AstraZeneca Pharma India Ltd.

AstraZeneca has operated in India since 1979. Amid a corporate review of AstraZeneca’s global manufacturing and supply network, the company’s Indian subsidiary is planning to close up shop at the “beating heart” of its India operations in Bangalore. AstraZeneca Pharma India will exit its production plant in Bangalore, India, “in due course,” the company said in a filing on the Bombay Stock Exchange Thursday. AZ plans to auction off the site “in a fully operational manner” to a buyer who can also serve as a contract manufacturer for the AstraZeneca drugs made and packaged in Bangalore, AZ’s Indian subsidiary said. In the filing, AZ said it is "fully cognizant of the impact this change can bring," adding that the company's "first responsibility will be towards its employees and meeting the needs of its patients by ensuring an uninterrupted supply of medicines." AstraZeneca has operated in India since 1979, the company says on its website. Aside from its tablet production facility in Bangalore, AZ also operates a global technology center in Chennai, which boasts a workforce of more than 2,300 IT professionals and experts. The Bangalore facility, for its part, housed more than 900 employees as of mid-August, Narayan Seshadri, AstraZeneca Pharma India’s board chair, said at the company’s annual general meeting this past summer. The Bangalore site supports 51 global AZ brands and is the headquarters for the Indian company’s commercial operations, AstraZeneca Pharma India added. The site also houses manufacturing and clinical operations. AZ describes the Bangalore plant as the “beating heart” of its India operations. AZ’s plan to exit its Bangalore site comes after the company announced layoffs of 103 sales staffers in its Indian primary care division back in March. At the time, the employees pushed back against what they described as unlawful terminations, according to local publication The Hindu. In a statement to Fierce Pharma, AstraZeneca attributed the decision to its evolving “strategic priorities.” Last year, meanwhile, AstraZeneca locked in a sale of its West Chester, Ohio, site to biomanufacturing outfit National Resilience. Much like the plan in Bangalore, Resilience and AZ forged a long-term agreement under which Resilience is expected to continue producing “select AstraZeneca medicines." More than 500 employees who worked at AZ’s Ohio facility were set to maintain their jobs after Resilience took control, Andrew Wirths, senior vice president of AstraZeneca’s Americas supply region, said in a statement last fall.

-- Dr. Smith is a 20-year pharmaceutical industry veteran with extensive central nervous system (“CNS”) clinical development expertise -- VANCOUVER, British Columbia, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Bright Minds Biosciences (“Bright Minds,” “BMB” or the “Company”) (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for the targeted treatment of neuropsychiatric disorders, epilepsy, and pain, today announced that Mark A. Smith M.D., Ph.D. will join the Company as Chief Medical Officer, effective December 1, 2022. The Company also announces that Dr. Revati Shreeniwas’ engagement with Bright Minds as Chief Medical Officer has been terminated. “I’m thrilled to welcome Dr. Smith to the Bright Minds team. A seasoned executive in CNS drug development, Dr. Smith has directed over 50 clinical trials across all stages of development. Dr Smith's extensive background in psychiatry will strengthen the clinical implementation of our next generation 5-HT2A agonists. His depth and breadth of knowledge in neuropsychiatry, development, translational neuroscience, and clinical trial design will be a great asset as we continue to advance our pipeline of novel compounds through clinical trials,” said Ian McDonald, CEO and Co-founder of Bright Minds Biosciences. “It’s an exciting time to join Bright Minds with the Phase I trial for its lead program, BMB-101, currently underway. Proposed to treat Dravet syndrome, an epilepsy syndrome that begins in infancy or early childhood, BMB-101 is a promising drug candidate with the potential to change lives. My background is uniquely well-suited to the opportunity, and I look forward to seeing BMB-101 and the rest of the pipeline through their development stages,” stated Dr. Smith. Prior to joining Bright Minds, Dr. Smith was Chief Medical Officer at VistaGen Therapeutics, where he led the clinical development of drug candidates in the areas of major depression, social anxiety disorder, and depression through all phases of development. Previously, Dr. Smith served as the Clinical Lead for Neuropsychiatry at Teva Pharmaceuticals, where he was accountable for the strategy and clinical development of neuropsychiatric drugs with a focus on schizophrenia, sleep disorders, and agitation. He also held a range of director positions, including as Executive Director of Clinical Development at AstraZeneca Pharmaceutical Company, where he led the development of several novel chemical entities targeting treatment-resistant depression, anxiety, and schizophrenia. Dr. Smith was also Senior Director of Experimental Medicine of Global Clinical Development and Innovation at Shire Pharmaceuticals and Senior Investigator and Principal Research Scientist of CNS Diseases at DuPont Pharmaceuticals. Prior to joining the pharmaceutical industry, he served as a Senior Staff Scientist of the Biological Psychiatry Branch and Senior Staff Fellow of the Clinical Neuroendocrinology Branch at the U.S. National Institute of Mental Health (NIMH). Dr. Smith received his Bachelor's degree and Master of Science from Yale University, his Doctor of Medicine and Doctor of Philosophy in Physiology and Pharmacology from the University of California, San Diego, and completed his residency in the Department of Psychiatry at Duke University Medical Center. He currently serves on the National Institute of Mental Health Translational Neuropsychopharmacology Task Force. About Bright Minds Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult to treat disorders such as resistant epilepsy, treatment resistant depression, PTSD, and pain. The Company leverages its world-class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds’ drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin. Investor Contacts:Lisa WilsonE: lwilson@insitecony.comT: 917-543-9932 Ian McDonaldCEO and DirectorE: ian@brightmindsbio.comT: 647 407 2515 This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to expectations about the intended date Dr. Smith becomes CMO, his work in respect of the Company’s development pipeline and the proposed use of BMB-101 to treat Dravet Syndrome. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.