TEL AVIV, Israel, Oct. 20, 2014 (GLOBE NEWSWIRE) -- Therapix Bio (TASE:TRPX) (OTCQB:THXBY) today announced that Jan Turek has been named Chief Executive Officer, effective as of September 22nd, 2014. As CEO, he will lead the Company's strategic growth initiatives, including the acquisition of and investment in cannabinoid-focused companies and technologies, and the development of these assets.
"Over the last several months, our Board of Directors has implemented a series of changes that have transformed the Company, and we are now focused on becoming a leader in the area of cannabinoid-based pharmaceutical products," said Therapix Chairman Dr. Ascher Shmulewitz. "Jan will play an integral role in executing our new strategy, and we are thrilled that he has agreed to join our team as CEO. He has an impressive track record spanning more than three decades, and I am confident that the Company is optimally positioned to emerge as a leader in this exciting therapeutic area."
Turek joins Therapix with over 30 years' experience in biotech and pharmaceutical executive leadership, product development, marketing and business development. As a Partner at TCG, LLC, he has been a senior strategy and transaction advisor to a number of large and small biopharmaceutical companies. Previously, he was CEO of Biolex Therapeutics, a developer of biopharmaceutical products including a treatment for hepatitis C. Before joining Biolex, he spent 14 years at Bayer in a variety of executive positions, including Senior Vice President and General Manager of the Company's world-wide Biological Products Division. He holds a B.Sc. in biochemistry from McGill University.
"I believe that cannabinoid-based therapeutics represent a unique opportunity to treat a variety of indications characterized by unmet medical need and large numbers of distressed patients, including those with chronic pain, cancer-induced nausea and vomiting, epilepsy, and multiple sclerosis," said Turek. "Therapix is focusing on the acquisition and development of technologies which I believe will enable us to offer treatment solutions for many of these patients as a result of our unique pipeline of and approach to synthetic cannabinoids. I am grateful for the opportunity to be a part of such an exciting and dynamic organization."
About Therapix
Therapix is a specialty pharmaceutical company focused on synthetic cannabinoid-based therapies with attractive risk/return profiles that target large, high value, under-served markets.
Therapix is executing its strategy through acquisitions of cannabinoid-focused companies and technologies. It continues to identify unique opportunities and is building a robust pipeline based on synergistic integration of unique technologies.
As part of the strategy to invest in and acquire cannabinoid assets, the company announced on June 15, 2014, that a definitive investment agreement was signed between the company and Lara Pharm Ltd., a private company engaged in the field of medical cannabis. Its lead product, LP-306 is a unique synthetic formulation of THC administered through an inhaler, constituting a pharmaceutical substitution for medical marijuana.
The Company's portfolio also includes an orally administered anti-CD3 antibody for the treatment of various inflammatory diseases such as Non Alcoholic Steato-Hepatitis (fatty liver disease).
Forward Looking Statements
This statement may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation, including, but not limited to, estimations relating to expected ADR's listing effects and forecasts relating to the area of synthetic cannabinoid-based pharmaceutical products.
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