3D SIGNATURES INC. ANNOUNCES $105,000 LOAN AND CHANGES TO ITS BOARD OF DIRECTORS AND MANAGEMENT
3D Signatures Inc. has secured a $105,000 senior secured promissory note from shareholders of the company for the purpose of financially stabilizing 3DS in the short term. The promissory note bears an annual interest rate of 10 per cent and matures on Sept. 12, 2019.
The company also announces that John Swift, Keith Cassidy, Ian Fodie and Jason Flowerday have resigned from the board of directors, effective immediately. Dr. Sabine Mai, co-founder and inventor, will remain on the board of directors. Hugh Rogers, LLB, and Ryan Cheung, CPA, CA, have been appointed to the board of directors, effective immediately.
Mr. Flowerday has resigned as chief executive officer of the company pursuant to a negotiated severance settlement of two million common shares of 3DS, which are subject to a two-year escrow period. He will retain his existing options for a period of five years.
Mr. Cassidy has resigned as chief financial officer of the company and will also retain his existing options for a period of five years.
Mr. Rogers will act as interim chairman. Mr. Cheung has been appointed chief financial officer of the company.
Certain founders and insiders who purchased shares of the company at inception at a nominal price or who exercised options with a strike price of less than 10 cents have also agreed to a full escrow of their shares for two years. The total number of shares in escrow for two years pursuant to this arrangement is 15,272,437, representing 22.4 per cent of the issued and outstanding shares of the company on a fully diluted basis.
“The company has done exceptional work over the past two years, and we appreciate the efforts of all team members. As we transition operations and budget to reflect a more focused business model, we will assess all current clinical programs, including Hodgkin’s lymphoma, prostate cancer, lung cancer and multiple myeloma. As a priority, the company is pursuing a clinical trial for Alzheimer’s disease, which is a large and rapidly growing market with a critical unmet need for an accurate, convenient and non-invasive diagnostic tool,” said Mr. Rogers.
About 3D Signatures Inc.
3DS is a personalized medicine company with a proprietary software platform, TeloView, that is designed to predict the course of certain diseases and to tailor treatment options for the individual patient. 3DS’s TeloView software platform measures the organization of the genome and its correspondence to: the stage of a given disease, the rate of progression of the disease, how different diseases will respond to various therapies, and a drug’s efficacy and toxicity. 3DS’s proprietary imaging software is designed to go beyond identifying whether a patient suffers from a specific disease or condition. Instead, the TeloView platform is designed to inform clinicians and patients with respect to how to personalize treatment and best manage an individual’s disease based on their unique TeloViewScore.
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