Sep. 16, 2009 (Filing Services Canada) -- Orbus Pharma Inc. (ORB - TSX), today announced that Mr. Andrew Zaleski, Interim President & CEO, Chairman of the Board and Director is resigning all of his positions with Orbus effective September 15, 2009. Mr. Zaleski has been in the role of Interim President & CEO since July 14, 2008, as Director since December 23, 2004 and as the Chairman since February 28, 2005. The timing of Mr. Zaleski's resignation corresponds with the completion of his mandate to refocus the company, rationalized product lines, implement cost reduction programs and undertake a strategic alternatives review. The Board of Directors has accepted Mr. Zaleski's resignation and expressed their heartfelt appreciation for the objectives achieved during his tenure.
Effective with Mr. Zaleski's resignation, the following changes to the management structure have been approved by the Board of Directors.
* Mr. Jeff McCaig has been appointed Chairman of the Board.
* Mr. Greg Muir has been appointed Interim President & CEO.
* Mr. Frank Bailey has been appointed to the Audit Committee to replace
Mr. McCaig.
* Mr. Zaleski has agreed to provide consulting services to the management
group.
The new roles are a temporary measure to satisfy the current needs of the company for an effective management structure for several key initiatives. A longer term organizational structure will be created and implemented upon completion of the strategic alternatives review process.
Orbus Pharma Inc., headquartered in Markham, Ontario and listed on the Toronto Stock Exchange under the symbol ORB, is pursuing an integrated global strategy of: (1) generic drug development, using proprietary delivery systems for certain products; (2) product out-licensing; and (3) pharmaceutical manufacturing. For more information, please visit www.orbus.ca.
Forward-looking statements
Certain statements in this disclosure are "forward-looking statements", which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates, and interest rates, among others. Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.
Please contact the following Orbus officers for further information:
Mr. Jeff McCaig
Chairman
(905) 943-9444 ext 229
Greg W. Muir
Interim President and C.E.O.
(905) 944 9444 ext. 222
Source: Orbus Pharma Inc. (TSX: ORB) http://www.orbus.ca
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