Impression Healthcare has made key leadership and board changes.
Impression Healthcare (ASX:IHL) has appointed an internationally recognised key opinion leader in cannabinoid medicines, Dr Sud Agarwal, as the company's Chief Medical Officer and Non-Executive Director.
The appointment will add significant medical, scientific and cannabis-related expertise to the company's senior management team, and will aid in Impression Healthcare's current and future research, as well as its ongoing commercial programs.
The company has also formed a Medical Advisory Board which is to be headed by Dr Agarwal—who is a qualified anaesthetist, the former Medical Director of the Cann Group and current CEO and Managing Director of Cannvalate—which will oversee clinical trial programs, product commercialisation strategies and assist with furthering defendable intellectual property.
The CEO and Managing Director of Impression Healthcare, Joel Latham, said that the company is "delighted that Dr Agarwal has joined our team as an expert and early-mover in the medicinal cannabis field."
"His appointment is game-changing to the rapid commercialisation of key proprietary drugs being developed by IHL. His experience and knowledge are second-to-none and will help to perfect our strategy in the cannabis field whilst also opening the Company to global opportunities in this rapidly advancing sector".
– Managing Director and CEO of Impression Healthcare, Joel Latham
As part of his role on the company's Medical Advisory Board, Agarwal will bring his extensive cannabis expertise to Impression's current and upcoming clinical programs, targeting conditions such as sleep apnoea, concussion, gum disease and TMJ disorder.
According to senior management, Agarwal's ability to leverage patient groups will also support the company's strategy for brining Impression's products to the commercial market.
As a result of the deal, Agarwal will be eligible to receive up to 6,000,000 Milestone Performance Rights that will eventually convert into shares once 46 specified milestones have been reached.
As a founding member of the company's Medical Advisory Board, Agarwal—and the other appointees—will also be issued Value Performance Rights which can be vested and converted into shares at fully diluted market capitalisations of $60 million, $125 million, $150 million and $200 million.
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In addition to the appointment of Agarwal, Impression Healthcare also made several other announcements, including the elevation of CEO Joel Latham to Managing Director.
Meanwhile, the company has also confirmed that Alastair Blake will be stepping down from the company's board, despite still remaining in his role as CTO to assist in the transition to offshore manufacturing in Shenzhen, China
The CEO and Managing Director of Impression Healthcare, Joel Latham, stated that ; "The Board of Impression wishes to sincerely thank Mr Blake for his tireless commitment to the Company since its listing in November 2016".
"Al has been instrumental in the development of leading products that are highly valued by our customers and dental practitioner network," Latham said.
Stock in Impression Healthcare experienced a boost in value after the announcement was made, climbing by 24.59% to 0.076 a share, as of 25 July, 2019.