PharmaDrug Inc (CSE:PHRX, OTCQB:LMLLF) announced it has appointed seasoned entrepreneur Robert Steen as its new CEO and chairman of the board of directors.
Steen will succeed Daniel Cohen, who will continue to provide advisory support to ensure a smooth transition and ongoing progress in the cepharanthine program.
In a statement, the psychedelics company said Steen brings a wealth of entrepreneurial experience to his new role, with a successful track record in various sectors, including real estate acquisition, property management, financial tax products, and consultancy.
He most recently founded Trafalgar Addiction Treatment Centres in 2012, guiding its development until its acquisition by a conglomerate in 2022.
"I am excited to join PharmaDrug and to work with Daniel to continue the progress with cepharanthine,” Steen told investors. “I truly believe in the prospects for PD-001 to potentially treat both cancer and viral infections. I am committed to help deliver long term value with the development programs."
With PharmaTher's investment in Sairiyo Therapeutics completed, PharmaDrug has been able to expedite its cepharanthine program. The primary objective remains the development of PD-001, a patented high bioavailable enteric coated formulation of cepharanthine-2HCL for oral administration, targeting oncology and potential anti-viral applications.
Key milestones achieved include the issuance of a certificate of analysis, a master batch record, and the successful transfer of the drug to Genvion Corporation. Genvion will conduct ICH-compliant stability testing and forced degradation studies, supporting future filings with Australia's Therapeutic Goods Administration (TGA) and the US Food and Drug Administration (FDA). Genvion Corporation will also oversee downstream manufacturing efforts for the clinical drug product, PD-001.
Additionally, the company announced the departure of Michael Forbes from the board to pursue other opportunities, with the board expressing gratitude for his contributions to PharmaDrug.