CombinatoRx Announces Senior Management Team Changes
06 Janeiro 2010 - 11:30AM
Business Wire
CombinatoRx, Incorporated (NASDAQ: CRXX) today announced changes
to its senior management team to lead CombinatoRx following its
recently completed merger with Neuromed. Effective immediately,
Mark Corrigan, MD, former EVP of Research & Development at
Sepracor and a member of the CombinatoRx board of directors, will
assume the role of President and Chief Executive Officer of
CombinatoRx and Christopher Gallen, MD, Ph.D., former CEO of
Neuromed, will serve as Executive Vice President of Research and
Development. Having brought CombinatoRx to this point, Robert
Forrester has decided to leave his position at the company to
pursue other opportunities.
“The management team decisions we are making now are critical to
the future success of CombinatoRx,” commented Frank Haydu, Chairman
of the Board of CombinatoRx. “Dr. Corrigan, with his significant
drug development experience both as head of R&D at Sepracor and
Group Vice President of Global Clinical Research and Experimental
Medicine at Pharmacia Upjohn, is ideally suited to build
CombinatoRx into a thriving biopharmaceutical business with a
promising portfolio of pain and inflammation product candidates.
Dr. Gallen, with his knowledge of Exalgo, will focus much of his
efforts initially on working with Covidien and regulatory
authorities to provide a potential extended pain relief option for
patients in need. Robert Forrester has made many valuable
contributions to CombinatoRx over the past several years, most
recently while serving as interim President and CEO of CombinatoRx
during the critical merger consummation process. We shall miss his
contributions and we thank him for his service and wish him well in
his new endeavors.”
This merger of CombinatoRx and Neuromed brings together the
product assets and financial resources of both organizations,
including potential Exalgo™ milestones and royalty revenue and
Neuromed’s proven drug development expertise, with the CombinatoRx
portfolio of product candidates and its unique drug discovery
capabilities. The rights to Exalgo™, designed to be a once-daily,
oral hydromorphone treatment seeking FDA approval for chronic to
severe pain, were recently acquired by Mallinckrodt Inc., a
subsidiary of Covidien plc, for $15 million in upfront payments,
additional development funding of up to $16 million to cover
internal and external costs associated with Exalgo, an approval
milestone of $30 million, which could potentially increase up to
$40 million, and tiered royalties on Exalgo™ net sales after
approval. Exalgo™ has a February 22, 2010 PDUFA review date with
the FDA.
About CombinatoRx
CombinatoRx, Incorporated (CRXX) develops novel drug candidates
with a focus on the treatment of pain and inflammation. The company
applies its combination drug discovery capabilities and its
selective ion-channel modulation platform to generate innovative
therapeutics. To learn more about CombinatoRx, please visit
www.combinatorx.com.
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
concerning CombinatoRx, the product candidate Exalgo™, and its
potential for FDA approval and its ability to generate future
revenues for the combined company, CombinatoRx’s drug discovery
technology and the business plans of the combined company. These
forward-looking statements about future expectations, plans and
prospects of CombinatoRx involve significant risks, uncertainties
and assumptions, including risks related to the ability of Neuromed
or Mallinckrodt to obtain regulatory approval for the sale and
marketing of its Exalgo™ product candidate, the ability of
Mallinckrodt, to perform their obligations under their
collaboration agreements, the unproven nature of the CombinatoRx
drug discovery technologies, CombinatoRx’s ability to obtain
additional financing or funding for its research and development
and those other risks that can be found in the "Risk Factors"
section of the CombinatoRx Annual Report on Form 10-K on file with
the Securities and Exchange Commission and the other reports that
CombinatoRx periodically files with the Securities and Exchange
Commission. Actual results may differ materially from those
contemplated by these forward-looking statements. These
forward-looking statements reflect management’s current views and
CombinatoRx does not undertake to update any of these
forward-looking statements to reflect a change in its views or
events or circumstances that occur after the date of this
release.
(c) 2010 CombinatoRx, Incorporated. All rights reserved.
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