Healthcare Industry News: Savient Pharmaceuticals
News Release - October 3, 2007
Acusphere Appoints New Chief Financial OfficerWATERTOWN, Mass.--(HSMN NewsFeed)--Acusphere, Inc. (NASDAQ:ACUS ) today announced that Lawrence A. Gyenes joined the company as Senior Vice President, Chief Financial Officer and Secretary.
Mr. Gyenes has served as Chief Financial Officer at Rand McNally, Compuserve and Helene Curtis, as well as several specialty pharmaceutical and biotechnology companies including Reliant Pharmaceuticals, Savient Pharmaceuticals and Zila, Inc. He also served as chief advisor to senior management on the $7.8 billion sale of DuPont Pharmaceuticals to Bristol-Myers Squibb. He began his corporate career at G.D. Searle & Co, where he spent 15 years in progressively more responsible positions, completing his tenure there as Corporate Vice President, Finance, responsible for the company's global finance and information technology functions. He began his career at the public accounting firm of Touche Ross & Co.
Sherri C. Oberg, President and Chief Executive Officer of Acusphere, said, "We are very pleased to attract a seasoned financial professional like Larry to join our team. In addition, his deep strength in the area of specialty pharmaceuticals, along with his extensive background in financial controls and management, make him an ideal choice as we advance our lead product candidate, Imagify(TM)."
Added Mr. Gyenes, "My decision to join Acusphere at this juncture reflects the opportunity that I see to contribute to its growth and progress. I am joining a talented senior team all working to execute a clearly-defined strategy. I am impressed with the company's proprietary technology and look forward to helping bring it to commercial success."
Mr. Gyenes holds a B.S. degree in Accounting from the University of Illinois and an MBA from the University of Chicago.
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. We are 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. Our 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. In May 2007 we announced the results of our Phase 3 clinical program for Imagify. We are currently working towards submitting an NDA (New Drug Application) for Imagify. 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 U.S. to detect coronary artery disease, the leading cause of death in the United States. Imagify and the Company's other 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 timing and likelihood of regulatory acceptance and approval of an NDA submission for Imagify, the commercial opportunity for Imagify. 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 June 30, 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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