Healthcare Industry News: Transdermal
News Release - May 13, 2008
Vyteris Announces Appointments of President and Chief Financial OfficerHaro Hartounian and Joseph Himy Are Elevated as Company Drives Patented-Technology
FAIR LAWN, N.J.--(HSMN NewsFeed)--Vyteris, Inc. (OTCBB: VYHN ), manufacturer of the first FDA-approved active patch Transdermal drug delivery system, discussed the appointments of Haro Hartounian as president and Joseph Himy as chief financial officer to lead the company in its pursuit of several strategic initiatives for collaborative development and licensing of its patented-technology.
Vyteris also reaffirmed its strategy to pursue additional collaborative development and licensing opportunities with pharmaceutical companies with existing drug lines to enhance performance and to potentially extend valuable patent protection.
Donald F. Farley, chairman of the company’s board of directors.
“Both Haro and Joseph have demonstrated their leadership abilities and expertise in their respective fields while at Vyteris, and we believe strongly in their management and leadership abilities as Vyteris pursues additional strategic opportunities.”
Haro Hartounian, president for Vyteris, Inc.
“Vyteris is in a unique position in the marketplace, with an FDA-approved application of its patented active-patch Transdermal drug delivery system. This puts it in a position where it can provide pharmaceutical companies with a strategic pathway for extending the patent protection of expiring drug lines and also potentially enhance drug performance as our most recent studies with a fertility hormone have demonstrated. With its ability to better deliver peptides and small molecule drugs, Vyteris can assist pharma companies to develop new products in a relatively short time frame.”
Joseph Himy, chief financial officer for Vyteris, Inc.
“We have implemented an aggressive program of cost-reduction and financial restructuring to better focus the company’s resources on the goals of collaborative development and licensing. Through these actions, we will continue to maximize revenue and collaborative opportunities when available.”
Background of Officers
Most recently chief technology officer for Vyteris, Inc., Hartounian previously served as a director and chief executive officer of Protagenic Therapeutics Inc., a biotechnology company he founded in 2006 to treat neurological disorders. Prior to that, he was president and chief operating officer of Microislet, Inc., a company focused on cell therapy treatments for Type 1 diabetes. Along with implementing a successful business plan that enabled the company to go public, he also increased the company’s market cap to $80 million within two years.
A lecturer at the Department of Bioengineering at the University of California, San Diego and adjunct assistant professor at Drexel University, Hartounian holds a doctorate in chemical engineering from the University of Delaware and a master’s degree in chemical engineering from UCLA.
A long-time member of the Vyteris team, Himy transitions from vice president of finance to chief financial officer at the company. He previously was also principal accounting officer and controller for Vyteris. Prior to his position at Vyteris, Himy was manager of financial reporting at LeCroy Corporation, where he was responsible for all Securities and Exchange Commission filings in addition to his position as project manager for Sarbanes-Oxley compliance. He began his financial career as an audit manager for the accounting firm of Deloitte & Touche.
Himy received a bachelor’s of science degree in accounting from Brooklyn College of the City University and is also a certified public accountant.
About Vyteris, Inc.
Vyteris, Inc., a wholly owned subsidiary of Vyteris Holdings (Nevada), Inc. (OTCBB: VYHN ), is the maker of the first active drug delivery patch to receive marketing clearance from the U.S. Food and Drug Administration. Vyteris’ proprietary active Transdermal drug delivery (iontophoresis) technology delivers drugs comfortably through the skin using low-level electrical energy. This active patch technology allows for the potential of precise dosing, giving physicians and patients control in the rate, dosage and pattern of drug delivery that may result in considerable therapeutic, economical, and lifestyle advantages over existing methods of drug administration. For more information, please visit our website at www.vyteris.com.
Vyteris Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “would,” “should,” “believes,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include, without limitation, statements concerning the potential impact of the new marketing agreement and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, the competitive environment and competitive responses to the new marketing arrangement. The Company has described other important risks and uncertainties under the caption "Risk Factors" in its most recent Annual Report on Form 10-KSB and other various filings made with the SEC. Actual results may differ materially from those contained in the forward-looking statements in this press release.
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