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Hemostemix Drives Forward with Talented New Management into New Headquarters


CALGARY, Alberta, Nov. 30, 2017 (GLOBE NEWSWIRE) -- Hemostemix Inc. (“Hemostemix” or the “Company”) (TSX VENTURE:HEM) is pleased to announce that it has established a new head office in The Edison building in Calgary, Alberta, Canada, as well as new senior management appointments and certain stock option grants.

The move to The Edison (150-9th Avenue SW, Calgary, Alberta) allows Hemostemix to be a tenant within the first of its kind building in Calgary that has become a hub for collaborators, innovators and visionaries.  Ongoing efforts to improve efficiency and logistics by the Company has also resulted in Hemostemix transitioning its stem cell manufacturing operations to a third party supplier in North America.  This has resulted in the closure of the Israel laboratory.  It is anticipated that this transition will save Hemostemix in excess of CAD$500,000 per year and improve logistical support for the Company’s current North American focused clinical trial activities for patients with critical limb ischemia (CLI).

The majority of the corporate reorganization of the Company originally announced on December 22, 2016 has now been resolved and Hemostemix has now put in place a solid, experienced and talented management team to progressively move forward.

In particular, Dr. Ravi Jain, Ph.D., who has already provided support as a consultant to the Company, has now joined the Company as its new Chief Scientific Officer (CSO) and Christy Pifer has joined the Company as Clinical Trial Manager (CTM).  In addition, Kyle Makofka, after having been focused on putting in place a new specialist leadership team, as well as leading the financing and restructuring efforts generally as Chief Restructuring Officer (CRO), has agreed to transition from the CRO role to become the new President and Chief Executive Officer (CEO) of the Company with a view to ensuring the new strategic plan of the company is executed.  Further, David Berman has determined to transition out of his role as Chief Financial Officer (CFO), with Kristin Gulka transitioning into that role over the coming months.  As Hemostemix consolidates its head office functions in Calgary, Mr. Berman has decided to remain in Toronto.  Mr. Berman has committed to continue on in an advisory capacity until the conclusion of the transition of the CFO role.

Further information regarding the new senior managers is as follows:

-- Dr. Ravi Jain, Ph.D.
Mr. Jain began his education at the University of California, Davis receiving his BSc. in Genetics and was awarded Regents’ Scholarship and President’s Undergraduate Research Fellowship.  Mr. Jain received his Ph.D. in Molecular Evolution from University of California, Los Angeles in 2002 and was awarded NIH fellowships in Genetic Mechanisms and Bioinformatics.

Mr. Jain has a background in microbial bioinformatics and is the co-founder and President of cBio Inc., a bioinformatics/software development consulting firm. Under his leadership, cBio was ranked as one of the Top-50 Fastest Growing Private Company in 2010, 2011 and 2012 by the Silicon Valley/San Jose Business Journal. Mr. Jain was most recently the Managing Director at UC Santa Cruz Genomics Institute, where during his leadership, Institute funding grew from $22M to $36M.  In 2006, as Field Applications Scientist at Cognia, he managed technical marketing for the biological knowledge management software start-up.  From 2004-2006, as Senior Scientist at Biosite (now Alere), Mr. Jain developed predictive studies for point-of-care diagnostics development.  Mr. Jain propelled multi-marker panels for cardiovascular diseases and sepsis into internal clinical testing by presenting statistically sound evidence of the usability of marker combinations.

-- Christy Pifer, B.S., C.C.R.P.  
Christy has over 18 years of clinical research experience in phase I, II and III drug trials. She has played a key role in the operational oversight, development and overall management of multiple clinical trials for cardiovascular diseases. Spending 11 years working in the Vascular Center at UC Davis in Sacramento, California, Christy has managed all peripheral vascular trials there, including CLI and cell therapy trials.  Christy brings expert level knowledge of the clinical trial process and regulatory requirements for IND (Investigational New Drug) and IDE (Investigational Device Exemption) trials to ensure project compliance.

Christy graduated from CSU Sacramento in 1999 with a bachelor of science degree in exercise physiology.  She is currently qualified as a certified clinical research professional (CCRP) by the Society of Clinical Research Associates (SoCRA).

-- Kristin Gulka, CPA, CA
Kristin has more than 10 years of financial, accounting and leadership experience.  She has worked in a variety of industries as well as public and private companies, including 3 years at a public biotech company (SemBioSys Genetics Inc.) conducting phase I and II clinical trials.  Kristin was named to the National Honour Roll (Vic Dzurko Honour Roll) when she completed her Uniform Final Exam, the UFE, (now known as the Common Final Examination or CFE) in 2006 and went on to achieve her Chartered Accountant designation in 2007.  She also holds a Bachelor of Commerce (Accounting) degree from the University of Calgary.  Over the last 7 years, Kristin has progressed through increased roles in the finance department of Ferus, a Calgary-based company specialized in the production, storage and supply of liquid nitrogen (N2), liquid carbon dioxide (C02), liquid natural gas (LNG), and compressed natural gas (CNG) for the energy industry in both Canada and the United States.

Angus Jenkins, Chair of the Board commented on the reorganization, “We are very pleased that the restructuring of Hemostemix is substantially complete and with the successful conclusion of the financing this summer and fall.  We have added significant depth to the team and the next important step is to now focus on getting to the interim data point for our Critical Limb Ischemia trials.”

The Company also announced that Dr. Ina Sarel has stepped down as Vice President Research & Development. Dr. Sarel has served as the Vice President Research & Development with the business since 2011, beginning with TheraVitae Inc., one of the predecessor entities that was part of the qualifying transaction with Technical Ventures RX Corp. resulting in the formation of Hemostemix in 2014. The board of directors wishes to express its sincere thanks to Dr. Sarel for her service to the Company and its business and wishes her success in her future endeavors. The board of directors together with Chief Restructuring Officer, Mr. Kyle Makofka have determined that Dr. Sarel’s former duties will now fall under the scope of responsibilities of the new Chief Scientific Officer, Dr. Ravi Jain.

The Board of Directors of the Company also announced it has approved the granting of 1,600,000 options pursuant to the Company’s existing incentive stock option plan to certain directors and officers of the Company. The options have an exercise price of $0.10 per common share and expire five years from the date of grant and generally have one-third vesting on each of the first, second and third anniversaries from the date of grant.


Hemostemix is a public clinical-stage biotechnology company that develops and commercializes innovative blood-derived cell therapies for medical conditions not adequately addressed by current treatments. It is the first clinical-stage biotech company to test a stem-cell therapy in an international, multicenter, phase 2 clinical trial for patients with critical limb ischemia (CLI), a severe form of peripheral artery disease (PAD) caused by reduced blood flow to the legs. The phase 2 trial targets a participant’s diseased tissue with proprietary cells grown from his or her blood that can support the formation of new blood vessels. 

Hemostemix Inc. is traded on the TSX Venture Exchange under the trading symbol HEM. To find out more visit or email [email protected].


Kyle Makofka,
Chief Executive Officer
Suite 1000, 150 – 9th Avenue S.W.
Calgary, Alberta   T2P 3H9
Phone: (403) 340-9207
E-Mail: [email protected]

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” and similar expressions, or that events or conditions “will,” “would,” “may,” “could,” or “should” occur. Although Hemostemix believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of Hemostemix management on the date such statements were made.   By their nature forward-looking statements are subject to known and unknown risks, uncertainties, and other factors which may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements.  Such factors include, but are not limited to, the Company’s stage of development, long-term capital requirements and future ability to fund operations, future developments in the Company’s markets and the markets in which it expects to compete, risks associated with its strategic alliances and the impact of entering new markets on the Company’s operations.  Each factor should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements.  Hemostemix expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

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