About Us

Board of Directors

Eldon R. Smith, OC, LLD (Hon), MD, FCAHS, FCCS, FRCPC

Chief Medical Officer

Dr. Eldon Smith received his medical degree cum laude from Dalhousie University. Following Internal Medicine and Cardiology training in Canada, UK, and the USA, Dr Smith joined the Faculty at Dalhousie in 1973. In 1980, he became Head of Cardiology at the University of Calgary and the Foothills Hospital in Calgary; subsequently, he became Chairman of Medicine, then Associate Dean for Clinical Affairs and from 1992 to 1997, he was Dean of Medicine. From 1997 – 2010, he was Editor-in-Chief of the Canadian Journal of Cardiology.

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Dr. Smith has published more than 250 papers and has contributed to many organizations; he has been President of the Canadian Cardiovascular Society (CCS) and Association of Canadian Medical Colleges. He has served on several public boards including the Alberta Heritage Foundation for Medical Research, the Health Professions Advisory Board and has been a member of the Premier’s Advisory Council on Health. He founded and directed the Peter Lougheed Medical Research Foundation and currently chairs the Board of the Libin Cardiovascular Institute in Calgary. In 2006, the Federal government appointed him to Chair the Steering Committee for the Canadian Heart Health Strategy. In 2010 he was appointed to the Board of Alberta Health Services and served until June 2013.

Dr. Smith has received many awards including: the Young Investigator and Achievement awards of the Canadian Cardiovascular Society, Keon Award from the University of Ottawa, 125th anniversary of Canada commemorative medal, alumnus of the year at Dalhousie, AsTECH award from the province of Alberta, Order of the University of Calgary, the Graham Medal from the Royal College and Medal of Service from CMA.

In 2005, Dr Smith became an Officer of the Order of Canada. In 2013, the City of Calgary awarded him the Life Time Achievement Award, and in 2014, he received an Honorary Doctorate of Laws Degree from Dalhousie University.

Over the past 20 years, Dr Smith has been a Director of more than ten public companies—mostly in the biotech sector. He has also been Chairman of two companies and Lead Director for two others. At present, he is a Director of Intellipharmaceutics International Inc, Resverlogix Corp, and Zenith Capital Corp.

Peter Pekos , BSc, MSc


Mr. Pekos is a veteran of the pharmaceutical services industry who founded Dalton Pharma Services (Dalton) in 1986, and over a period of 30 years directed its growth based on strong client relationships. In a world-class 42,000 square foot facility with more than 110 employees in the heart of one of North America’s largest biomedical clusters, Dalton provides pharma and biotech clients with an array of integrated services. This includes premium contract chemistry research, a full range of analytical support, medicinal chemistry, formulation, cGMP manufacture of solid dosage forms, and cGMP aseptic fill in vials and syringes.

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Mr Pekos continues to serve Dalton as President & CEO, guiding the evolution of the company to serve best the changing needs of its clients, which are in all of the major global economies and include the world’s largest pharmaceutical companies. The range of services extends from discovery research up to commercial production. In addition to innovative drug molecules, the company’s expertise extends to custom peptides and conjugation of active pharmaceutical ingredients and fluorophores with polymers and antibodies.

In 1983, Mr Pekos obtained a Chemistry/Biochemistry Double Specialist Degree with a Minor in Biology from the University of Toronto. In 1986 he completed a Masters Degree in synthetic chemistry at York University, and with his Professor Doug Butler founded Dalton with a very modest amount of capital. The company used incubator facilities at York University, and initially manufactured and sold specialty chemical compounds.

Mr. Pekos also founded Ashbury Biologicals, Inc., a phyto-pharmaceutical company, Jupiter Consumer Products, a company that targeted the development of adult-focused confections and several other technology-based companies focused on advanced materials and pharmaceutical development tools.

Mr. Pekos has served on the Scientific Advisory Board for Lab Business, one of the biotechnology publications of Jesmar Communications, and on the Business Advisory Board for Critical Outcome Technologies, Inc., a publicly owned Canadian drug discovery company and is a member of the editorial board of Biotechnology Focus, a leading Bio-business magazine in Canada.

Mr Pekos is currently on the board and was founding Chairman of ventureLAB a Regional Innovation Center located at IBM’s York Region campus. VentureLAB guides government program delivery to support the innovation ecosystem for biotechnology and related industries in southern Ontario.

Mr Pekos is an active Angel Investor and has invested in several start-ups focused on novel cancer therapeutics, Orphan diseases, and vaccine technologies.

As a York University and University of Toronto Alumni and Donor, Mr Pekos actively supports scholarship funds at both York University and the University of Toronto.

David Elsley, MBA

President and Chief Executive Officer

Mr. Elsley is a business leader with a proven track record of developing, financing and managing all aspects of corporate development in biotechnology and high-growth organizations.

In 1990, Mr. Elsley founded Vasogen Inc., a biotechnology company focused on the research and commercial development of novel therapeutics for the treatment of heart failure and other inflammatory conditions. Mr. Elsley assembled a team of management, directors and scientific advisors comprising industry professionals and thought leaders from North America and Europe.

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Mr. Elsley managed and directed Vasogen’s growth from start-up to an organization employing over 250 people with operations and R&D programs in Canada, the United States and Europe. He established the research and development infrastructure, partnerships, manufacturing capability, and corporate quality systems necessary to advance two anti-inflammatory therapies from concept to completion of international multi-center pivotal phase III clinical trials involving 2,500 patients. Vasogen went public on the TSX and the Nasdaq, raising over $200 million to support corporate development and reached a market capitalization over US$ 1 billion.

Mr. Elsley holds a Master of Business Administration from the Richard Ivey School of Business, University of Western Ontario.

Terry Lynch, BBA (Hon)


Currently Chairman of Chilean Metals Inc, formerly International PBX Ventures, where he was CEO from 2012 to 2016. Mr. Lynch has had a varied and successful career focused on start-up and turn around opportunities in Energy, Technology, Bio-Technology, Mining, Media, and Industrials.

A Graduate of St. Francis Xavier University BBA with a joint-honors in Economics, Mr. Lynch started his career in commercial real estate in Calgary in 1981, eventually moving to Toronto in 1986 in the same field, and left a successful practice to launch his first start-up company Pallet. Pallet  would grow from idea to a run rate of over $200 Million in sales over the course of four years as it grew into North America’s largest manufacturer of wooden pallets.

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Post Pallet, Lynch was involved as an Angel Investor start-up board member and executive for several Energy (Pacific Tiger), Technology (Prolessons.com) and Mining (Reliefgold) ventures. In 2007, he became a partner in Kingsmill Capital, a Limited Market Dealer where he again funded and invested in numerous start-up technology and biotechnology firms.

In 2006 Lynch became active first as a director and later working for an activist investor group as CEO of TSX Venture listed Firstgold. This experience was replicated with his launching of a successful proxy battle for control of International PBX Ventures where he now remains Chairman as the company looks to emerge from greatest recession in mining history.

Anthony E. Bolton, BSc, PhD, DSc

Director of Research

Dr. Anthony Bolton graduated from the University of London (BSc) in 1967, and from the University of Reading (PhD) in 1970. He was awarded the degree of DSc by the University of Reading and was elected to Fellowship of the Royal College of Pathologists (FRCPath) in 1990.

Dr. Bolton’s academic career included positions with the Medical Research Council in Edinburgh (1970- 76; tenured member of scientific staff), St. Bartholomew’s Hospital, London (1976-79; Deputy Director, Immunoassay Research Unit) and the University of East London (1979-85; Reader in Biochemistry).

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He was appointed Head of Department and Professor of Biomedical Sciences at Sheffield Hallam University (1985-92) and Scientific Director, Biomedical Research Unit, Jessop Hospital for Women, Sheffield (1992-95). His areas of research focus include diagnostics, reproductive physiology, infertility, and immunology/inflammation.

Dr. Bolton was co-founder and VP Research, Intermune Life Sciences Inc, Toronto (1992-1995), a biotech company developing technologies in human infertility, and was co-founder, Director of Research, and ultimately CSO, Vasogen Inc (1992-2008), a company investigating novel anti-inflammatory therapeutic approaches to cardiovascular disease.

Dr. Bolton has published over 100 research papers and is named inventor on 15 issued patents.

Bruce Hirsche, LLB, LLM

Past Director

It is with great sadness and heavy hearts that we take this opportunity to pay tribute to our past board member, Bruce Hirsche, who passed away peacefully in Edmonton, Alberta on February 20, 2018, and to acknowledge with gratitude Bruce’s tremendous contribution to Cardiol Therapeutics.

From Cardiol Therapeutics’s beginning, Bruce was instrumental in fostering our ongoing research collaboration with the University of Alberta (U of A) and was responsible for leading the drafting, negotiating and finalizing of our exclusive nanotechnology licensing agreement with the U of A which remains a key cornerstone of our business strategy.

Bruce was designated by Martindale and Hubbell for the past 16 years as having an AV rating, which is the highest possible rating a lawyer can achieve. It placed him in the class of preeminent legal counsel which is a rare accomplishment. Bruce was also named by Lexis-Nexis as one of the top 20 Intellectual Property lawyers in Canada.

Bruce’s long-standing keen interest in developing emerging technologies and assisting early-stage technology companies enabled him to advise clients effectively. His areas of expertise extended to securities and corporate law, particularly mergers and acquisitions. Scientists and entrepreneurs appreciated and depended upon his comprehensive skills and knowledge base as he helped them to strategize, develop, negotiate, and implement business ideas, intellectual property protection and commercialization plans.

Bruce acted for knowledge, manufacturing and resource-based clients in Canada, the United States and Europe. His extensive experience in cross-border transactions included licensing, financings, intellectual property protection, strategic partnership arrangements, mergers and acquisitions.

Bruce’s contribution to Cardiol Therapeutics and the positive impact he had on the development of our Company will always be remembered with great appreciation and respect. We extend our heartfelt condolences to Bruce’s wife DiAnn, their children, grandchildren, and extended family, and Bruce’s countless friends and associates.