Nymox Pharmaceutical Corporation (OTC Markets – NYMXF) is pleased to share updates in regard to their Board of Directors and management. Furthermore, they would like to provide details on their conclusion that a potential transaction was not in the best interests of the Company and its shareholders.
Nymox recently said goodbye to their in-house legal counsel, Mr. Randall Lanham, and chief financial officer, Mr. Christopher Riley, while Mr. Lanham and Mr. Cutler were removed from the Board. This marked the end of an era as both had been critical members of the company.
After carefully evaluating the Proposed Transaction and its implications, the Company ultimately made the decision to reject it. A number of factors went into this decision, such as the lack of demonstrated financial benefit to the Company and its shareholders.
Mr. Lanham, Nymox’s legal counsel, and Mr. Riley, the CFO, provided insightful guidance in facilitating the conversation and thorough evaluation of the Proposed Transaction. After taking a deep look into the matter at hand, the Company ultimately decided that proceeding would not be in the Company’s best interest.
Under the Proposed Transaction, Mr. Riley and Mr. Lanham would be immediately bequeathed a staggering 18 million shares of Common Stock – 6 million of which would be allocated at present and the other 12 million slated for future distribution.
After three months of serving as CFO of Nymox, Mr. Riley was appointed to the Company’s Board alongside an executive from a potential business partner with whom he was already familiar. Along with Mr. Lanham (legal counsel), Mr. Riley, and Mr. Cutler (Board member and attorney), this new majority of the Board was formed.
Under the terms of the proposed transaction, the potential business partner would not need to make a cash payment in exchange for securing certain rights of the Company; instead, it will loan funds to the Company, creating a debt obligation on the Company’s balance sheet.
Mr. Riley and Mr. Lanham (legal counsel) attempted to entice Nymox to accept the terms of the Proposed Transaction, leading to personal benefits for themselves which included extraordinary awards of up to 18 million shares of Common Stock, potential future shares of the Company, membership and control of the Board; despite portraying these terms as run-of-the-mill, they were fully aware of these potential rewards.
Following the announcement of the Proposed Transaction, Nymox uncovered a surprising detail – all three of the board members involved – Mr. Riley, Mr. Lanham, and Mr. Cutler – had previously worked together at an unrelated company several years before, without informing Nymox of this history. Mr. Riley served as President & CEO, Mr. Lanham as the Founder, and Mr. Cutler as General Counsel.
Nymox recently became aware of a startling revelation – its Board and CEO had not been informed that, in the past few years or longer, two of its shareholders, Mr. Riley and Mr. Lanham (legal counsel) had been seeking financing for their own, unrelated business from other Nymox shareholders. What’s more, Mr. Lanham, as legal representative of Nymox, had neglected to share this information with the leadership of the company.
Dr. Paul Averback, CEO of Nymox, is staunchly committed to looking out for the best interests of their shareholders. He relayed that, when terms that were not favorable to shareholders cropped up, they responded swiftly and decisively to take corrective action. Going forward, Nymox remains devoted to safeguarding the interests of their stakeholders.
Nymox is taking steps to get regulatory approval for their revolutionary new drug, NYMOZARFEX, designed to treat the symptoms of benign prostatic hyperplasia (BPH). BPH is one of the most common conditions afflicting middle aged and elderly men worldwide, and current treatments often bring intolerable side effects like impotence, retrograde ejaculation, and depression.
Furthermore, research has linked BPH medication to a greater risk of developing prostate cancer, gynecomastia, and other adverse effects, leading many men to stop taking their medication. Even surgery, often the last resort for advanced BPH, carries its own risks – from the discomfort of the process itself to side effects such as permanent retrograde ejaculation. NYMOZARFEX offers men the hope of a much better option.
About NYMOZARFEX (TM) (Fexapotide)
Fexapotide (TM), an innovative in-office procedure, offers a revolutionary way to quickly treat BPH with no need for anesthesia or analgesia. The procedure, which has been backed up by clinical trials involving over 1750 patients, offers remarkable long-term results without any of the unpleasant side effects of existing BPH treatments – over 1600 injections administered, of which more than 1200 injections of Fexapotide itself!