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EX-10.1 - EMPLOYMENT AGREEMENT WITH ANTHONY A. DITONNO - TENAX THERAPEUTICS, INC. | tenx_ex101.htm |
8-K - CURRENT REPORT - TENAX THERAPEUTICS, INC. | tenx_8k.htm |
EXHIBIT 99.1
Tenax Therapeutics Announces Appointment of
Anthony A. DiTonno as CEO
Morrisville, NC, June 5, 2018 – Tenax Therapeutics,
Inc. (Nasdaq: TENX) ("Tenax" or the "Company"), a specialty
pharmaceutical company focused on identifying, developing and
commercializing products for the critical care market, today
announced that it has selected board member Anthony A. DiTonno to
be its next Chief Executive Officer, effective June 1, 2018.
Michael Jebsen, Tenax’s current Interim Chief Executive
Officer and Chief Financial Officer, will remain serving as
Tenax’s Chief Financial Officer.
“We
are very pleased that Mr. DiTonno has agreed to lead Tenax as its
new Chief Executive Officer,” said Mr. Jebsen. “We
believe this management transition will provide us with the
leadership and focus we need to build shareholder
value.”
Mr.
DiTonno has served as a director of Tenax since December 2011. From
January 2013 until May 31, 2018, Mr. DiTonno served as Chief
Executive Officer of Avantis Medical Systems, Inc., a medical
device company that develops and manufactures catheter-based
endoscopic devices. From April 2003 until December 2011, Mr.
DiTonno was President and Chief Executive Officer of Neurogesx
Inc., a biopharmaceutical company based in the San Francisco Bay
area (“Neurogesx”). During his time at Neurogesx, Mr.
DiTonno also served on its board of directors. Mr. DiTonno has
funded companies through a variety of financial arrangements
including private and public financings, partnerships and debt. He
has also been successful in gaining regulatory approvals in both
the United States and European Union. Previously, he was Executive
Vice President of Marketing and Sales at Enteric Medical
Technologies Inc., which was acquired by Boston Scientific Company;
President and Chief Executive Officer of Lifesleep Systems, Inc.;
and Vice President and General Manager of Olcassen Pharmaceuticals,
which was sold to Watson Laboratories. Early in his career, he held
a variety of positions of increasing responsibility at Rorer Group,
Inc. (Rhône Poulenc Rorer) and Wyeth Laboratories. Mr. DiTonno
received an M.B.A. from Drexel University and a B.S. in Business
Administration from St. Joseph’s University.
“As a director, I was
involved in establishing the overall strategic direction of the
Company,” said Mr. DiTonno, Tenax’s newly appointed
CEO. “As CEO, I will have the opportunity to take a more
active role in achieving that strategy. While our focus will
continue to be on the new Phase 2 clinical study for the use of
levosimendan in PH-HFpEF patients, we remain committed to reviewing
other strategic alternatives to extend our product pipeline and
further our mission to develop products to address conditions with
significant unmet medical needs.”
About Tenax Therapeutics
Tenax
Therapeutics, Inc., is a specialty pharmaceutical company focused
on identifying, developing and commercializing products for the
critical care market. The Company has a world-class scientific team
including recognized global experts in pulmonary hypertension. The
Company owns the North American rights to develop and commercialize
levosimendan and is finalizing preparations to begin their Phase 2
clinical trial for the use of levosimendan in the treatment of
Pulmonary Hypertension associated with Heart Failure and preserved
Ejection Fraction (PH-HFpEF) early in the second half of 2018. For
more information, visit www.tenaxthera.com.
About Levosimendan
Levosimendan
is a calcium sensitizer that works through a unique triple
mechanism of action. It initially was developed for intravenous use
in hospitalized patients with acutely decompensated heart failure.
It was discovered and developed by Orion Pharma, Orion Corporation
of Espoo Finland, and is currently approved in over 60 countries
for this indication and not available in the United States. Tenax
Therapeutics acquired the North American rights to develop and
commercialize levosimendan from Phyxius Pharma, Inc.
Caution Regarding Forward-Looking Statements
This
news release contains certain forward-looking statements by the
Company that involve risks and uncertainties and reflect the
Company’s judgment as of the date of this release. The
forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to matters beyond the
Company’s control that could lead to delays in the clinical
study, new product introductions and customer acceptance of these
new products; matters beyond the Company’s control that could
impact the Company’s continued compliance with Nasdaq listing
requirements; the impact of management changes on the
Company’s business and unanticipated charges, costs and
expenditures not currently contemplated that may occur as a result
of management changes; and other risks and uncertainties as
described in the Company’s filings with the Securities and
Exchange Commission, including in its annual report on Form 10-K
filed on April 2, 2018, as well as its other filings with the SEC.
The Company disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release.
Statements in this press release regarding management’s
future expectations, beliefs, goals, plans or prospects constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.
Investor Contact
Robert Haag
IRTH Communications
TENX@irthcommunications.com
800-439-1433