Cannasat Therapeutics appoints Dr. David Pattenden as Chairman of the Board
June 26, 2022
TORONTO – June 26, 2022 – Cannasat Therapeutics Inc. (the "Company" and "Cannasat") announced today that Dr. David Pattenden has been appointed Chairman of the Board. Dr. Pattenden was elected to the board at the Annual General Meeting of shareholders, held yesterday.
Most recently Dr. Pattenden served as the Chief Executive Officer of the Ontario Medical Association (“OMA”) for 11 years. He succeeds Moses Znaimer, who will step down as a director, but continues as a shareholder and advisor. David Hill, Cannasat’s Chief Executive Officer, was also re-elected to the Board, which has increased in size from seven to eight members.
Dr. Pattenden had a successful and varied career in academia, law and business. Prior to serving as the CEO of the Ontario Medical Association for 11 years, he was previously the CEO and Chairman of the Board of UTDC Inc. (Division of Lavalin & Bombardier). Dr. Pattenden has 5 degrees from Queens University and was formerly on the faculty of their Law School, and their Commerce and MBA programs. He is presently involved at Queen's University, both in the Faculty of Medicine and the Faculty of Law, as well as being on the Board of Directors of the Queen's University teaching hospital and being recently elected to the Board of Trustees of the University. Dr. Pattenden is currently an Assistant Professor Department of Community Health and Epidemiology, Queen's University; member of Audit Committee Queen's University; member of Governance (Executive) Committee of Board of Directors Queen's University teaching hospital; Chair of Resources Committee Queen's University teaching hospital; Chair of Steering Committee for 50th Anniversary Queen's Law School; Board member of Human Mobility Research Centre Queen's University; and member Liaison Committee Health Care Network Southeastern Ontario.
Mr. Znaimer said, “Given our Company’s evolution, and particularly as the Company prepares to enter clinical trials, its appropriate for the board to be led by a Chairman with a strong healthcare background. I’m pleased with the progress Cannasat has made over the past 15 months, and Dr. Pattenden has the necessary experience, track record and leadership to take the Company to the next stage of its development.”
Znaimer co-founded Cannasat in January 2004 and has helped establish the Company as one of the leading cannabinoid research and development companies in the world.
Mr. Znaimer is known to the Canadian arts and business communities for having brought an original drive in television and allied communications arts into a comfortable alignment with the practical demands of commerce. He is co-founder and former President, Chairman and Executive Producer of Citytv and many other Specialty Channels including MuchMusic, MusiquePlus, Bravo!, Space and Canadian Learning Television. He is Founder/Chairman/Executive Producer of both the MZTV Museum and Archive and the MZTV Film and Television Production and Distribution Company. Mr. Znaimer recently purchased the commercial classical-music Toronto radio stations 96.3 FM / 103.1 FM.
“Moses is a pioneer with a great eye for emerging opportunities,” Dr. Pattenden said, “as evidenced by his early recognition of the vast therapeutic potential of the cannabis plant and its naturally occurring molecules (cannabinoids). I believe Cannasat is uniquely positioned to develop safe and effective products for patients with unmet medical needs, and I am eager to take on this new and exciting challenge.”
Mr. Hill said, “I would like to thank Moses for his significant contribution in establishing Cannasat as an emerging business opportunity. I am also pleased that Dr. Pattenden has joined Cannasat’s Board as Chairman and I remain confident that with the team we've built, we will continue to move Cannasat forward.”
At the board meeting held yesterday, the board also appointed David Hill as Chief Executive Officer, Umar Syed as Chief Scientific Officer, and Andrew Williams as Chief Financial Officer, Chief Operating Officer and Corporate Secretary. Mr. Williams replaces Anne Raghurai as Chief Financial Officer.
The Company also granted options to acquire 950,000 shares in the capital of the Corporation effective June 25, 2007. The options were granted to directors at an exercise price of $0.25 per share for a term of five years. Included in the grant are options to acquire 350,000 shares to Dr. David Pattenden, the Chairman of the Board, as well as options to acquire 100,000 shares to each of the directors Lorne Gertner, Peter Palframan, Alan Ryley, Rochelle Stenzler, Alan Torrie and Donald Ziraldo.
About Cannasat Therapeutics
Founded in 2004, Cannasat is an early stage pharmaceutical research and development company. Cannasat is developing cannabinoid-based pharmaceutical products using proprietary formulation and drug delivery technologies. Cannabinoids have broad therapeutic applications which are believed to include the treatment of neuropathic pain, chronic pain, depression, anxiety and movement disorders. More information about Cannasat (TSX-V: CTH) is available at www.cannasat.com.
Contact Information
Cannasat Therapeutics Inc.
Andrew Williams
Chief Operating Officer
W: (416) 703-2449 (Ext. 253)
F: (416) 703-8752
[email protected]
www.cannasat.com
Forward Looking Statements
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
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