Devonian Health Group Announces Annual and Special General Meeting Voting Results and Welcomes New Board Members

QUEBEC CITY–(BUSINESS WIRE)–Devonian Health Group Inc. (“Devonian“or the”society”) (TSX v: GSD), a clinical-stage botanical pharmaceutical company focused on developing a unique portfolio of botanical pharmaceutical and cosmeceutical products, today announces the voting results of its annual and special general meeting held on February 25, 2022 via videoconference. The number of shares represented in person or by proxy represented 66.72% of the votes on all issued and outstanding shares of Devonian Health Group Inc.

Election of directors

The nine (9) nominees nominated for election to the Devonian Board of Directors and listed in the Company’s Management Information Circular, dated January 26, 2022, were elected by a majority of votes cast. by the shareholders present in person or represented by proxy at the meeting as follows:


Votes for (%)

Votes retained (%)

André P. Boulet



Sybil Dahan



Guy Dancosse



Louis Flemish



Terry L. Fretz



Martin Moreau



Pierre J. Montanaro



Denis Poirier



Erick Shield



Appointment of auditors

In addition, Devonian today announces that 100% of its shareholders have approved the reappointment of PricewaterhouseCoopers LLP as auditor of the Company until the next annual meeting of shareholders.

Ratification and Confirmation of the Company’s Stock Option Plan

Devonian also announces today that 99.77% of its shareholders have ratified and confirmed the company’s stock option plan.

Ratification and Confirmation of the Company’s Restricted Share Unit Plan

Devonian also announces today that 93.85% of its shareholders have ratified and confirmed the Company’s Restricted Share Unit Plan.

Ratification of Shareholder Rights Plan

Devonian today announces that 99.97% of its shareholders have ratified and affirmed the shareholder rights plan.

Issuance of subordinate voting shares

Devonian also announced today that 99.97% of its shareholders have approved the issuance of 1,311,553 subordinate voting shares at a price of $0.352 per subordinate voting share for an aggregate amount of 461,666 $.74. to 9294-5039 Québec inc., a company with which the Company does not deal at arm’s length. The subordinate voting shares are issued in satisfaction of a debt due for consulting services.

New board members

Devonian is pleased to announce the appointment of 2 new members to its Board of Directors. Joining the Board of Directors are Denis Poirier and Pierre J. Montanaro. These appointments bring the total number of members of the Company’s Board of Directors to nine.

“We are delighted to welcome these new independent directors to our Board of Directors,” said Dr. André P. Boulet PhD, Chairman of Devonian’s Board of Directors. “They bring decades of expertise and leadership in key areas such as drug commercialization and strategy implementation. I am confident they will provide valuable insights as we continue to execute our drug development strategy. botanicals.”

Denis Poirier obtained a Bachelor of Commerce from McGill University in 1978 and obtained a graduate diploma in accounting in 1980 as well as the title of chartered accountant. From 1978 to 1996, Denis worked for two different accounting firms where he mainly practiced in the fields of taxation and mergers and acquisitions. Denis joined the Royal Bank of Canada from 1996 to 1998 where, after leading the $50 million initial public offerings of Spectra Premium industries inc. he became their vice president of tax, financing and acquisitions and led two additional public offerings in 1998 and 1999 for an additional $150 million. In 2007, Denis oversaw the privatization of Spectra Premium industries inc. and became its chief financial officer and one of its major shareholders until 2016 when he sold his shares. During his 18 years at Spectra Premium Industries, Denis played a key role in the growth of the company where sales grew from $30 million to over $600 million and the workforce from 300 to over 1,600 following more than 20 acquisitions in Canada, the United States. and Europe and following organic growth resulting from the development of new products and new markets. Denis is recognized for his in-depth knowledge and expertise in negotiation, taxation, business valuation, financing, acquisitions, business development and strategic planning. Since 1998, Denis has also acquired expertise in boards of directors and advisory boards with 8 listed companies, private and non-profit organizations including the youth foundation of the DPJ since 2009 of which he is also the treasurer.

With a Bachelor of Commerce degree from Concordia University, Pierre Montanaro has more than 40 years of experience in the pharmaceutical and consumer products industries during which he held various management positions in marketing, sales and general management. Since December 2014, Pierre has been president of his own consulting company TriumPharma Inc., which works with local and foreign clients to acquire and commercialize pharmaceutical products in the Canadian market. Previously, he served as President and CEO of Pharmetics, a company specializing in the development and sale of pharmaceutical and natural health products. Previously, Mr. Montanaro held various management positions at Pharmascience (2003-2011), Pharmacia (2001-2003), Marion Merrell Dow/Hoechst Marion Roussel/Aventis (1994-2001) and Burroughs Wellcome (1988-1994). During his long career in the pharmaceutical industry, Mr. Montanaro has always been recognized as a goal-oriented leader with an entrepreneurial spirit and a strong sense of urgency. His skills and multiple accomplishments earned him an induction into the Pharmaceutical Industry Marketing Hall of Fame in 2006.

On a personal note, Mr. Montanaro served for more than a decade on the Board of Directors of the Nonprescription Drug Manufacturers Association of Canada. In addition, he also sat on the board of directors of Collège Gérald Godin for more than three years. Pierre Montanaro has been married to Danièle Lapierre for 45 years and is the father of two daughters, Sarah and Vanessa.

About the Devonian

Devonian Health Group Inc. is a late-stage botanical pharmaceutical company with novel therapeutic approaches to target unmet medical needs. Devonian’s primary strategy is to develop prescription botanical drugs from plant materials and algae for the treatment of autoimmune inflammatory diseases, including but not limited to ulcerative colitis and atopic dermatitis. Based on more than 15 years of research, Devonian’s direction is further supported by a set of US-FDA regulatory guidelines promoting a more efficient drug development pathway for herbal prescription pharmaceuticals. compared to those of traditional prescription drugs. Devonian’s flagship product, Thykamine™, the first pharmaceutical product from Devonian’s SUPREX™ platform, is a highly innovative product for the prevention and treatment of health conditions related to inflammation and oxidative stress. The anti-inflammatory, antioxidant and immunomodulatory properties of Thykamine™ have been demonstrated by a considerable number of in vitro and in vivo studies as well as a phase IIa clinical study in patients with mild to moderate distal ulcerative colitis and in a large phase 2 clinical trial in adult patients with mild to moderate atopic dermatitis. Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach used with their pharmaceutical offerings. Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Quebec, Canada, where it has a state-of-the-art extraction facility with full “seed to pill” traceability. Acquired in 2018, Altius Healthcare Inc., its marketing subsidiary, offers additional diversification opportunities and growth potential. Devonian is listed on the TSXV Exchange (TSXV:GSD).

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Forward-looking statements

This press release contains forward-looking statements about Devonian’s objectives, strategies and businesses that involve risks and uncertainties. These statements are “forward-looking” because they are based on our current expectations about the markets in which we operate and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions prove to be inaccurate. These risks and assumptions include, but are not limited to, Devonian’s ability to successfully develop, manufacture and commercialize value-added pharmaceutical and dermo-cosmeceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, Devonian’s ability to take advantage of business opportunities in the pharmaceutical and dermo-cosmeceutical industries, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to differ materially from our current expectations in Devonian’s prospectus dated April 21.st2017 under the heading “Risk factors” related to Devonian’s business. Accordingly, we cannot guarantee that any forward-looking statement will materialize. We undertake no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, except as required by applicable securities laws and regulations. .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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