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Vancouver, British Columbia--(Newsfile Corp. - July 28, 2021) - FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FSE: 0K9A), a specialty, biotech pharmaceutical R&D company, has terminated its CEO, Dr. Raza Bokhari, for cause. Following the company's shareholder meeting on May 14, 2021, Dr. Raza Bokhari was placed on administrative leave while a special committee comprised of two independent directors investigated various concerns regarding Dr. Bokhari's actions in his capacity as CEO.
An international law firm was engaged as independent legal advisors, and based on its investigation, the special committee recommended to the company's board of directors and the board unanimously determined to terminate Dr. Bokhari's employment for cause. As stated in the company's news release: "Amongst several findings made by the special committee and the international law firm, only a few of the reasons for Dr. Bokhari's termination are misconduct including breaching court orders, the improper issuance of shares, and attempts to misappropriate company funds in breach of his employment obligations." Anthony Durkacz, Zeeshan Saeed and Donal Carroll, directors who have been named by Dr. Bokhari in litigation, abstained from voting on the matter.
Anthony Durkacz, Interim CEO, stated: "The Company now has the benefit of a strong board of directors who bring with them highly-relevant experience and knowledge. I look forward to continue working with them to restore FSD and realize its full potential."
Zeeshan Saeed, President, added: "As we move forward, we look forward to providing further updates to shareholders in the coming weeks. We remain committed to fulfilling all of the strategic and operational goals outlined in our communications to shareholders prior to the May 14, 2021 shareholder meeting."
Messrs. Durkacz and Saeed noted the progress made since the last shareholder meeting in working toward the goals stated by the concerned shareholders in their April 24, 2021 information circular.
In particular, the Company has:
Effectively renewed its focus on acquiring biotechnology assets and is currently evaluating a number of strategic investment and acquisition opportunities,
Engaged a prominent biotechnology investment firm and is completing an audit of its Phase 2 Clinical Trial to determine its viability,
Retained an independent advisor to evaluate more broadly its principal drug compound, ultramicronized palmitoylethanolamide (PEA), or FSD201, in order to evaluate its current commercial viability,
Engaged a third party to conduct a forensic audit of prior compensation and expenses.
In order to better communicate the company's value to the investment community, the company has engaged New York-based KCSA Strategic Communications, a fully integrated communications agency which has been providing public relations, shareholder communications and social media to its clients since 1969.
The shares are trading at $2.01. For more information, please visit the company's website, www.FSDpharma.com, contact Anthony Durkacz, Interim CEO, at adurkacz@FSDpharma.com or Zeeshan Saeed, President, at zsaeed@FSDpharma.com.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91431