Pure Capital called for an emergency meeting of investors of Therapix Biosciences Ltd (NASDAQ:TRPX) to discuss actions taken by the directors.
Actions are detrimental to investor’s interests
According to the letter sent to CEO and Chairman of Therapix, Pure Capital demands immediate removal of the board of directors. Pure Capital alleges that they took an unfavorable decision, which is detrimental to the interests of shareholders.
Restricts actions of the board
Pure Capital, which holds a 12.58% stake in Therapix, seeks immediate halting of all the decisions and actions that comprise securities or assets offerings, and recruitment of new directors by the board until a general meeting is convened.
Adds Gilad Bar as the New CEO
Therapix added Mr. Gilad Bar-Lev as a new Chief Executive Officer on May 6, 2020. Dr. Ascher Shmulewitz relinquished his post as an interim CEO. Following the appointment of the new CEO, Ascher will continue as a chairman of the board of directors of Therapix.
Bar got expertise in venture capitals and acquisitions. He previously held several positions like EVP at Hadas Arazim Group and CEO at Carnie Capital. Therapix also recruited Arie Webber to its director board.
Completes a JV transaction
Therapix signed a definitive purchase agreement of securities on May 15, 2020, with Evero Health Ltd and Capital Point Ltd. As per the terms of the pact, Capital Point will offload 5.95 million shares of Coeruleus to Evero, a subsidiary of Therapix.
An Israel based company – Coeruleus, develops innovative medicines using flumazenil, a generic substance, to minimize the side effects of hypnotic sleep medicine. The sublingual spray improves the quality of life in people suffering from hepatic encephalopathy. Following the share purchase, Therapix holds a stake of 35% in Coeruleus.
Following the deal, Evero received THX-110 sleep technology from Therapix. Evero holds full ownership rights over this innovative sleep technology. Capital Point received warrants to acquire Therapix’s ADSS worth $340,000. Therapix completed the JV transaction on May 18, 2020.
Ascher said the repurposing of proven drugs by modulating the endocannabinoid system will greatly impact quality sleep and reduce pain and anxiety. Co-Chief Executive Officer of Capital Point said the company supports Coeruleus because of its great potential. He said Coeruleus and Therapix will scale new heights.
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