Business
Nexien BioPharma Acquires Princeton-Based CRx Bio and Announces Additions to Senior Management
Nexien BioPharma Acquires Princeton-Based CRx Bio and Announces Additions to Senior Management.
About this update from Nexien Biopharma, Inc.
[{"type":"text","content":"CRx BIO is a researcher and developer of advanced cannabinoid-based therapeutic formulationsDENVER, CO / ACCESSWIRE / October 30, 2018 / Nexien BioPharma, Inc. (OTCQB: NXEN) (''Nexien'' or the ''Company'') announced today that it has acquired Princeton, New Jersey based CRx Bio Holdings LLC (''CRx''). CRx is engaged in the research and development of advanced cannabinoid therapeutic formulations with the objective of enhancing the bioavailability, pharmacokinetics, and pharmacodynamics of cannabinoids. Nexien and CRx both share a common vision of developing cannabinoid based and U.S. Food and Drug Administration ("FDA")approved therapeutics to treat specific medical conditions. CRx has filed 3 US provisional patent applications related to the treatment of convulsive disorders, chronic traumatic encephalopathy, and targeted pain disorders.Concurrent with the acquisition by Nexien of CRx, Alex Wasyl, the co-founder and CEO of CRx has been appointed as Nexien's Chief Executive Officer and a member of the Company's Board of Directors. Alain Bankier, previously Nexien's Interim CEO, has been appointed as the Company's Executive Chairman of the Board of Directors and Chief Strategy Officer. Richard Greenberg, who was previously Nexien's Chairman, will remain a Nexien board member. Other members of CRx will also join the senior management of Nexien to create robust management and scientific teams. This includes Jeremy Reeh, M.B., M.B.A., who will be VP of Translational Research, Joseph F. Aceto, M.S., Ph.D., Esq., who will join as VP of Legal and also serve as Intellectual Property (''IP'') Counsel, and Frank Manganella, M.B.A., who will join as VP of Corporate Development. The CRx team augments the Nexien team by adding business, IP, pharmaceutical, and drug development experience, as well as strong cannabinoid science knowledge (bios are available at www.nexienbiopharma.com).Nexien acquired CRx by issuing 11 million of the Company's restricted common shares, of which 1.1 million were immediately granted, and the balance vest over a three-year period. CRx will operate as a wholly-owned subsidiary of Nexien.In commenting on Nexien's acquisition of CRx, Alain Bankier, Nexien's Executive Chairman and Chief Strategy Officer stated: ''I am delighted that we will be integrating this remarkable team, as well as their group of highl...