VANCOUVER (April 15, 2015) - M Pharmaceutical Inc., (the "Company") (CSE:MQ) announces that medical technology pioneer Dr. Martin Mintchev has accepted the position of President & Chief Executive Officer.
Dr. Mintchev is the primary developer of the innovative medical technologies held by M Pharmaceutical. The company is focused on two groups of medical devices developed to enhance the quality of life of people living with diabetes and/or obesity, including the eMosquito currently held by M Pharmaceutical and the pseudobezoar technologies acquired through the purchase of RX Global Capital Inc.
A veteran academic in the field, Dr. Mintchev will continue his role as a Professor in the Schulich School of Engineering at the University of Calgary, but will be able to devote the leadership required in order to move forward the development of the Company's medical devices.
“This company represents an opportunity to apply the expertise I have gained over decades in order to deliver realistic solutions that reduce invasiveness and enhance effectiveness for millions of people who require more options when facing obesity and diabetes,” said Dr. Mintchev, a native of Bulgaria who holds the designations of PhD and PEng.
The Board of Directors of M Pharmaceutical, Inc. wishes to thank David Lane for his work and service to the company as its former president and director.
The Company also announces that it will effect a 10 to one consolidation of its issued and outstanding shares, effective April 16, 2015. No fractional shares will be issued, and fractions will be rounded to the nearest whole number. The consolidation will result in the Company holding a capital structure more in line with its peers in the field.
About M Pharmaceutical Inc.
M Pharmaceutical, Inc is focused on addressing the chronic disease epidemic by providing medical technologies that improve the health and quality of life for people affected by diabetes and obesity. The Company has the rights to a biomedical device for the self-monitoring of blood glucose, primarily by diabetics. This device, called the eMosquito, is based on a novel in-plane actuator designed to provide minimally-invasive skin penetration to be used by persons with diabetes. The objective of the eMosquito is to obtain whole blood samples by penetrating the skin to shallower depths and in less sensitive areas of the body. Persons with diabetes have traditionally used the "finger prick" method to monitor/test their blood glucose levels. The blood sample was obtained by pricking the finger tip, a highly sensitive area of the body. The eMosquito is envisioned to be worn like a patch with small needles designed to puncture the skin just deep enough to draw blood without affecting the nerve endings and causing little or no pain. The commercial development of the eMosquito will require the successful coordination and execution of a wide variety of technology disciplines.
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FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the acquisition of RX Global, and the commercialization of the rights to the eMosquito and the temporary pseudobezoars. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and such factors as the Company failing to acquire RX Global and the failure to complete the commercialization of the eMosquito and the temporary pseudobezoars.