Toronto, Ontario – May 24, 2023,Theralase® Technologies Inc. (“Theralase®” or the “Company”) (TSXV: TLT) (OTCQB: TLTFF), a clinical stage pharmaceutical company focused on the research and development of light-activated Photo Dynamic Compounds (“PDCs”) and their associated drug formulations, used to safely and effectively destroy various cancers, bacteria and viruses, is pleased to announce that Roger DuMoulin-White, B.Sc., P.Eng., Pro. Dir. has been appointed as President and Chief Executive Officer (“CEO”) of the Company.
Dr. Arkady Mandel, MD, PhD, DSc has tendered his resignation as Interim CEO, but will continue to serve as Chief Scientific Officer (“CSO”) and as a member of Theralase®’s Board.
Mr. DuMoulin-White is the founder of Theralase® and it’s former President and CEO. He stepped down as President and CEO in 2018 and has since served in a non-executive business development role.
Mr. DuMoulin-White was the subject of a voluntary Settlement Agreement with the Ontario Securities Commission (“OSC”) dated February 16, 2018 and an OSC Order dated February 26, 2018 which required, among other things, that he resign as a director and officer of Theralase and refrain from holding those positions for a period of five years. That period has expired and Theralase has obtained the approval of the Toronto Stock Venture Exchange (“TSXV”) to appoint Mr. DuMoulin-White as President and CEO of the Company and to nominate him for election to the Company’s Board of Directors at the Company’s Annual Meeting on June 29, 2023.
Matthew Perraton, PFP, FMA, FCSI, Pro. Dir., Chairman of the Board of Theralase®, stated, “As Theralase®’s founder and visionary, Roger built the Company from scratch, imparting ideals and a vision that remain the foundation of the Company today. The Board has unanimously agreed that it is in the best interests of Theralase and its shareholders that Roger resume the roles of President and CEO.
Mr. Perraton continued, “We wish to thank Arkady for his dedication and support as the Interim CEO of the Company. Under his leadership, Theralase® has made great strides in our Phase II Non-Muscle Invasive Bladder Cancer (“NMIBC”) clinical study (“Study II”), whose strong interim clinical data verifies that light-activated RuvidarTM is a potent PDC that is capable of destroying bladder cancer and providing a durable response to the disease. Theralase® has an exceptionally bright future and we look forward to having Roger lead us on the path to becoming a commercial-stage pharmaceutical company.”
About Study II
Study II utilizes the therapeutic dose of RuvidarTM (0.70 mg/cm2) activated by the proprietary TLC-3200 (90 J/cm2) medical laser system. Study II is focused on enrolling and treating approximately 100 to 125 BCG-Unresponsive NMIBC CIS patients in up to 15 clinical study sites located in Canada and the United States.
About TLD-1433 (RuvidarTM)
TLD-1433 is a patented PDC with over 12 years of published peer reviewed preclinical research and is currently under clinical investigation in Study II. The trade name RuvidarTM was selected by the Company, as Ru is the element symbol for Ruthenium, a rare transition metal belonging to the platinum group, which the Theralase® PDC is based upon, vita is Latin for life and dar is Russian for gift; hence, roughly translated, “Ruthenium, the gift of life”.
About Theralase® Technologies Inc.
Theralase® is a clinical stage pharmaceutical company dedicated to the research and development of light activated compounds and their associated drug formulations with a primary objective of efficacy and a secondary objective of safety in the destruction of various cancers, bacteria and viruses.
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 release.
Forward Looking Statement
This news release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to, statements regarding the Company’s proposed development plans with respect to Photo Dynamic Compounds and their drug formulations and a COVID-19 vaccine. Forward looking statements may be identified by the use of the words “may, “should“, “will“, “anticipates“, “believes“, “plans“, “expects“, and similar expressions including statements related to the current expectations of Company’s management for future research, development and commercialization of the Company’s COVID vaccine, including preclinical research, clinical studies and regulatory approvals.
These statements involve significant risks, uncertainties and assumptions; including, the ability of the Company to: adequately fund, and secure the requisite regulatory approvals to successfully complete clinical studies for a COVID-19 vaccine in a timely fashion and implement its development plans. Other risks include: the ability of the Company to successfully commercialize its drug formulations, the risk that access to sufficient capital to fund the Company’s operations may not be available or may not be available on terms that are commercially favorable to the Company, the risk that the Company’s drug formulations may not be effective against the diseases tested in its clinical studies, the risk that the Company’s fails to comply with the term of license agreements with third parties and as a result loses the right to use key intellectual property in its business, the Company’s ability to protect its intellectual property, the timing and success of submission, acceptance and approval of regulatory filings, and the impacts of public health crises, such as COVID-19. Many of these factors that will determine actual results are beyond the Company’s ability to control or predict.
Readers should not unduly rely on these forward- looking statements which are not a guarantee of future performance. There can be no assurance that forward looking statements will prove to be accurate as such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or future events to differ materially from the forward looking statements.
Although the forward-looking statements contained in the press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.
All forward-looking statements are made as of the date hereof and are subject to change. Except as required by law, the Company assumes no obligation to update such statements.
For More Information:
Kristina Hachey, CPA
Chief Financial Officer
416.699.LASE (5273) x 224