Healthcare Industry News: Cytogen
News Release - April 14, 2008
VioQuest Pharmaceuticals Names Vernon L. Alvarez, Ph.D. as Vice President, Research & Development and Announces Resignation of Chief Scientific OfficerBASKING RIDGE, N.J.--(HSMN NewsFeed)--VioQuest Pharmaceuticals (OTCBB: VQPH ) today announced the appointment of Vernon L. Alvarez, Ph.D., as Vice President, Research and Development. Dr. Alvarez will report to Michael D. Becker, President and Chief Executive Officer of VioQuest Pharmaceuticals.
“I am pleased to announce the appointment of Dr. Vernon Alvarez to the senior management team of VioQuest Pharmaceuticals. His extensive knowledge base and experience in drug development related to cancer and signal transduction will enable us to further expand upon the intellectual property the Company has developed to date,” commented Mr. Becker. “Through internal and external resources, we possess the key technical expertise that will be needed to support our planned development activities into 2009. Further, the strong leadership that Dr. Alvarez has demonstrated during his role as a consultant to VioQuest Pharmaceuticals will further rejuvenate our development efforts going forward.”
Dr. Alvarez will assume leadership of the Company’s clinical development activities, which will include a focus on:
- Proceeding with recent plans to submit a 510(k) application to the FDA for Xyfid™ (1% uracil topical) around the middle of 2008;
- Advancing VQD-002 (triciribine phosphate monohydrate, or TCN-P), a tricyclic nucleoside that inhibits the activation of Akt, which has demonstrated anti-tumor activity against a wide spectrum of cancers in preclinical and clinical studies;
- Completing the ongoing review of the Lenocta™ (sodium stibogluconate) program for treatment of leishmaniasis, an infection typically found in tropic and sub-tropic developing countries, in addition to its demonstrated anti-tumor activity against a wide spectrum of cancers both alone and in combination with other approved immune activation agents, including IL-2 and interferons; and
- Identifying new opportunities that may exist within the current portfolio.
VioQuest Pharmaceuticals also announced today that Edward C. Bradley, M.D., Chief Scientific Officer, resigned from his part-time employment with the Company to accept a position with another company. In March 2008, Dr. Bradley entered into an agreement reducing the number of hours he was required to provide to the Company.
VioQuest Pharmaceuticals does not expect to replace the Chief Scientific Officer position, but has instead initiated a search for a Chief Medical Officer.
"We wish Ed all the best with his new endeavor and thank him for his contributions to VioQuest Pharmaceuticals," stated Mr. Becker. "Vernon's prior development experience will enable him to maintain the momentum of our clinical programs as we conduct our search for a new chief medical officer."
About VioQuest Pharmaceuticals
VioQuest Pharmaceuticals is a New Jersey-based biotechnology company dedicated to becoming a recognized leader in the successful development of novel drug therapies targeting both the molecular basis of cancer and side effects of treatment. VioQuest’s oncology portfolio includes: Xyfid™ (1% uracil topical), for the treatment and prevention of Hand-Foot Syndrome, a common side effect from certain chemotherapy treatments, and to treat dry skin conditions and manage the burning and itching associated with various dermatoses; VQD-002 (triciribine phosphate monohydrate), a targeted inhibitor of Akt activation; and Lenocta™ (sodium stibogluconate), an inhibitor of certain protein tyrosine phosphatases such as SHP-1, SHP-2, and PTP1B.
Further information about VioQuest can be found at www.vioquestpharm.com.
This press release contains forward-looking statements that involve risks and uncertainties that could cause VioQuest's actual results and experiences to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These forward-looking statements concern the focus of management’s time and resources, the timing, progress and results of the clinical development, regulatory processes, potential clinical trial initiations of VioQuest’s product candidates, as well as the potential role these product candidates may play in the treatment of cancers. These statements are often, but not always, made through the use of words or phrases such as anticipates, expects, plans, believes, intends, and similar words or phrases. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. These statements are subject to various risks and uncertainties and include VioQuest’s need for additional capital to fund its clinical development programs, the possibility that the results of clinical trials will not support VioQuest's claims, the possibility that VioQuest's development efforts relating to its product candidates will not be successful, the inability to obtain regulatory approval of VioQuest's product candidates, VioQuest's reliance on third-party researchers to develop its product candidates, its lack of experience in developing and commercializing pharmaceutical products, and the possibility that its licenses to develop and commercialize its product candidates may be terminated. Additional risks are described in VioQuest's Annual Report on Form 10-KSB for the year ended December 31, 2007. VioQuest assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Source: VioQuest Pharmaceuticals
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.