Industry veterans George Hampton and Terry Evans appointed CEO and
Company to leverage enhanced capital structure to fuel organic growth
and opportunistic acquisitions
MORRISTOWN, N.J.–(BUSINESS WIRE)–Currax Holdings USA LLC (“the Company”) today announced its launch, in
conjunction with the closing of a strategic transaction. Currax Holdings
USA LLC is a privately held holding company that wholly owns Currax
Pharmaceuticals LLC (“Currax”) and Persion Pharmaceuticals LLC
(“Persion”), specialty pharmaceutical businesses focused on acquiring
and commercializing prescription drugs within the U.S. market.
Currax Holdings USA LLC was launched simultaneous with the completion of
its acquisition of substantially all the assets from Pernix Therapeutics
Holdings, Inc. (“Pernix”). As a result of the acquisition, Currax
Holdings USA LLC is now a portfolio company of certain funds managed by
Highbridge Capital Management, LLC (“Highbridge”). Currax now
distributes the Branded and generic medications formerly owned by
Pernix. All medications will continue to be distributed via retail
pharmacies and the Prescriptions Direct® program. Other patient support
programs including those intended to lower the out-of-pocket costs of
Currax medications will continue to be available without disruption.
Currax also owns a 10% stake in Nalpropion Pharmaceuticals, Inc.
(“Nalpropion”), the owner of the market leading branded weight loss
“Currax’s enhanced capital structure will enable us to accelerate
existing portfolio medications and pursue a robust growth strategy
through acquisitions and strategic partnerships with our current
products in both Branded and generic markets,” said George Hampton,
newly appointed Chief Executive Officer of Currax Holdings USA LLC. “We
are laser focused on our broader mission to provide greater access to
life-changing medications for healthcare providers and the patients they
serve. I am delighted that our highly experienced management team will
continue on with Currax and I look forward to working with them to
accomplish our goals.”
George Hampton brings nearly three decades of industry experience to his
role as CEO of Currax Holdings USA LLC. Hampton will also serve as CEO
of Nalpropion Pharmaceuticals. Previously, he was Executive Vice
President of the Primary Care Business at Horizon Pharma (NASDAQ: HZNP),
a multi-billion dollar biopharmaceutical company. At Horizon, Hampton
reported directly to the CEO and also led the Global Orphan Business
Unit and International Operations. Across these business units, Mr.
Hampton led efforts to identify, develop, acquire and commercialize
differentiated and accessible medicines addressing unmet medical needs.
Currax Holdings USA LLC has also appointed Terry Evans Chief Operating
Officer. Mr. Evans joins the Company from Horizon Pharma, where he was
Senior Vice President and General Manager of Managed Care and Trade. He
brings over two decades of expertise in pharmaceutical distribution and
The Company will be headquartered in Morristown, NJ. More information
about Currax can be found at www.curraxpharma.com
The creation of Currax Holdings USA LLC follows the Highbridge funds’
acquisition of substantially all the assets of Pernix, including the
rights to all Branded and generic products, per the firm’s previously
disclosed “stalking-horse bid” for $75.6 million in the form of cash and
credit bid consideration. The asset purchase agreement was announced in
conjunction with Pernix’s voluntary filing for Chapter 11 protection
under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the
District of Delaware. The transaction was completed following customary
closing conditions, including approval of the transaction by the
bankruptcy court pursuant to a motion on April 15, 2019.
Highbridge was advised by Ducera Partners LLC and Skadden, Arps, Slate,
Meagher & Flom LLP.
Pernix was advised by Guggenheim Securities, LLC, Davis Polk & Wardwell
LLP, and Ernst & Young LLP.
About Currax Holdings USA LLC
Currax Holdings USA LLC is a privately-held holding company focused on
acquiring and commercializing prescription drugs within the U.S. market.
Currax Holdings USA LLC is the parent of several subsidiaries, including
Currax Pharmaceuticals LLC and Persion Pharmaceuticals LLC, specialty
pharmaceutical businesses focused on acquiring and commercializing
prescription drugs within the US Market.
Edelman Financial Communications
Are we there yet? Widespread use of Cryptocurrency with Maria (Masha) Prusakova (Crypto PR Lab) at TCE2019 Prague
Cryptocurrencies are changing the world and most of the intelligent e-commerce/m-commerce startups and SMEs are quickly jumping on board. Whenever this is a long-lasting evolution period towards reaching a decentralized banking system, we will just have to wait and find out. However, the recent move by Facebook with the launch of Lybra is certainly stirring things up.
By now, the European Commission and European Union are knees deep into regulating the cryptocurrency market and conversations are always sparked around money laundering and so on.
Bitcoin has been certainly on a roll, but now all eyes are on the exchanges and the licenses that are granted for brokerage and exchange companies.
Cryptocurrency taxation is also a subject that concerns a growing number of users, traders, and investors. An area that creates a lot of confusion among taxpayers is the application of VAT, or the value-added tax most countries levy on the sales of goods and services.
Generally, purchases and sales of cryptocurrency are not subject to VAT taxation in Europe, which is the birthplace of the value-added tax. Financial regulators and revenue services in most countries often refer to a decision by the Court of Justice of the European Union (ECJ) which ruled in 2015 that services for the exchange of bitcoin with any traditional fiat currency are exempt from VAT.
The widespread use of cryptocurrencies and the outcomes of a cryptocurrency driven society will be discussed at the inaugural PICANTE TECH Conference Europe (TCE2019) by experts of the field.
Among these experts is also Maria (Masha) Prusakova, Co-Founder at Crypto PR Lab, who will join the speakers’ list at TCE2019.
About Maria (Masha) Prusakova
Maria (Masha) Prusakova is a French attorney and a PR specialist working with blockchain startups and crypto conferences. Masha started her journey in crypto in 2014 working on an early bitcoin algorithm trader ExGate with a former Lehman Brothers financier. In 2017, Masha joined M&A PR Studio, consulting ICOs and blockchain startups on public relations. In 2018, she co-founded Crypto PR Lab. Before her entrepreneurial career, she worked as an attorney in M&A for Clifford Chance LLP and Gowling WLG. As a private banker for Ultra High Net Worth individuals, Masha gained experience at UBS, LGT and HSBC private banks in Switzerland and Monaco.
The former right hand of Prime Minister of Kazakhstan at the World Economic Forum, Masha together with Sasha facilitates the participation of individuals and startups at the elite Davos Conference Week.
Masha is also an accomplished snowboarder. As a professional athlete, she represented Russia in the 2006 Winter Olympic Games as the youngest participant in the snowboarding halfpipe event.
Masha holds three Master’s degrees (Sorbonne, UC Berkeley) and speaks 4 languages: Russian, French, German and English.
PICANTE Tech Conference Europe is designed to bring both people and knowledge together and provides the excellent ecosystem of networking and learning opportunities without interruptions with emphasis on comfort and communication. After learning from genuine world-class experts and wayseers, meeting achievers shaping the B2B ecosystem, all attendees will get the chance to grab a drink and relax while networking at the evening social gathering.
Brussels Workshop Explores Challenges and Opportunities in the 4th Industrial Revolution
On July 12, the CEIBS Insights 2019 Europe Forum series made its latest stop in Brussels for a special roundtable workshop on the theme of The 4th Industrial Revolution: Opportunities and Challenges for Europe and China. The event, co-hosted by European economic think tank Bruegel, brought together nearly 100 representatives from CEIBS, the European Commission, the Mission of the People’s Republic of China to the European Union, and the EFMD, among others, for discussions exploring how China and Europe can balance policy and market forces to achieve sustainable technological innovation, how SMEs in both regions can leverage opportunities to expand into overseas markets, and how both sides can work together to improve bilateral cooperation.
Charge d’Affaires ad interim for the Mission of the People’s Republic of China to the European Union Wang Hongjian, a representative of the Commissioner for Internal Market, Industry, Entrepreneurship and SMEs Ms. Elzbieta Bienkowskaand European Commission Deputy Director-General for Implementation, Impact & Sustainable Investment Strategies Mr. Patrick Child delivered keynote speeches at the event.
As CEIBS President and Professor of Management Li Mingjun noted in his welcome address, 2019 is a critical year for the Europe 2020 Strategy, and technological innovation is now crucial for sustaining Europe’s economic growth. As Chinafurther opens its doors to the outside world, he added, EU countries will discover new opportunities to take innovative technology from the lab to the market. “We look forward to establishing a foundation for communication with this forum,” Prof. Li said. “And to building a lasting and stable platform for the integration of innovation resources between China and the EU.”
Bruegel Director Dr. Guntram B. Wolff also welcomed participants to the event with a speech in which he noted the need to reflect together on current opportunities and challenges. He further added that the topic of the forum is important because “[it stands at] the intersection of new digital technologies, artificial intelligence and quantum computing, on the one hand, and industrial processes, on the other hand, and manufacturing processes. This interlinkage is at the core of the business model certainly of several economies in the EU, but also as the core of significant parts of the Chinese economy.”
Charge d’Affaires ad interim for the Mission of the People’s Republic of China to the European Union Wang Hongjian then offered a keynote speech on Innovation Cooperation Offers New Highlights in China-Europe Cooperation. In his speech, Mr. Wang emphasised that China and the EU should be more open and inclusive in their cooperation on innovation, should further align their innovation policies to achieve mutual benefits and should work to make long-term strategic plans. “Looking ahead, China and the EU are faced with shared challenges which will reshape the future of humankind, such as climate change, the new technology revolution, resources and environment challenges,” he stated. “China and the EU, as two major players, are duty-bound to join forces with a mind-set of reform and innovation, and to make a greater contribution to world peace, development and prosperity.”
CEIBS Distinguished Professor, Former World Trade Organisation Director-General and Notre Europe Honorary President Pascal Lamy continued with the next keynote speech of the event, in which he discussed the topic of Sino-EU Cooperation Under the New International Economic Order. In his speech, Prof. Lamy emphasised the point that, despite current challenges and uncertainties, there remains ample space for China and the EU to work together in areas of research and innovation. “We have a series of areas where we are already [involved in a lot of] cooperation, [including] food, agriculture, biotech, the environment and health,” he said. “So there are many reasons to move forward and enhance or foster and increase cooperation – many of them domestic and many global. This is how we should look at this picture.”
Bruegel Deputy Director Dr. Maria Demertzis moderated the first session of the day on the topic of Research and Innovation: Competition or Cooperation in the EU-China Context? Shanghai Institutes for International Studies President Chen Dongxiao, CEIBS Vice President and Dean Ding Yuan, and Bruegel Senior Fellow Prof. Reinhilde Veugelers participated in the panel discussion, in which they took an in-depth look at how “co-opetition” (or co-operative competition) in the development of new technologies is acting as a driving force for the 4th Industrial Revolution and how complementary priorities and strategies represent bright prospects for EU-China cooperation.
Following the luncheon, EFMD CEO and Director General Eric Cornuel traced the history of CEIBS to Brussels as “the Heart of Europe” and reviewed some of its world-renowned achievements in academic innovation over the past 25 years. “There is no doubt that innovation is a catalyst for growth built on the foundation of creative drive, co-operation and openness,” Prof. Cornuel said, adding later that, “China and Europe more than ever should get closer and create a favourable environment for innovation, growth and mutual understanding. No doubt CEIBS is an instrument of this co-operation.”
CEIBS Associate Dean (Research) and Professor of Economics and Finance Xu Bin then delivered a keynote speech on China’s Innovation Potential and Its Global Implication. In his speech, Prof. Xu noted that China’s investment in innovation has led to situation in which “it is inevitable that advanced countries will have direct competition with China.” At the same time, he said that the country’s development has resulted in increased demand for services imported to China and that companies seeking to maintain a competitive advantage “should make more effort to specialise in variety, in quality, and in brand.”
CEIBS Board of Directors Co-chairman and EFMD Honorary Chairman Dr. Gerard Van Schaik moderated the second session of the day, in which he invited participants to join a discussion on the theme of Industrial Approaches in Innovation Cooperation Between China and EU. Panellists featured China-EU Association President Luigi Gambardella; WINNER Technology Co., Inc. President and CEO Mr. Zhang Hongjun (CEIBS EMBA 2013); and DFKI Robotics Innovation Center Bremen Director Prof. Dr. Dr. h.c. Frank Kirchner. During the course of the discussion, participants shared their views on key drivers, incentives and best practices for innovation, and offered suggestions on how China and the EU can work both independently and collaboratively to foster innovation in the future.
Today’s event was co-organised by CEIBS and Bruegel, with support from the EU-China Business Association, the EFMD, Shanghai Institutes for International Studies and the Mission of the People’s Republic of China to the European Union, as is part of the CEIBS Insights 2019 Europe Forum series. The Europe Forum Series coincides with the on-going CEIBS 25th Anniversary Celebration and will wrap up in October with events in both Paris and London. For more details about these and other upcoming CEIBS events, please visit our events page here.
SOURCE China Europe International Business School (CEIBS)
48North Successfully Completes Planting at its 100-acre Outdoor Organic Cultivation Facility, Good:Farm
48North Cannabis Corp. (“48North” or “the Company”) (TSXV: NRTH) is pleased to announce that it is has completed the planting of its first outdoor cannabis crop at its Good:Farm, Canada’s largest outdoor organic cannabis cultivation facility (3.7 million sq. ft. of cultivation space) in Brant County, Ont.
48North has successfully planted more than 250,000 cannabis seeds at Good:Farm. At the farm, 48North has planted 10 unique cultivars proven to be successfully grown outdoors; both high-THC and high-CBD strains were selected for planting. The Company expects two harvests annually at the Good:Farm. The first harvest is planned for late-August and will be exclusively the Company’s auto-flowering strains; the second harvest, of photoperiod plants is planned for mid-October.
Good:Farm, Canada’s first and largest outdoor organic cannabis facility, has the potential capacity to yield more than 40,000 kg of dried cannabis, at what 48North expects to be the lowest cost per gram in the country.
“Planting nearly 100 acres of organic cannabis outdoors was a significant accomplishment for the organization, relying on both established agricultural practices and innovative cannabis production techniques. Our team of expert farmers and growers ensured this ground-breaking task was a success,” said Jeannette VanderMarel, co-CEO of 48North.
48North has signed supply agreements for cannabis from its Good:Farm and other licensed production facilities, including:
- An historic outdoor cannabis agreement with the Société Québécoise du cannabis for 1,200 kg of dried cannabis;
- A supply agreement with the Alberta Gaming, Liquor and Cannabis agency for 2,460 kg of dried cannabis; and
- A supply agreement with the Ontario Cannabis Store for 1,200 kg of dried cannabis.
To bring Canadians along on this journey, 48North is hosting a bi-weekly web series on Good:Farm. “See the Good” focuses on the challenges, opportunities and lessons learned on the path cannabis takes from seed to sale.
Good:Farm has a number of strategic advantages, including ultra-low-cost cannabis as well as environment-friendly and energy-efficient production. In addition, the farm’s production will help address the current national shortage of recreational cannabis.
48North Cannabis Corp. (TSXV: NRTH) is a vertically integrated cannabis company focused on the health and wellness market through cultivation and extraction, as well as the creation of innovative, authentic brands for next-generation cannabis products. 48North is developing formulations and manufacturing capabilities for its own proprietary products, as well as positioning itself to contract manufacture similar products for third parties. 48North operates Good:Farm, a 100-acre organic cannabis farm that is expected to produce more than 40,000 kg of organic, sun-grown cannabis, securing a significant first-mover advantage in the production of low-cost, next-generation, extract-based cannabis products. In addition, 48North operates two indoor-licensed cannabis production sites in Ontario. 48North cultivates unique genetics at its wholly owned subsidiary, DelShen Therapeutics Corp. (“DelShen”) and processes cannabis and manufactures next-generation cannabis products at Good & Green Corp. (“Good & Green”), both Licensed Producers under the Cannabis Act. 48North has a growing portfolio of brands that include Latitude, a women’s cannabis platform (explorelatitude.com); Mother & Clone, a rapid-acting sublingual cannabis nanospray (momandclone.com); and Avitas, a single-strain vaporizer cartridge (avitasgrown.com).
DISCLAIMER & READER ADVISORY
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Forward-looking statements in this news release include statements relating to the business plan and future operations of the Company. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including the possibility that the business plan described herein will not be completed, that 48North may not derive the expected benefits from such business plans, or that applicable regulatory approvals will be obtained to carry out the activities contemplated herein. The business of the Company is subject to a number of material risks and uncertainties. Please refer to the Company’s SEDAR filings for further details. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the Company being able to obtain the necessary corporate, regulatory and other third-party approvals, and licensing and other risks associated with the Cannabis Act. The forward-looking information contained in this release is made as of the date hereof and the parties are 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.
SOURCE 48North Cannabis Corp.
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