RenovaCare announced its Chairman, Chief Executive Officer, and President, Alan Rubino, has decided to retire.
“I am proud of all that has been accomplished at RenovaCare with our management team during my leadership tenure,” Rubino said. “I wish the Company and its shareholders continued success as it prepares to commence its initial clinical studies.”
Rubino formally resigned as the Company’s Chairman, CEO, and President and from its Board of Directors on and effective as of March 25, 2021. To ensure an orderly management transition, Rubino will continue to provide consulting services to the Company, its senior management staff and the team of contract bioengineers, MD-PhDs, cell biologists, and support staff at Renovacare’s R&D Innovation Center in Berlin, Germany.
On March 26, 2021, the Company’s Board of Directors appointed Dr. Kaiyo Nedd to serve as the Company’s Interim President and Chief Executive Officer and Harmel S. Rayat, to serve as the Company’s Chairman, effective March 26, 2021. Both Dr. Nedd and Rayat will serve as members of the Company’s Board of Directors.
Dr. Nedd has been a practicing medical doctor for over 20 years in Vancouver, British Columbia. He was educated at the University of British Columbia and MD. Howard University and the College of Medicine Washington D.C. before undertaking emergency medicine rotation training at Harvard University Brigham and Women’s Hospital and family practice residency training at St. Paul’s Hospital in Vancouver, completing the same in 2002.
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Since 2002, Dr. Nedd has acted as medical director of West End Medical Centre in Vancouver, which has provided Dr. Nedd broad patient exposure, involvement in several clinical trials and regular participation on pharmaceutical company advisory boards. In recent years, Dr. Nedd’s focus has been on chronic pain and mental health and has had deep clinical experience with the use of Cannabinoids and in the management of these conditions and continues to keep abreast of ongoing clinical research, as well as digital health care solutions and telemedicine.
Dr. Nedd has served on the board of Doctors of BC, which founded in 1900 and is an association of 14,000 physicians and medical students. During his tenure between 2013 and 2017, he created and oversaw the development of new health delivery systems and negotiated with government and private agencies for the financing of new initiatives.
Rayat, newly appointed as Chairman and member of the Board of Directors, has been a long-time majority stockholder and financial supporter of RenovaCare. Through his family office, Kalen Capital Corporation, he has invested over $20 million since 2013. Rayat’s support has been key to advancing the SkinGun™ spray device and CellMist System™ from an unpatented technology to a technology platform with eight patent families, numerous peer reviewed articles and conditional FDA approval of its Investigational Device Exemption application to conduct a clinical trial to evaluate safety and feasibility. Rayat previously served the Company in a variety of capacities, including, at various times, as its President and Chief Executive Officer, Chairman and as a member of the Company’s Board of Directors.
Beginning his career in the financial industry as a messenger and mail-room clerk in a stock brokerage firm in 1981, Mr. Rayat has since invested in a wide range of businesses and sectors, ranging from auto wreckers and alternative energy to raw land and artificial livers.
In recent years, and in addition to commercial real estate in Canada and the United States, Rayat has narrowed his focus to impact investing. His stated goal is to help inventors, entrepreneurs, and scientists to create and commercialize products and technologies that will have a beneficial impact on society at large.