On Wednesday August 17, 2011, Curaxis Pharmaceutical Corp (PINK:CURX), a budding pharmaceutical company, with a hormone drug product candidate for the treatment of Alzheimer’s disease and multiple cancers. The Chairman and Interim Chief Executive Officer of the company, Mr. Timothy R. Wright announced the progress in the performance through the transition phase and in the evaluation of the Company’s current financial position, scientific collateral and strategic alternatives by the new management team and newly implemented board of directors, commenced on June 27, 2011.
The new management team and the Board of Directors are comprised of incumbents who hold extensive experience and comprehensive knowledge in various fields of pharmaceuticals. Their experience at various management levels in the industry appears to bring about effective execution of the Company’s business plan, thereby enhancing its growth.
The tasks accomplished so far by the newly appointed board comprises of the completion of the all-embracing analysis of the financial position of the Company, enabling the proper evaluation of the probable funding alternatives, they are working on the compliance with current U.S. Securities & Exchange Commission as well as looking after the efficient processing of capital transactions for pre-merger shareholders, the scientific evaluation of the Company’s inventory of pre-clinical and clinical data and related intellectual property and the development of strategic alternatives. Along with, the company has completed the filing of its quarterly report on Form 10-Q for the period ended June 30, 2011, with the SEC last week with the diligent effort of the board.
Mr. Wright has acknowledged that the Board, in order to render an efficient and organized service, has set up specific committees to analyze several evaluative objectives giving due consideration to the overall financial situation. Their main objective is to bring about efficient execution of the Company’s business plan on an accelerated basis.
Shares of CURX slumped 40% to $0.12 on volume of 55K shares.
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