Waverley Pharma Announces Executive Leadership Changes

WINNIPEG, Jan. 8, 2020 /CNW/ - Waverley Pharma Inc. ("Waverley Pharma" or the "Company") (TSXV:WAVE), an emerging Canadian pharmaceutical company, announced today the resignations of both Dr. Theron (Ted) Odlaug as Chief Executive Officer (CEO) and Pieter de Visser as Chief Financial Officer (CFO) and a  member of the board of directors, effective December 31, 2019.  Both Dr. Odlaug and Mr. de Visser are retiring from their positions to spend more time with family. 

Waverley Pharma is pleased to announce that Haaris Uddin has been appointed to the position of CFO and that the board of directors has initiated the search process for a new CEO, with a goal of completing the process within a few weeks.     

Haaris Uddin, CPA, has been the Senior Financial Analyst at Waverley Pharma since August 2019.  Previously, he worked at Ernst & Young as a senior accountant in assurance services.  Mr. Uddin has significant experience working with life science companies in both Canada and the United States and spent time in both Houston, Texas and San Francisco, California working with clients.  He has a Bachelor of Commerce (Hons.) degree from the University of Manitoba and is a Chartered Professional Accountant.

Dr. Albert Friesen, Chairman of Waverley Pharma stated, "The Board is very thankful for the leadership and wisdom provided by Ted and Pieter during their time with the Company and wishes them well in the future.  On behalf of the Board I would also like to welcome Haaris to the leadership team and we look forward to working more closely with him as he brings his energy and experience to the CFO position."

About Waverley Pharma

Waverley Pharma is an emerging pharmaceutical company focused on the development and commercialization of safe, effective and affordable cancer therapeutics in the EU and North American market. The Company, through its subsidiary, is selling two generic oncology products in the United Kingdom, namely capecitabine and temozolomide and has three additional generic products under development. Waverley Pharma is committed to providing patients with affordable prescription medicines that lower healthcare costs and provide a better quality of life. For more information on Waverley Pharma please visit www.waverleypharma.com.

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Forward Looking Information: Statements contained in this press release that are not statements of historical fact, including, without limitation, statements relating to the Company's leadership transition and CEO search, statements containing the words "believes", "may", "plans", "will", "estimates", "continues", "anticipates", "intends", "expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadian and U.S. federal securities laws (such forward-looking information and forward-looking statements are hereinafter collectively referred to as "forward-looking statements"). Forward-looking statements include estimates, analysis and opinions of management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors which the Company believes to be relevant and reasonable in the circumstances. Inherent in forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements, and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others, the Company's potential product revenues, stage of development, additional capital requirements, risks associated with the completion and timing of clinical trials and obtaining regulatory approval to market the Company's products, the ability to protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approval processes, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: general business and economic conditions; the impact of changes in Canadian-US dollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmental approvals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/or research and development projects, or the availability of financing on reasonable terms; the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factors and assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks and uncertainties relating to the Company and its business can be found in the Company's other filings with the applicable Canadian securities regulatory authorities.

SOURCE Waverley Pharma Inc.

Marcus Enns, Director by phone: [phone] or by E-mail: [email protected], or visit www.waverleypharma.com