ProtoKinetix Announces Appointment of New Director and Provides Corporate Update

ST. MARYS, W.Va.--(BUSINESS WIRE)-- ProtoKinetix, Incorporated (OTC: PKTX) (the “Company” or “ProtoKinetix”) (www.protokinetix.com) is pleased to announce that Edward P. McDonough was appointed to the company’s board of directors. The Company has issued a two-year option for 1,000,000 shares of common stock subject to vesting exercisable at $0.10 per share to Mr. McDonough in connection with his appointment to the Board and for services to the Company.

“Edward has extraordinary financial and business expertise, and we are delighted that he is joining ProtoKinetix’s board of directors,” said Clarence Smith, President, CEO and Chairman of the Board of ProtoKinetix.

About Edward P. McDonough

In addition to serving as a director of the Company, Mr. McDonough is a managing shareholder and President of McDonough, Eddy, Parsons & Baylous, A.C., a certified public accountant firm in Parkersburg, West Virginia since 1985. The firm originated in the early 1950s, employs 15 professional certified public accountants and accountants, and serves as certified public accountants for approximately 400 private corporations, firms, and individuals in various commercial, business, professional, and industrial fields. Mr. McDonough became a Certified Public Accountant in 1978, a Certified Valuation Analyst in 1996, and a Chartered Global Management Accountant in 2012. Since 1986, Mr. McDonough has served as a Director and Chairman of the Board of Community Bank of Parkersburg, held by Community Bankshares, Inc. He is also a Member of the American Institute of Certified Public Accountants (AICPA), has served as a Past President and Member of the West Virginia Board of Accountancy, is a Life Member, Past Director and Past President of the West Virginia Society of Certified Public Accountants and is a Member and Past President of the Parkersburg Chapter of the West Virginia Society of CPAs. Mr. McDonough acquired his Bachelor of Science in Business Administration with a Major in Accounting at West Virginia University in Morgantown, West Virginia in 1973.

Corporate Update

On June 30, 2015, ProtoKinetix entered into an agreement with Clarence E. Smith, the Company’s President and CEO, pursuant to which Mr. Smith purchased 625,000 shares of common stock of the Company at a price of $0.08 per share, representing aggregate total proceeds of $50,000 which had been advanced by Mr. Smith previously to the Company to pay Company expenses. On July 1, 2015 Mr. Smith also converted his promissory note of $100,000 into 1,250,000 shares of the Company’s common stock at a conversion price of $0.08 per share.

The securities issued to Mr. Smith will not be registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

On July 1, 2015, the Company also entered into a consulting agreement with Simon Shah to provide research services with respect to market applications of the AAGP™ molecule. Mr. Shah received a three-year stock option for 600,000 shares of common stock at $0.10 per share subject to vesting.

The Board of Directors of ProtoKinetix approved the adoption of the 2015 Stock Option and Stock Bonus Plan on July 1, 2015 (the “Plan”). The Board of Directors adopted the Plan as it anticipates utilizing equity compensation as part of its ongoing standard corporate operations and in connection with its contemplated activities going forward.

About ProtoKinetix

ProtoKinetix, Inc. is a molecular biotechnology company that has developed and patented a family of hyper stable, potent glycopeptides (AAGP™) that enhance therapeutic results and reduce the cost of stem cell medicine. Due to the anti-inflammatory effect of AAGP™ molecules, the Company is currently targeting the direct treatment of diseases that have a major inflammatory component.

This press release shall not constitute an offer of securities in the United States or any other jurisdiction. The securities that may be issued pursuant to this press release are not currently qualified by prospectus or registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any state, and may not be offered or sold in the United States, or to, or for the account or benefit of United States persons (as defined in Regulation S under the Securities Act) or persons in the United States absent registration or an applicable exemption from the registration requirements. The securities are subject to resale restrictions under applicable securities laws.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150701006718/en/

ProtoKinetix, Inc.
Clarence E. Smith, 304-299-5070
President & Chief Executive Officer
[email protected]

Source: ProtoKinetix, Inc.

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