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Technical Ventures appoints Burchardt CEO of TeraVitae

2014-10-02 09:18 ET - News Release

Mr. David Wood reports

TECHNICAL VENTURES ANNOUNCES ELMAR R. BURCHARDT, M.D., PH.D., D.S. TO BE APPOINTED AS CHIEF EXECUTIVE OFFICER AND DIRECTOR OF THERAVITAE INC.

Technical Ventures RX Corp. has appointed Dr. Elmar R. Burchardt, MD, PhD, DS, of Bedford, Mass., as TheraVitae Inc.'s incoming chief executive officer and director effective Oct. 22, 2014. Bill Baker will step down as the CEO of TVI, but remain as the chairman, director, and corporate secretary of TVI and the resulting issuer after completion of Technical's qualifying transaction.

Dr. Burchardt has over 17 years of academic and industry experience in the areas of cell therapy, hematology and cardiovascular diseases. As vice-president of Aastrom Biosciences Inc. (Nasdaq) from 2006 to 2010, Dr. Burchardt initiated and successfully completed Aastrom Biosciences' United States-based clinical cell therapy trials in critical limb lschemia and dilated cardiomyopathy. Dr. Burchardt has been the vice-president of Pfizer Inc. (New York Stock Exchange) from 2010 to date.

Previously, he worked for Miltenyi Biotec GmbH in Germany, where his responsibilities included the worldwide development and market introduction strategy of 10 new clinical cell therapy products, including one of the most extensive cell therapy development programs in cardiac diseases. Dr. Burchardt holds MSc and PhD degrees in biochemistry, and an MD from Hannover Medical School in Hannover, Germany.

Technical also announces that it has executed an amending agreement to the original plan of arrangement agreement dated July 19, 2013, as amended. Pursuant to the terms of the agreement, the outside closing date for Technical's qualifying transaction has been extended to Nov. 14, 2014. The extension will provide additional time for Technical to complete the financing, which was increased from $2-million to up to $3.5-million, as described in its news release dated Sept. 23, 2014.

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