TORONTO, ONTARIO--(Marketwired - Sept. 23, 2014) - Merus Labs International Inc. ("Merus" or the "Company") (TSX:MSL)(NASDAQ:MSLI) today announced that Mr. Elie Farah has resigned as CEO and as a member of the Merus Board to pursue other opportunities. The Board of Directors thanks Mr. Farah for his contribution to building a strong foundation and platform for growth for the Company and wishes him well in his future endeavors.
Mr. Barry Fishman, currently Senior Advisor to Merus, will assume the role of interim CEO, and will join the Board. The Board will continue to ensure that the organization has the right leadership to execute the Company's ambitious growth strategy.
Mr. Fishman has over 25 years of experience in the pharmaceutical industry and is the former CEO of Teva Canada. During his tenure at Teva Canada, Mr. Fishman executed a growth plan that resulted in a five-fold increase in revenue through acquisitions and organic growth. He began his pharmaceutical career at Eli Lilly, where he advanced through several cross-functional leadership roles, including Vice President of Marketing.
The Merus team will continue to advance the business and is on-track to meet all financial and operating targets. Merus is fortunate to have a strong management team in place that will drive its current initiatives and seize future opportunities for growth.
Mr. Fishman commented, "I am very pleased to accept the role of interim CEO at this exciting time in our evolution. Over the last few months, while serving as a Senior Advisor to Merus, I have been impressed with the core values and entrepreneurial spirit of the organization. I look forward to building on the current momentum to create additional shareholder value."
"We have strategically staffed both the Company and our Board with experienced pharmaceutical professionals capable of taking Merus further on our growth trajectory. The transition to Barry as interim CEO will be seamless." commented Mr. Michael Cloutier, Chairman of the Board of Merus.
Merus will hold a conference call at 8:30 a.m. ET on Tuesday, September 23, 2014 to discuss the transition. The conference call can be accessed by dialing (844) 231-3523 and entering conference ID 10007388.
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in the acquisition and licensing of pharmaceutical products. Merus utilizes its expertise in pharmaceutical markets and its access to capital to acquire and license niche branded products. Merus further enhances the sale and distribution of these products by the introduction of a focused marketing and promotion plan.
Cautionary Statement
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of Section 21E (i) (1) of the United States Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Merus' actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: general economic and business conditions, changes in demand for Merus' products, changes in competition, the ability of Merus to complete future acquisitions and to integrate these acquisitions into its business, Merus' ability to complete future debt and/or equity financings required to complete future acquisitions, interest rate fluctuations, currency exchange rate fluctuations, dependence upon and availability of qualified personnel and changes in government regulation. In light of these and other uncertainties, the forward-looking statements included in this press release should not be regarded as a representation by Merus that Merus' plans and objectives will be achieved. These forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise the statements.
