointed, bringing fresh perspectives.
- Itschak Shrem's experience in financial markets may enhance strategic direction.
- Leadership change aims to maximize Company potential and shareholder returns.
- Potential risks associated with new management's strategy and execution.
- Concerns about continuity and experience gaps with the new board members.
TEL AVIV, Israel, Aug. 21, 2020 /PRNewswire/ -- Therapix Biosciences Ltd. (OTC Pink: TRPXY) (the "Company"), a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, announced today the replacement of its board of directors. The Company's new six-member board of directors will include Itschak Shrem, Amitay Weiss, Moshe Revach, Lior Amit, Lior Vider and Liat Sidi.
Itschak Shrem was appointed as Chairman of the new board of directors, and Amitay Weiss, in addition to his membership with the board, will assume the position of Chief Executive Officer of the Company.
"I'm pleased to accept the responsibility of, and look forward to, leading the Company in a new and exciting direction," said Mr. Itschak Shrem, the Company's new Chairman of the board of directors. "Under new leadership, I'm confident the Company will finally maximize its impressive potential and, at the same time, deliver a deserving return to our shareholders," he continued.
Itschak Shrem has more than 40 years of experience in financial markets and venture capital. In 1991, Mr. Shrem founded Dovrat Shrem Ltd., an investment banking, management and technology company. Prior to that, he spent 15 years at Clal Israel Ltd., where he served in various capacities, including chief operating officer, and was responsible for capital markets and insurance businesses. In 1993, Mr. Shrem founded Pitango Venture Capital Fund (formerly, Polaris) and served as a partner of Pitango Funds I, II and III. He has been the Managing Director of Yaad Consulting 1995 Ltd. since 1995. Mr. Shrem currently serves on the board of directors of Rail Visions Ltd. Previously, Mr. Shrem served on the board of Tel-Aviv Sourasky Medical Center, the Weizman Institute Eden Spring Ltd., Nano Dimension Ltd., Ormat Industries Ltd., Retalix Ltd. and as chairman of Sphera Funds Management Ltd. Mr. Shrem holds a B.A in Economics and Accounting from Bar-Ilan University and an M.B.A. from Tel-Aviv University.
Amitay Weiss currently serves as chairman of the board of directors of P.L.T Financial Services Ltd., as chairman of the board of directors of Matomy Media Group Ltd. and as an external director of Cofix Group Ltd. In 2016, Mr. Weiss founded Amitay Wiss Management Ltd. and now serves as its chief executive officer. From 2001 until 2015, Mr. Weiss served as vice president of business marketing & development and in various other positions at Bank Poalei Agudat Israel Ltd. (PAGI) from the First International Bank of Israel group. Mr. Weiss holds a B.A in economics from New Engand College, M.B.A. in business administration from Ono Academic College in Israel, an Israeli branch of University of Manchester and LL.B from the Ono Academic College.
Lior Amit serves as a consultant to both private and public companies as well as individuals. Mr. Amit serves as director of ScoutCam Inc., Matomy Ltd., Nirplex Ltd., Ronimar Ltd., Endemol Israel Ltd. and B.S.S.CH. - The Israeli Credit Insurance Company Ltd. Mr. Amit previously served as chief financial officer for BBR Saatchi & Saatchi Group from 1996 to 2013. Mr. Amit is an Israeli Certified Public Accountant. Mr. Amit holds a B.A in economics and accounting and M.B.A. in insurance and finance from Tel-Aviv University.
Lior Vider serves as a senior investment portfolio manager at Epsilon Investment House Ltd. since 2010. Mr. Vider previously served as chief investment manager for Impact Investment Management Ltd., from the Union Bank group from 2007 to 2010 and as chairman of the board of directors and member of the group's investment committee of Rahkia Capital Markets Ltd. from 2006 to 2007. Mr. Vider also served as manager of the financial desk and as a trader in trust funds of Ilanot Discount from 2003 to 2006. Mr. Vider founded and managed sponser.co.il, a financial portal specializing in services for investors from 2005 to 2017. Mr. Vider holds a B.A in industry and management engineering from Shenkar College in Israel.
Moshe Revach serves as deputy mayor of the city of Ramat Gan, Israel, has held both the sports and government relations portfolios in the Ramat Gan municipality since 2013, and has served in various other Ramat Gan municipality positions since 2008. Mr. Revach serves as a director of L.L.N IT solutions, a wholly-owned subsidiary of the Jewish Agency for Israel and of Biomedico Hadarim Ltd. Mr. Revach previously served as a director of the RPG Economic Society and Jewish Experience Company on behalf of the Jewish Agency. Mr. Revach holds an LL.B from the Ono Academic College, Israel, and B.A in management and economics from the University of Derby.
Liat Sidi serves as the manager of the accounting department for Foresight Autonomous Holdings Ltd. Ms. Sidi previously served as an accountant for Panaxia Labs Israel Ltd. from 2015 to 2020 and as an accountant for Soho Real Estate Ltd. from 2015 to 2016. Ms. Sidi also served as an accountant for Feldman-Felco Ltd. from 2006 to 2010 and as an accountant for Eli Abraham accounting firm from 2000 to 2006. Ms. Sidi completed tax, finance and accounting studies in Ramat Gan College of Accounting.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements when it discusses the successful performance of the Company under its new leadership. Because such statements deal with future events and are based on the Company's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of the Company could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" the Company's Annual Report on Form 20-F filed with the SEC on June 15, 2020, and in subsequent filings with the U.S. Securities and Exchange Commission. Except as otherwise required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
About Therapix Biosciences (OTC Pink: TRPXY):
Therapix Biosciences Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in the following drug development programs based on tetrahydrocannabinol (THC) and/or non-psychoactive cannabidiol (CBD): THX-110 for the treatment of Tourette syndrome and for the treatment of obstructive sleep apnea; THX-160 for the treatment of pain; and THX-210 for the treatment of autism spectrum disorder and epilepsy. Please visit our website for more information at www.therapixbio.com, the content of which is not a part of this press release.
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SOURCE Therapix Biosciences Ltd.
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