Tetra Clarifies Estimated Fair Market Value of North Bud Farms Shares
ORLEANS, Ontario, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc., a leader in cannabinoid-based drug discovery and development (TSX VENTURE: TBP) (OTCQB: TBPMF), is pleased to announce the promotion of Steeve Néron as Senior Vice President, Marketing and Medical Affairs. The Corporation also announced the conclusion of the dividend-in-kind of North Bud Farms Inc.
Mr. Néron will be responsible for prioritizing development of commercialization opportunities and market potential for both Tetra Bio-Pharma and Tetra Natural Health products. He will be overseeing all pre-launch activities such as Continuing Medical Education (CME), Medical Science Liaison (MSL) and Market Access/Reimbursement.
“Steeve has made significant contributions to Tetra since he joined the organization, and we look forward to his increased responsibilities on our senior management team,” said Dr. Guy Chamberland, CEO and CSO of Tetra Bio-Pharma Inc. “Steeve will play an increasingly critical role in ensuring that Tetra’s innovative pharmaceutical pipeline will be successfully commercialized globally.”
“With the legalization of cannabis in Canada, there are many new opportunities which have arisen globally for Tetra to build upon,” said Steeve Néron. “Having completed three months at Tetra, I am very excited by the innovative pipeline developed at Tetra and the boundless opportunities that await in growing and leveraging our brands in the marketplace.”
About Steeve Néron
Mr. Néron has more than 32 years’ experience in the pharmaceutical industry with demonstrated success in numerous therapeutic sectors including cardiology, rheumatology, endocrinology, women’s health, asthma/COPD, OTC and dermatology where challenging the reimbursement landscape factored prominently in his role. Prior to joining Tetra Bio-Pharma he occupied a senior marketing position at Bausch Health Canada, formerly Valeant.
Mr. Néron has held various marketing, sales, finance, material management and business development positions and has worked to launch or rejuvenate numerous market leading pharmaceutical brands including Aerius™ (antihistamine), Altace™ (hypertension), Ezetrol™ (cholesterol), Eliquis™ (anti-coagulant), Lodalis™ (cholesterol) and Contrave™ (Obesity).
Tetra Bio-Pharma Completes Distribution of North Bud Farms Inc.
Tetra Bio-Pharma announced that it has completed the distribution (the "Distribution") by way of dividend in kind of 15,500,000 common shares of North Bud Farms Inc. (each a "North Bud Share") which were listed for trading on the Canadian Securities Exchange on September 20, 2018 under the symbol "NBUD" to the holders of record of outstanding common shares (each, a "Tetra Share") of Tetra Bio-Pharma (the "Shareholders of Record") as at September 7, 2018 (the “Dividend Record Date”). In accordance with the terms of the Distribution, Shareholders of Record received 0.1012 common share of North Bud Farms Inc. for every 1 Tetra Share outstanding as at the Dividend Record Date. Tetra Bio-Pharma determined that the estimated fair market value for the dividend-in-kind was set at a price of $0.25 per North Bud Share.
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada approved, and FDA reviewed, clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
Source: Tetra Bio-Pharma
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Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company's research and development strategies, including the ability to obtain orphan drug status, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. While no definitive documentation has yet been signed by the parties and there is no certainty that such documentation will be signed. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
For further information, please contact Tetra Bio-Pharma Inc.
Robert (Bob) Bechard
Executive Vice President, Corporate Development and Licensing
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