Stratus Media Group, Inc. (OTCQB:SMDI), announced today the closing of its acquisition of two biopharmaceutical companies - Canterbury Laboratories, LLC, and Hygeia Therapeutics, Inc. With these acquisitions Stratus plans to create a world-class cosmeceutical and pharmaceutical company in the large and expanding field of dermatology and restorative medicine. The acquisitions provide Stratus with the exclusive license for 24 patent-protected compounds from Yale University. These unique compounds address hormonal aging and are scientifically validated to improve the appearance of skin and hair. Stratus plans to build an anti-aging skincare brand for women over forty-five.
“We are excited by the technology these acquisitions provide and the experience that Dr. Schwartz and her team bring to the table,” said Dr. Sol Barer, Chairman of Stratus Media Group.
As part of the acquisition, Founder and Chief Executive Officer of Canterbury Laboratories and Hygeia Therapeutics, Yael Schwartz, Ph.D., will join the company’s Board of Directors. Dr. Schwartz will also serve as President of the Canterbury and Hygeia division of the company. Dr. Schwartz has over 20 years’ combined experience in both drug development and academic research. Prior to founding Hygeia Therapeutics, she held positions of increasing responsibility at Sepracor, where she had direct responsibility for the pharmacology content of numerous INDs and NDAs for CNS and respiratory drugs. The earlier part of her career included stints at both Parexel International and the Dana-Farber Cancer Institute, where she worked on cardiovascular medications and cancer therapeutics, respectively. Over the course of her career, five of the drugs she helped to discover and develop obtained FDA approval and are currently used in clinical practice.
“I'm looking forward to a bright future for both of our companies. I am deeply honored to be working closely with Dr. Sol Barer and Isaac Blech, two well-known, highly successful veterans of the pharmaceutical industry, who recognize that our pipeline exemplifies paradigm-shifting treatments for aging skin, skin fragility, vulvar vaginal atrophy, baldness, acne, and seborrhea,” said Dr. Schwartz.
As part of this merger and its commitment to biopharmaceuticals, the company also confirmed the appointment of Sol J. Barer, Ph.D., the former chairman and CEO of Celgene who has more than 30 years of experience with publicly traded biotechnology companies, as Chairman of its Board of Directors, and Isaac Blech, a leading biotechnology entrepreneur and investor, as Vice Chairman of its Board of Directors. Jerold Rubinstein will remain the Chief Executive Officer and will also assume the role of Audit Committee Chairman.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, projections of results, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Acts of 1933 and 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors. Although the company's management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievements. The company has no obligation to update these forward-looking statements.
Source: Business Wire (November 21, 2013 - 7:30 AM EST)
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