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AusCann Group Holdings Ltd

AusCann Group appoints Teva Pharmaceutical executive as new CEO

Ido Kanyon will replace interim CEO Dr Paul MacLeman on 22 May 2019.

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NYSE-listed Teva Pharmaceutical generated over $20 billion in revenue in FY17

AusCann Group Holdings Ltd (ASX:AC8) has appointed global pharmaceutical business executive Ido Kanyon, as its CEO commencing 22 May 2019.

Kanyon brings more than 15 years’ senior executive experience in the pharmaceutical industry most recently at multi-billion dollar Teva Pharmaceutical Industries Ltd (NYSE:TEVA).

Teva is the world's largest generic pharmaceutical company which also specialised in the development and commercialisation of active pharmaceutical ingredients and specialty proprietary medicines.

READ: AusCann Group secures supplier of cannabis resin for upcoming manufacturing

AusCann’s chairman Dr Mal Washer said: “Our extensive executive search generated an impressive field of candidates and Ido stood out for his leadership acumen and track record of commercial achievements throughout his career.

“Ido is very highly regarded in the pharmaceutical industry and having worked both for startups and for one of the largest pharmaceutical firms worldwide, he understands AusCann’s start-up origins and where the firm is headed.

“We are confident that his experience, energy and drive will successfully lead AusCann into its next phase of growth as a pharmaceutical development, sales and marketing business.”

READ: AusCann Group on track to produce cannabinoid medicines this year

Kanyon added: “I am absolutely delighted to be appointed as AusCann’s CEO during this exciting time.

“Medicinal cannabis will have an ever-increasing presence in healthcare as a credible treatment for chronic pain and additional indications with unmet medical needs.

“I believe there is a unique opportunity to place patients, physicians and caregivers at the centre of our mission.

“I am excited by AusCann’s commitment to deliver with the highest standards of quality, innovation and trust.”

Quick facts: AusCann Group Holdings Ltd

Price: $0.38

Market: ASX
Market Cap: $118.89 m
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