Healthcare Industry News: Lev Pharmaceuticals
News Release - November 14, 2007
Lev Pharmaceuticals Expands Senior Management TeamKey Hires to Guide Commercial Effort and Support Anticipated Growth
NEW YORK--(HSMN NewsFeed)--Lev Pharmaceuticals, Inc. (“Lev” or the “Company”) (OTCBB: LEVP.OB ) announced today the addition of two new members to its senior management team and commercial operation. Matt Duffy has been named Senior Vice President, Commercial Operations and Bart Jones has been named Vice President, Sales. In addition, Joe Truitt, who joined Lev in August 2006 as its Vice President, Sales and Marketing, has been named Vice President, Business Development and Product Strategy.
“I am happy to welcome Matt and Bart to Lev. We are delighted to have them join our management team at this key time in the Company's growth. Their broad experience and proven track records in pharmaceutical and biotech sales and marketing will be great assets to Lev,” said Judson Cooper, the Company's Chairman. “Both Matt and Bart have a deep understanding of the orphan drug market and will make major contributions as we look to accelerate our commercialization efforts for our lead product candidate, Cinryze™,” added Cooper.
Mr. Duffy will be responsible for the execution of the Company’s sales, marketing, distribution, managed care and reimbursement operations, while Mr. Jones will focus on the execution of the Company’s sales function. Mr. Truitt will be responsible for identifying corporate partnerships, strategic initiatives and new product opportunities.
Mr. Duffy has over 15 years experience in pharmaceutical and biotech sales and marketing and has held various senior management positions during his successful career. Mr. Duffy is Managing Partner of BDR Research Group, LLC (formerly Black Diamond Research) an independent sell-side research firm specializing in healthcare and industrials. Prior to joining BDR in 2001, Mr. Duffy led the Marketing group at MedImmune, Inc., where he was responsible for the launch of both RespiGam and Synagis. Mr. Duffy began his career at Pfizer, Inc. where he held positions in Sales, Sales Management and Marketing/Product Management. Mr. Duffy received his undergraduate degree from Duke University.
Mr. Jones has over 25 years experience in pharmaceutical and biotech sales and marketing and has held various senior management positions during his successful career. In his most recent assignment, Mr. Jones was Regional Business Director for Cubist pharmaceuticals where he was responsible for developing its sales infrastructure, including recruiting and training its initial sales force for the launch of its anti-infective product. Prior to joining Cubist in 2003, Mr. Jones held various key positions at biopharma companies, including Medimmune, where he was responsible for the launch of both Respigam and Synagis and Genentech, where he was responsible for the launch of Protropin, Activase and Pulmozyme. Mr. Jones received his undergraduate Texas Tech University.
Mr. Truitt joined Lev in August 2006 as Vice President, Sales and Marketing. He has led the building of the Company’s commercial team and infrastructure in preparation for the launch of Cinryze™. Mr. Truitt has over 15 years of experience in pharmaceutical sales and marketing and has held various senior management positions during his successful career. At Johnson & Johnson, Mr. Truitt directed OraPharma's commercial operations and had P&L responsibility for sales, operations and national accounts. Prior to its acquisition by Johnson & Johnson, Mr. Truitt built the sales management team at OraPharma, Inc., and led the successful launch of the company's flagship product, Arestin®.
About Lev Pharmaceuticals, Inc.
Lev is a biopharmaceutical company focused on developing and commercializing therapeutic products for the treatment of inflammatory diseases. Lev’s C1 inhibitor, to be marketed as CinryzeTM, has been granted orphan drug status for the treatment and prevention of HAE, potentially securing, upon approval, market exclusivity for seven years. Lev has also received fast track designation status from the FDA, which facilitates the development and expedites the review of drugs and biologics intended to treat serious or life threatening conditions and that demonstrate the potential to address unmet medical needs. Lev is also evaluating the development of C1 inhibitor for the treatment of acute myocardial infarction, or heart attack, and selective other diseases and disorders in which inflammation is known or believed to play an underlying role.
For more information about Lev, C1 inhibitor, or HAE, please contact Lev directly at 212-682-3096, or visit Lev’s website at www.levpharma.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our plans and objectives of management are forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors could cause actual results or events to differ materially from the forward-looking statements that we make, including risks related to new information arising out of clinical trial results, our heavy dependence on the success of CinryzeTM, our dependence on our suppliers, our dependence on third parties to manufacture CinryzeTM, obtaining regulatory approval to market CinryzeTM; market acceptance of CinryzeTM, maintaining the orphan drug status associated with CinryzeTM, the risks associated with dependence upon key personnel, and our ability to obtain additional funding to support our business activities. These and other risks are described in greater detail in the "Risk Factors that May Affect Results" section of our filings with the SEC. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. We do not assume any obligation to update any forward-looking statements.
Source: Lev Pharmaceuticals
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