Attached files
file | filename |
---|---|
8-K - FORM 8-K - TENAX THERAPEUTICS, INC. | tenx_8k.htm |
Exhibit 99.1
Tenax
Therapeutics Expands Board of Directors with the
Appointment
of Two New Directors, Steven Boyd and Keith Maher, MD
Morrisville, NC – July 20, 2020 -- Tenax Therapeutics,
Inc. (Nasdaq: TENX), a specialty pharmaceutical company focused on
identifying, developing and commercializing products that address
cardiovascular and pulmonary diseases with high unmet medical need,
today announced the expansion of its Board of Directors with the
appointment of Steven Boyd and Keith Maher, M.D. Both Directors are
from Armistice Capital, LLC, which recently purchased the
Company’s equity securities for aggregate gross proceeds of
approximately $8.0 million in a registered direct offering and
concurrent private placement.
Anthony
DiTonno, Chief Executive Officer of Tenax Therapeutics remarked,
“We are pleased to welcome Steven and Keith to our Board.
Steve has an outstanding reputation as a healthcare investor and
brings a wealth of experience advising and investing in specialty
pharmaceutical companies like Tenax. We believe his experience and
insights will serve the Company well as we continue to build upon
our recently reported positive Phase 2 results for levosimendan for
the treatment of patients with pulmonary hypertension and heart
failure with preserved ejection fraction (PH-HFpEF). We also
believe Keith’s background will be invaluable to Tenax as the
Company engages with the FDA and finalizes its Phase 3 program for
levosimendan in PH-HFpEF patients. We look forward to working with
Steve and Keith as our newest Board members as we seek to grow our
product portfolio and expand the Company’s development and
commercial capabilities.”
Mr.
Boyd stated, “I am honored to join the Board of Directors of
Tenax. Levosimendan represents a pipeline within a product and we
look forward to working with Ron and Tony to expeditiously realize
its tremendous value for patients and
shareholders.”
Mr. Boyd
has served since 2012 as the chief investment officer of Armistice
Capital, LLC (“Armistice”), a long-short equity hedge
fund focused on the health care and consumer sectors. From 2005 to
2012, Mr. Boyd was a research analyst at Senator
Investment Group, York Capital and SAB Capital Management, where he
focused on health care. Mr. Boyd began his career as an
analyst at McKinsey & Company. Mr. Boyd currently
serves as a member of the boards of directors of Tetraphase
Pharmaceuticals Inc., Aytu BioScience, Inc., Cerecor Inc., EyeGate
Pharmaceuticals, Inc. and Vaxart, Inc. Mr. Boyd received
a B.S. in economics and a B.A. in political science from The
Wharton School of the University of Pennsylvania.
Dr.
Maher has served as a managing director at Armistice since 2019.
From 2007 to 2018, Dr. Maher held senior roles at Schroder
Investment Management, Omega Advisors and Gracie Capital. Dr. Maher
joined Gracie from Valesco Healthcare Partners, a global healthcare
fund he founded in partnership with Paramount Bio Capital. Prior to
starting Valesco, Dr. Maher was a managing director at Weiss, Peck
& Greer Investments (“WPG”). He joined WPG from
Lehman Brothers, where he worked as an equity research analyst
covering medical device and technology companies. Dr. Maher
currently serves on the boards of directors of Tetraphase
Pharmaceuticals Inc., EyeGate Pharmaceuticals, Inc. and Vaxart,
Inc. Dr. Maher received a B.A. in biology from Boston University,
an M.B.A. from Northwestern University’s Kellogg Graduate
School of Management and an M.D. from Albany Medical College. Dr.
Maher completed his clinical training at the Mount Sinai Medical
Center in the Department of Medicine.
About Tenax Therapeutics
Tenax
Therapeutics, Inc., is a specialty pharmaceutical company focused
on identifying, developing, and commercializing products that
address cardiovascular and pulmonary diseases with high unmet
medical need. The Company has a world-class scientific advisory
team including recognized global experts in pulmonary hypertension.
The Company owns North American rights to develop and commercialize
levosimendan and has reported positive results from its Phase 2
clinical trial for the use of levosimendan in the treatment of
Pulmonary Hypertension associated with Heart Failure and preserved
Ejection Fraction (PH-HFpEF). 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 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 delays in the clinical
study, new product introductions and customer acceptance of these
new products; matters beyond the Company’s control that could
impact the Company’s continued compliance with Nasdaq listing
requirements; 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 30, 2020, and its quarterly report of Form 10-Q
filed on May 15, 2020, 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.
Contacts
Investor
Contact:
ICR
Stephanie
Carrington, 646-277-1282
Stephanie.carrington@icrinc.com