VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 2, 2014) -
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Technical Ventures RX Corp. (the "Corporation" or "Technical" ) (TSX VENTURE:TIK.P) announced today the appointment of Elmar R. Burchardt, M.D., Ph.D., D.S., of Bedford, Massachusetts, as TheraVitae Inc.'s ("TVI") incoming CEO and director effective October 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 Bioscience's US-based clinical cell therapy trials in Critical Limb Ischemia and Dilated Cardiomyopathy. Dr. Burchardt has been the Vice President of Pfizer Inc. (NYSE) 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 M.Sc. and Ph.D. degrees in biochemistry, and an M.D. from Hannover Medical School in Hannover, Germany.
Technical also announces it has executed an Amending Agreement (the "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 November 14, 2014. The extension will provide additional time for Technical to complete the financing, which was increased from $2M to up to $3.5M, as described in its news release dated September 23, 2014.
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Arrangement and associated transactions and has neither approved nor disapproved of the contents of this press release.
Cautionary and Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Corporation relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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