Healthcare Industry News: osteoporosis
News Release - November 14, 2007
Biodel Inc. Announces Appointment of Gerard Michel as CFO, VP of Corporate Development and TreasurerDANBURY, Conn., Nov. 14 (HSMN NewsFeed) -- Biodel Inc. (Nasdaq: BIOD ) today announced that Gerard Michel has been appointed as the Company's Chief Financial Officer, Vice President of Corporate Development and Treasurer, effective November 20, 2007.
"We are pleased to welcome Gerard to our team," said Dr. Solomon Steiner, CEO and Chairman of Biodel. "Gerard's expertise in executing complex financial transactions and negotiating marketing partnerships and other collaboration arrangements, will be especially beneficial as we establish the commercial strategy for our lead product candidate, VIAject(TM)."
Previously, Mr. Michel served as NPS Pharmaceutical's Chief Financial Officer and Vice President of Corporate Strategy, and prior to that as Vice President of Corporate Development. At NPS, Mr. Michel closed numerous financial and strategic transactions, managed financial reporting and served as a key liaison for investors and analysts. Prior to joining NPS in July 2002, Mr. Michel served as a principal with the consulting firm of Booz-Allen & Hamilton where he worked with numerous pharmaceutical companies, biotech firms, and healthcare service firms on both strategic and operational issues. Mr. Michel received an M.S. in microbiology and an M.B.A., both from the University of Rochester.
Biodel also announced today that F. Scott Reding, the Company's current Chief Financial Officer, is resigning to pursue other interests. "We deeply regret Mr. Reding's departure," commented Dr. Steiner. "He made many important contributions to the Company, chief among which was his leadership in our highly successful Initial Public Offering. Mr. Reding played an important role in the growth of Biodel and we thank him for his efforts on behalf of the organization and wish him well in his future endeavors."
About Biodel Inc.
Biodel Inc. is a specialty biopharmaceutical company focused on the development and commercialization of innovative treatments for endocrine disorders, such as diabetes and osteoporosis. Biodel's product candidates are developed by using VIAdel(TM) technology, which reformulates existing FDA-approved peptide drugs. The Company's lead product candidate, VIAject(TM), is a rapid-acting injectable meal-time insulin in development for use by patients with Type 1 or Type 2 diabetes. VIAject(TM) is currently being tested in two pivotal Phase III clinical trials. Biodel's pipeline also includes VIAtab(TM), a sublingual tablet formulation of insulin in Phase I clinical trials and two osteoporosis product candidates in pre-clinical studies. For further information regarding Biodel, please visit the Company's website at http://www.biodel.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other then statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward- looking statements. The words "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company's forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those described or implied in the forward-looking statements, including, but not limited to, our ability to secure FDA approval for our product candidates under Section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act; our ability to market, commercialize and achieve market acceptance for product candidates developed using our VIAdel(TM) technology; the progress or success of our research, development and clinical programs, the initiation and completion of our clinical trials, the timing of the interim analyses and the timing or success of our product candidates, particularly VIAject(TM) and VIAtab(TM); our ability to secure additional patents for VIAject(TM) and our other product candidates; our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others; our estimates of future performance; our ability to enter into collaboration arrangements for the commercialization of our product candidates and the success or failure of those collaborations after consummation, if consummated; the rate and degree of market acceptance and clinical utility of our products; our commercialization, marketing and manufacturing capabilities and strategy; our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing; and other factors identified in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2007. The Company disclaims any obligation to update any forward-looking statements as a result of events occurring after the date of this press release.
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