About Us


David Elsley, MBA

President and Chief Executive Officer

Mr. David 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 $200 million to support corporate development and reached a market capitalization of over US$ 1 billion.

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

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.

Anthony E. Bolton, BSc, PhD, DSc

Director of Research

Dr. 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.

Blagoja Ristevski, BSc, CHE

Director of Chemical Engineering and Manufacturing

Mr. Blagoja Ristevski graduated with a BSc in Chemical Engineering and Inorganic Chemistry from the University of Ss ‘Cyril and Methodius’, Skopje, Macedonia, and pursued postgraduate research on natural biopolymers as drug carriers at King’s College London, UK. For 20 years he was involved in the research and discovery of active drug molecules, drug delivery technologies, and manufacturing methodologies for finished drug products at several biopharmaceutical companies.

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Mr. Ristevski has over 25 years of senior executive level experience in the Canadian pharmaceutical and biotechnology industry including positions with Astra, Hyal Pharmaceuticals, Delex Therapeutics (now part of Gilead), and the Advanced Medical Research Institute of Canada where he was  VP of product development. He has a track record of success in licensing new products with multiple successful IND and NDA applications, including for Solaraze gel. He has an extensive network across the North American biopharmaceutical industry and is experienced in the assessment and development of therapeutic, diagnostic, and medical device products. In 2009, he founded Remetar Inc., a company involved in licensing early-stage pharmaceutical projects which have included a therapeutic for the regulation of intraocular pressure and a project focusing on regulating low-grade inflammation by targeting inflammatory cytokine receptors.

Ian Hulbert, CPA, CA, BBM

Chief Financial Officer

Mr. Ian Hulbert is an accountant with over 30 years of experience in tax compliance and planning for business transitions, including several initial public offerings. As a former Tax Partner with Grant Thornton and PKF Hill LLP, a member firm of the PKF North American Network (PKF NAN), Mr. Hulbert has a strong professional network of cross-border and cross-discipline advisors. He has a public accounting practice in downtown Toronto.

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Mr. Hulbert has expertise in all facets of scientific research and experimental development (SRED) tax credits and incentives. He was a tax advisor for a Toronto-based network of neurosurgeons, their medical professional corporations (MPCs) and a start-up research company they founded focused on developing therapeutics for strokes. He was directly responsible for all aspects of the initial tax structuring and SRED claims of this research company as it proceeded from phase 1 and 2 clinical trials.

Mr. Hulbert’s planning expertise includes: cross-border and inter-provincial tax services; reviewing the tax aspects of SRED and other contracts; succession, estate and exit planning for shareholders and stakeholders, mergers and acquisitions (tax due diligence reviews, negotiations and structuring advice) and corporate re-organizations. He also has a good understanding of cross-border and interprovincial sales taxes, payroll taxes and employee secondments.