Healthcare Industry News: Johnson and Johnson
News Release - February 4, 2008
Promedior Adds to Management Team and Announces Extension of Series A Financing
MALVERN, Pa.--(HSMN NewsFeed)--Promedior, a product-focused biotech company developing novel therapeutics for the treatment of fibrotic disorders and diseases, announced today that John (Jay) Getsy, DMD, DO, former Senior Director at Centocor, has been named Vice President of Clinical Research and Development.As Vice President of Clinical Research and Development, Dr. Getsy will be responsible for all aspects of our clinical program. During his time with Centocor, a wholly-owned subsidiary of Johnson and Johnson, Dr. Getsy was Head of the Clinical Pharmacology Trial Design & Management and Experimental & Translational Medicine groups. His 15 year pharma career includes professional positions at Wyeth Research and Wyeth-Ayerst Research. Dr. Getsy holds a D.M.D. degree from Temple University and his medical degree from Des Moines University. He is boarded in internal medicine, rheumatology, and clinical pharmacology.
“Promedior is especially happy to have an individual of Jay’s credentials join the management team as we move toward the clinic,” said Tim Pelura, Ph.D., President and CEO of Promedior. “Jay has extensive experience in all aspects of clinical drug development of biologics and small molecules. He has developed drugs in multiple therapeutic areas including: immunology, transplant, CNS, ophthalmology, dermatology, cardiovascular, metabolism, allergy/immunology, and pulmonary therapeutic areas, and has several NDAs and BLAs under his belt. This broad clinical experience will be especially valuable in the development of novel anti-fibrotics as no tissue or organ is immune from adverse remodeling and failure.”
Promedior also announced an additional $7MM extension of their initial Series A financing. Polaris Venture Partners, Morgenthaler Ventures, HealthCare Ventures and Easton Capital participated in this additional financing. The funding will be used for research and development activities.
About the Company
Promedior is a product-focused biopharmaceutical company developing novel therapeutics for the treatment of fibrotic disorders and diseases. Many of the causes of death in the Western world follow a common sequence: repetitive injury or insult causes chronic inflammation, leading to irreversible tissue remodeling, fibrosis, and ultimately organ failure. Examples of killers that follow this sequence include congestive heart failure, chronic renal failure, liver cirrhosis, and pulmonary fibrosis. Traditional treatment strategies focus on minimizing the insult or treating symptoms.
Promedior is pioneering a new approach to treat this devastating class of diseases. The company’s founders, scientists, and collaborators have identified the fundamental role of the innate immune system in regulating the scarring and remodeling process. Promedior is developing drug candidates that manipulate this key regulatory switch to attenuate remodeling, resulting in healing without scarring. The company is beginning clinical development of its first product candidate in 2008.
The management team has broad and deep drug development expertise, including global pharmaceutical development, regulatory affairs, clinical development, drug manufacturing and commercialization. Our scientific advisory board is comprised of prominent fibrosis experts from the nation’s leading medical centers and universities. To date, Promedior has raised $14 million in a Series A private equity financing co-led by Polaris Venture Partners and Morgenthaler Ventures and joined by HealthCare Ventures and Easton Capital.
Source: Promedior
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