Health & Fitness
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Published in Health and Fitness on Monday, June 29th 2009 at 14:08 GMT, Last Modified on 2009-06-29 14:09:52 by Market Wire
BELLEVUE, WA--(Marketwire - June 29, 2009) - TapImmune Inc. (
Dr. Wilson succeeds Alan Lindsay whom TapImmune Inc. thanks for his service and contributions to TapImmune.
Dr. Wilson brings an extensive background of success in corporate management and product development with tenures in both major multinational pharmaceutical companies as well as startups. TapImmune expects to benefit from his years of experience in bringing technologies from concept to commercialization. Dr. Wilson's former positions include Head of Drug Delivery at SmithKline Beecham Pharmaceuticals, Research Area Head at Ciba-Geigy, President and co-founder of Auriga Pharmaceuticals, and Executive Vice President of R&D at Tacora Corporation.
Dr. Wilson will lead efforts to round out a new Board of Directors, Management Team and Technical / Clinical Advisory Groups to further advance the patented technologies in TapImmune's portfolio.
In other management moves associated with the restructure, Pat McGowan has resigned his role as CFO and board member. Denis Corin will vacate his position as CEO, retaining his role of President and assume a seat on the Board.
Assisting in TapImmune's go-forward corporate strategies, the principals of Dusford Overseas Investments Ltd have been providing TapImmune with working capital and funding to progress vaccine manufacturing for clinical trials and has assisted TapImmune in restructuring substantially all of its debt into equity. This has resulted in a much healthier balance sheet through the elimination of approximately $3.2MM in liabilities that accounted for 95% of debt. Dusford continues to work with TapImmune on strategic corporate and financing initiatives. As a significant equity restructure of the debt has taken place, TapImmune has initiated a 10 for 1 reverse stock split of its common shares. Thus, as a result of the debt restructuring transaction, TapImmune will have approximately 34MM shares outstanding immediately after such reverse stock split.
Despite challenging conditions in the capital markets, the technology portfolio has stood up to all due diligence efforts required to complete these transactions. TapImmune is very encouraged by the potential all parties see in both the cancer vaccine and infectious disease vaccine adjuvants in our portfolio. The market has gained significant momentum in both of these therapeutic areas with the pandemic threat of many diseases including the ongoing outbreak of H1N1 (Swine Flu) and the recent success of Dendreon's Provenge Phase lll prostate cancer clinical trial.
These recent events in oncology and infectious disease have received significant attention in the media and in the industry. As a result, a vibrant environment now exists in these areas which are both addressable by TapImmune's technologies.
With a restructured management team and balance sheet and access to necessary funding, TapImmune anticipates making significant progress towards our goals this year.
We will provide additional updates on several key corporate initiatives as they occur in the upcoming months.
About TapImmune Inc.
TapImmune Inc. is a biotechnology company specializing in the development of innovative cell based immunotherapeutics and vaccines in the areas of oncology and infectious disease. The Company's lead product, the AdhTAP vaccine enhancer, restores and augments antigen presentation and subsequent recognition and killing of cancer cells by the immune system. The Company is currently developing AdhTAP for the commencement of clinical manufacturing and toxicology studies. The Company is also developing a TAP based vaccine adjuvant already proven to increase the efficacy of targeted prophylactic vaccines by up to 1000 times.
As an adjuvant, our TAP technology is not only needed but could significantly improve the efficacy of many current prophylactic vaccines and enhance the creation of new ones in the fight against many pandemic infectious diseases. As a cancer therapy, our TAP vaccine alone or in combination with others could prove to be a key component of a more successful assault on cancer.
Forward-Looking Statement Disclaimer
This release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this news release concerning the Company's expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements." Forward-looking statements are by their nature subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to, the risks set forth in the Company's most recent Form 10-K and other SEC filings, which are available through EDGAR at [ www.sec.gov ]. These are among the primary risks we foresee at the present time. The Company assumes no obligation to update the forward-looking statements.
