COSCIENS Biopharma Announces Change to Board of Directors
Rhea-AI Summary
COSCIENS Biopharma Inc. (NASDAQ: CSCI) (TSX: CSCI), a specialty biopharmaceutical company, has announced a change to its Board of Directors. Carolyn Egbert has resigned from the Board, effective immediately. Egbert served on the Board for twelve years, including eight years as Chair. The company has decided to streamline its board structure, moving forward with six members, including five independent directors. This decision aligns more closely with industry standards for companies at COSCIENS' stage. Ronald Miller, the current Chair of the Board, expressed gratitude for Egbert's dedicated service and valuable contributions to the company, previously known as Aeterna Zentaris.
Positive
- Board restructuring to align with industry standards
- Maintaining a majority of independent directors (5 out of 6)
Negative
- Loss of a long-serving board member with 12 years of experience
- Reduction in board size from at least 7 to 6 members
News Market Reaction
On the day this news was published, CSCI declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
TORONTO, ONTARIO, Oct. 08, 2024 (GLOBE NEWSWIRE) -- COSCIENS Biopharma Inc. (NASDAQ: CSCI) (TSX: CSCI) (“COSCIENS” or the “Company”), a specialty biopharmaceutical company developing and commercializing a diversified portfolio of cosmeceutical, nutraceutical and pharmaceutical products, today announced the resignation of Carolyn Egbert from the Board of Directors, effective immediately.
“We are extremely grateful to Carolyn for her twelve years of dedicated service to the Company as a member of the Board of Directors, including serving eight years as Chair. Throughout her tenure as a board member of Aeterna Zentaris, now CONSCIENS, she provided valuable contributions and insight,” said Chair of the Board, Ronald Miller. “With Carolyn’s decision to resign from the Board and as the Company continues to evolve at various levels, we have made the strategic decision to streamline our board structure and move forward with six members, including five independent directors which we believe more closely aligns with the industry standard for a Company at our stage.”
About COSCIENS Biopharma Inc.
COSCIENS is a specialty biopharmaceutical company engaged in the development and commercialization of a diverse portfolio of pharmaceutical and diagnostic products, including those focused on areas of significant unmet medical need. One of COSCIENS' lead products is macimorelin (Macrilen®; Ghryvelin®), the first and only U.S. FDA and European Medicines Agency approved oral test indicated for the diagnosis of adult growth hormone deficiency (“AGHD”). COSCIENS is also engaged in the development of therapeutic assets and proprietary extraction technology, which is applied to the production of active ingredients from renewable plant resources currently used in cosmeceutical products (i.e., oat beta glucan and avenanthramides which are found in leading skincare product brands like Aveeno and Burt's Bees formulations) and being developed as potential nutraceuticals and/or pharmaceuticals.
The company is listed on the NASDAQ Capital Market and the Toronto Stock Exchange, and trades on both exchanges under the ticker symbol "CSCI". For more information, please visit COSCIENS' website at www.cosciensbio.com.
Forward-Looking Statements
The information in this news release has been prepared as of October 1, 2024. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and "forward-looking information" under the provisions of Canadian securities laws. All statements, other than statements of historical fact, that address circumstances, events, activities, or developments that could or may or will occur are forward-looking statements. When used in this news release, words such as "anticipate", "assume", "believe", "could", "expect", "forecast", "future", "goal", "guidance", "intend", "likely", "may", "would" or the negative or comparable terminology as well as terms usually used in the future and the conditional are generally intended to identify forward-looking statements, although not all forward-looking statements include such words.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the combined Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them.
Forward-looking statements involve known and unknown risks and uncertainties which include, among others: the combined Company's present and future business strategies; operations and performance within expected ranges; anticipated future cash flows; local and global economic conditions and the environment in which the combined Company operates; anticipated capital and operating costs; uncertainty in our revenue generation from our marketed products, product development and related clinical trials and validation studies; results from our products under development may not be successful or may not support advancing the product; the failure of the DETECT-trial to achieve its primary endpoint in Childhood Growth Hormone Deficiency may impact the market for macimorelin (Macrilen®; Ghryvelin®) in AGHD and the existing relationships we have for that product; ability to raise capital and obtain financing to continue our currently planned operations; our now heavy dependence on sales by and revenue from our main distributor of our legacy Ceapro products and its customers, the continued availability of funds and resources to successfully commercialize our products; the ability to secure strategic partners for late stage development, marketing, and distribution of our products; our ability to enter into out-licensing, development, manufacturing, marketing and distribution agreements with other pharmaceutical companies and keep such agreements in effect; our ability to protect and enforce our patent portfolio and intellectual property; and our ability to continue to list our common shares on the NASDAQ Capital Market.
Investors should consult our quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties, including those discussed in our Annual Report on Form 20-F and MD&A filed under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. We disclaim any obligation to update any such risks or uncertainties or to publicly announce any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, unless required to do so by a governmental authority or applicable law.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this news release.
Issuer:
Gilles R. Gagnon
President & CEO
ggagnon@ceapro.com
+1 (780) 421-4555
Investor Contact:
Jenene Thomas
JTC Team
T (US): +1 (908) 824-0775
E: csci@jtcir.com
FAQ
Why did Carolyn Egbert resign from COSCIENS Biopharma's (CSCI) Board of Directors?
How long did Carolyn Egbert serve on COSCIENS Biopharma's (CSCI) Board of Directors?
How many members will COSCIENS Biopharma's (CSCI) Board of Directors have after this change?
Who is the current Chair of COSCIENS Biopharma's (CSCI) Board of Directors?
