BOSTON, MA and VANCOUVER, BC - (NewMediaWire) - November 23, 2015 - Pivot Pharmaceuticals Inc. (OTCQB: PVOTF) ("Pivot" or the "Company"), an emerging biotechnology company engaged in the development of therapeutics to meet unmet medical needs in women's health, is pleased to announce that the Company has completed the acquisition of IndUS Pharmaceuticals Inc. ("IndUS") previously announced on November 5, 2015. Financial terms of the transaction were not disclosed.
Further, Pivot's Board of Directors has appointed Dr. Pravin Chaturvedi as its new CEO and Director. Dr. Chaturvedi is the Founder and Chairman of IndUS Pharmaceuticals and co-founder of Oceanyx Pharmaceuticals. During his 25+ year career in the pharmaceutical industry, Dr. Chaturvedi has participated in the successful development and commercialization of several new drugs that are currently marketed by various companies. He has previously served as the President & CEO of Scion Pharmaceuticals and as the Head of Lead Evaluation at Vertex Pharmaceuticals. He was formerly in the pre-clinical group at Alkermes and in the Product Development group at Parke-Davis/Warner-Lambert Company (now Pfizer). Dr. Chaturvedi holds a Ph.D. in Pharmaceutical Sciences from West Virginia University and a Bachelor of Science in Pharmacy from the University of Bombay and is an adjunct faculty member at Georgetown Medical School.
Dr. Ahmad Doroudian, Chairman of Pivot, said, "We are very excited to have acquired IndUS and look forward to Dr. Chaturvedi's leadership as we continue to develop life changing medicine for unmet needs in women's health. Dr. Chaturvedi is an accomplished business leader and scientist who will greatly accelerate Pivot's development and deliver significant value to Pivot shareholders."
Dr. Pravin Chaturvedi added, "I look forward to leading Pivot as we bring new therapies through the clinic to address unmet or underserved needs in women's health and gynecological cancers. The combined resources of Pivot and IndUS present a unique opportunity for us to build a strong, successful, research-driven company that will focus on women's health, gynecological cancers, oral mucositis and diabetes. We are reviewing our clinical programs and evaluating the priorities for various programs to ensure accelerated development and faster time to market. IndUS also has an existing partnership with the Indian Institute of Chemical Technology (IICT), a Council of Scientific and Industrial Research (CSIR) institution, which provides an advantage to the Pivot-IndUS group to accelerate new therapies for treatment of women's cancers such as metastatic endometrial and triple-negative breast cancers. Pivot intends to initiate human clinical trials with at least one development candidate by the end of Q4 2016."
In conjunction with the closing of the IndUS transaction, Pivot also announces that Dr. B.J. Bormann has resigned as CEO and Director of Pivot. Pivot's Board would like to thank Dr. Bormann for her many contributions to the Company and wish her well in her future endeavors.
About Pivot Pharmaceuticals Inc.
Pivot is an early stage biopharmaceutical company engaged in the development of therapeutic pharmaceutical products, with a strategic emphasis on the innovation of new therapeutic uses for existing drugs to treat unmet or underserved conditions related to women's health including cancer. Pivot has identified novel candidates for the treatment of gynecological disturbances such as dysmenorrhea and menopausal symptoms (hot flashes), as well as kidney stones and lower urinary tract symptoms (LUTS) in women.
About IndUS Pharmaceuticals Inc.
IndUS Pharmaceuticals Inc. is a privately-held US-India cross-border pharmaceutical company focused on the discovery and development of a sustainable pipeline of innovative and novel drugs for the treatment of cancer, infectious diseases and diabetes. IndUS has exclusive rights to certain intellectual property from the Indian Institute of Chemical Technology, a Council of Scientific and Industrial Research (CSIR) institute, which is coupled with IndUS' biology and clinical development expertise in the United States, allowing accelerated drug development of novel therapeutics for global markets.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the level of business and consumer spending, the amount of sales of Pivot's products, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.