Management addition comes as FSD accelerates specialty cannabinoid pharmaceutical global expansion strategy
TORONTO, Nov. 26, 2018 – FSD Pharma Inc. (“FSD Pharma” or “FSD”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) announced today the appointment of Rupert Haynes as Chief Executive Officer. Mr. Haynes is a highly accomplished healthcare executive with nearly three decades of global pharmaceutical experience having most recently held the position of Head of Global Marketing at GW Pharmaceuticals (Nasdaq: GWPH) in the United Kingdom. In his new role with FSD Pharma, Mr. Haynes will continue to work out of the United Kingdom, which will support FSD Pharma’s strategy of expanding its global footprint. Interim CEO and Co-chairman of the board, Dr. Raza Bokhari will remain in place as CEO until Mr. Haynes officially assumes the role.
“Mr. Haynes has an impressive track record in pipeline and product development which is directly relevant to FSD’s vision of becoming a global cannabinoid based pharmaceutical leader,” said Dr. Raza Bokhari, Co-chairman of the Board. “He blends world class specialty pharmaceutical experience with a fast-paced biotech mindset that will help accelerate FSD’s growth and global expansion strategy by assembling a top tier management team and pursuing targeted mergers & acquisitions. On behalf of the Board, I welcome him to the company.”
As head of Global Marketing at GW Pharmaceuticals, Mr. Haynes oversaw the strategic development of the firm’s cannabinoid portfolio including numerous cannabinoid pipeline products across dozens of therapeutic areas, but primarily neurological, neurodegenerative and neuropsychological conditions. Mr. Haynes was also involved in the strategic planning & development of Epidiolex®, an FDA-approved cannabidiol, for the treatment of seizures associated with Lennox-Gastaut syndrome or Dravet syndrome. Before GW, Mr. Haynes held numerous commercial roles, including senior leadership positions, at both large pharma and bespoke biotech firms which include Sobi, UCB Pharma, Bristol-Myers Squibb Ltd, UK, and Pharmacia & Upjohn Ltd, UK.
“This is an exciting time to be joining FSD,” said Mr. Rupert Haynes, CEO of FSD Pharma. “The company is advancing at a rapid pace having recently announced a pilot study for SCN-001 in irritable bowel syndrome through its collaboration with SciCann and intention to acquire Therapix Biosciences where there are active clinical trials evaluating cannabinoid combination therapies. I look forward to continuing this fast-paced pharmaceutical development which could lead to multiple significant new development programs in a very short timeframe.”
In October 2018, FSD announced its intention to acquire Therapix Biosciences to develop novel cannabinoid combination therapies in pain, migraine, and other CNS disorders. Therapix is currently evaluating THX-110, a proprietary combination drug based on dronabinol and PEA, in two ongoing Phase 2 studies in Tourette syndrome (Yale U. Medical Center) and obstructive sleep apnea (Assuta Medical Center) with a planned Phase 2 initiation in chronic back pain.
FSD partner SciCann Therapeutics, a company developing novel cannabinoid products for a range of diseases, recently announced initiation of a pilot study evaluating SciCann’s proprietary “Steady Stomach” cannabidiol combination product for the treatment of irritable bowel syndrome patients.
“We look forward to having Mr. Haynes at the helm of FSD as the company expands into the pharmaceutical industry,” said Anthony Durkacz, Co-chairman of the Board and Founder. “The Board believes that Mr. Haynes’ track record of product and pipeline development leadership on both a regional and international level, will support the transition of FSD into a global leader in the cannabinoid-based pharmaceutical space.”
“Mr. Haynes’ appointment as Chief Executive Officer builds on the incredible momentum at FSD Pharma this past year,” said Zeeshan Saeed, President and Founder. “We believe Mr. Haynes brings the vision and know-how to create long-term value for investors and new, effective treatments for conditions where there remains a need for therapeutic alternatives.”
About FSD Pharma
FSD Pharma is focused on the development of the highest quality indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome. The Company’s phase one growth plan involves the development of 25,000 square feet of indoor grow space at its Ontario facility and an additional 220,000 square feet, which pending approval by Health Canada, is expected to be operational in the first quarter 2019.
FSD facilities sit on 72 acres of land with 40 acres primed for development and an expansion capability of up to 3,896,000 square feet.
FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer of cannabis having received its cultivation license under the Access to Cannabis for Medical Purposes Regulations (ACMPR) on October 13, 2017 and is now operating under the recently enacted Cannabis Act. FV Pharma vision is to transform its current headquarters in a Kraft plant in Cobourg, Ontario into the largest hydroponic indoor grow facility in the world. FV Pharma intends to cover all aspects of this exciting, new industry, including cultivation, legal, processing, manufacturing, extracts and research and development.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. This release contains forward-looking information relating to the development of the Corporation’s indoor cannabis facility and its business goals and objectives. The forward-looking information contained in this press release is made as of the date hereof, and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
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