Healthcare Industry News: RNAi therapeutics
News Release - December 17, 2007
CytRx Announces Management PromotionsLOS ANGELES--(HSMN NewsFeed)--CytRx Corporation (NASDAQ:CYTR ) today announced the promotion of David Haen to Vice President of Business Development and the promotion of Ed Umali to Vice President of Operations, effective immediately. Messrs. Haen and Umali both joined CytRx in August 2003.
“These promotions acknowledge the contributions and expanding roles of two highly talented members of our management team,” said CytRx’s President and CEO Steven A. Kriegsman. “We are building our management infrastructure to support clinical advancements with our molecular chaperone technology, including making final preparations to initiate a Phase IIb clinical trial with lead product candidate arimoclomol for the treatment of ALS. We also plan to initiate Phase II trials in the first half of 2008 with arimoclomol in stroke recovery and iroxanadine for the treatment of diabetic foot ulcers.”
As Vice President of Business Development, Mr. Haen is responsible for negotiating potential strategic alliances, mergers and acquisitions, and product in-licensing and out-licensing transactions. Mr. Haen previously was an investment banker where he was involved with strategic alliances transactions and mergers and acquisitions. Additionally, he provided industry insights to refine and evaluate business plans for clients in the healthcare sector. Mr. Haen graduated cum laude from Loyola Marymount University in business and communications.
As Vice President of Operations, Mr. Umali directs the administrative and operating procedures at CytRx and is responsible for managing information systems, human resources, investor relations, corporate communications, Web site administration and facilities management. Before joining CytRx, he was an investment banker where he served in various roles, including Managing Director, with a focus on biotech and information technology and providing research services and due diligence for medical and biotech clients. He has also served on the Board of the Southern California Biomedical Council. Mr. Umali has bachelor’s degrees in business administration and psychology from Loyola Marymount University.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company engaged in the development of high-value human therapeutics. The Company owns three clinical-stage compounds based on its small molecule "molecular chaperone" co-induction technology. In September 2006, CytRx announced that arimoclomol was shown to be safe and well tolerated at all three doses tested in its Phase IIa clinical trial in patients with ALS. The Company plans to enter a Phase IIb clinical trial with arimoclomol in ALS in 2007, subject to FDA clearance. The FDA has granted Fast Track designation and Orphan Drug status to arimoclomol for the treatment of ALS, which has also been granted orphan medicinal product status for the treatment of ALS from the European Medicines Agency. The Company has announced plans to commence a Phase II clinical trial for arimoclomol in stroke recovery in the first half of 2008, subject to FDA clearance. The Company has also announced plans to commence a Phase II clinical trial with its next drug candidate, iroxanadine, for diabetic foot ulcers in the first half of 2008, subject to FDA clearance. CytRx has recently opened a research and development facility in San Diego. For more information on the Company, visit www.cytrx.com.
About RXi Pharmaceuticals Corporation
Worcester, Massachusetts-based RXi Pharmaceuticals Corporation, a majority-owned subsidiary of CytRx, is a biopharmaceutical research and development company that focuses on developing RNAi-based therapeutics for the treatment of human disease. RXi's initial focus is on neurodegenerative diseases, oncology, type 2 diabetes and obesity. RXi has licenses to a diverse series of early patents and patent applications that were filed from 1998 to 2006 in the areas of RNAi target sequences, RNAi chemistry and RNAi delivery. The Company was founded by CytRx and RNAi pioneers Craig Mello, Ph.D., 2006 Nobel Laureate for discovering RNAi and inventing RNAi therapeutics; Tariq M. Rana, Ph.D., inventor of fundamental technology for stabilizing RNAi and of RNAi nanotransporters; Greg Hannon, Ph.D., discoverer of RNAi mechanism (RISC) and short hairpin RNAi (shRNAi); and Michael Czech, Ph.D., a leader in the application of RNAi to diabetes and obesity. RXi's CEO, Tod Woolf, Ph.D., previously co-invented and commercialized STEALTH™ RNAi, one of the most widely used second-generation RNAi research products.
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to any comparison of clinical data to historical controls in the absence of concurrent placebo controls, the significant time and expense that will be incurred in developing any of the potential commercial applications for arimoclomol and the potential need for additional capital to fund the development of arimoclomol, as well as other risks or uncertainties described in CytRx's most recently filed SEC documents, such as its most recent annual report on Form 10-K and any current reports on Form 8-K filed since the date of the last Form 10-K. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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