TORONTO, May 01, 2019 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSXV: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven cannabis extraction, distillation, purification and cannabinoid isolation, is pleased to announce the appointment of Dr. Paul Tam, MBBS, FRCP(C), FACP to its Board of Directors effective immediately, subject to the necessary regulatory approvals. In connection with the Company’s goal of satisfying non-venture requirements for corporate governance and financial oversight, Dr. Tam will also replace Chris Hobbs on the Company’s Audit Committee resulting in an Audit Committee fully comprised of independent directors in accordance with National Instrument 52-110 – Audit Committees.
“Dr. Paul Tam is a tremendous addition to our board and will be a valuable independent director and contributor as we continue to deepen our medical expertise through this next phase of growth,” said Patrick McCutcheon, Chief Executive Officer, MediPharm Labs. “Dr. Tam brings significant pedigree and experience in his field and from his tenure with leading pharmaceutical companies. We look forward to benefiting from his guidance as we focus on advancing initiatives for the commercial development of high quality, pharmaceutical-like cannabinoid-based products and active pharmaceutical ingredients for a rapidly growing medical and adult-use market.”
With more than three decades of clinical research and medical practice experience, Dr. Paul Tam is a globally recognized expert in the field of nephrology and a pioneer in the development of continuous renal replacement therapy for acute kidney injury. In 1996, Dr. Tam founded the Scarborough Regional Nephrology Program where he is currently Medical Director of the largest community nephrology program in Canada. Dr. Tam oversees a team of thirteen nephrologists that provide renal care to over 900 dialysis patients and 4,000 chronic kidney disease patients and is also an active staff nephrologist at The Scarborough Hospital. Dr. Tam is also the Medical Quality Advisor for three major Independent Health Facilities that provide hemodialysis care.
Dr. Tam has extensive and highly specialized experience in pharmaceutical development having co-founded and acted as the Medical Director overseeing operations and clinical research for a contract research organization which was ultimately acquired by the Biovail Corporation. Dr. Tam served as a Director of Biovail Corporation after the acquisition and he also served as the Medical Director of Contract Research arm of Biovail Corporation. Dr. Tam continues to be active in clinical research and participate in multi-national trials, product commercialization and is a highly respected subject matter author.
“I’m grateful for the opportunity to join MediPharm Labs’ Board of Directors as the Company continues to lead the way in a brand-new industry that has shown incredible potential to improve people’s lives,” said Dr. Paul Tam. “I look forward to working with the Board and management team to help grow and shape the future of MediPharm Labs as it focuses on developing cannabis-based derivative products in a rapidly expanding global industry.”
Dr. Tam also leads and serves on multiple professional and executive governance committees. He is an active member and past Section Chair representing the Nephrology Specialty of the Ontario Medical Association, and active member and past Chair of the Ontario Association of Nephrologists. In the past he has also served on the Boards of Directors for pharmaceutical companies.
Dr. Tam received his medical degree from The University of Hong Kong and completed further specialization at the University of Toronto, Canada.
About MediPharm Labs Corp.
Founded in 2015, MediPharm Labs has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the ACMPR without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from being built to cGMP (current Good Manufacturing Practices) and ISO standard-built clean rooms and critical environments laboratory, allows MediPharm Labs to produce purified, pharmaceutical-like cannabis oil and concentrates for advanced derivative products. MediPharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream extraction methodologies and purpose-built facilities to deliver pure, safe and precisely-dosed cannabis products to patients and consumers. MediPharm Labs’ private label program is a high margin business for the Company, whereby it opportunistically procures dry cannabis flower and trim from its numerous product supply partners, to produce cannabis oil concentrate products for resale globally on a private label basis.
Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm Labs has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements regarding new product development and commercialization, expected growth and the establishment of operations in Australia. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals: and other factors discussed in the Company’s filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
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