Healthcare Industry News: Parkinson's Disease
News Release - February 20, 2007
Vyteris Announces Senior Staff PromotionsFAIR LAWN, N.J.--(HSMN NewsFeed)--Vyteris, Inc. (OTCBB: VYHN.OB ), makers of LidoSite®, the first active drug delivery patch to receive marketing clearance from the U.S. Food and Drug Administration (FDA), today announced promotions of five current members of the executive team to more accurately reflect and focus the Company's commitment to its recently announced business strategy for near-term sales growth and profitability.
"We are excited about the execution of our business strategy moving forward and have focused in on optimizing the commercial value of the company's proprietary technology, products, and market opportunities," said Timothy J. McIntyre, chief executive officer of Vyteris. "These promotions are not only well deserved, but will create a stronger executive team with a proven record of performance and delivery, and help lead the company into its commercialization phase."
Specifically, the appointments are designed to help Vyteris focus on:
- Optimizing the commercial value of LidoSite in the U.S. physician office-based market segment for venipuncture and blood draw;
- Advancing development projects using its "smart patch" delivery system for the treatment of migraine headaches;
- Advancing development projects that demonstrate the benefits of transdermally delivering Non-Steroidal Anti-Inflammatory Drugs ("NSAID"s) using its "smart patch" delivery system; and
- Building upon the positive Phase I results of its program with Ferring Pharmaceuticals for active transdermal delivery of a fertility enhancement peptide.
Ash Sharma, Ph.D. is promoted to Executive Vice President and appointed as an Officer of the company. Dr. Sharma has been with the company since its spin-off from Becton Dickinson in 2000. He is responsible for applying Vyteris' technology to new therapeutic areas and developing products that improve the medication experience, allowing patients to lead more productive and comfortable lifestyles. Dr. Sharma was instrumental in the completion of technical development of LidoSite, and the associated manufacturing processes including its components. He also led the development efforts which resulted in the completion of phase one clinical studies in the area of migraine and infertility.
Michael Reidy, Ph.D. is promoted to Vice President of Research. Reidy has over 15 years of experience in product development of medical devices and drug delivery systems with proven success in late stage development and commercialization. He will continue to spearhead the Ferring development project and lead Vyteris in its foray into migraine and NSAID solutions.
Cormac Lyons, Ph.D. is promoted to Vice President of Development. Lyons will lead all development programs concerning iontophoresis. Lyons has been in product and process development with Vyteris since 2004. He has over ten years of experience in product development from all stages, including feasibility, product launch, and process development.
Joseph Himy, CPA is appointed as Vice President of Finance and Principal Accounting Officer. Himy has been with Vyteris since 2004, most recently serving as Corporate Controller, responsible for all financial reporting, SEC regulatory compliance, Sarbanes-Oxley implementation and internal controls. Prior to joining Vyteris he was the Manager of Financial Reporting at LeCroy Corporation and an Audit Manager at Deloitte and Touch, LLP.
George Baskinger is promoted to Vice President of Regulatory Affairs. He currently serves as Vyteris' Director of Regulatory Affairs, where he managed the submission and approval of the New Drug Application (NDA) for LidoSite to the FDA. Prior to joining Vyteris, Baskinger worked at Becton Dickinson, responsible for developing and implementing a quality system in compliance with the FDA Medical Device and Pharmaceutical regulations. He was also responsible for Becton Dickinson's first Investigational New Drug application (IND). Prior to this, he served as director of quality assurance and regulatory affairs for two medical device manufacturing companies where he was responsible for all quality assurance and regulatory aspects of Class III medical devices.
Steven Dal Cortivo is promoted to Director of Quality Assurance. Dal Cortivo has been with Vyteris since 2000, and has served in a number of key quality assurance and quality control positions. He most recently was Supervisor of Analytical Services, where he was responsible for overseeing the activities of analytical chemists, laboratory technicians, and document control specialists. He also was Supervisor of Document Control, where he ensured the compliance of critical documents. He has also led initiatives to develop and improve quality systems and procedures internally.
About Vyteris, Inc.
Vyteris, Inc., a wholly owned subsidiary of Vyteris Holdings (Nevada), Inc. (OTCBB: VYHN.OB ), are the makers of the first active drug delivery patch to receive marketing clearance from the U.S. Food and Drug Administration (FDA). Vyteris' proprietary active transdermal drug delivery (iontophoresis) technology delivers drugs comfortably through the skin using low-level electrical energy. This active patch technology allows precise dosing, giving physicians and patients control in the rate, dosage and pattern of drug delivery that can result in considerable therapeutic, economical, and lifestyle advantages over existing methods of drug administration. Vyteris' first product, LidoSite®, which provides dermal analgesia prior to venipuncture (IV catheter insertions, blood draws, etc.) and superficial dermatological procedures, was the first FDA approved active patch. Vyteris has also successfully demonstrated in-vivo, either in animals or in humans, the ability of their active patch technology to deliver drugs transdermally for the following applications: smoking cessation, anti-aging cosmeceuticals, treatments for Parkinson's Disease, and peptides for various indications.
Statements in this press release other than historical statements constitute "forward-looking statements". Such forward-looking statements are subject to material risks and uncertainties, which could cause the Company's forward-looking statements to be materially inaccurate. The Company has described such risks and uncertainties under the caption "Risk Factors" in various filings made with the SEC.
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