Lightlake Therapeutics, Inc. Secures Distinguished Executive as Chairman
LLTP attaches valuable asset to Executive Staff
London, ENGLAND – November 29, 2010 – Lightlake Therapeutics, Inc. (OTCBB: LLTP), announces today that the company has secured seasoned healthcare executive Dr. Michael Sinclair to serve as its Executive Chairman. Dr. Sinclair will be instrumental in developing financing options but will be primarily leading the board of directors in strategy and business development.
Michael Sinclair qualified as a physician in 1967 and specialized in Psychiatry. In 1971 he founded Nestor Plc which grew to become at the time, the UK’s largest domiciliary and institutional provider of care personnel. Dr Sinclair was Chief Executive of Nestor's parent company which was sold in 1978. His tenure as CEO of Nestor resulted in a compound IRR of 38% over an 8 year period for its shareholders.
Between 1978 thru 1980 he served as President (International) of INA Healthcare Group (subsequently CIGNA) and its’ Hospital Affiliates Inc subsidiary.
In 1982 Dr Sinclair entered the Homecare Industry in the United States and as Executive Chairman of Kimberly Quality Care, was instrumental in growing KQC from one office in Nashville to a business with a turnover of $1billion becoming the US market leader with 400 offices and 75,000 care givers. Subsequently, Dr Sinclair also became Chairman of Lifetime Corporation, a NYSE listed company which was the parent of KQC. Lifetime was sold to Olsten Corporation in 1993. At the end of his tenure in 1993, Dr. Sinclair had generated a compound annual IRR for his original investors of 28% over a period of 11 years.
In 1997 he led the purchase of Nursefinders, a major US nursing personnel business, on behalf of US fund Atlantic Medical; a fund he had founded and where he served as Managing Partner. Dr Sinclair has built both private and public healthcare businesses, building hospitals such as the Portland in London (his personal vision to establish the first dedicated private hospital in the UK for women and children) as well as care facilities and hospitals in the US Middle East, Far East, Australia and the UK. He serves on the Board of Overseers (Emeritus) of Tufts University Medical School; where, together with Dean Mort Madoff, he founded the US’ first combined MD/MBA program. He is Chairman of Symthera Inc; Care Capital Group plc and Emess Biosciences Ltd..
Michael Sinclair Commented: It is a privilege to join the Board of Lightlake Therapeutics as its Executive Chairman. I have known and admired Dr David Sinclair for almost 20 years. Whilst not blood relatives, we share both a name and a passion for striving to address the only major health problem in the developed world that is getting worse, and which in the United States carries a cost in excess of $147 billion per year. We believe that Lightlake's patented solution to binge eating will play an important part in turning the tide of the obesity epidemic which has been stated to be the only way to show real savings in health expenditures in the future.."
Dr Roger Crystal, CEO of Lightlake commented: ‘I am delighted to welcome Mike to the team. His vast experience in healthcare will be of great benefit to the company’.
About Lightlake Therapeutics, Inc.
Lightlake Therapeutics is an international team of research scientists, pharmacologists and doctors backed by investors, who are pioneering the search for a safe, effective and simple treatment for the epidemic of obesity and unhealthy eating. Its expertise is derived from an existing treatment that has recorded a 78% success rate in treating the over consumption of alcohol.
Lightlake is pioneering the treatment of one of the world's biggest killers and will be initially focused on addressing obesity caused by binge eating - –thought to be prevalent in one in three obese people. To date existing pharmacological interventions have failed to deliver a sustainable solution to the obesity epidemic Lightlake’s approach is unique through using a single compound with known safety as a nasal spray. In addition, it is unlikely that patients will require this medication in a regular lifelong manner, which is a significant departure from existing anti-obesity medication.
Dr. David Sinclair, Ph.D., Lightlake's Chief Science Officer says:
Delivery is through a pocket sized nasal spray that is easy and convenient to carry. The treatment begins working progressively from the first day to reduce the urge to eat unhealthily. One of the real marvels of the treatment is that it changes what you think about. Dieting and most other weight reduction procedures have the opposite effect. They make you think more and more about problem foods.
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production, pricing levels or other factors pertaining to the manufacturing and retail operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in the Company's most recent SEC filings.
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