RE-TRANSMISSION: XPhyto Appoints European Healthcare Executive to Board of Directors

Rhea-AI Summary

XPhyto Therapeutics Corp (CSE:XPHY, OTCQB:XPHYF) has appointed Per S. Thoresen to its board of directors, effective immediately. Thoresen brings 25 years of pharmaceutical experience, including executive roles at major firms and a successful tenure as managing director at Nycomed Pharma. The company also announced a strategic partnership with CorpCann AS, enhancing its Europe-focused strategy. Thoresen will receive 250,000 stock options as part of his role. This leadership change aims to bolster XPhyto’s advancement in drug delivery and diagnostics, with products nearing commercialization.

Positive

• Appointment of Per S. Thoresen enhances leadership experience, likely aiding product commercialization.
• Strategic engagement with CorpCann AS expected to facilitate growth and investment opportunities in Europe.

Negative

• None.

• Experienced pharma executive and consultant Per S. Thoresen joins board
• Advisory engagement with CorpCann AS strengthens Europe-focused strategy

VANCOUVER, BC / ACCESSWIRE / November 5, 2020 / XPhyto Therapeutics Corp. (CSE:XPHY)(OTCQB:XPHYF)(FSE:4XT) ("XPhyto" or the "Company"), a next-generation bioscience accelerator, is pleased to announce the appointment of Mr. Per S. Thoresen to the Company's board of directors effective immediately.

Mr. Thoresen is an experienced leader with an impressive track record in a wide range of executive management roles in the pharmaceutical industry. He has 25 years' experience including executive roles with major international European and Asian-based pharmaceutical companies and has more recently led a number of successful ventures in the pharmaceutical manufacturing, nutraceutical and other industry sectors. From 2003 to 2014, Mr. Thoresen was the managing director of Nycomed Pharma AS acquired by Takeda Pharmaceutical Company Limited in 2011 as part of an acquisition transaction with a total value of approximately USD $14B.

Mr. Thoresen holds a law degree from the top-ranked University of Oslo and core competencies in strategy and organizational development, operational execution, and industry and government relations. He is an experienced chairman and board member of numerous European industry associations and companies and is the co-founder and current chairman of Curida AS, a Norwegian-based contract development manufacturing organization focused on liquid pharmaceutical production.

"Mr. Thoresen is an important addition to XPhyto's board of directors. His broad leadership experience in the pharmaceutical industry, from intellectual property and regulatory compliance to product manufacturing and distribution, presents an exciting opportunity for XPhyto," said Hugh Rogers, CEO of XPhyto. "As a number of products in our pipeline are near commercialization, we expect Mr. Thoresen to be a valuable resource."

In connection with the appointment, the Company has granted Mr. Thoresen 250,000 stock options (the "Options") pursuant to the Company's stock option plan. The Options vest immediately, subject to a four month statutory hold period, and are exercisable into 250,000 common shares of the company at a price of $1.80 for a period of five years.

XPhyto is also pleased to announce a strategic European advisor engagement with CorpCann AS ("CorpCann"). CorpCann is a Norwegian-based international investment and consulting firm focused on European and North American opportunities in the life science, nutraceutical, aquaculture and energy industries. With decades of leadership experience in debt and equity financing, IPOs, corporate restructuring, and strategic finance and business consulting, CorpCann is well positioned to facilitate XPhyto's growth through strategic advice, relationships, and investments in Europe.

About XPhyto Therapeutics Corp.

XPhyto Therapeutics Corp. is a bioscience accelerator focused on next-generation drug delivery, diagnostic, and phyto-therapeutic investment opportunities: precision transdermal and oral dissolvable drug dosage forms; rapid, low-cost infectious disease and oral health screening tools; and emerging plant-based therapeutics focused on European markets.

XPhyto Therapeutics Corp.:
Hugh Rogers, CEO and Director

Investor Inquiries:
Knox Henderson
T: +1 604-551-2360
E: info@xphyto.com

Media Inquiries:
MC Services AG
Julia Hofmann, Andreas Jungfer
T: +49 89 210 228 0
E: xphyto@mc-services.eu

Forward looking statements

This news release includes statements containing forward-looking information within the meaning of applicable Canadian securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "develop", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "propose" and other similar words, or statements that certain events or conditions "may" or "will" occur, and in this release include the statement regarding the Company's goal of building a successful diagnostic, drug delivery, and medical cannabis company. Forward-looking statements are only predictions based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including: that the Company may not succeed in developing a commercial product; that the sale of products may not be a viable business; that the Company may be unable to scale its business; product liability risks; product regulatory risk; general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; currency risks; competition; international risks; and other risks beyond the Company's control. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: XPhyto Therapeutics Corp.

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FAQ

What is the significance of Per S. Thoresen's appointment to XPHYF?

Per S. Thoresen's appointment to XPhyto's board brings extensive pharmaceutical industry experience, which could improve strategic decision-making and support product commercialization.

How will the collaboration with CorpCann AS impact XPhyto Therapeutics Corp?

The collaboration with CorpCann AS is expected to strengthen XPhyto's strategic efforts in Europe, providing valuable insights and potential investment opportunities.

What options were granted to Per S. Thoresen as part of his appointment?

Per S. Thoresen was granted 250,000 stock options at a price of $1.80, exercisable over five years, aligning his interests with shareholders.