PharmaDrug Inc (CSE:BUZZ) (OTCPINK:LMLLF) has named entrepreneur-scientist and experienced pharma executive Dr Paul Van Slyke as the new Chief Scientific Officer (CSO) for the group.
Van Slyke previously served as the CSO on a consultancy basis of biotech and subsidiary Sairiyo Therapeutics, which PharmaDrug recently acquired.
READ: PharmaDrug begins preclinical studies of Cepharanthine formulation in a wide range of cancers
Given all of the advancements in the company's Cepharanthine activities and the quickly evolving dimethyltryptamine (DMT) strategy, PharmaDrug said it felt Van Slyke's attention was needed "on an exclusive and full-time basis".
"The board of directors is also extremely impressed with Paul's business acumen and believes he can play a positive role in PharmaDrug's other divisions where he can contribute to product expansion and development," the company said.
Daniel Cohen, CEO of PharmaDrug, added: "We are extremely excited to have Paul join the company on a full-time basis. We also believe Paul will add tremendous value as a C-suite executive as he gets involved in both Super Smart and PharmaDrug Production in Germany.
"We look forward to Paul continuing to grow with PharmaDrug while he helps build out our team as we evolve in all facets of the company."
As part of the employment agreement, and in line with its stock option plan, the firm has approved the grant of 2 million stock options to Van Slyke, which expire five years from the date of grant and are exercisable at a price of $0.09 per share.
It added that 500,000 of the options vest immediately and 1,500,000 of the options vest in one-half increments after six and 12 months.
PharmaDrug is focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs.
Contact the author at giles@proactiveinvestors.com