Healthcare Industry News: nanoparticles
News Release - March 6, 2007
Acusphere Announces Key Promotions in Research and DevelopmentLeadership Team Responsible for Proprietary Technology Platform
WATERTOWN, Mass.--(HSMN NewsFeed)--Acusphere, Inc. (NASDAQ: ACUS ) today announced three important promotions in the Company's research and development organization. Howard Bernstein, M.D., Ph.D. has been promoted to Executive Vice President of Research and Development, Donald Chickering, Ph.D. has been promoted to Vice President of Technical Operations, and Julie Straub, Ph.D. has been promoted to Executive Director of Research.
Dr. Bernstein, who has overseen the development of Acusphere's proprietary microsphere technology, has been head of the Company's research and development efforts since 1994, serving most recently as Acusphere's Senior Vice President, Research and Development. Dr. Bernstein will continue to oversee the Process Development and Formulations, Intellectual Property, and Research groups. In addition, he will assume overall responsibility for Quality Systems, Program Management, Validation and Manufacturing and Materials Management. Dr. Bernstein holds an M.D. from Harvard Medical School and a Ph.D. in Chemical Engineering from the Massachusetts Institute of Technology. He has more than 20 years of experience in drug delivery systems and microparticle development. Prior to joining Acusphere, he was Vice President Pharmaceutical Development at Alkermes, Inc., and one of the inventors of their ProLease technology. He is the inventor on 42 issued U.S. patents and the author of 28 publications in the field.
Dr. Chickering, who has been responsible for process development and formulations of Acusphere's product candidates since 1997, most recently served as Acusphere's Senior Director of Process Development and Formulations, which included leading the scale-up of Acusphere's manufacturing processes from development stage through to commercial stage. In his new role, Dr. Chickering will oversee all activities related to engineering, process development and formulations, manufacturing and validation. Prior to joining Acusphere, he was a project leader of therapeutic drug delivery systems for Sulzer Carbomedics. Dr. Chickering holds a Ph.D. in Medical Science from Brown University and received a Bachelors of Science degree in Biomedical Engineering from Rensselaer Polytechnic Institute. Dr. Chickering has contributed in diverse ways to the fields of microparticles and drug delivery and is the inventor in over 25 issued U.S. patents and several pending U.S. patents.
Dr. Straub, since joining Acusphere in 1995, has been involved in every research project at Acusphere and has been involved in evaluating new product candidate opportunities, patent application preparation and New Drug Application (NDA) report development for Imagify(TM). In her new role, Dr. Straub will oversee formulation support, pharmaceutics, analytical research, preclinical and intellectual property activities. Prior to joining Acusphere, she was in the chemistry department at Alkermes, Inc., involved in research on microparticle based drug delivery systems, receptor mediated drug delivery systems and medicinal chemistry. Dr. Straub holds a Ph.D. in chemistry from the Massachusetts Institute of Technology and received Bachelors of Science and Master of Science degrees in chemistry from the California Institute of Technology. Dr. Straub is the inventor on 22 issued U.S. patents and author of 22 publications in the field.
In announcing these promotions, Sherri C. Oberg, President and CEO of Acusphere stated, "All three of these exceptional executives have played an integral role in the development of our microsphere technology platform. The breadth and versatility of this technology are key competitive differentiators for Acusphere. These promotions are recognition of their leadership, hard work and significant contribution to our Company's progress as well as steps forward in preparing Acusphere for growth. I look forward to working with both individuals as we expand our product pipeline in new directions."
About Acusphere, Inc.
Acusphere (NASDAQ: ACUS ) is a specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs using its proprietary microsphere technology. Acusphere's three initial product candidates are designed to address large unmet clinical needs within cardiology, oncology and asthma. These product candidates were created using proprietary technology that enables Acusphere to control the porosity and size of nanoparticles and microspheres in a versatile manner that allows customization to address the delivery needs of a variety of drugs. Acusphere's lead product candidate, Imagify(TM) (perflubutane polymer microspheres) injectable suspension, is a cardiovascular drug in Phase 3 clinical development. Imagify is designed to enable ultrasound to compete more effectively with nuclear stress testing, the leading procedure for detecting coronary artery disease. Over 10 million procedures are done each year in the U.S. to detect coronary artery disease, the leading cause of death in the United States. For more information about Acusphere visit the Company's web site at www.acusphere.com. "Acusphere" is a trademark of Acusphere, Inc.
The above press release contains forward-looking statements regarding the application of Acusphere's proprietary microsphere technology which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release, including statements relating to the ability for Imagify to be approved and manufactured at scale for commercial use and the development of additional products, constitute forward-looking statements which involve risks and uncertainties. The Company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, uncertainties associated with research, development, testing and related regulatory approvals, including uncertainties regarding the ultimate outcome of Acusphere's Phase 3 clinical trials for Imagify and uncertainties regarding the number of patients required to complete the Phase 3 clinical trials, unproven markets, future capital needs and uncertainty of additional financing, lack of sales and marketing experience, uncertainties regarding the cost, timing and ultimate success of the qualification of the Company's commercial manufacturing facility in accordance with applicable regulatory requirements, complex manufacturing, high quality requirements, lack of commercial manufacturing experience, dependence on third-party manufacturers, suppliers and collaborators, competition, uncertainties associated with intellectual property, loss of key personnel, uncertainties associated with market acceptance and adequacy of reimbursement, technological change and government regulation, and other risks and challenges detailed in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events.
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