Calgary, AB – TheNewswire – January 10, 2022 – Universal Ibogaine Inc. (TSXV:IBO) (“UI” or the “Company”) announces that Rami Batal has been replaced as Chief Executive Officer (“CEO”) of the Company and its subsidiaries. For the present time, the Company has appointed Nick Karos as CEO, effective immediately. Mr. Karos had recently been appointed as a Capital Markets consultant to the Company.
“We are grateful for Rami’s leadership and many contributions,” said Chief Ian Campbell, Chair of the UI Board of Directors. “We wish Rami all the best.”
Mr. Karos is based in Los Angeles, USA, and is a seasoned financier. His career includes senior roles with US investment banks, including serving at Piper Jaffray as head of Nasdaq Trading and Agency Services, and most recently as CEO of Private Trading Group, which has provided business development and capital raising services for several successful start-up ventures.
Mr. Karos said “I’m very excited to work with the talented partners at UI to move towards our goal of conducting clinical trials with Health Canada. Universal Ibogaine’s goal is to transform the addiction treatment model using ibogaine as the cornerstone of our new addiction treatment protocol. Addiction is a disease that affects society like none other, and we believe our ground-breaking protocol will give patients and families a better path towards long-term recovery.”
The Board of Directors will immediately begin an executive search process for selecting a new CEO. Mr. Karos remains a short list candidate for the long term position.
UI is a life sciences company, with a goal to develop a platform of addiction treatment clinics, which may eventually use ibogaine as a primary modality for the interruption and ideally cessation of addictions to primarily opioids such as oxycodone, heroin, fentanyl, as well as alcohol, cocaine, and other stimulants.
UI separately plans to clinically develop ibogaine, a natural plant substance, as an authorized addiction interruption medicine for the treatment of Opioid Use Disorder. A Clinical Trial Application to Health Canada is being developed to undertake clinical trials in Canada, aimed at proving the safety and efficacy of the use of ibogaine for this purpose. In the longer term, UI plans to introduce ibogaine into the addiction treatment protocols to be used in its’ future facilities.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements and information. Forward-looking information is frequently characterized by words such as “plans”, “expect”, “project”, “intend”, “will”, “believe”, “anticipate”, “estimate”, “scheduled”, ”potential”, or other similar words, or statements that certain events or conditions “may”, “should” or ”could” occur. The forward-looking statements and information are based on certain key expectations and assumptions made by UI. Although UI believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because UI can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, which include, but are not limited to, risks that required regulatory approvals are not obtained. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by UI at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only to conditions as of the date hereof. UI does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
For further information:
Investor Relations: Dugan Selkirk – IR Manager
Media Contact: Cathy Fernandes – VP, Marketing & Communications [email protected]