Healthcare Industry News: Mylan Laboratories
News Release - June 7, 2007
Patrick Gallagher Joins Acusphere as Senior Vice President, Business DevelopmentAccomplished Executive to Drive Licensing Strategy
WATERTOWN, Mass.--(HSMN NewsFeed)--Acusphere, Inc. (NASDAQ: ACUS ) today announced the appointment of Patrick Gallagher as Senior Vice President, Business Development. Mr. Gallagher joins Acusphere with more than 25 years of pharmaceutical and healthcare business development, marketing and sales experience with leading companies, including Mylan Laboratories, Bristol-Myers Squibb and Johnson & Johnson. During this time, Mr. Gallagher has completed transactions totaling approximately $800 million representing a wide variety of structures including in-licensing and out-licensing of product rights, co-promotion agreements, in-licensing of drug delivery technology, manufacturing supply agreements, joint ventures, divestitures and mergers and acquisitions. Mr. Gallagher's primary focus at Acusphere will be to evaluate licensing and partnering opportunities for Imagify(TM), the Company's lead product candidate, and the Company's other product candidates to further expand and fund the Company's product pipeline.
Acusphere recently completed its Phase 3 pivotal trials for Imagify, which the Company believes provides the data to support its partnership discussions regarding Imagify and the potential to support further product pipeline development both internally and through partners. Acusphere has already secured its European marketing partner for Imagify in Nycomed. With respect to development and licensing of other product candidates, the Company intends to increase its emphasis both internally and through potential collaborations in which Mr. Gallagher will play a lead role in driving.
"I am impressed with Acusphere's technology and leadership in addressing a world-wide need to diagnose and fight heart disease," stated Mr. Gallagher. "I look forward to bringing my own experience and knowledge of the pharmaceuticals industry in order to explore as many growth options as possible."
At Mylan Laboratories, Mr. Gallagher was Vice President Corporate Business Development for this $1.5 billion pharmaceutical manufacturer where he led corporate licensing and acquisition for all of Mylan's business divisions, leading negotiations on a wide variety of transactions. Prior to Mylan Laboratories, Mr. Gallagher held senior-level business development roles with the Worldwide Consumer Medicines group at Bristol-Myers Squibb and while at Johnson & Johnson, led the execution of licensing opportunities for the Ortho-McNeil Pharmaceutical division.
"As we continue our progress toward commercialization of Imagify, we believe Patrick's well established relationships in the pharmaceutical and biotechnology industries, combined with his strong negotiating experience, will provide the strength we need to advance our partnering objectives," stated Sherri C. Oberg, Acusphere's President and C.E.O. "Patrick brings extensive experience in identifying, evaluating and negotiating business opportunities in a broad landscape of healthcare markets, and we're pleased to welcome him to the Acusphere team."
Mr. Gallagher received a B.S. in Business Administration and Marketing from La Salle University and his M.B.A. from The Wharton School, University of Pennsylvania.
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. It is focused on developing proprietary drugs that can offer significant benefits such as improved safety and efficacy, increased patient compliance, greater ease of use, expanded indications or reduced cost. Its lead product candidate, Imagify(TM) (perflubutane polymer microspheres) injectable suspension, is a cardiovascular drug for the detection of coronary artery disease, the leading cause of death in the United States. Imagify is designed to enable ultrasound to compete more effectively with nuclear stress testing, the leading procedure for detecting coronary artery disease. It is estimated that over 10 million procedures are done each year in the United States to detect coronary artery disease. Acusphere's 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 them to be customized to address the delivery needs of a variety of drugs. For more information about Acusphere visit the Company's web site at www.acusphere.com. "Acusphere" and "Imagify" are trademarks of Acusphere, Inc.
The above press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, including statements regarding the results of the Company's recently completed Phase 3 clinical trials for Imagify, the Company's intention to file an NDA for Imagify and the prospects for regulatory approval and commercialization of Imagify, the commercial opportunity for Imagify and the likelihood of partnerships, strategic collaborations and license transactions for Imagify or other product development candidates. There can be no assurance that the FDA will accept the Company's NDA for Imagify or that Imagify will be approved for the indication the Company is seeking, or at all. The Company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including anticipated operating losses and existing capital obligations, uncertainties associated with research, development, testing and related regulatory approvals, including uncertainties regarding regulatory evaluation of the Company's statistical analysis plan and clinical trial results and uncertainties regarding the potential affects of not achieving clinical endpoints, limited time to date for the Company to review the details of the clinical trial results, future capital needs and uncertainty of additional financing, 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, uncertainties associated with intellectual property, competition, 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 March 31, 2007. 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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