Zomedica Announces Management Changes
Shameze Rampertab, Chief Financial Officer, will act as interim CEO until a replacement is found. Mr. Rampertab has been with Zomedica since 2016. Additionally, Dr.
On behalf of the Board, Mr. Rowe commented, “The Board is very thankful for all of the efforts of Mr. Solensky in leading Zomedica (and its predecessor) since inception in 2015. We believe that Zomedica is now well positioned to commercialize its product pipeline capitalizing on the solid foundation built during Jerry’s tenure. The Board, executive team and employees are excited about Zomedica’s future. The Board also has full confidence in the ability of Mr. Rampertab to lead Zomedica on an interim basis, and he has earned the respect of the Board, executive team and employees since joining Zomedica in 2016.”
Mr. Solensky added, “Founding and driving the growth of Zomedica has been a privilege. I believe that Zomedica is poised to achieve commercial success in delivering diagnostic platforms and therapeutic candidates that will improve the clinical care of our pets. I look forward to seeing its future accomplishments.”
Zomedica has entered into a severance agreement with Mr. Solensky which provides for severance payments to Mr. Solensky in an amount consistent with the terms of his employment agreement. Payments are expected to be made in two tranches on or before
- A restriction on the ability of Mr. Solensky to sell his common shares of Zomedica, subject to permitted exceptions. Exceptions include certain transfers to
Equidebt LLC, which has a credit facility with Zomedica, and a transfer process whereby Zomedica is permitted to designate a proposed purchaser of any shares that Mr. Solensky intends to sell.
- A commitment to vote his common shares in support of matters proposed by the Board of Directors at shareholder meetings, including directors proposed for election by the Board.
- Certain restrictions in relation to actions as shareholder, including supporting any person who intends to contest the election of directors of Zomedica or making any proposal in respect of a merger transaction.
The Cooperation Agreement has a term that expires on the second annual shareholder meeting of Zomedica, subject to early termination if Mr. Solensky ceases to own 10% of the outstanding common shares of Zomedica. The above description is subject to the detailed terms of the Cooperation Agreement, which will be filed on Zomedica’s SEDAR profile.
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Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: market and other conditions, uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and pilot and pivotal studies, uncertainty as to the likelihood and timing of regulatory approvals, availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to future clinical trials, regulatory approvals, safety and efficacy of our products, the use of our product, intellectual property protection and the other risk factors disclosed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Investor Relations Contact:
Shameze Rampertab, CFO
+1 734.369.2555 ext. 119
Source: Zomedica Pharmaceuticals Corp.