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Universal Ibogaine says Rami Batal has been replaced as its chief executive officer by Nick Karos, effective immediately

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Universal Ibogaine Inc (TSX-V:IBO). has announced that Rami Batal has been replaced as chief executive officer (CEO) of the company and its subsidiaries by Nick Karos, effective immediately.

Karos was recently appointed as a capital markets consultant to the company. 

In a statement,  Chief Ian Campbell, chair of the Universal Ibogaine board of directors said: “We are grateful for Rami’s leadership and many contributions. We wish Rami all the best.”

Based in Los Angeles, USA, Karos is a seasoned financier whose career includes senior roles with US investment banks, including serving at Piper Jaffray as head of Nasdaq Trading and Agency Services, and most recently as CEO of Private Trading Group, which has provided business development and capital raising services for several successful start-up ventures.

READ: Universal Ibogaine announces TSX Venture Exchange final approval of qualifying transaction and resumption of trading

Karos commented: “I’m very excited to work with the talented partners at UI to move towards our goal of conducting clinical trials with Health Canada.  Universal Ibogaine’s goal is to transform the addiction treatment model using ibogaine as the cornerstone of our new addiction treatment protocol.”

“Addiction is a disease that affects society like none other, and we believe our ground-breaking protocol will give patients and families a better path towards long-term recovery,” he added.

The company said its board of directors will immediately begin an executive search process for selecting a new CEO, adding that Karos remains a shortlist candidate for the long-term position.

Universal Ibogaine is a life sciences company, with a goal to develop a platform of addiction treatment clinics, which may eventually use ibogaine as a primary modality for the interruption and ideally cessation of addictions to primarily opioids such as oxycodone, heroin, fentanyl, as well as alcohol, cocaine, and other stimulants.  

Separately, the company plans to clinically develop ibogaine, a natural plant substance, as an authorized addiction interruption medicine for the treatment of Opioid use disorder.  

A Clinical Trial Application to Health Canada is being developed to undertake clinical trials in Canada, aimed at proving the safety and efficacy of the use of ibogaine for this purpose.  In the longer term,  the company plans to introduce ibogaine into the addiction treatment protocols to be used in its’ future facilities.

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Story by ProactiveInvestors


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