Lifestyle appoints Sanderson as chief science officer
2016-04-26 14:42 ET - News Release
Mr. Brad Eckenweiler reports
LIFESTYLE DELIVERY SYSTEMS INC. APPOINTS DR. JOHN SANDERSON, MD AS ITS CHIEF SCIENCE OFFICER AND ANNOUNCES PROPOSED NON-BROKERED PRIVATE PLACEMENT
Lifestyle Delivery Systems Inc. has appointed Dr. John Sanderson, MD, as its chief science officer.
Dr. Sanderson's main objectives will be to work in conjunction with researchers to advance the development of the company's CannaStrips technology as well as to create protocols necessary for the much-anticipated clinical trials. In addition, Dr. Sanderson will work on composition of the white papers, following the results of the clinical trials, and secure patents for the CannaStrips technology.
Dr. Sanderson is a stem cell researcher who began his career in clinical medicine specializing in diabetes and intravenous nutrition of critically ill patients. His accolades include receiving National Insititute of Health funding, multiple issued patents and the publication of numerous academic papers as principal investigator. While a medical director and consultant at Johnson & Johnson, Dr. Sanderson was tasked with due diligence oversight for mergers and acquisitions, formulating strategic initiatives, and evaluating new technologies. As a consultant to Fortune 100 health care companies and the U.S. government, Dr. Sanderson was instrumental in devising technological solutions to important public health challenges such as obesity, diabetes and asthma.
The company's CEO, Brad Eckenweiler, is optimistic that: "The addition of Dr. Sanderson is a very significant step towards achievement of our goals. His vast knowledge and expertise will add tremendous benefit and credibility to the medical application of our CannaStrips technology and to our latest research and development efforts."
In addition, the company announced that it has arranged a non-brokered private placement offering of up to one million units at a price of 10 cents per unit to raise gross proceeds of up to $100,000. Each unit being offered under the offering will consist of one common share of the company and one share purchase warrant entitling the holder to purchase one additional common share, for a period of two years after closing, at an exercise price of 12 cents per common share ending on the first anniversary of the closing date and at 20 cents per common share for a period ending on the second anniversary of the closing date.
All securities issued above will be subject to a hold period of four months and one day from the date of closing. Proceeds from the proposed offering will be used to finance the company's general working capital.