Toshiba Nominates 12 Directors, Including Seven New Independent Directors, for Election to Board of Directors
Reading Time: 11 minutes
New Directors Have Diverse Backgrounds, Deep Global Experience and
Highly Relevant Expertise to Support Ongoing Successful Execution of
Toshiba Next Plan
TOKYO–(BUSINESS WIRE)–Toshiba Corporation (TOKYO: 6502) today announced that it has nominated
12 Director candidates, including seven new Independent Director
candidates, for election to its Board of Directors at the Company’s
Ordinary General Meeting of Shareholders for the 180th Fiscal
Period, to be held on June 26, 2019.
The new Toshiba Board would include five international Directors, among
them the first non-Japanese directors to sit on Toshiba’s Board in
nearly 80 years. The new Board would also increase the number of
Independent Directors to ten from seven.
Toshiba believes that it’s critical that the new Board members focus on
portfolio management, capital allocation and Toshiba’s business
transformation. Toshiba expects the new Directors to bring the Board
further diversity that will help to drive sustainable growth and
increased shareholder value over the mid- to long-term, including deep
knowledge and experience in international business, corporate portfolio
management, business transformation and M&A, and expertise in capital
markets and capital allocation. This experience and expertise will
benefit Toshiba shareholders as the Board continues the successful
oversight and implementation of the Toshiba Next Plan—a five-year road
map for corporate transformation designed to create long-term,
sustainable shareholder value.
The company’s full slate of 12 Director candidates are as follows:
Newly Nominated Director Candidates
-
Paul J. Brough, Executive Chairman of Noble Group Ltd.,
Independent Non-Executive Director of GL Ltd. and Vitasoy
International Holdings Ltd. -
Ayako Hirota Weissman, Senior Vice President, Director of Asia
Strategy and Senior Portfolio Manager at Horizon Kinetics LLC
(formerly known as Horizon Asset Management LLC), Independent Outside
Director at SBI Holdings, Inc. - Jerry Black, Senior Advisor of Aeon Co., Ltd.
-
George Raymond Zage III, Founder and Chief Executive Officer of
Tiga Investments Pte Ltd. -
Nobuyuki Kobayashi, Certified Public Accountant, Former
Representative Partner and President of Crowe Toyo & Co., Founder and
CEO of Eishin Partners Co., Ltd. -
Takashi Yamauchi, Audit and Supervisory Board Member of Mitsui
& Co., Ltd. -
Yoshiaki Fujimori, Outside Director and Chairman of Oracle
Japan, Outside Director of Takeda Pharmaceutical Company Ltd. and
Outside Director of Boston Scientific Corporation, former Senior Vice
President of GE (U.S.), former President and CEO of LIXIL Group
Corporation (formerly known as Juseikatsu Group Corporation)
Incumbent Director Candidates
-
Nobuaki Kurumatani, Representative Executive Officer, Chairman
and CEO of Toshiba Corporation -
Satoshi Tsunakawa, Representative Executive Officer, President
and COO of Toshiba Corporation -
Yuki Furuta, Independent Director of Toshiba Corporation;
registered attorney at law; and former Justice of Supreme Court of
Japan -
Yoshimitsu Kobayashi, Independent Director of Toshiba
Corporation; Chairman of Mitsubishi Chemical Holdings Corporation;
former Director and President and CEO of Mitsubishi Chemical Holdings
Corporation and its subsidiary Mitsubishi Chemical Corporation; former
Chairman, Japan Association of Corporate Executives -
Junji Ota, Independent Director of Toshiba Corporation; Vice
Chairman of Japan Securities Dealers Association; and Chair (Public
Governor) of Self-Regulation Board, Japan Securities Dealers
Association
The seven new nominees would replace current Directors Shinichiro Akiba,
Masayoshi Hirata, Naoya Sakurai, Teruko Noda, Koichi Ikeda, Ryoji Sato
and Mami Taniguchi. Mr. Akiba, Mr. Hirata and Mr. Sakurai will remain
engaged in Toshiba’s business operations as executive officers.
Of the seven new nominees, Mr. Brough, Ms. Weissman, Mr. Black, Mr. Zage
and Mr. Fujimori would bring the board valuable international
perspective based on their experience as senior leaders in corporations
based outside of Japan. Mr. Brough, Ms. Weissman, Mr. Black and Mr. Zage
are from countries outside of Japan.
Toshiba is grateful to its shareholders including its three largest
shareholders, Effissimo Capital Management, Farallon Capital Management
and King Street Capital Management, and others (“Toshiba Shareholders”)
who through separate constructive discussions provided their time,
expertise and thoughtful participation to help Toshiba identify the
ideal composition of the Board of Directors to drive Toshiba’s long-term
growth and success through the Toshiba Next Plan.
Toshiba would also like to express gratitude to Ms. Noda, Mr. Ikeda, Mr.
Sato and Ms. Taniguchi for their dedication and service to Toshiba
Shareholders and Toshiba. Toshiba appreciates all that they have done
for the Company.
Toshiba will present its recommendation regarding Director Nominees in
the Company’s Convocation Notice and related materials, to be made
available to all shareholders eligible to vote at the Ordinary General
Meeting of Shareholders. Toshiba shareholders are not required to take
any action at this time.
Newly Nominated Director Candidates
About Paul J. Brough
Mr. Brough currently serves as Executive Chairman of Noble Group Ltd.,
an SGX-listed company that manages a portfolio of global supply chains
across a range of industrial and energy products. He is credited with
bringing Noble back from the brink of collapse by orchestrating its $3.5
billion debt restructuring in 2018. Mr. Brough also currently serves as
an Independent Non-Executive Director of GL Ltd., an SGX-listed
investment holding company, and Vitasoy International Holdings Ltd., a
Hong Kong-listed beverage company. With over 25 years of experience as a
restructuring specialist, Mr. Brough worked on the liquidation of Lehman
Brothers’ assets in Asia in 2008, as the Chief Restructuring Officer of
Sino-Forest Corp in 2012 after its $4 billion collapse in 2011, and as
the Executive Director and Chief Restructuring Officer of China Fishery
Group in 2016. Prior to his roles in restructuring, Mr. Brough spent 29
years at KPMG where he served as Asia Pacific Head of KPMG’s Financial
Advisory Services, Member of the Global Advisory Steering Group and
Regional Senior Partner of KPMG Hong Kong. Mr. Brough is an Associate of
the Institute of Chartered Accountants in England and Wales, the Hong
Kong Institute of Certified Public Accountants and the Hong Kong
Securities and Investment Institute.
About Ayako Hirota Weissman
Ms. Weissman has over 30 years of investment experience and success,
having served in various roles at multiple asset management firms. Ms.
Weissman currently serves as Senior Vice President, Director of Asia
Strategy and Senior Portfolio Manager at Horizon Kinetics LLC (formerly
known as Horizon Asset Management LLC), a New York-based, independently
owned and operated investment adviser. Previously, Ms. Weissman was
Founder and Chief Investment Officer of AS Hirota Capital Management,
LLC. Ms. Weissman also has extensive Japanese experience having served
as a Portfolio Manager specializing in Japanese securities for Kingdon
Capital Management, LLC, a New York-based hedge fund, and as a Partner
and Portfolio Manager of Feirstein Hirota Japan Partners, a Japanese
long/short hedge fund. Prior to that, Ms. Weissman was a Managing
Director and Senior Portfolio manager at Salomon Smith Barney Asset
Management in the U.S. value equity group where she was a founding
member of the large cap value equity group, with responsibility for
approximately $2 billion in assets. She began her career as a securities
analyst covering global technology and consumer sectors at Equitable
Capital Management. Ms. Weissman currently serves as an Independent
Outside Director at SBI Holdings, Inc., a role she has held since June
26, 2015. Ms. Weissman is also a CFA charterholder.
About Jerry Black
Mr. Black has over three decades of experience in managing and advising
major international businesses, with proven expertise in business
transformations, operational execution, supply chain management and
mergers and acquisitions. Mr. Black currently serves as Senior Advisor
of Aeon Co., Ltd (“Aeon”), the largest retailer in Asia and Japan’s
largest shopping mall developer and operator. He also previously served
as Chairman of Aeon Entertainment, Aeon’s movie and content distribution
company, which is the second largest cinema business in Japan. Mr. Black
became Aeon’s first-ever non-Japanese executive in 2009, when he was
named Chief Strategy Officer, Chief Information Officer and Chief
Executive Officer of the company’s ASEAN Division and tasked with
building the company’s business overseas. He has served in a number of
senior executive positions at the company, including as Group Vice
President, Deputy President of Aeon Retail and Group Director of
International Affairs, Chief Digital Officer, and Senior EVP responsible
for Merchandising strategy, Marketing and Information Technology. Before
joining Aeon, Mr. Black was the CEO of Kurt Salmon Associates, a global
management consulting firm supporting companies in retail, consumer
products, and health care, where he advised a wide range of Fortune 500
companies in the areas of merchandising, retail management, sourcing and
supply chain management.
About George Raymond Zage III
As the Founder and Chief Executive Officer of Tiga Investments Pte Ltd.,
Mr. Zage has almost three decades of investing, asset management and
leadership expertise, with a focus on the infrastructure, manufacturing,
energy and real estate sectors across Asia. Mr. Zage is also a Senior
Advisor to Farallon Capital Asia, which is responsible for investing
capital in Asia on behalf of one of the largest alternative asset
managers in the world. Mr. Zage has been involved in investments
throughout Asia in both public and private companies across various
industries including financial services, infrastructure, manufacturing,
energy and real estate. Mr. Zage’s deep experience in international
business, portfolio management, business transformation and M&A, as well
as his expertise in capital markets and capital allocation, will be
important assets as Toshiba executes its business transformation.
Previously, he served as Chief Executive Officer, Managing Director and
Portfolio Manager of Farallon Capital Asia Pte Ltd. Mr. Zage has a
wealth of experience in the investment industry and deep knowledge of
the energy sector across the Asia Pacific region. He has been a
Non-Executive Director of Whitehaven Coal Limited since 2013, and has
recently been appointed as a commissioner of Lippo Karawaci, one of the
largest property companies in Indonesia. Prior to joining Farallon
Capital Asia in 2000, Mr. Zage was a Vice President in the investment
banking division of Goldman Sachs in Singapore, where he was responsible
for overseeing mergers & acquisitions and corporate finance assignments
for companies throughout Asia. Prior to Goldman Sachs Singapore, Mr.
Zage worked in the financial institutions group at Goldman Sachs in both
New York and Los Angeles, where he focused on bank mergers and
acquisitions.
About Nobuyuki Kobayashi
A Certified Public Accountant with over 40 years of experience, Mr.
Kobayashi has extensive expertise in accounting and auditing. He is
Founder and CEO of Eishin Partners Co., Ltd., a management consulting
firm. Prior to founding Eishin, Mr. Kobayashi served at ChuoAoyama
PricewaterhouseCoopers for over 23 years, as Representative Partner from
1988 until 2006 and as General Manager of the Audit Department,
Administrative Division, from 2000 until 2006. In 2006 Mr. Kobayashi
joined audit firm Crowe Toyo & Co., where he has served as a Senior
Advisor from 2017 until 2018 and previously as Representative Partner
and President.
About Takashi Yamauchi
Mr. Yamauchi is the former Executive Vice President of Mitsui & Co.,
Ltd., one of the largest general trading companies in Japan, as well as
former Chief Executive Officer of Mitsui & Co. (Asia Pacific) Pte. Ltd.
As a Full-Time Audit & Supervisory Board Member at Mitsui & Co., Ltd.
(since 2015), Mr. Yamauchi has expertise in auditing of wide range of
businesses practices. He has over 40 years of demonstrated success in
driving strong financial performance at both Japanese and international
corporations. Previously, Mr. Yamauchi served in a range of senior
positions for the company, including as Chief Operating Officer of the
company’s Asia Pacific Business Unit, Chief Operating Officer of the
company’s Transportation Logistics Business Unit, and Chief Operating
Officer of the company’s Iron & Steel Products Business Unit.
About Yoshiaki Fujimori
Mr. Fujimori, having previously served as Senior Vice President of
General Electric Company (U.S.) for over ten years. His career with GE
spanned almost 25 years, including serving as Chairman, President and
CEO of GE Japan and serving as Senior Vice President and CEO of various
Asian and global business divisions. Mr. Fujimori has a deep knowledge
of the electronic industry, in which Toshiba has operations, from his
career in GE. Mr. Fujimori also brings significant Board and advisory
experience, currently serving as Outside Director and Chairman of Oracle
Corporation Japan, Outside Director of Takeda Pharmaceutical Company
Ltd., Outside Director of Boston Scientific Corporation and Senior
Executive Advisor for CVC Capital Partners Asia Pacific (Japan)
Kabushiki Kaisha. As the former President and CEO of LIXIL Group
Corporation, a Japanese manufacturer of building materials and housing
equipment, Mr. Fujimori led the transformation of a legacy business into
a global leader of innovative living and housing solutions. He started
his career at Nissho Iwai Corporation (currently Sojitz Corporation) in
1975, where he worked for 10 years. He has also served on the Board of
Trustees of Carnegie Mellon University since 2004.
Incumbent Director Candidates
About Nobuaki Kurumatani
Mr. Kurumatani has extensive leadership experience and deep financial
expertise after a distinguished career in banking and finance. Mr.
Kurumatani currently serves as Representative Executive Officer,
Chairman and CEO of Toshiba. Since joining Toshiba in April 2018, Mr.
Kurumatani has been the driving force behind Toshiba’s turnaround. He is
leading the execution of the “Toshiba Next Plan,” Toshiba Group’s
five-year transformation plan, refocusing the company and laying out
meaningful targets to drive growth and create long-term and sustainable
shareholder value, including the announced JPY700 billion share
repurchase plan. Prior to Toshiba, Mr. Kurumatani served as President of
private equity firm CVC Asia Pacific Japan. Before joining CVC Asia
Pacific Japan, he served as Deputy President of Sumitomo Mitsui
Financial Group, one of the world’s largest financial institutions, and
as Director and Deputy President of Sumitomo Mitsui Banking Corporation
(SMBC).
About Satoshi Tsunakawa
Mr. Tsunakawa has extensive experience in sales, business and strategic
planning and played an instrumental role in the recovery of Toshiba with
the sale of its Memory business and execution of a substantial capital
raise through a new share offering, as well as the sale of
Westinghouse-related assets. Mr. Tsunakawa also oversaw the sales of
Toshiba Medical Systems Corporation (currently Canon Medial Systems
Corporation), where he previously served as President and Chief
Executive Officer, as well as Toshiba Lifestyle Products & Services
Corporation and Toshiba Visual Solutions Corporation. In his current
role, Mr. Tsunakawa is overseeing the strengthening of the Company’s
financial profile, as well as the execution of the Toshiba Next Plan.
Mr. Tsunakawa has been at Toshiba for over 40 years, serving in multiple
roles, starting his career in the medical equipment business. Mr.
Tsunakawa previously served as CEO of Toshiba from June 2016 to 2018. He
has been a Director of Toshiba since 2015, and currently serves as
Representative Executive Officer, President and COO of Toshiba.
About Yuki Furuta
Mr. Furuta is a lawyer with extensive legal and compliance expertise.
Mr. Furuta served as a Justice of the Supreme Court of Japan from August
2005 to April 2012, and made decisions in numerous important cases
concerning Japan’s Securities and Exchange Act (currently Financial
Instruments and Exchange Act), Companies Act and Antimonopoly Act.
Before that, as a prosecutor, Mr. Furuta, served as Deputy
Prosecutor-General and Director of the Criminal Division of the Supreme
Public Prosecutors Office, and was engaged in the investigation and
prosecution of important criminal cases. He has also worked for over two
decades for the Criminal Affairs Bureau of the Ministry of Justice,
including his position as the Director-General of the Bureau. There, he
was deeply involved in enactment of various anti-economic crime
legislations in Japan, including those related to the Companies Act, as
well as formation of international prevention of money laundering,
bribery of foreign public officials, organized crime at the United
Nations and other international organizations, and he has deep knowledge
and experience in those areas. Mr. Furuta’s expert understanding of
corporate legal affairs, dispute proceedings and investigative procedure
has helped ensure Toshiba’s legal compliance and adherence to Japan’s
Companies Act. Mr. Furuta has served on the Toshiba Board of Directors
and as an Audit Committee member since 2015.
About Yoshimitsu Kobayashi
Mr. Kobayashi has a demonstrated history of successfully executing
business transformations. As the former President of Mitsubishi Chemical
Media Co., Ltd., Mr. Kobayashi oversaw the corporate reorganization of
the optical disc business. He is also a former President and Chief
Executive Officer Mitsubishi Chemical Holdings Corporation. During this
time, he supported the reorganization and restructuring of Mitsubishi
Chemical Holding’s petrochemical business; managed the integration of
Mitsubishi Rayon Co., Ltd., Mitsubishi Chemical Holding’s textile
(carbon fiber and water) business;; and led the company’s tender offer
for and subsequent acquisition of Taiyo Nippon Sanso Corporation, a
multinational industrial gas manufacturer. Mr. Kobayashi is an engineer
by trade with a background in physical chemistry, bringing to the Board
in-depth technological knowledge that is key to its successful oversight
of Toshiba’s business. The former Chairman of Keizai Doyukai (Japan
Association of Corporate Executives), Mr. Kobayashi also has deep
knowledge of corporate and managerial issues typically faced by Japanese
companies.
Mr. Kobayashi is currently a member of the Corporate Governance System
Study Group, as well as a number of other governmental study groups
focused on capital markets and effective governance, and he has deep
knowledge of these subjects. Mr. Kobayashi has extensive experience as
an executive manager of large Japanese corporations and brings expertise
in corporate turnarounds and restructurings, as well as capital markets.
About Junji Ota
Mr. Ota has extensive experience as an executive and a member of the
Audit and Supervisory Board (the corporate audit body authorized by
Japan’s Company Act) of one of the world’s largest steel manufacturers.
During the course of his career at Nippon Steel & Sumitomo Metal
Corporation (currently, Nippon Steel Corporation) and its subsidiaries,
which spanned more than 40 years, Mr. Ota served on the board of
directors and as a full-time Audit and Supervisory Board member for the
company, among other positions. His long tenure at Nippon Steel
Corporation has also given Mr. Ota insight into the practical
considerations of operating a Japanese company. Mr. Ota previously
served as Chairperson of the Japan Audit & Supervisory Board Members
Association, and is considered one of Japan’s pre-eminent Audit and
Supervisory Board members. Having served on Toshiba’s Audit Committee
for the past year on a full-time basis, Mr. Ota is well versed in the
execution of the company’s business operations and strategy. As a member
of the Corporate Governance System Study Group (established by the
Ministry of Economy, Trade and Industry), Mr. Ota also has deep
knowledge of the governance issues currently facing Japanese
corporations.
Forward-Looking Statements
This press release contains forward-looking statements concerning future
plans, strategies, and the performance of Toshiba and its consolidated
subsidiaries (hereinafter “Toshiba Group”). These statements are not
historical facts; rather they are based on assumptions and judgements
formed by the management of Toshiba Group in light of currently
available information. They include items that have not been finally
decided at this point and future plans that are yet to be confirmed or
that require further consideration. Since Toshiba Group promotes
business in various market environments in many countries and regions,
its activities are subject to a number of risks and uncertainties that
are, without limitation, related to economic conditions, worldwide
mega-competition in the electronics business, customer demand, foreign
currency exchange rates, tax rules, regulations, geopolitical risk,
natural disasters and other factors. Toshiba therefore wishes to caution
readers that actual results might differ from expectations. Please refer
to the quarterly securities report (shihanki houkokusho) for the
third quarter of FY2018 for detailed information on Toshiba Group’s
business risk.
Contacts
Investor Contact
Investor Relations Group, Public Relations
& Investor Relations Office
Corporate Communications Div.
Toshiba
Corporation
Phone: +81-3-3457-2096
Email: [email protected]
Media Contact
Midori Hara/Kentaro Ogawa
Media Relations
Group, Public Relations & Investor Relations Office
Corporate
Communications Div.
Toshiba Corporation
Phone: +81-3-3457-2100
Email:
[email protected]
International Media Contact
Sard Verbinnen & Co. for Toshiba:
Paul
Kranhold/Scott Lindlaw/David Millar
Phone:
+1-415-618-8750/+1-212-687-8080
Email: [email protected]
Indivior
Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).
- Primary and Secondary End Points of the Study were Not Met
- Indivior Does Not Currently Expect to Exercise AEF0117 Option
SLOUGH, United Kingdom and RICHMOND, Va., Sept. 4, 2024 /PRNewswire/ — Indivior PLC (Nasdaq/LSE: INDV) is today providing an update following Aelis Farma’s announcement of the results from its clinical Phase 2B trial with AEF01171, evaluating the efficacy and safety in treatment-seeking participants with moderate to severe Cannabis Use Disorder (CUD). The purpose of this trial was twofold: (1) to show that AEF0117 (0.1, 0.3, 1 mg once a day for 12 weeks) lowers cannabis use and (2) to determine the endpoints and optimal dosage of AEF0117 for use in future studies. In this phase 2B study, patients were treatment-seeking participants, 84% of whom had severe CUD.
The results of the study demonstrated that the primary endpoint, the proportion of participants who reduced their cannabis use to ≤1 day per week, as well as secondary endpoints measuring the proportion of participants reaching either complete abstinence or who used ≤2 day per week, were not met. Although these results are disappointing, they indicate that significant work remains to be done to understand subpopulations of patients with CUD, specifically those with severe CUD.
This clinical Phase 2B study is part of the strategic collaboration between Aelis Farma and Indivior, which includes an exclusive option for Indivior to license the global rights to AEF0117. Given the lack of separation from placebo on primary and secondary endpoints and before seeing further additional favorable clinical data, Indivior does not currently expect to exercise its option.
Important Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding whether: we will be able to ultimately demonstrate the safety and efficacy of AEF0117, which is a prerequisite to filing any New Drug Application; we might ever exercise our option for AEF0117 and, if so, when; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” “outlook,” “guidance,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.
Actual results may differ materially from those because they relate to future events. Various factors may cause differences between Indivior’s expectations and actual results, including, among others, the risks described in our most recent annual report on Form 20-F beginning on page 9 as filed with the U.S. SEC and in subsequent releases; legal and market restrictions that may limit how quickly we can repurchaser our shares; the substantial litigation and ongoing investigations to which we are or may become a party; our reliance on third parties to manufacture commercial supplies of most of our products, conduct our clinical trials and at times to collaborate on products in our pipeline; our ability to comply with legal and regulatory settlements, healthcare laws and regulations, requirements imposed by regulatory agencies and payment and reporting obligations under government pricing programs; risks related to the manufacture and distribution of our products, most of which contain controlled substances; market acceptance of our products as well as our ability to commercialize our products and compete with other market participants; competition; the uncertainties related to the development of new products, including through acquisitions, and the related regulatory approval process; our dependence on third-party payors for the reimbursement of our products and the increasing focus on pricing and competition in our industry; unintended side effects caused by the clinical study or commercial use of our products; our ability to successfully execute acquisitions, partnerships, joint ventures, dispositions or other strategic acquisitions; our ability to protect our intellectual property rights and the substantial cost of litigation or other proceedings related to intellectual property rights; the risks related to product liability claims or product recalls; the significant amount of laws and regulations that we are subject to, including due to the international nature of our business; macroeconomic trends and other global developments such as armed conflicts and pandemics; the terms of our debt instruments, changes in our credit ratings and our ability to service our indebtedness and other obligations as they come due; changes in applicable tax rate or tax rules, regulations or interpretations and our ability to realize our deferred tax assets; and volatility in our share price due to factors unrelated to our operating performance or that may result from the potential move of our primary listing to the U.S.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.
About Indivior
Indivior is a global pharmaceutical company working to help change patients’ lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.
References:
- National Library of Medicine (U.S.) (2022, April). Effect of AEF0117 on treatment-seeking patients with cannabis use disorder (CUD) (SICA2). Identifier
NCT05322941 https://www.clinicaltrials.gov/study/NCT05322941
Logo – https://mma.prnewswire.com/media/1814851/Indivior_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/indivior-provides-update-on-aelis-farmas-clinical-phase-2b-study-results-with-aef0117-in-participants-with-cannabis-use-disorder-302237355.html
HERZLIYA, Israel and CALGARY, Alberta, Aug. 29, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that it has completed its previously announced non-brokered private placement offering of 5,025,725 units of the Company (the “Units”) at a price of C$0.22 per Unit for gross proceeds of C$1,105,659.50 (the “Offering”).
Each Unit is comprised of: (i) one (1) common share in the capital of the Company (each a “Common Share”); and (ii) one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.32 for a period of four (4) years from the date of issuance.
Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.
The securities issued to Canadian subscribers in connection with the Offering are subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
Iris Bincovich, Chief Executive Officer of the Company, stated “we are very pleased with our successful offering. I would like to extend my sincere gratitude to our investors for their unwavering support. We see this as a strong vote of confidence by both existing and new investors which demonstrates investor support of our vision and strategic direction. These new funds will provide us with additional working capital to enable us to capitalize on new opportunities and allow us to advance strongly on our growth plans.”
The Company is also pleased to announce that it has granted an aggregate of 300,000 stock options (each an “Option“) to certain consultants of the Company pursuant to the Company’s stock option plan (the “Plan“). Each Option may be exercised for one (1) common share in the capital of the Company (each, a “Share“) at a price of $0.25 per Share. The Options expire on August 27, 2029.
All Options granted vest in accordance with the following vesting schedule: (i) 1/3rd of the Options vested immediately at grant; (ii) 1/3rd of the Options will vest on February 28, 2025; and (iii) 1/3rd will vest on August 27, 2025; all subject to the terms and conditions of the Plan.
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Logo – https://mma.prnewswire.com/media/2046271/4883982/Innocan_Pharma_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-announces-closing-of-private-placement-and-grant-of-stock-options-302234455.html
Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.
The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:
- Derivatives;
- Source;
- Application;
- Route of Administration;
- End-user;
- Distribution Channel; and
- Country.
Market Highlights Identified in the Report
- Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
- Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
- Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.
The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.
Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.
Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.
Regional Insights
Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.
Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.
Competitive Landscape
The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.
Key Topics Covered
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
A selection of companies mentioned in this report includes, but is not limited to:
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
For more information about this report visit https://www.researchandmarkets.com/r/dh7q46
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
-
Cannabis2 weeks agoSilly Nice Announces Launch of New 1G 510 Vape Cartridge and 2G All-In-One Vape in New York Dispensaries This September
-
Cannabis2 weeks agoCannabis Cultivation Market – Global Food Additives, Oils, Tinctures, Cannabis Indica, Cannabis Sativa Forecast 2024-2030
-
Cannabis1 week ago
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
-
Cannabis2 weeks ago
Global Hemp Based Food Market Size To Worth USD 4.87 Billion By 2033 | CAGR Of 13.12%
-
Innocan1 week agoInnocan Pharma Announces Closing of Private Placement and Grant of Stock Options
-
Indivior4 days agoIndivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
