|[September 30, 2013]
Stratus Media Group Enters Dermatological and Restorative Medicine Industry, Signs Merger Agreement With Two Biopharmaceutical Companies, Changes Corporate Name To Restorgenex Corporation, and Announces New Chairman and Vice Chairman
LOS ANGELES --(Business Wire)--
Stratus Media Group, Inc. (OTCQB:SMDI), announced today that it plans to
enter the dermatological industry with the execution of a definitive
merger agreement with two related companies - Canterbury Laboratories,
LLC, and Hygeia Therapeutics, Inc. Upon the closing, Stratus, which will
be renamed Restorgenex Corporation, plans to create a world-class
cosmeceutical and pharmaceutical company in the large and expanding
field of dermatology and restorative medicine. The merger agreement was
approved by the board of directors of all companies and is expected to
close following the satisfaction of customary closing conditions
including the completion of the audit of Canterbury and Hygeia. Upon the
closing, Stratus will acquire 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. Upon the closing, Restorgenex Corporation
plans to build an anti-aging skincare brand for women over forty-five.
As part of this merger and its commitment to biopharmaceuticals, the
company also announced today 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.
Both will assume these positions effective November 1, 2013.
Dr. Barer spent 18 years leading Celgene as president, COO and CEO,
culminating with his tenure as Celgene's executive chairman and chairman
before retiring in June 2011. Under his helm, Celgene became the third
largest independent biotechnology company in the world and a member of
the S&P 500 with a current market capitalization exceeding $60 billion.
Dr. Barer serves on the Board of several cmpanies including: Amicus
Therapeutics, Inc. and Aegerion Pharmaceuticals, Inc., and is Chairman
of the Board of Cerecor, Inc., ContraFect Corp., InspireMD, Inc.,
Medgenics, Inc., Edge Therapeutics, Inc., and Centrexion Corporation.
Over the past three decades, Mr. Blech has become one of the most
successful private company founders and financiers in the biotechnology
industry. He has been instrumental in establishing some of the world's
leading biotechnology companies including Celgene Corporation, Genetic
Systems Corporation, ICOS Corporation, Nova Pharmaceutical Corporation
and PathoGenesis Corporation. These companies are responsible for major
advances in oncology, infectious disease and cystic fibrosis. Current
roles include: Founder, Vice Chairman, Cerecor, Inc., a private company
developing new treatments for central nervous system disorders;
Director, ContraFect Corporation, a private company developing therapies
for infectious diseases; Vice Chairman, Premier Alliance Group (News - Alert), an
energy and financial regulation consulting company; Director, Medgenics,
Inc., a company with a novel approach to gene therapy; Vice Chairman,
SpendSmart Payments, Inc., an innovator in e-commerce, Edge
Therapeutics, Inc., a research leader in brain trauma, and Centrexion
Corporation, a pain control company.
"We are honored to have Dr. Barer and Mr. Blech, two highly accomplished
biotechnology entrepreneurs, join our Board of Directors and help build
the company into a leader in the biopharmaceutical industry," said
Jerold Rubinstein, current Chairman and CEO of Stratus. Mr. Rubinstein
will remain a member of the Board of Directors and serve as Chairman of
the company's audit committee.
As part of the transaction, Founder and Chief Executive Officer of
Canterbury Laboratories and Hygeia Therapeutics, Yael Schwartz, Ph.D.,
will join the Restorgenex'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.
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.
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