- Chairman Fred Nadjarian retires from Board to assume role as Scientific Advisor.
- Secures R&D loan facility through Metamor Capital Partners.
- Preparing for US market entry with first product launch planned for the first half of calendar year 2016.
MELBOURNE, Australia, Nov. 24, 2015 (GLOBE NEWSWIRE) -- Gordagen Pharmaceuticals, a privately held Australian company commercializing tocotrienol-based nutraceuticals and pharmaceuticals, today outlined the strategic initiatives it is taking in preparation for commercializing its first nutraceutical product in the US early next year.
As part of the Company's long-term growth strategy and shift toward commercial operations with the potential to have multiple marketed products in the coming years, Chairman of the Board, Mr Fred Nadjarian, has announced his retirement from the Board and will assume the role of Special Advisor to the Scientific Advisory Board.
Dr Glenn Tong, Managing Director and CEO, said: "It's an exciting time for Gordagen and I look forward to building on the recent successes of the Company. As we move closer toward the launch of our evidence-based nutraceuticals, we are implementing our transition strategy to evolve from research and clinical development into a fully integrated commercial Company.
"With Fred's guidance, the Company has made great progress in its regulatory and clinical strategy. His experience lends itself to continuing to support Gordagen as a Special Advisor, to capture and draw upon his previous experience as Managing Director of Roche Products Australia. We appreciate all of his hard work as Chairman and he will remain an invaluable asset in his new role."
"I truly enjoyed serving as the Chairman of Gordagen and am pleased with the accomplishments we have made in the development of our tocotrienol-based products. As the Company shifts its focus to further building its US ties and strong commercial strategy, I believe my contributions will be more valuable in my new role as we look to rapidly grow Gordagen in the coming years. I am delighted that I can dedicate my time and energy into providing further insights as the Company evolves into this new and important phase, while also enabling more time to pursue personal activities in my retirement," commented Mr Fred Nadjarian, whose change in role will be effective immediately.
Gordagen intends to increase its strong commercial on-ground support in the US. The intention is to bring on board at least two independent non-executive directors by the end of the first quarter in 2016 to help drive the Company's success in the rapidly growing nutraceuticals market.
Securing Additional Funding
Gordagen is pleased to also announce it has secured an R&D loan facility through Metamor Capital Partners, to provide extended cash reserves for accelerating its market entry program. The R&D loan facility will comprise a minimum available drawdown of AUD$1,169,706. As the Company raises additional equity capital, it is expected that the drawdown could potentially increase up to approximately AUD$3M for the 2015-16 financial year.
"Securing this capital provides additional funds for the Company to rapidly pursue its market entry into the US and Japan, which are two of the largest global markets for nutraceuticals. We plan to launch our first product, our heart health nutraceutical (nE1-Heart™), and phase II clinical studies in the US for our exercise and muscle recovery product (nE1-ElitE™) within the first half of 2016. Our strategic partnering discussions in Japan are also progressing positively," said Dr Glenn Tong, CEO and Managing Director of Gordagen.
"We are pleased to be able to take advantage of the Australian Federal Government's R&D Tax Incentive program, which does an excellent job encouraging investment in innovative research. We also appreciate the support of Metamor Capital Partners and see this as a great opportunity for Gordagen's investors to leverage their equity capital with substantial, non-dilutive matching funds," commented Dr Tong.
The Company secured the loan facility after a comprehensive and thorough due diligence process, which took into consideration Gordagen's history of solid research and development in the field, its good corporate governance, the quality of its Board and Management and its track record of successfully applying for R&D Tax Incentive refunds over the past three financial years.
About Gordagen Pharmaceuticals Pty Ltd
Gordagen Pharmaceuticals is a privately-held Australian company developing and commercializing nutraceuticals and prescription medicines based on tocotrienols, found in vitamin E. The Company has developed a novel approach to delivering highly potent tocotrienols to target tissues using its proprietary and patent-pending "melt-then-swallow" delivery technology (MELT3TM). The Company is focusing on tocotrienols with wide therapeutic potential, initially targeting nutraceuticals for heart health, muscle soreness and exercise endurance.