Zelira Therapeutics Ltd (ASX:ZLD) (OTCMKTS:ZLDAF) has finalised employment terms with Dr Oludare Odumosu following his appointment as CEO and managing director, USA, on November 28, 2019.
This appointment was made following the leading medicinal cannabis company's merger with Ilera Theraputics LLC.
Dr Odumosu has more than 10 years’ experience in corporate pharmaceutical business development, strategy and operational leadership, including alliance management.
"In very capable hands"
Zelira chairman Osagie Imasogie said: “We are very pleased to have finalised the appointment details of Dr Odumosu who will provide strategic and operational leadership as Zelira progresses with its Launch Learn and Develop strategy with our clinically validated medicines from cannabinoids.
“We are in very capable hands and we will be working closely together to build on our success to date.”
“Strategic and operational leadership”
Dr Odumosu said: “I am very excited to provide strategic and operational leadership for Zelira’s US business at this time as we are focused on creating and commercialising clinically validated medicines from cannabinoids.
“Zelira’s Launch Learn and Develop strategy is already delivering value for our company, our partners and our patient communities.
“We will do our best work and do well in return by focusing on improving the lives of patients who can benefit from using Zelira’s cannabinoid-based medicines.”
Extensive experience
In his most recent role as Ilera Healthcare’s first chief operating officer, Dr Odumosu led the design, implementation and management of Ilera’s business operation’s post-licence award in 2017 through successful, market-entry and product commercialisation to profitability in 2018.
He also became the company’s chief scientific officer
At Iroko Pharmaceutical, Dr Odumosu played a critical role in the post-clinical development of Zorvolex® Tivorbex® and Vivlodex® through FDA approvals and successful US market commercialisation.
He also managed the execution of the business development gate processes for the expansion of Iroko’s Solumatrix® franchise products through ex-US licensing.
Key terms
The material terms of Dr Odumosu’s engagement by the company include a base salary of US$150,000 per year, and a bonus payable on achievement of revenue performance targets to a maximum of 30% of the base salary.
His duties include but are not limited to managing the company’s United States business, implementing strategic and tactical plans, and managing operational functions to achieve the company’s goals and outcomes.
There is also an unlisted options package, subject to shareholder approval, which will all expire three years from the date of issue.
Imasogie said: “The options incentive package recognises the importance of aligning the interests of management with those of shareholders.”