FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
Merus Labs International Inc. (the “Company” or “Merus”)
100 Wellington Street West
Suite 2110, PO Box 151
Toronto, Ontario, M5K 1H1
Item 2 Date of Material Change
September 23, 2014
Item 3 News Release
A news release was issued by the Company on September 23, 2014 and distributed through Marketwired and filed on SEDAR.
Item 4 Summary of Material Change
The Company announced the resignation of Mr. Elie Farah as CEO and a director of the Company and the concurrent appointment of Mr. Barry Fishman, a Senior Advisor to the Company, as interim CEO and as a member of the Merus Board.
Item 5 Full Description of Material Change
5.1 | Full Description of Material Change |
On September 23, 2014, the Company announced that Mr. Elie Farah has resigned as CEO and as a member of the Merus Board to pursue other opportunities.
Mr. Barry Fishman, currently Senior Advisor to Merus, will assume the role of interim CEO, and will join the Board.
Mr. Fishman has over 25 years of experience in the pharmaceutical industry and is the former CEO of Teva Canada. During his tenure at Teva Canada, Mr. Fishman executed a growth plan that resulted in a five-fold increase in revenue through acquisitions and organic growth. He began his pharmaceutical career at Eli Lilly, where he advanced through several cross-functional leadership roles, including Vice President of Marketing.
5.2 | Disclosure for Restructuring Transactions |
Not applicable.
Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable
- 2 -
Item 7 Omitted Information
Not applicable
Item 8 Executive Officer
Andrew Patient
Chief Financial Officer
Telephone: (416) 593-3725
Item 9 Date of Report
October 3, 2014