On March 1, 2022 Pascal Biosciences Inc. ("Pascal" or the "Company") (TSXV:PAS) (OTC:PSCBF) (FSE: 6PB-FF), reported the appointment of Dr. Brian Bapty as Chief Executive Officer and President, for a five year term which can be renewed. Dr. Bapty will also serve on the Board of Directors (Press release, Pascal Biosciences, MAR 1, 2022, View Source [SID1234609322]). Dr. Bapty has an extensive background in the biotechnology industry and has been active in the capital markets for over 20 years. He received his Ph.D. in Research Medicine from the University of British Columbia in 1999 and then for eight years was at Raymond James Ltd. as their Biotechnology and Healthcare Equities Analyst. He has served as an independent strategic advisor to the industry, Director of Business Development at Helius Medical Technologies, a partner in a private equity firm, and CEO and Healthcare Investment Banker in a boutique brokerage firm. As a scientist, with an extensive business background, Dr. Bapty brings a unique skill set and fresh perspective to Pascal.
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"Brian has great energy and the expertise to accelerate Pascal’s drive to the clinic," said Dr. Patrick Gray, Chairman of the Board of Directors. "In addition to his strong scientific background, he understands capital markets and how to finance and move biotech companies forward."
Dr. Bapty stated, "In Pascal I see great opportunity. Pat and his team are world class researchers with an incredible depth of drug development expertise, and I am really excited to see what we can accomplish together. Pascal has compelling drug candidates and some discovery programs that target unique biology fundamental for a number of large market disease indications. I joined as CEO because I believe the current market capitalization of Pascal does not reflect the potential of these assets, and I see an opportunity for significant value creation in both the short and long term. Our immediate priority will be demonstrating to shareholders the value of this team, and the value they can add to a scientifically, and fiscally, judicious development program. We look forward to releasing further updates in the near future.
Dr. Bapty takes over from the previous CEO Robert Gietl. On January 3, 2022, Mr. Gietl was terminated as CEO and president. Mr. Gietl has commenced a legal action in the Supreme Court of B.C. claiming damages, interest and costs, payment of unpaid salary of $230,000 and the issue of 500,000 shares. The Company has issued the 500,000 shares and filed a statement of defence.