GelStat Corporation announced that is promoting Robert Estey to CEO to fill the vacancy left by former CEO, Larry Gershman. Mr. Gershman resigned as Chairman and CEO to pursue other interests but remains as a shareholder. In addition, current independent board member Adrian Goldfarb will assume the position as non-Executive Chairman of the Board.

Bob Estey has been a board member and the company's Chief Operating Officer since the merger with Mastix Medica in July of 2014. The founder of Mastix Medica, Mr. Estey has led companies through successful turnarounds and start-up situations. Prior to founding Mastix, Mr. Estey had CFO and operational responsibilities at ANI Pharmaceuticals, Xanodyne Pharmaceuticals, Alpharma Generic Pharmaceuticals and Florida Tile Industries.

As CEO, Mr. Estey will lead the company's efforts to increase revenue and profits and is in the process of developing a strategic plan for 2016 and 2017 to address these goals.