CALGARY- July 19, 2013 – XORTX Pharma Corp. is pleased to announce the election of the Board of Directors, completed July 19, 2013.Election of the Board of Directors was completed by unanimous shareholder agreement and resulted in the re-election of Dr. Alan Moore and Dr. Allen Davidoff to the Board of Directors, as well as the addition of Mr. Robert Rieder.
About Dr. Alan Moore: Currently, CEO ChiRegen Therapeutics LLC, a Florida and Indiana based company using stem cell technology to treat bone and tendon injury. Also, Founding Board Member, XORTX Pharma Corp. Previously, CEO, BetaStem Therapeutics Inc., in 2012 completed a $1.5 million private equity deal with a consortium of middle-eastern investors. Prior to that, President and CEO, Stem Cell Therapeutics and Board Member, Pacgen Biopharm. As CEO , raised $20 million , and progressed the company from a one-therapeutic area preclinical company to a three-therapeutic area clinical development company with regulatory filings and ongoing clinical trials in the US, Canada and India. Previously, Executive VP, R&D at Cardiome Pharma Inc., led all clinical development and regulatory activities, and played a leadership role in fund-raising and partnering. Created the Cardiac research and development therapeutic area at Procter & Gamble resulting in a NDA filing for the lead antiarrhythmic compound, Azimilide. At Cardiome, filed an NDA for an orphan indication for gout, and moved two cardiac compounds into phase III clinical trials. During his esteemed career, he has completed 11 investigational new drug (“IND”) applications or supplemental IND’s, 15 phase I studies, 12 phase II studies, 7 phase III studies and 2 new drug applications.
About Dr. Allen Davidoff: Dr. Allen W. Davidoff, Ph.D. Is currently the President and CEO of XORTX Pharma Corp. (2012-current). Prior to that acted as VP Product Development and Chief Scientific officer with Stem Cell Therapeutics Corp. 2005-2012. As well, Senior Scientist and Head of Pharmacology at Cardiome Pharma (2003-2004). Overall, Dr. Davidoff has 11 years of senior level drug development, clinical and regulatory experience in four separate drug programs that included 2 investigational new drug (“IND”) applications or supplemental IND’s, 2 phase I studies (4 multi-country), 7 phase II studies, and 1 new drug application (NDA).
About Mr. Robert Rieder: Mr. Rieder is currently the CEO of ESSA Pharma Inc., and Chairman of the Board for Cardiome Pharma Corp.. From 1998 to 2009, Mr. Rieder was the CEO of Cardiome Pharma Corp, a NASDAQ-traded public pharmaceutical company. Under his leadership, Cardiome negotiated partnerships with two leading pharmaceutical companies, Merck Frost & Co and Astellas Pharmaceuticals, and raised over $250 million from public capital markets. Mr. Rieder led the company from the pre-clinical research stage to NDA submission. Mr. Rieder also has an extensive background in medically-related venture capital investing, as Vice President of MDS Ventures Pacific Inc., a Vancouver-based affiliate of MDS Capital Corp. He has been a Director for nine public and private technology companies. In 2009, he was acknowledged as “Executive of the Year” by Life Sciences BC, and in 2007 was named Ernst and “Young Entrepreneur of the Year” for the Medical Products area in the Pacific Region.
About XORTX Pharma Corp. is pharmaceutical company dedicated to the discovery, development and commercialization of therapies that will improve patient health throughout the world. The primary focus of XORTX Pharma Corp. is based on developing uric acid lowering agents for treatment of early stage hypertension when accompanied by hyperuricemia. Secondary programs include the development of uric acid lowering agents to prevent diabetes and prevent diabetic nephropathy.
XORTX Pharma Corp. is a privately held company. For more information, please visit our web site at www.xortx.com.
Forward-Looking Statement Disclaimer
Certain statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar expressions. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or information. Risks, uncertainties and factors that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to, the risks, uncertainties and factors related to the fact that: we, together with our collaborative partners, may not be able to successfully develop all or any of our current or future products and may not be able to obtain regulatory approval in targeted indications for our current or future products in all markets; we may not achieve or maintain profitability; our future operating results are uncertain and likely to fluctuate; we may not be able to raise additional capital as and when required; we depend on our collaborative partners to perform their obligations under licensing or other collaborative agreements; we may not be successful in establishing additional corporate collaborations or licensing arrangements; we may not be able to establish marketing and sales capabilities and the costs of launching our products may be greater than anticipated; any of our products that obtain regulatory approval will be subject to extensive post-market regulation that may affect sales, marketing and profitability; any of our products that are successfully developed may not achieve market acceptance; we rely on third parties for the continued supply and manufacture of our products and have no experience in commercial manufacturing; we may face unknown risks related to intellectual property matters, including with respect to our ability to protect our intellectual property; we face increased competition from pharmaceutical and biotechnology companies; and other. Given these risks, uncertainties and factors, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on our current expectations and we undertake no obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.