Vancouver, Canada, May 18, 2015 (GLOBE NEWSWIRE) -- Pivot Pharmaceuticals Inc. (OTCPK: PVOTF) ("Pivot" or the "Company"), announces recent name change, new ticker symbol, and appointment of new Chief Executive Officer.
The Financial Industry Regulatory Authority (FINRA) has approved the Company's request to change its name to Pivot Pharmaceuticals Inc. from Neurokine Pharmaceuticals Inc. At the opening of markets Monday, May 18, 2015 the Company's stock will commence trading under its new ticker symbol, "PVOTF".
Pivot has named BJ Bormann, PhD Chief Executive Officer effective immediately. Pivot's Chairman, Ahmad Doroudian, stated, "We are very fortunate to have secured a CEO of BJ Bormann's standing and experience. Combined with the expertise that Dr. Renz and Dr. Frankham bring with them, Pivot is led by a world-class management team that will creatively and expertly drive the development and commercialization of new products."
Dr. Bormann has nearly 30 years of experience in academic and pharmaceutical science and biotech and pharmaceutical business development. She was formerly Senior Vice President responsible for worldwide alliances, licensing and business development at Boehringer Ingelheim. Previously, Dr. Bormann served as Vice President of Global Research and Development and the worldwide Head of Strategic Alliances at Pfizer. Dr. Bormann received a Ph.D. in biomedical science from the University of Connecticut Health Center, B.Sc. from Fairfield University in biology, and completed postdoctoral training at Yale Medical School in the department of pathology.
"I am thrilled to be joining the Pivot team as we build a company focused on Women's Health and Neurology. Women's Health is an area that has been chronically underserved," stated Bormann. "I look forward to leveraging our development platform to offer new products specifically designed for female targets and indications. Our Neurology platform will assess conditions for which there is no adequate treatment or cure, including Alzheimer's disease, by developing both novel and re-positioned drugs to slow the progression of the most severe symptoms."
Also joining Pivot's board is Dr. Wolfgang Renz, PhD. Dr. Renz is currently President of International Business at Physicians Interactive. Formerly, he served as Corporate Vice President of Business Model & Healthcare Innovation at Boehringer Ingelheim where he led a team of specialists to find, test, and develop the disruptive technologies that will shape the way health care will be delivered in the future. In addition, he also serves as adjunct professor of surgery at McGill University's Faculty of Medicine in Montreal, Canada. Dr. Renz holds a medical degree and a Ph.D. from Freiburg University and is board certified in Germany in emergency medicine.
Finally, Pivot co-founder Dr. Patrick Frankham, PhD, will serve as a Director. Dr. Frankham has over 20 years of experience in the biopharmaceutical and services industries. He is currently Vice President, International, Sales and Regulatory at Physicians Interactive. Prior to founding Pivot, Patrick was the Executive Director of Healthcare Innovation at Boehringer Ingelheim, and has founded several multinational healthcare startup enterprises including healthcare information technology, services and pharmaceuticals companies. He has developed pharmaceutical products in several therapeutic areas and interacted with global regulatory authorities. Dr. Frankham obtained his PhD in molecular endocrinology (Université Laval, Canada), and holds an MBA in Finance (University of Liverpool, UK).
About Pivot Pharmaceuticals Inc.
We are a development stage biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceutical products, with a strategic emphasis on the innovation of new therapeutic uses for existing drugs. Our research and development activities are focused on assessing known drugs and compounds, developing hypotheses concerning their usage for new indications (diseases), and conducting experimentation and clinical research to test those hypotheses. We have identified several classes of drugs from which a specific drug candidate will be selected as the most efficacious in women including: P-001 for the potential treatment of dysmenorrhea, lower urinary tract symptoms and kidney stones; P-002 for the potential treatment of peri-menopausal 'hot flushes'; P-003 for the potential prevention and treatment of migraine headaches; and P-003 and NK-002 (a novel entity) to slow the progression from mild cognitive impairment to dementia (Alzheimer's Disease progression).
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.