A director of the Company since May 2011 and prior to that a valued Advisory Board member, Mr. Sherman possesses a wealth of corporate experience, including in the life science sectors, both as legal counsel and as a principal structuring joint ventures, licensing agreements and partnerships, and mergers and acquisitions. He spent more than a decade as Deputy General Counsel of SmithKline Beckman Corporation (now GlaxoSmithKline), was a partner in the Philadelphia law firm of Pepper Hamilton LLP, and was founder and managing officer of QED Technologies, Inc., a life science business consulting firm later acquired by The Omnicom Group in New York. He currently maintains an independent consulting practice and is a principal in a private SBIC investment fund, CIP Capital, L.P., as well as a Venture Partner of venture funds SCP Private Equity Partners and SCP/Vitalife II. Mr. Sherman has served on the Board of Directors of a number of for-profit companies, including CytoMed, Inc., Hawaii Biotech, Inc., IBAH, Inc.; Kenna Technologies, Inc., Mera Pharmaceuticals, Inc., and Sparta Pharmaceuticals, Inc. and was Chairman of the Board of Directors of Biophage, Inc. His non-profit and charitable activities have included services on the Boards of the Pennsylvania Biotechnology Association, the Delaware Valley Chapter of the American Corporate Counsel Association (where he also served as President of the chapter), the American Music Theater Festival (also serving as President), The Sbarro Health Research Organization, the Hawaii Venture Capital Association, and the Hawaii Science and Technology Council. He has also served as a member of the investment advisory committee of the Ben Franklin Technology Center, the Executive Board of the START Technology Partnership, a consortium of Delaware Valley universities, The Technology Advisory Board for Children's Hospital of Philadelphia, and the Advisory Board of the University of Hawaii Medical School. Mr. Sherman graduated magna cum laude from the University of Nebraska in 1968, and as a Root-Tilden Scholar at the New York University School of Law, where he received his Juris Doctor in 1971.
"Given the potential global impact and multiple commercial opportunities associated with the Company's technology platforms, I look forward to playing a greater and active role in supporting Functional Technologies' continued growth and progress as Chairman of the Board of Directors," said Mr. Sherman.
With his appointment, Dr. John Husnik will be responsible for Functional Technologies' existing core platforms as well as new innovations, utilizing his experience in driving R&D assets from bench to commercialization. He will continue to lead the Company's food science research teams in advancing, expanding and testing its proprietary technologies, protocols associated with industry partner (e.g. large food companies)-driven collaborations, and optimizing as well as extending existing product portfolios. These activities have and will continue to be facilitated by Dr. Husnik's strong scientific background over 18 years, including extensive experience encompassing a variety of techniques associated with classical strain improvement as well as novel and innovative solutions that enhance native traits of yeasts and other industry-relevant microorganisms.
Working with scientists from some of the world's leading institutions, coupled with the Company's own experience in research and innovation, have allowed Dr. Husnik to make profound contributions to the creation of the Company's proprietary core assets, including the cultivation and advancement of Functional Technologies' core yeast platforms that provide superior functionality and solutions to critical problems in global food and beverage sectors. He is credited with helping Functional Technologies innovate and develop the Company's lead technology platform, the acrylamide-preventing yeasts. Dr. Husnik received his PhD from the University of British Columbia and his MSc as well as BSc from the University of Guelph.
Dr. Husnik said of his appointment "During my time at Functional Technologies, I have come to appreciate how this Company strives to provide novel and pivotal platforms to advance the betterment of human health and/or offer valuable processing solutions via industrial techniques. I am pleased to be able to continue my efforts to assist the Company in advancing these goals. This appointment enables me to combine my experience in microbiology, molecular biology and food science with a broader scientific perspective on innovative technologies to help create and cultivate meaningful products for the food and beverage industries."
The Company also reports that Mr. Howard Louie has stepped down from the Board of Directors, enabling him to concentrate his efforts as the Company's Chief Business Development Officer given the intensifying demands associated with both of Functional Technologies' lead technologies, which are experiencing significant growth and attention from multinational food and beverage corporations. "I am grateful for having had the opportunity to serve on the board of this fine organization for over twelve years. However, with the considerable increasing activities on the Company's business development front in the past year, I look forward to now being able to focus ahead on the successful execution of these many initiatives," said Mr. Louie. The Company's Board of Directors thanks Mr. Louie for his years of service to the board and looks forward to his continued contribution to the commercial achievements of the Company.
The Board of Directors
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization ("WHO") as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of foul-smelling hydrogen sulphide (H2S) and the WHO classified probable carcinogen, acrylamide - both by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. For more information, please visit our website at www.functionaltechcorp.com.
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