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EX-10.1 - SEPARATION AND GENERAL RELEASE AGREEMENT - TENAX THERAPEUTICS, INC. | tenx_ex101.htm |
8-K - CURRENT REPORT - TENAX THERAPEUTICS, INC. | tenx_8k.htm |
Exhibit 99.1
Tenax Therapeutics Announces Review of Strategic Alternatives and
Business Update
–
Ladenburg Thalmann Engaged to
Assist in the Process –
–
John Kelley Resigns as CEO;
Michael Jebsen, President and CFO, Appointed as Interim CEO
–
Morrisville, NC, April 5, 2017 – Tenax Therapeutics, Inc. (NASDAQ: TENX), a
specialty pharmaceutical company focused on identifying, developing
and commercializing products for the critical care market,
today provided an update related to its business strategy,
the clinical development of its product candidates and its
management team:
●
The Company’s
Board of Directors is conducting a comprehensive review of
strategic alternatives focused on maximizing stockholder value and
has formed a strategic committee of three independent board members
to supervise management in this review. In addition, the Company
has engaged Ladenburg Thalmann & Co. Inc., a subsidiary of
Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), as its
financial advisor to assist in the strategic review process;
including, but not limited to a merger, a business combination, a
strategic investment into the Company, or a purchase, license or
other acquisition of assets. This process may not result in any
transaction and the Company does not intend to disclose additional
details unless and until it has entered into a specific
transaction.
●
As reported
earlier, the Company continues to believe levosimendan is an
effective and safe inotrope to increase cardiac output in patients
at risk for or with perioperative low cardiac output. Accordingly,
the Company plans to continue pursuing a regulatory filing in
Canada . The Company continues to evaluate the results of the
LEVO-CTS clinical trial and feedback provided by the FDA in
preparation for the pre-NDA meeting with the FDA to occur in May,
while simultaneously exploring additional strategic options and
alternatives that might enhance stockholder value.
●
Effective April 3,
2017, John Kelley resigned as Chief Executive Officer of the
Company and from the Company’s board of directors, but has
agreed to provide consulting services to the Company for a period
of time following his resignation. The Company’s Board of
Directors appointed Michael Jebsen, the Company’s current
President and Chief Financial Officer, as Interim Chief Executive
Officer, effective immediately upon Mr. Kelley’s resignation.
Mr. Jebsen previously served as Interim Chief Executive Officer for
the Company from 2011 to 2013.
Ronald
Blanck, Chairman of the Board of Directors for the Company, said:
"We thank John for his contributions and wish him well for the
future. This development does not change the focus or direction of
the Company, which remains dedicated to enhancing shareholder value
through the development and commercialization of products for the
critical care market and we have complete confidence in
Michael’s ability to lead the Company once again during this
transitional stage of its development.”
“I
thank the Board of Directors for this opportunity and look forward
to building upon the foundation established through our prior drug
development experience to bolster the Company’s product
pipeline and commercialization efforts,” said Michael
Jebsen.
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About Tenax Therapeutics
Tenax
Therapeutics, Inc., is a specialty pharmaceutical company focused
on identifying, developing and commercializing products for the
critical care market. For more information, visit www.tenaxthera.com.
About Levosimendan
Levosimendan
is a calcium sensitizer that works through a unique triple
mechanism of action. It initially was developed for intravenous use
in hospitalized patients with acutely decompensated heart failure.
It was discovered and developed by Orion Pharma, Orion Corporation
of Espoo Finland, and is currently approved in over 60 countries
for this indication and not available in the United States. Tenax
Therapeutics acquired the North American rights to develop and
commercialize levosimendan from Phyxius Pharma, Inc.
Caution Regarding Forward-Looking Statements
This
news release contains certain forward-looking statements by the
Company that involve risks and uncertainties and reflect the
Company’s judgment as of the date of this release. The
forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to matters beyond the
Company’s control that could lead to the Company’s need
for additional funding to continue to operate as a going concern;
risks associated with the Company’s ability to manage
operating expenses and obtain additional capital as needed; the
impact of significant reductions in the Company’s operations
on its ability to develop its product candidates or maintain
compliance with laws and regulations relating to public companies;
the Company’s ability to maintain compliance with
Nasdaq’s continued listing standards and policies and to
maintain the listing and trading of its common stock on that
exchange; uncertainties inherent in the conduct of clinical studies
and the risk that the Company’s product candidates may not
demonstrate adequate safety, efficacy or tolerability in one or
more clinical studies for approval by regulatory authorities; the
potential for the Company to sell or license part or all of its
assets; the impact of management changes on the Company’s
business and unanticipated charges, costs and expenditures not
currently contemplated that may occur as a result of management
changes; and other risks and uncertainties as described in the
Company’s filings with the Securities and Exchange
Commission, including in its annual report on Form 10-K filed on
March 16, 2017, as well as its other filings with the SEC. The
Company disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release.
Statements in this press release regarding management’s
future expectations, beliefs, goals, plans or prospects constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.
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