PreveCeutical Medical (CSE:PREV) (OTCQB:PRVCF) is shaking up its management team, with the appointment of its chief scientific officer Dr. Makarand "Mak" Jawadekar as president.
Former president, Stephen Van Deventer will continue to serve as chairman and CEO of PreveCeutical.
READ: PreveCeutical explores partnerships with pharma and biotech companies for co-development of its Sol-Gel nasal delivery system
Jawadekar, who is also a director of PreveCeutical, previously spent 28 years at Pfizer (NYSE:PFE), where he served as director of portfolio management. During his tenure at the pharmaceutical giant, he also worked as a bench scientist for the formulation of the blockbuster drug Zoloft.
“I look forward to Mak’s direction as president as we move forward with our plans to secure strategic partnerships to accelerate PreveCeutical’s innovative research and development programs to commercialization,” said CEO Van Deventer in a statement. “Mak’s expertise and high-level associates in the pharmaceutical sector is of extreme value to us in the company’s exciting next phase.”
Jawadekar also said he is looking forward to his new post.
READ: PreveCeutical says C$16.25M Crushedit supply deal and Asterion Cannabis licensing deal among 2018 milestones
“I am very pleased to accept the new role of president and I hope to add further value through making selective contributions to the company’s product portfolio beyond science and technology,” he said in a statement.
Headquartered in Vancouver, PreveCeutical is a health sciences company that develops therapies using natural and organic products. The focus of its research and development programs include non-addictive peptides as a replacement for highly-addictive morphine, fentanyl and oxycodone, its Sol-Gel nose-to-brain delivery system as well as therapies for treating athletes who suffer from concussions.
PreveCeutical shares fell 10% to hit C$0.045 on Tuesday.
Contact Ellen Kelleher at [email protected]