Nymox's 3-month ex-CFO was Awarded an Unauthorized and Undisclosed Treasury Directive for 100,000 Shares of Nymox Stock Without the Knowledge or Approval of the Nymox Board or Nymox’s CEO

Ex-CFO Provided to Nymox Before Appointment as CFO a Personal Resume with False Claim of Securing USD 62.5 million at his Previous Company

IRVINE, Calif., July 31, 2023 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation [OTC Markets – NYMXF] (the “Company”) reports that Chris Riley, who was terminated in June of this year after only 3 months as CFO was awarded on March 13, 2023 an unauthorized and undisclosed Treasury Issuance Request (the “Treasury Directive”) for 100,000 shares of Nymox stock, independently executed by the Company's ex-legal counsel Randall Lanham without the knowledge, disclosure, or approval of the independent Board members, or the Company CEO.  

3-Month Ex-CFO Chris Riley and His Termination by Nymox 

The Treasury Directive purported to award Riley 100,000 shares of stock on March 13, 2023, at a time before he was named CFO of the Company. This attempted stock award was concealed from the Board of Directors, was not shown to the CEO, and was not approved by the independent board members as required by the Company’s By-Laws.

The Company is pleased to report that it has taken all the timely and requisite steps to protect its shareholders from this unauthorized, and undisclosed action involving the ex-CFO during his very brief time at Nymox before he was swiftly and appropriately terminated.  

Before being hired by Nymox, Riley provided a resume with an impressive but false claim of securing USD 62.5 million at another company, which was later discovered to be a company founded by ex-legal counsel Randall Lanham, for whom ex-Board member Richard Cutler is General Counsel and Riley is CEO. Nymox relied on this resume to be truthful, and it relied on the recommendation of the Company's ex-legal counsel when it made its decision to hire Riley as its CFO, and entrusted him with Nymox confidential information. This deception was subsequently questioned by the Board and Nymox's CEO after Riley was hired, and the false nature of the claim on the resume was later confirmed in writing by Nymox legal counsel at the time Randall Lanham.  Shortly after the Company became aware of the resume deception, Riley introduced Nymox to a Pennsylvania based distributor (the “distributor”) with whom it was later revealed Riley has a prior and ongoing business association. The distributor subsequently presented a proposed transaction to Nymox (“proposed transaction”) that would have immediately awarded Riley and Lanham each 3 Million shares of stock, with 6 Million additional shares to each to be awarded upon the occurrence of future events.  Nymox made the appropriately swift determination to terminate its engagement with Riley to protect its shareholders and preserve the integrity of the Company. The unauthorized, undisclosed and concealed attempted award of 100,000 Nymox shares to Riley was discovered after his termination, along with other breaches of confidentiality, loyalty, and fiduciary duty.