Healthcare Industry News: metabolic disease
News Release - April 23, 2007
DiObex Announces the Appointment of David Cory as Chief Executive OfficerCommercial, Business Development Veteran Tapped to Lead Company
SAN FRANCISCO, April 23 (HSMN NewsFeed) -- DiObex, Inc., a privately held biopharmaceutical company focused on the development of therapeutics to treat metabolic diseases, announced today that industry veteran David Cory, R.Ph., has been appointed Chief Executive Officer and member of the Board of Directors.
"I am very pleased to welcome David to the company," said Barry Selick, Ph.D., Chairman of the DiObex Board of Directors. "We look forward to benefiting from David's broad range of experience in product and business development, commercialization, and from his proven leadership ability. David shares the Board's strategic vision and we have great confidence in his ability to lead the company to the next level."
Cory most recently served as President and Chief Operating Officer of Prestwick Pharmaceuticals, where he was responsible for U.S. operations, creation of the company's Canadian commercial subsidiary, and a $36 million private financing. During his 20-year career in large pharma, biotech, and specialty pharmaceuticals, Cory has established a strong track record of success in product commercialization and financial transactions.
"DiObex has tremendous commercial potential, and I am extremely excited to join the DiObex team at this important time in the company's growth," Cory said. "I look forward to our two lead programs in diabetes and metabolic disease entering the next phase of clinical development and to expanding the portfolio through targeted acquisitions in the near future."
Prior to his work at Prestwick, Cory was Chief Commercial Officer of CoTherix, where he co-led the in-licensing of the company's lead compound and a $55 million financing. Previously, he was the Senior Vice President of Sales and Marketing at InterMune, Inc., responsible for building and managing the company's commercial organization of 130 employees. Mr. Cory was a key executive involved in the acquisition of four products and in raising more than $400 million in the capital markets.
Cory spent the first 12 years of his career in commercial operating positions of increasing responsibility at Upjohn, Glaxo, and Glaxo Wellcome across CNS, Anesthesia, Critical Care, Oncology, Infectious Disease, and Respiratory therapeutic areas. Cory has directed 10 pharmaceutical product launches and managed the commercialization of over 20 brands. He is a graduate of the University of Cincinnati, College of Pharmacy, is board certified in Pharmacy, and holds a Masters Degree in Business Administration from the University of Maryland.
DiObex, Inc. is a privately held biopharmaceutical company developing novel products for the treatment of metabolic diseases. DiObex has two products preparing to enter Phase 2b clinical development. DIO-901 is a formulation of Very Low Dose Glucagon (VLD Glucagon) for the prevention of insulin induced hypoglycemia. DIO-901 has received Fast Track status from the Food and Drug Administration. DIO-902 is a single enantiomer of ketoconazole and is a novel cortisol synthesis inhibitor. Abnormalities in cortisol activity may play an important role in the development of metabolic syndrome, a constellation of conditions that place people at high risk for type-2 diabetes and cardiovascular disease. For more information, visit www.diobex.com.
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