Therapix Biosciences Names Jan Turek CEO

TEL AVIV, Israel, Oct. 20, 2014 (GLOBE NEWSWIRE) -- Therapix Bio (TASE:TRPX) (OTCQB:THXBY) today announced that Jan Turek has been named Chief Executive Officer, effective as of September 22nd, 2014. As CEO, he will lead the Company's strategic growth initiatives, including the acquisition of and investment in cannabinoid-focused companies and technologies, and the development of these assets.

"Over the last several months, our Board of Directors has implemented a series of changes that have transformed the Company, and we are now focused on becoming a leader in the area of cannabinoid-based pharmaceutical products," said Therapix Chairman Dr. Ascher Shmulewitz. "Jan will play an integral role in executing our new strategy, and we are thrilled that he has agreed to join our team as CEO. He has an impressive track record spanning more than three decades, and I am confident that the Company is optimally positioned to emerge as a leader in this exciting therapeutic area."

Turek joins Therapix with over 30 years' experience in biotech and pharmaceutical executive leadership, product development, marketing and business development. As a Partner at TCG, LLC, he has been a senior strategy and transaction advisor to a number of large and small biopharmaceutical companies. Previously, he was CEO of Biolex Therapeutics, a developer of biopharmaceutical products including a treatment for hepatitis C. Before joining Biolex, he spent 14 years at Bayer in a variety of executive positions, including Senior Vice President and General Manager of the Company's world-wide Biological Products Division. He holds a B.Sc. in biochemistry from McGill University.

"I believe that cannabinoid-based therapeutics represent a unique opportunity to treat a variety of indications characterized by unmet medical need and large numbers of distressed patients, including those with chronic pain, cancer-induced nausea and vomiting, epilepsy, and multiple sclerosis," said Turek. "Therapix is focusing on the acquisition and development of technologies which I believe will enable us to offer treatment solutions for many of these patients as a result of our unique pipeline of and approach to synthetic cannabinoids. I am grateful for the opportunity to be a part of such an exciting and dynamic organization."

About Therapix

Therapix is a specialty pharmaceutical company focused on synthetic cannabinoid-based therapies with attractive risk/return profiles that target large, high value, under-served markets.

Therapix is executing its strategy through acquisitions of cannabinoid-focused companies and technologies. It continues to identify unique opportunities and is building a robust pipeline based on synergistic integration of unique technologies.

As part of the strategy to invest in and acquire cannabinoid assets, the company announced on June 15, 2014, that a definitive investment agreement was signed between the company and Lara Pharm Ltd., a private company engaged in the field of medical cannabis. Its lead product, LP-306 is a unique synthetic formulation of THC administered through an inhaler, constituting a pharmaceutical substitution for medical marijuana.

The Company's portfolio also includes an orally administered anti-CD3 antibody for the treatment of various inflammatory diseases such as Non Alcoholic Steato-Hepatitis (fatty liver disease).

Forward Looking Statements

This statement may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation, including, but not limited to, estimations relating to expected ADR's listing effects and forecasts relating to the area of synthetic cannabinoid-based pharmaceutical products.

The forward-looking information in this statement is presented for the purpose of providing information about management's current expectations and plans and such information may not be appropriate for other purposes.

Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact.

We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "outlook", "project", "estimate" and similar expressions suggesting future outcomes or events to identify forward-looking statements.

Any such forward-looking statements are based on information currently available to us, and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.

However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks, risk factors, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, and which can be more specifically described and can be found on our annual reports.

In evaluating forward-looking statements, we caution readers not to place undue reliance on any forward-looking statements and readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward-looking statements.

Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.

CONTACT: Lee Roth / Joseph Green The Ruth Group 646-536-7012 / 7013 lroth@theruthgroup.com / jgreen@theruthgroup.comSource:Therapix Biosciences Ltd.

More From Press Releases