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BioSyent Announces Changes to Its Board of Directors

/EIN News/ -- TORONTO, Jan. 08, 2018 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”) (TSX Venture:RX) today announced the retirement of two long-serving Directors, Mr. Douglas Larson and Mr. Milton Wakefield, from its Board of Directors.  BioSyent also announced the appointment of Mr. Larry Andrews and Ms. Sara Elford to its Board of Directors. 

Messrs. Larson and Wakefield have served on the Board of Directors for 21 years and 20 years, respectively, helping to guide the Company through much challenge, transformation and growth during their tenure. “We thank Mr. Larson and Mr. Wakefield for their long service, commitment and contribution to the success of BioSyent,”  remarked René Goehrum, Chairman, President and CEO of BioSyent.

Upon the retirement of Messrs. Larson and Wakefield, BioSyent is pleased to welcome Mr. Larry Andrews to its Board of Directors.  Mr. Andrews is an accomplished senior executive with more than 37 years of experience in the pharmaceutical industry.  Mr. Andrews was President and CEO of Cipher Pharmaceuticals, a TSX-listed Canadian pharmaceutical company, between 2004 and 2014.  He previously served as President of AltiMed Pharmaceutical Company, as well as various other senior leadership roles with major pharmaceutical companies, including Hoffman La Roche, Janssen Pharmaceuticals, and Eli Lilly Canada.  Mr. Andrews is also the Founder and President of The Health Alliance Group, a healthcare consulting firm.  Mr. Andrews holds an Honours B.Sc. from Memorial University.  Mr. Andrews recently served as a Board Director for GMD Distribution Inc., a logistics service provider for the life sciences industry, which was acquired by McKesson Canada in 2017.

BioSyent is also pleased to welcome Ms. Sara Elford to its Board of Directors.  Ms. Elford brings a wealth of capital markets experience and financial expertise to the Board of Directors.  She has enjoyed a long career in Canadian capital markets as a Director and Research Analyst with a major Canadian investment firm as well as in investment banking roles with Kidder Peabody and Wood Gundy. Ms. Elford is a Chartered Financial Analyst Charterholder and holds a BBA from Bishop’s University.  Ms. Elford previously served as an Independent Director of Pure Technologies Ltd., a TSX-listed infrastructure technology company, and presently serves as an Independent Director of Carmanah Technologies Corporation, a TSX-listed solar lighting design and manufacturing company, and Hydrogenics Corporation, a TSX and NASDAQ-listed fuel cell and hydrogen generation design and manufacturing company.

“I am delighted to welcome two accomplished leaders, Larry Andrews and Sara Elford, to BioSyent’s Board of Directors,” commented René Goehrum.  “They each bring an impressive level of experience, expertise and business acumen to the Board and I look forward to their insights as we strive to deliver continued profitable growth to our shareholders.”

The Company also wishes to announce that its Board of Directors has passed a resolution to grant a total of 35,567 stock options to management, officers, directors and advisors of BioSyent.  The option grant is the result of BioSyent’s annual compensation review and is made under the Company’s Incentive Stock Option Plan (“the Plan”) approved by shareholders on May 24, 2017.  Each option entitles the optionee to purchase one common share of the Company at an exercise price of $9.60.  These options are excerciseable for a period of ten years from the date of grant.

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About BioSyent Inc.

Listed on the TSX Venture Exchange under the trading symbol “RX”, BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients.  BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, hospital and international business units.

As of the date of this press release, the Company has 14,509,095 shares issued and outstanding.

For further information please contact:

Mr. René C. Goehrum
President and CEO
BioSyent Inc.
Tel: (905) 206-0013

This press release may contain information or statements that are forward-looking.  The contents herein represent our judgment, as at the release date, and are subject to risks and uncertainties that may cause actual results or outcomes to be materially different from the forward-looking information or statements.  Potential risks may include, but are not limited to, those associated with clinical trials, product development, future revenue, operations, profitability and obtaining regulatory approvals. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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