CV SCIENCES, INC. (OTCMKTS:CVSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

CV SCIENCES, INC. (OTCMKTS:CVSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02     Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On May 5, 2017, Larry Raskin resigned as a member of the Board of Directors (the “Board”) of CV Sciences, Inc. (the “Company”). His resignation did not result from any disagreement with the Company. Mr. Raskin resigned as a director due to business commitments.

On May 10, 2017, the Board appointed Stephen Schmitz, M.D. as a director of the Company to fill the vacancy created by the resignation of Mr. Raskin. to the Company’s Bylaws, Dr. Schmitz shall hold office until the next election of directors by the shareholders of the Company. It is expected that Dr. Schmitz will be named as a member of the Compensation Committees of the Board.

Dr. Schmitz is a board certified physician with nearly 20 years of experience in the pharmaceutical industry with extensive experience in drug safety, dietary supplement safety, clinical development and regulatory affairs. He has worked for several major pharmaceutical companies, in the therapeutic areas of neurosciences, ophthalmology, medical devices and orphan (rare) diseases. While the focus of his pharma career has been in drug safety, he has also worked in clinical development and served as the medical monitor for numerous studies. Before entering the pharmaceutical industry, Dr. Schmitz worked in preventive medicine, and practiced family and occupational medicine. Dr. Schmitz earned his B.S. in Biology from Fairfield University, an M.D. from Rutgers Medical School, and his M.P.H. from the Boston University School of Public Health. Since 2012, Dr. Schmitz has worked in drug safety for Shire, a global pharmaceutical company. Dr. Schmitz’ knowledge of the pharmaceutical industry as well as extensive business background makes him a valuable addition to the Board.

There are no arrangements or understandings between Dr. Schmitz and any other person to which Dr. Schmitz was selected as a director of the Company. Dr. Schmitz is not a participant in, nor is he to be a participant in, any related-person transaction or proposed related-person transaction required to be disclosed by Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended. Other than the Company’s formal plan for compensating its independent directors for their services, whereby each independent director receives $500 per meeting of the Board attended, there are no plans, contracts or arrangements or amendments to any plans, contracts or arrangements entered into with Dr. Schmitz in connection with his election to the Board, nor are there any grants or awards made to Dr. Schmitz in connection therewith.


About CV SCIENCES, INC. (OTCMKTS:CVSI)

CV Sciences, Inc. is a life science company. The Company operates in two segments: specialty pharmaceuticals and consumer products. The Company’s specialty pharma business segment is focused on developing and commercializing therapeutics utilizing synthetic Cannabidiol (CBD) across several therapeutic areas. The consumer product business segment is focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors.

CV SCIENCES, INC. (OTCMKTS:CVSI) Recent Trading Information

CV SCIENCES, INC. (OTCMKTS:CVSI) closed its last trading session down -0.006 at 0.313 with shares trading hands.

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