Easton Pharmaceuticals Provides Corporate Update
TORONTO--(BUSINESS WIRE)-- Easton Pharmaceuticals (OTC: EAPH), a specialty pharmaceutical company that designs, develops, and markets a premium array of topically-delivered therapeutic healthcare products announces corporate changes to its management and business product strategy.
As a result of various internal differences with business strategy, Easton Pharmaceuticals execs, John K. Easton and Mr. Lee Hendelson have mutually agreed to step down from the company. The company has accepted the resignations of Mr. John K. Easton from his position as CEO and chairman of the board, and the resignation of Mr. Hendelson as CFO allowing for both individuals to undertake other business opportunities. The Company thanks them for their service and dedication and wishes both of them well in all future endeavors. The company is pleased to announce Mr. John Adams, age 53, a resident of the UK and the European Union, has accepted the position of CEO and President, while Mr. Walter Falinski assumes the position of CFO. Mr. Adams possesses a strong background in the field of alternative therapies and treatments, as well as holding a strong belief that many common and serious ailments can be treated with non evasive natural herbal remedies. His list of strong medical contacts in the alternative therapy field and business experience will be a valued and welcome addition to the board of directors.
Concurrent with the resignation of Mr. Easton, the company has canceled the acquisition of Ixora Biomedical, originally announced in March of 2010 where it had acquired at that time all of the remaining shares of Ixora for a 100 percent ownership interest in the company. All Ixora shares are being returned to treasury and canceled. The company's full ownership position in Viorra Biomedical and all technologies associated with it including its flagship product "Viorra" has not changed. The company has also made the decision to change its corporate name from Easton Pharmaceuticals to Ashley Bio Medical Inc. The name change to Ashley BioMedical is expected to be implemented within the next 90 days.
Easton Pharmaceuticals, with the assistance of its newly added consultants and advisors, has determined that clinical trials of its "Viorra" product, used to naturally help treat the condition of FSAD (female sexual arousal disorder), will be completed as desired, but will no longer be a prerequisite prior to the marketing and sale of the product in North America as was previously the case. After going through changes on its formulation for "Viorra", the company needed to make certain that its revised ingredients would not deviate from the GRAS designation, which is a term used for substances that have been designated by the FDA as safe. After undergoing an analysis on certain formulations and ingredients of "Viorra", a determination was made that these concerns were unwarranted. These concerns were as a result of changes made to its formulations over the past year. The company believes not having to commence with an extensive, time consuming and expensive clinical trial program will make new financing alternatives available. As a result, the company has made the strategic decision to immediately start assessing a marketing program for both the North American and South American market and to move forward with initiatives previously started in other countries.
It is expected that the company will be announcing other changes and additions to management and key personal in the near future to assist with its new revised business and marketing strategy. Such changes may include the announcement of new products and services presently being reviewed.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a specialty pharmaceutical company that designs, develops, and markets a premium array of topically-delivered therapeutic healthcare products, focused on skin and circulatory conditions that impact a large and expanding number of consumers including health issues related to male and female sexual dysfunction, scar and stretch marks, cellulite and varicose veins, the world annual market for these conditions is in excess of $10 billion.
The company's proprietary gel formulation is an innovative and unique transdermal delivery system. Easton Pharmaceuticals' flagship product, VIORRA, is an over-the-counter aid for the treatment to restore and improve vaginal elasticity and moisture, which has a very positive effect on women's sexual desire and arousal, helping alleviate FSAD (Female Sexual Arousal Disorder) the world annual market for these female conditions are in excess of $2 billion. VIORRA is a topical, daily-use product classified by the FDA as containing Generally Recognized as Safe ingredients.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intent to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional or adequate financing and other risks and uncertainties as stated in the company's financial reports and filings which all investors are urged to review.
Easton Pharmaceuticals Inc.
CEO: Dragoslav Milanovic
Easton Pharmaceuticals Inc.
Dragoslav Milanovic, CEO
Visit http://www.eastonpharma.com and http://www.ashleybiomedical.com
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