BELLEVUE, -TapImmune Inc. (OTCBB: TPIM: undefined, undefined, undefined%), a biotechnology company specializing in the development of immunotherapeutics for cancer and vaccines for infectious diseases, announces the appointment of Dr. Glynn Wilson as TapImmune's new Executive Chairman as part of an overall corporate restructuring plan.
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.
